Civic Intelligence

Midland Credit Union

990 • Fiscal year 2015 • EIN 42-0816632

Jan 01, 2015 to Dec 31, 2015 • Filed on Mar 02, 2016

Organization ProfileWWW.MIDLANDCU.ORG

View Organization Page

2891 106th StreetUrbandale, IA 50322

(515) 278-1994

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

36th percentile

0.86x

Higher debt load relative to assets than 36% of similar nonprofits.

2015 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2015

Liabilities / Revenue

34th percentile

18.00x

Higher debt load relative to revenue than 34% of similar nonprofits.

2015 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2015

Net Margin

46th percentile

6.7%

Higher net margin than 46% of similar nonprofits.

2015 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2015

Top Officer Pay

84th percentile

$133,064

Higher top officer pay than 84% of similar nonprofits.

Top officer pay equals 5.9% of source-year revenue.

2015 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2015

Asset Growth

86th percentile

7.6%

Faster asset growth than 86% of similar nonprofits.

2015 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Revenue Growth

84th percentile

7.7%

Faster revenue growth than 84% of similar nonprofits.

2015 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets36th percentile

Assets

Up

$47,403,096

Up $3,355,688 (+7.6%) from 2014

Net Assets

Up

$6,520,749

Up $151,244 (+2.4%) from 2014

Liabilities

Up

$40,882,347

Up $3,204,444 (+8.5%) from 2014

Revenue And Expenses
Liabilities / Revenue34th percentileNet Margin46th percentile

Revenue

Up

$2,271,472

Up $161,823 (+7.7%) from 2014

Expenses

Up

$2,120,228

Up $156,888 (+8.0%) from 2014

Net Income

Up

$151,244

Up $4,935 (+3.4%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth86th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$100M$50M$0Assets 2010: $34,908,231Liabilities 2010: $29,223,104Net Assets 2010: $5,685,1272010Assets 2012: $39,377,789Liabilities 2012: $33,548,607Net Assets 2012: $5,829,1822012Assets 2013: $41,720,304Liabilities 2013: $35,497,108Net Assets 2013: $6,223,1962013Assets 2014: $44,047,408Liabilities 2014: $37,677,903Net Assets 2014: $6,369,5052014Assets 2015: $47,403,096Liabilities 2015: $40,882,347Net Assets 2015: $6,520,7492015Assets 2016: $50,874,813Liabilities 2016: $44,177,117Net Assets 2016: $6,697,6962016Assets 2017: $52,229,958Liabilities 2017: $45,209,396Net Assets 2017: $7,020,5622017Assets 2018: $53,202,747Liabilities 2018: $46,073,297Net Assets 2018: $7,129,4502018Assets 2019: $54,333,029Liabilities 2019: $47,027,626Net Assets 2019: $7,305,4032019Assets 2020: $62,441,065Liabilities 2020: $54,991,524Net Assets 2020: $7,449,5412020Assets 2021: $71,007,624Liabilities 2021: $63,293,078Net Assets 2021: $7,714,5462021Assets 2022: $76,091,305Liabilities 2022: $68,317,220Net Assets 2022: $7,774,0852022Assets 2023: $80,969,879Liabilities 2023: $72,115,310Net Assets 2023: $8,854,5692023Assets 2024: $96,595,408Liabilities 2024: $86,062,055Net Assets 2024: $10,533,3532024

