Members Choice Credit Union
- Assets
- $715.4m
- Revenue
- $28.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Houston, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 74-1886524
Organization Overview
Members Choice Credit Union is located in Houston, TX. The organization was established in 1976. According to its NTEE Classification (W01) the organization is classified as: Alliances & Advocacy, 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. Members Choice 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, Members Choice Credit Union generated $28.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $29.5m during the year ending 12/2021. While expenses have increased by 3.9% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
MEMBERS CHOICE CREDIT UNION IS A COOPERATIVE OWNED BY THE MEMBERS OF THE CREDIT UNION. IT IS A NON-PROFIT FINANCIAL INSTITUTION ORGANIZED TO PROMOTE THRIFT AND PROVIDE CREDIT TO MEMBERS AT LOWER RATES THAN IS AVAILABLE FROM OTHER SOURCES
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERS CHOICE CREDIT UNION PAYS COMPETITIVE DIVIDEND RATES ON SHARE DEPOSIT ACCOUNTS. TYPES OF ACCOUNTS OFFERED BY THE CREDIT UNION INCLUDE SHARE SAVINGS, CHECKING, SHARE CERTIFICATES, MONEY MARKETS, AND IRAS. AS A FINANCIAL COOPERATIVE, MEMBERS CHOICE STRIVES TO OFFER THE HIGHEST QUALITY SERVICE PLUS PAY HIGHLY COMPETITIVE DIVIDENDS BACK TO THE MEMBER OWNERS
MEMBERS CHOICE CREDIT UNION PAYS COMPETITIVE DIVIDEND RATES ON SHARE DEPOSIT ACCOUNTS. TYPES OF ACCOUNTS OFFERED BY THE CREDIT UNION INCLUDE SHARE SAVINGS, CHECKING, SHARE CERTIFICATES, MONEY MARKETS, AND IRAS. AS A FINANCIAL COOPERATIVE, MEMBERS CHOICE STRIVES TO OFFER THE HIGHEST QUALITY SERVICE PLUS PAY HIGHLY COMPETITIVE DIVIDENDS BACK TO THE MEMBER OWNERS
MEMBERS CHOICE CREDIT UNION PROVIDES PLASTIC CARD SERVICES FOR MEMBERS THROUGH THE USE OF DEBIT CARDS,CREDIT CARDS, MULTIPLE CREDIT UNION OWNED ATM MACHINES, AND ACCESS TO A NATIONWIDE ATM NETWORK. AS CARDOLDERS, CREDIT UNION MEMBERS ENJOY FEE-FREE TRANSACTIONS. INCOME IS EARNED BY THE CREDIT UNION IN THE FORM OF NETWORK INTERCHANGE INCOME. EXPENSES INCURRED ARE FOR ATM HOSTING COSTS AND PLASTIC CARD PROCESSING EXPENSES PAID TO THIRD PARTY PROCESSORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randy Theilig CEO | Officer | 40 | $380,067 |
Luke Billeri Executive Dir. | Officer | 40 | $200,821 |
Darrin Smith Executive Dir. | Officer | 40 | $192,303 |
Robin Tooms Executive Dir. | Officer | 40 | $173,446 |
Kimberly Gamez Chief Financial Officer | 40 | $164,443 | |
Valerie Carlson Vice President | Officer | 40 | $163,231 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Weiser Security Service Inc Security Guards | 12/30/21 | $0 |
Consolidated Communications Communications | 12/30/21 | $0 |
Alkami Online Banking | 12/30/21 | $0 |
Jack Henry And Associates Data Processing | 12/30/21 | $0 |
Asg Results - Mbi Member Insurance | 12/30/21 | $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 | $26,034,595 |
| Investment income | $1,142,030 |
| 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 | $28,765,001 |
| 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. | $2,113,614 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,994,884 |
| Pension plan accruals and contributions | $253,825 |
| Other employee benefits | $1,699,737 |
| Payroll taxes | $667,450 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $110,401 |
| Fees for services: Accounting | $190,603 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $112,136 |
| Fees for services: Other | $2,166,780 |
| Advertising and promotion | $443,050 |
| Office expenses | $2,163,961 |
| Information technology | $1,996,138 |
| Royalties | $0 |
| Occupancy | $1,838,336 |
| Travel | $7,491 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $120,427 |
| Interest | $483,520 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $882,177 |
| Insurance | $285,445 |
| All other expenses | $698,675 |
| Total functional expenses | $29,461,596 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,840,635 |
| Savings and temporary cash investments | $126,372,233 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,696,951 |
| Loans from Officers, Directors, or Controlling Persons | $871,059 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $428,868,189 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,592,997 |
| Net Land, buildings, and equipment | $34,947,998 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $112,228,189 |
| Total assets | $715,418,251 |
| Accounts payable and accrued expenses | $23,006,748 |
| Grants payable | $0 |
| Deferred revenue | $57,340 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $151,574 |
| 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 | $640,584,393 |
| Total liabilities | $663,800,055 |
| 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 | $51,618,196 |
| Total liabilities and net assets/fund balances | $715,418,251 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Members Choice Credit Union Houston, TX | $715,418,251 | $28,765,001 |
Texas Bankers Association Austin, TX | $29,127,060 | $9,869,075 |
Independent Bankers Association Of Texas Austin, TX | $7,396,649 | $5,511,793 |
Oklahoma Bankers Association Oklahoma City, OK | $7,110,372 | $3,904,069 |
Louisiana Bankers Association Baton Rouge, LA | $6,439,821 | $2,797,903 |
Louisiana Budget Project Baton Rouge, LA | $1,725,763 | $1,176,519 |
1889institute Stillwater, OK | $306,873 | $516,750 |
Rio Grande Foundation Inc Albuquerque, NM | $106,776 | $324,357 |
Texas Wounded Warriors Tyler, TX | $1,069,512 | $471,097 |
Black Space Oklahoma Incorporated Oklahoma City, OK | $109,406 | $249,676 |
Team Mario Edinburg, TX | $21,650 | $0 |
Texans For Traffic Relief Austin, TX | $0 | $0 |