Midland Municipal Employees Credit Union
- Assets
- $17.4m
- Revenue
- $457.8k
- Investments
- $0.0
- Employees
- 2
- Location
- Midland, TX
- Founding
- 06/1976
- Data as of
- 12/2023
- EIN
- 75-6029878
Organization Overview
Midland Municipal Employees Credit Union is located in Midland, TX. The organization was established in 1976. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Midland Municipal Employees Credit Union employed 2 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Midland Municipal Employees Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2023, Midland Municipal Employees Credit Union generated $457.8k in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $425.5k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
A STATE CHARTERED CREDIT UNION, WHICH PROVIDES FINANCIAL SERVICES TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOANS: CREDIT UNION PROVIDES CONSUMER LOANS OF ALL TYPES.
SHARE SAVINGS ACCOUNTS: CREDIT UNION OFFERS SAVINGS ACCOUNTS WHICH PAY DIVIDENDS MONTHLY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Cota Chairman | OfficerTrustee | 1 | $0 |
Chane Blandford Vice Chairman | OfficerTrustee | 1 | $0 |
Wanda Valles Secretary/treasurer | OfficerTrustee | 1 | $0 |
Charles Harrington Board Of Directors | Trustee | 1 | $0 |
Rick Brown Board Of Directors | Trustee | 1 | $0 |
Peggy Taylor Board Of Directors | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $203,779 |
| Investment income | $252,018 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $457,807 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $86,291 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $64,195 |
| Pension plan accruals and contributions | $22,335 |
| Other employee benefits | $20,017 |
| Payroll taxes | $10,990 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,335 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,775 |
| Office expenses | $11,345 |
| Information technology | $3,613 |
| Royalties | $0 |
| Occupancy | $1,535 |
| Travel | $2,095 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,097 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,550 |
| Insurance | $2,879 |
| All other expenses | $5,876 |
| Total functional expenses | $425,549 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $316,182 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,911,159 |
| Loans from Officers, Directors, or Controlling Persons | $174,283 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $12,393 |
| Net Land, buildings, and equipment | $9,357 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $12,917,587 |
| Intangible assets | $0 |
| Other assets | $39,284 |
| Total assets | $17,380,245 |
| Accounts payable and accrued expenses | $101,296 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $14,909,502 |
| Total liabilities | $15,010,798 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $2,369,447 |
| Total liabilities and net assets/fund balances | $17,380,245 |