Municipal Credit Union
- Assets
- $4.2b
- Revenue
- $220.9m
- Investments
- $2.0b
- Employees
- 687
- Location
- New York, NY
- Founding
- 06/1980
- Data as of
- 06/2021
- EIN
- 13-5261470
Organization Overview
Municipal Credit Union is located in New York, NY. The organization was established in 1980. 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 06/2021, Municipal Credit Union employed 687 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Municipal 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 06/2021, Municipal Credit Union generated $220.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $117.7m during the year ending 06/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO BUILD LIFETIME FINANCIAL RELATIONSHIPS WITH EACH MEMBER, PROVIDING COMPETITIVE PRODUCTS AND EXCELLENT SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOUNDED IN 1916 FOR NEW YORK CITY MUNICIPAL WORKERS, MUNICIPAL CREDIT UNION (THE CREDIT UNION) IS THE OLDEST CREDIT UNION IN NEW YORK STATE AND THE LARGEST METRO NEW YORK CREDIT UNION OFFERING A WIDE ARRAY OF FINANCIAL SERVICES TO ITS MEMBERS. MCU IS CHARTERED UNDER NEW YORK STATE BANKING LAW. THE CREDIT UNION CURRENTLY PROVIDES SERVICES TO OVER 550,000 MEMBERS AND MANAGES OVER $2.9 BILLION IN MEMBER ASSETS. MEMBERSHIP IS AVAILABLE TO EMPLOYEES OF THE CITY OF NEW YORK AND ITS AGENCIES, EMPLOYEES OF THE FEDERAL AND NEW YORK STATE GOVERNMENTS IN THE FIVE BOROUGHS, EMPLOYEES OF HOSPITALS, NURSING HOMES AND SIMILAR FACILITIES WHICH ARE LOCATED WITHIN NEW YORK STATE, AND OTHERS WHO ARE ELIGIBLE AS SPECIFIED IN THE CREDIT UNION'S BYLAWS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian G Myers Chief Lending Officer | Officer | 40 | $282,693 |
Karen A Smith Chief Financial Officer | Officer | 40 | $282,693 |
Robert Bedford General Counsel | Officer | 40 | $252,692 |
Sreenivas Rayadurgam Programming Manager | Officer | 40 | $187,622 |
Corey Richard Fernandes Director, Sales | Officer | 40 | $177,652 |
Vishnu Kandhai Director, Systems And Technolo | Officer | 40 | $173,896 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Armor Advisory Service Consulting | 6/29/21 | $1,372,800 |
Mitchell Dobbs Llc Management | 6/29/21 | $1,139,737 |
Tiffany Chisnall Management | 6/29/21 | $819,059 |
Lisa Hay Management | 6/29/21 | $602,363 |
Jennifer Oliver Management | 6/29/21 | $671,440 |
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 | $206,641,607 |
| Investment income | $1,212,234 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$4,580 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $220,924,766 |
| 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. | $2,302,279 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $49,631,795 |
| Pension plan accruals and contributions | $427,513 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $9,623,080 |
| Advertising and promotion | $0 |
| Office expenses | $37,344,169 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $12,631,776 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $117,685,716 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $224,700,582 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,794,384 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,840,482,801 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $35,131,981 |
| Net Land, buildings, and equipment | $13,214,048 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,991,230,957 |
| Investments—program-related | $8,258,587 |
| Intangible assets | $0 |
| Other assets | $76,096,258 |
| Total assets | $4,195,909,598 |
| Accounts payable and accrued expenses | $76,702,637 |
| 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 | $3,861,549,001 |
| Total liabilities | $3,938,251,638 |
| 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 | $257,657,960 |
| Total liabilities and net assets/fund balances | $4,195,909,598 |
Grants Awarded
Over the last fiscal year, Municipal Credit Union has awarded $135,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
Brooklyn, NY PURPOSE: SEE PART IV | $100,000 |
Snellville, GA PURPOSE: SEE PART IV | $15,000 |
Madison, WI PURPOSE: SEE PART IV | $10,000 |
Albany, NY PURPOSE: SEE PART IV | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Municipal Credit Union New York, NY | $4,195,909,598 | $220,924,766 |
Trumark Financial Credit Union Fort Washington, PA | $2,771,242,877 | $109,685,822 |
Metro Credit Union Chelsea, MA | $2,510,941,078 | $92,937,477 |
American Eagle Financial Credit Union Incorporated East Hartford, CT | $2,355,398,570 | $80,581,273 |
Sunmark Credit Union Latham, NY | $1,009,786,367 | $61,777,524 |
Jeanne Darc Credit Union Lowell, MA | $1,792,528,408 | $59,293,841 |
Vermont State Employees Credit Union Montpelier, VT | $1,088,463,473 | $48,370,084 |
Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |
Belco Community Credit Union Harrisburg, PA | $811,601,260 | $40,862,040 |
St Annes Credit Union Of Fall River Mass Fall River, MA | $1,266,762,131 | $34,865,858 |
Sikorsky Financial Credit Union Inc Stratford, CT | $1,094,000,567 | $34,623,993 |