Highlighted filing

2015

Assets$47,403,096
Liabilities$40,882,347
Net Assets$6,520,749
Open 2015 Filing

Operations Trend

Revenue Growth84th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0Expenses 2010: $2,015,4252010Expenses 2012: $1,994,0982012Revenue 2013: $2,157,604Expenses 2013: $1,994,416Net Income 2013: $163,1882013Revenue 2014: $2,109,649Expenses 2014: $1,963,340Net Income 2014: $146,3092014Revenue 2015: $2,271,472Expenses 2015: $2,120,228Net Income 2015: $151,2442015Revenue 2016: $2,303,229Expenses 2016: $2,126,282Net Income 2016: $176,9472016Revenue 2017: $2,773,647Expenses 2017: $2,450,780Net Income 2017: $322,8672017Revenue 2018: $2,919,135Expenses 2018: $2,810,247Net Income 2018: $108,8882018Revenue 2019: $2,981,206Expenses 2019: $2,784,043Net Income 2019: $197,1632019Revenue 2020: $2,953,085Expenses 2020: $2,808,947Net Income 2020: $144,1382020Revenue 2021: $3,069,905Expenses 2021: $2,804,900Net Income 2021: $265,0052021Revenue 2022: $3,470,213Expenses 2022: $3,410,674Net Income 2022: $59,5392022Revenue 2023: $4,659,923Expenses 2023: $4,455,396Net Income 2023: $204,5272023Revenue 2024: $5,908,169Expenses 2024: $5,364,662Net Income 2024: $543,5072024

Highlighted filing

2015

Revenue$2,271,472
Expenses$2,120,228
Net Income$151,244
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Mar 2, 2016
Return Version
2015v2.1
Gross Receipts
$2,271,472
Mission and Program Overview

Mission

People helping people; low cost loans, low cost shares and share drafts, certificates of deposit with rates above banks.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$26,973,199$30,412,508▲ $3,439,309
Investments Program Related$8,748,347$9,503,343▲ $754,996
Savings and Temporary Cash Investments$5,803,716$4,840,693▼ $963,023
Rtn Earn Endowment Incm Other Fnds$4,868,144$4,669,388▼ $198,756
Pd in Cap Srpls Land Bldg Eqp Fund$1,501,361$1,851,361▲ $350,000
Land, Buildings, and Equipment, Net$654,398$587,121▼ $67,277
Cash and Non-Interest-Bearing Accounts$348,805$364,544▲ $15,739
Prepaid Expenses and Deferred Charges$90,129$76,401▼ $13,728
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$44,047,408$47,403,096▲ $3,355,688
Other Assets Total$1,428,814$1,618,486▲ $189,672
Liabilities
Other Liabilities$37,469,491$40,620,851▲ $3,151,360
Accounts Payable and Accrued Expenses$208,412$261,496▲ $53,084
Total Liabilities$37,677,903$40,882,347▲ $3,204,444
Net Assets / Fund Balance
Total Net Assets Fund Balance$6,369,505$6,520,749▲ $151,244
Total Liabilities and Net Assets / Fund Balance$44,047,408$47,403,096▲ $3,355,688

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$350,697$406,495$757,192
Equipment$81,313$368,403$449,716
Land$140,000-$140,000
Leasehold Improvements$15,111$79,392$94,503
Investment Program Related Org$8,653,343--
Compensation and Service Providers
Top Officer Pay84th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Rebecca R DevriesPresident & CEOFT$113,177$19,887$133,064
Holly LucaEvpFT$95,689$20,118$115,807

Board Members and Trustees

NameTitle
Linda GastAudit Chair
Warren AldrichChair
Dale MccleishVice Chair
Timothy StovieBoard Secretary
John KoniorDirector
Steve SeamenDirector
Zachary SmithDirector
Norman TrentmannCFO
Steven CorreaCredit Committee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,009,321
Investment Income
$131,654
Other Revenue
$130,497
Change in Net Assets
$151,244

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,271,472
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,271,472
Total Revenue per Form 990
$2,271,472
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,216,683
Salaries, Compensation, and Employee Benefits$903,545
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$526,295--$526,295
Current Officers, Directors, Trustees, and Key Employees$248,871--$248,871
Office Expenses$183,342--$183,342
All Other Expenses$145,523--$145,523
Interest$121,699--$121,699
Occupancy$101,805--$101,805
Information Technology$98,395--$98,395
Depreciation Depletion$76,566--$76,566
Other Expenses$69,336--$69,336
Payroll Taxes$69,048--$69,048
Advertising$65,117--$65,117
Other Employee Benefits$53,962--$53,962
Insurance$34,653--$34,653
Conferences and Meetings$22,081--$22,081
Fees for Services Accounting$17,274--$17,274
Payments to Affiliates$15,535--$15,535
Pension Plan Contributions$5,369--$5,369
Travel$2,240--$2,240
Fees for Services Legal$293--$293
Total Functional Expenses$2,120,228$0$0$2,120,228

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,120,228
Total Expenses per Audited Statements$2,120,228
Total Expenses per Form 990$2,120,228
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares$40,620,851
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“Midland credit union is supported by members.”

