My Point Credit Union
- Assets
- $619.2m
- Revenue
- $26.4m
- Investments
- $0.0
- Employees
- 156
- Location
- San Diego, CA
- Founding
- 09/1961
- Data as of
- 12/2020
- EIN
- 95-1679450
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 12/2020, My Point Credit Union employed 156 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 12/2020, My Point Credit Union generated $26.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $21.9m during the year ending 12/2020. While expenses have increased by 5.4% per year over the past 6 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
2020
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 12/31/20, THE CREDIT UNION HELD 34,350 SAVINGS ACCOUNTS, 23,662 CHECKING ACCOUNTS, 3,790 MONEY MARKET ACCOUNTS, 2,587 SHARE CERTIFICATES, AND 1,639 IRA CERTIFICATES IN THE AMOUNT OF $148,751,450, $173,503,881, $108,840,536, $66,259,851 AND $14,039,341 RESPECTIVELY. IN TOTAL, THE CREDIT UNION HELD 66,028 ACCOUNTS IN THE AMOUNT OF $511,395,059 WITH A MEMBERSHIP OF 29,864.
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 1,164 NEW CONSUMER LOANS AND 336 BUSINESS LOANS IN THE AMOUNT OF $49,344,996. AS OF 12/31/2020, THE CREDIT UNION HELD 14,663 CONSUMER AND BUSINESS LOANS IN THE AMOUNT OF $167,057,074.
MYPOINT CREDIT UNION OFFERS A COMPETITIVE MORTGAGE LOAN PROGRAM TO MAKE HOME OWNERSHIP MORE AFFORDABLE TO ITS MEMBERSHIP. IN 2020, THE CREDIT UNION FUNDED 336 NEW REAL ESTATE LOANS INCLUDING 1ST AND 2ND TRUST DEED MORTGAGES AND HOME EQUITY LINES OF CREDIT, IN THE AMOUNT OF $157,540,729. AS OF 12/31/20, THE CREDIT UNION HELD THE TOTAL OF 1,616 REAL ESTATE LOANS IN THE AMOUNT OF $349,393,623.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David R Brooke President/ceo | Officer | 40 | $454,370 |
Matthew Mower Svp/cio | Officer | 40 | $257,757 |
Peter Butler Svp/coo | Officer | 40 | $249,971 |
Matthew Rhead Svp/cfo | Officer | 40 | $246,161 |
Janet Mainenti Vp/hr | Officer | 40 | $186,370 |
Christopher Crockett Vp/retail Operations | Officer | 40 | $185,328 |
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 | $26,409,274 |
| 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 | $26,409,274 |
| 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. | $2,697,160 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,506,411 |
| Pension plan accruals and contributions | $382,483 |
| Other employee benefits | $677,758 |
| Payroll taxes | $664,523 |
| Fees for services: Management | $97,373 |
| Fees for services: Legal | $186,140 |
| Fees for services: Accounting | $47,874 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $251,947 |
| Office expenses | $649,779 |
| Information technology | $1,736,237 |
| Royalties | $0 |
| Occupancy | $1,117,713 |
| Travel | $10,262 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $83,532 |
| Interest | $316,003 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,112,088 |
| Insurance | $208,036 |
| All other expenses | $227,579 |
| Total functional expenses | $21,933,044 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $58,781,105 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $14,413,298 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $429,285,419 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,054,038 |
| Net Land, buildings, and equipment | $6,099,125 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $98,469,958 |
| Intangible assets | $0 |
| Other assets | $11,140,850 |
| Total assets | $619,243,793 |
| Accounts payable and accrued expenses | $25,804,088 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $425,287 |
| 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 | $542,926,386 |
| Total liabilities | $569,155,761 |
| 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 | $50,088,032 |
| Total liabilities and net assets/fund balances | $619,243,793 |
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