Midflorida Credit Union

Organization Overview

Midflorida Credit Union is located in Lakeland, FL. The organization was established in 1967. 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 12/2021, Midflorida Credit Union employed 1,537 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midflorida 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 12/2021, Midflorida Credit Union generated $278.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.5% each year . All expenses for the organization totaled $169.6m during the year ending 12/2021. While expenses have increased by 8.1% 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

2021

Describe the Organization's Mission:

Part 3 - Line 1

SEE SCHEDULE O

Describe the Organization's Program Activity:

Part 3 - Line 4a

EMPLOYEE LABOR AND BENEFIT COSTS INCURRED TO SUPPORT SAVINGS SERVICES, LOAN ORIGINATIONS, AND SERVICING THE LOAN PORTFOLIO FOR ITS MEMBERS


DIVIDENDS AND INTEREST PAID TO MEMBERS ON THEIR SHARE ACCOUNTS, MONEY MARKET ACCOUNTS, AND CERTIFICATE OF DEPOSIT ACCOUNTS.


OFFICE EXPENSES AND DATA PROCESSING EXPENSES NECESSARY TO SUPPORT MEMBER ACCOUNT AND LOAN ACTIVITY BY PROVIDING MEMBERS ACCESS TO THEIR ACCOUNTS VIA HOME BANKING, ATM NETWORKS, AND IN PERSON AT THE CREDIT UNION OFFICES.


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Board, Officers & Key Employees

Name (title)Compensation
Duane K Jones
CEO
$998,463
Samuel S Moseley
President
$786,933
Dennis Pershing
Evp Consumner Lending
$475,128
David S Hand
Evp Commercial Lending
$452,750
Hugh Dailey
N Centrl Fl Mkt Pres
$421,744
Troy Manz
VP Mtg Lending
$399,395

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$260,195,313
Investment income $9,941,116
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $261,455
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $278,382,544

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Midflorida Credit Union has recieved totaling $25,000.

Awarding OrganizationAmount
Southeastern Credit Union Foundation Inc

Tallahassee, FL

PURPOSE: COMMUNITY SUPPORT

$25,000
View Grant Recipient Profile

Peer Organizations

Organization NameAssets
State Chartered Credit Unions In Florida
Jacksonville, FL
$554,973,970
Suncoast Credit Union
Tampa, FL
$553,636,360
Delta Community Credit Union
Atlanta, GA
$296,340,741
State Chartered Credit Unions In Florida
Melbourne, FL
$248,524,436
Midflorida Credit Union
Lakeland, FL
$278,382,544
Georgia's Own Credit Union
Atlanta, GA
$147,500,350
Fairwinds Credit Union
Orlando, FL
$164,616,807
Robins Financial Credit Union
Warner Robins, GA
$147,788,018
State Chartered Credit Unions In Florida
Jonesville, FL
$122,435,815
Florida Credit Union
Gainesville, FL
$94,300,981
Atlanta Postal Credit Union
Atlanta, GA
$86,141,254
Georgia United Credit Union
Duluth, GA
$80,835,681

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