Form 990, Part VI, Section A, Line 7A

“The members of the organization have the right to vote for one or more members of the governing body at annual meetings.”

Form 990, Part VI, Section A, Line 7B

“Changes to the bylawas are at times approved by the members either at the annual meeting or special meetings held.”

Form 990, Part VI, Section B, Line 11

“The ceo works closely with the auditors in providing the necessary financial information to prepare a financial audit. The tax return is based upon the audited financial statements. Upon completion of the 990 return the ceo will do a thorough review and sign.”

Form 990, Part VI, Section B, Line 15

“Midland credit union's compensation program consists of these steps: 1) an outside service provides the organization with survey that is used as a benchmark for their entire organization 2)compensation for ceo is approved by the board 3)compensation for the rest of the staff is set by the ceo within the board approved budget. Through the entire process there is contemporaneous substaniation of the deliberation and decision.”

Form 990, Part VI, Section C, Line 19

“Financial statements are posted in the lobbies. The organization's governing documents and conflict of interest policy are available upon request.”

Filing and Contact Details

Filer

Filer Name
Midland Credit Union
EIN
42-0816632
Phone
5152781994
Address
2891 106TH STREET, URBANDALE, IA 50322

Signing Officer

Name
Becky Devries
Title
CEO
Phone
5152781994
Signed
2016-03-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Becky Devries
Formed
1933
Legal Domicile
Ia
Voting Board Members
9
Independent Board Members
9
Employees
19
Volunteers
0

Preparer

Firm
Gardiner Thomsen
Address
10555 NEW YORK AVENUE SUITE 200, DES MOINES, IA 50322
Preparer
C L Telk Jr CPA
Phone
5152701446
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“Midland credit union has an audit committee that overseas the audit process and selection of its auditors. The audit committee will also review the issued audited financial statements with the auditor upon completion.”

Financial Statement Notes

PART X, LINE 2:

“In accordance with accounting for uncertainty in income taxes under the income taxes topic of the fasb asc the credit union recognizes any uncertain tax benefits if such benefits are a result of a tax position that is more likely than not sustainable upon examination by federal or state tax authorities. When an uncertain benefit is determined to be more likely than not sustained, the credit union values the position, for financial statement purposes, of the largest amount of the tax benefit that is more than 50% likely of being realized upon resolution of the benefit. For any tax positions taken that do not meet the more likely than not criteria, the credit union establishes a tax reserve for 100% of the position taken.”

