Membersource Credit Union
- Assets
- $222.5m
- Revenue
- $9.8m
- Investments
- $35.3m
- Employees
- 0
- Location
- Houston, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 74-1383158
Organization Overview
Membersource Credit Union is located in Houston, 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. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Membersource 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, Membersource Credit Union generated $9.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $8.6m during the year ending 12/2021. 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
MEMBERSOURCE CREDIT UNION WILL CONSISTENTLY MEET MEMBERS NEEDS BY PROVIDING PERSONAL QUALITY SERVICE IN A PROFESSIONAL ENVIRONMENT THROUGH MOTIVATED EMPLOYEES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAVINGS, CDS, CHECKING & IRAS - 27,001 ACCOUNTS TOTALING $199,937,710.
CONSUMER LOANS - 12,045 LOANS TOTALING $108,022,660
REAL ESTATE/MORTGAGE LOANS - 438 LOANS TOTALING $46,479,141
INVESTMENT INCOME
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 |
|---|---|---|---|
Leon Davis CFO | Officer | 40 | $0 |
Diana Fisher Vp-Marketing | Officer | 40 | $0 |
Bobbi Phelps Vp-Branch Op | Officer | 40 | $0 |
Kelly Brink Vp-Clo | Officer | 40 | $0 |
Kenneth Harrington Presidentceo | Officer | 40 | $0 |
Samuel Phelps Vp-It | Officer | 40 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Insperity Inc Employee Leasing | 12/30/21 | $1,607,844 |
Rob Caesar Technologies It Consulting | 12/30/21 | $119,674 |
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 | $9,236,847 |
| Investment income | $524,330 |
| 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 | $9,847,092 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $4,339,460 |
| 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 | $987,360 |
| Advertising and promotion | $0 |
| Office expenses | $890,233 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $681,034 |
| Travel | $52,142 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $325,891 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $11,740 |
| All other expenses | $17,901 |
| Total functional expenses | $8,550,415 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $888,395 |
| Savings and temporary cash investments | $17,772,238 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $401,053 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $154,322,296 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $278,586 |
| Net Land, buildings, and equipment | $5,973,927 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $35,285,225 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,608,163 |
| Total assets | $222,529,883 |
| Accounts payable and accrued expenses | $1,075,987 |
| 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 | $199,937,710 |
| Total liabilities | $201,013,697 |
| 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 | $21,516,186 |
| Total liabilities and net assets/fund balances | $222,529,883 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Coastlife Credit Union Corpus Christi, TX | $459,349,679 | $21,652,843 |
Mct Credit Union Port Neches, TX | $363,107,409 | $15,984,837 |
Americas Credit Union Garland, TX | $409,491,001 | $16,218,007 |
First Basin Credit Union Odessa, TX | $306,636,605 | $15,708,343 |
Allegiance Credit Union Oklahoma City, OK | $376,025,043 | $16,187,363 |
Texoma Community Credit Union Wichita Falls, TX | $259,230,472 | $16,333,220 |
Oklahoma Educators Credit Union Oklahoma City, OK | $242,039,953 | $16,355,869 |
Credit Unions In The State Of New Mexico Santa Fe, NM | $252,448,158 | $14,584,670 |
First Central Credit Union Waco, TX | $142,192,635 | $12,212,863 |
Gulf Credit Union Groves, TX | $336,623,302 | $15,838,269 |
Energy Capital Credit Union Houston, TX | $259,660,339 | $11,030,260 |
State Chartered Credit Unions In Louisiana Lake Charles, LA | $153,121,704 | $12,096,894 |