My Point Credit Union

Organization Overview

My Point Credit Union is located in San Diego, CA. The organization was established in 1961. 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 12/2022, My Point Credit Union employed 126 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. My Point 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 12/2022, My Point Credit Union generated $24.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $22.2m during the year ending 12/2022. While expenses have increased by 4.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

MYPOINT CREDIT UNION PROVIDES ITS MEMBERS WITH HIGHER SAVING DIVIDENDS, ENHANCED SERVICES, LOWER LOAN RATES, AND REDUCED SERVICE FEES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

MYPOINT CREDIT UNION PROVIDES ITS MEMBERSHIP COMPETITIVELY PRICED DEPOSIT PRODUCTS. AS OF 12/31/22, THE CREDIT UNION HELD 32,764 SAVINGS ACCOUNTS, 22,277 CHECKING ACCOUNTS, 3,457 MONEY MARKET ACCOUNTS, 2,431 SHARE CERTIFICATES, AND 1,421 IRA CERTIFICATES IN THE AMOUNT OF $181,521,833, $190,994,597, $121,728,054, $51,028,868 AND $12,269,368 RESPECTIVELY. IN TOTAL, THE CREDIT UNION HELD 62,350, ACCOUNTS IN THE AMOUNT OF $557,542,720 WITH A MEMBERSHIP OF 28,509.


MYPOINT CREDIT UNION PROVIDES ITS MEMBERSHIP COMPETITIVE CONSUMER LOAN PROGRAMS INCLUDING VEHICLE LOANS, UNSECURED LOANS, AND A BUSINESS LOAN PROGRAM TO HELP OUR LOCAL SMALL BUSINESSES. THE CREDIT UNION FUNDED 1,692 NEW LOANS IN THE AMOUNT OF $83,745,244. AS OF 12/31/2022, THE CREDIT UNION HELD 15,887 CONSUMER AND BUSINESS LOANS IN THE AMOUNT OF $269,934,749.


MYPOINT CREDIT UNION OFFERS A COMPETITIVE MORTGAGE LOAN PROGRAM TO MAKE HOME OWNERSHIP MORE AFFORDABLE TO ITS MEMBERSHIP. IN 2022, THE CREDIT UNION FUNDED NEW REAL ESTATE LOANS INCLUDING 1ST AND 2ND TRUST DEED MORTGAGES AND HOME EQUITY LINES OF CREDIT, IN THE AMOUNT OF $71,904,141. AS OF 12/31/21, THE CREDIT UNION HELD THE TOTAL OF 1,534 REAL ESTATE LOANS IN THE AMOUNT OF $218,203,327.


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Board, Officers & Key Employees

Name (title)Compensation
David R Brooke
President/ceo
$651,847
Peter Butler
Svp/coo
$321,765
Matthew Mower
Svp/cio
$324,353
Matthew Rhead
Svp/cfo
$312,300
Michael Kim
Vp/lending
$224,397
Christopher Crockett
Vp/retail Operations
$230,531

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$24,561,685
Investment income $0
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 $24,561,685

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