Raw XML AppendixShowing 400 of 444 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
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IRS990/MissionDesc0PEOPLE HELPING PEOPLE; LOW COST LOANS, LOW COST SHARES AND SHARE DRAFTS, CERTIFICATES OF DEPOSIT WITH RATES ABOVE BANKS.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt06369505
IRS990/NetAssetsOrFundBalancesEOYAmt06520749
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ProgramServicesAmt0101805
IRS990/OccupancyGrp/TotalAmt0101805
IRS990/OfficeExpensesGrp/ProgramServicesAmt0183342
IRS990/OfficeExpensesGrp/TotalAmt0183342
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt01428814
IRS990/OtherAssetsTotalGrp/EOYAmt01618486
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt053962
IRS990/OtherEmployeeBenefitsGrp/TotalAmt053962
IRS990/OtherExpensesGrp/Desc0DEBIT/CREDIT CARD EXPEN
IRS990/OtherExpensesGrp/Desc1PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/ProgramServicesAmt0262824
IRS990/OtherExpensesGrp/ProgramServicesAmt169336
IRS990/OtherExpensesGrp/TotalAmt0262824
IRS990/OtherExpensesGrp/TotalAmt169336
IRS990/OtherLiabilitiesGrp/BOYAmt037469491
IRS990/OtherLiabilitiesGrp/EOYAmt040620851
IRS990/OtherRevenueMiscGrp/BusinessCd0522100
IRS990/OtherRevenueMiscGrp/BusinessCd1522100
IRS990/OtherRevenueMiscGrp/BusinessCd2522100
IRS990/OtherRevenueMiscGrp/Desc0IOWA CORP PATRONAGE IN
IRS990/OtherRevenueMiscGrp/Desc1ATM FEES
IRS990/OtherRevenueMiscGrp/Desc2MISCELLANEOUS INCOME
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt093204
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt112048
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt216673
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt093204
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt120620
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt216673
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt08572
IRS990/OtherRevenueTotalAmt0130497
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0526295
IRS990/OtherSalariesAndWagesGrp/TotalAmt0526295
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt026973199
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt030412508
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/ProgramServicesAmt015535
IRS990/PaymentsToAffiliatesGrp/TotalAmt015535
IRS990/PayrollTaxesGrp/ProgramServicesAmt069048
IRS990/PayrollTaxesGrp/TotalAmt069048
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt01501361
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt01851361
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt05369
IRS990/PensionPlanContributionsGrp/TotalAmt05369
IRS990/PoliciesReferenceChaptersInd01
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt090129
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt076401
IRS990/PrincipalOfficerNm0BECKY DEVRIES
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/BusinessCd2522100
IRS990/ProgramServiceRevenueGrp/BusinessCd3522100
IRS990/ProgramServiceRevenueGrp/BusinessCd4522100
IRS990/ProgramServiceRevenueGrp/Desc0LOAN INTEREST
IRS990/ProgramServiceRevenueGrp/Desc1CREDIT CARD FEES
IRS990/ProgramServiceRevenueGrp/Desc2NSF CHARGES
IRS990/ProgramServiceRevenueGrp/Desc3SERVICE FEES
IRS990/ProgramServiceRevenueGrp/Desc4DEBT PROTECTION
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt01276860
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1331518
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2205322
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt388258
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt446789
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01276860
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1331518
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2205322
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt388258
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt446789
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0119128
IRS990/PYOtherExpensesAmt01104786
IRS990/PYOtherRevenueAmt032371
IRS990/PYProgramServiceRevenueAmt01958150
IRS990/PYRevenuesLessExpensesAmt0146309
IRS990/PYSalariesCompEmpBnftPaidAmt0858554
IRS990/PYTotalExpensesAmt01963340
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02109649
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0151244
IRS990/RegularMonitoringEnfrcInd00
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd01
IRS990/RevenueAmt02131246
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt04868144
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt04669388
IRS990/SavingsAndTempCashInvstGrp/BOYAmt05803716
IRS990/SavingsAndTempCashInvstGrp/EOYAmt04840693
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0350697
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0406495
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0757192
IRS990ScheduleD/EquipmentGrp/BookValueAmt081313
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0368403
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0449716
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02120228
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt0850000
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt18653343
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0NBC RESERVE 12 MONTH CERTIFICATE
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1BANK CERTIFICATES OF DEPOSITS
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd1C
IRS990ScheduleD/LandGrp/BookValueAmt0140000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0140000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt015111
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt079392
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt094503
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt040620851
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER SHARES
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt02271472
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0IN ACCORDANCE WITH ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES UNDER THE INCOME TAXES TOPIC OF THE FASB ASC THE CREDIT UNION RECOGNIZES ANY UNCERTAIN TAX BENEFITS IF SUCH BENEFITS ARE A RESULT OF A TAX POSITION THAT IS MORE LIKELY THAN NOT SUSTAINABLE UPON EXAMINATION BY FEDERAL OR STATE TAX AUTHORITIES. WHEN AN UNCERTAIN BENEFIT IS DETERMINED TO BE MORE LIKELY THAN NOT SUSTAINED, THE CREDIT UNION VALUES THE POSITION, FOR FINANCIAL STATEMENT PURPOSES, OF THE LARGEST AMOUNT OF THE TAX BENEFIT THAT IS MORE THAN 50% LIKELY OF BEING REALIZED UPON RESOLUTION OF THE BENEFIT. FOR ANY TAX POSITIONS TAKEN THAT DO NOT MEET THE MORE LIKELY THAN NOT CRITERIA, THE CREDIT UNION ESTABLISHES A TAX RESERVE FOR 100% OF THE POSITION TAKEN.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0587121
IRS990ScheduleD/TotalBookValueProgramRltdAmt09503343
IRS990ScheduleD/TotalExpensesPerForm990Amt02120228
IRS990ScheduleD/TotalLiabilityAmt040620851
IRS990ScheduleD/TotalRevenuePerForm990Amt02271472
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02271472
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02120228
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MIDLAND CREDIT UNION IS SUPPORTED BY MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE MEMBERS OF THE ORGANIZATION HAVE THE RIGHT TO VOTE FOR ONE OR MORE MEMBERS OF THE GOVERNING BODY AT ANNUAL MEETINGS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2CHANGES TO THE BYLAWAS ARE AT TIMES APPROVED BY THE MEMBERS EITHER AT THE ANNUAL MEETING OR SPECIAL MEETINGS HELD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE CEO WORKS CLOSELY WITH THE AUDITORS IN PROVIDING THE NECESSARY FINANCIAL INFORMATION TO PREPARE A FINANCIAL AUDIT. THE TAX RETURN IS BASED UPON THE AUDITED FINANCIAL STATEMENTS. UPON COMPLETION OF THE 990 RETURN THE CEO WILL DO A THOROUGH REVIEW AND SIGN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4MIDLAND CREDIT UNION'S COMPENSATION PROGRAM CONSISTS OF THESE STEPS: 1) AN OUTSIDE SERVICE PROVIDES THE ORGANIZATION WITH SURVEY THAT IS USED AS A BENCHMARK FOR THEIR ENTIRE ORGANIZATION 2)COMPENSATION FOR CEO IS APPROVED BY THE BOARD 3)COMPENSATION FOR THE REST OF THE STAFF IS SET BY THE CEO WITHIN THE BOARD APPROVED BUDGET. THROUGH THE ENTIRE PROCESS THERE IS CONTEMPORANEOUS SUBSTANIATION OF THE DELIBERATION AND DECISION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5FINANCIAL STATEMENTS ARE POSTED IN THE LOBBIES. THE ORGANIZATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6MIDLAND CREDIT UNION HAS AN AUDIT COMMITTEE THAT OVERSEAS THE AUDIT PROCESS AND SELECTION OF ITS AUDITORS. THE AUDIT COMMITTEE WILL ALSO REVIEW THE ISSUED AUDITED FINANCIAL STATEMENTS WITH THE AUDITOR UPON COMPLETION.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XII, LINE 2C:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt044047408
IRS990/TotalAssetsEOYAmt047403096
IRS990/TotalAssetsGrp/BOYAmt044047408
IRS990/TotalAssetsGrp/EOYAmt047403096
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt019
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt02120228
IRS990/TotalFunctionalExpensesGrp/TotalAmt02120228
IRS990/TotalGrossUBIAmt08572
IRS990/TotalLiabilitiesBOYAmt037677903
IRS990/TotalLiabilitiesEOYAmt040882347
IRS990/TotalLiabilitiesGrp/BOYAmt037677903
IRS990/TotalLiabilitiesGrp/EOYAmt040882347
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt06369505
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt06520749
IRS990/TotalOtherCompensationAmt040005
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt060574
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt060574
IRS990/TotalProgramServiceExpensesAmt02120228
IRS990/TotalProgramServiceRevenueAmt02009321
IRS990/TotalReportableCompFromOrgAmt0208866
IRS990/TotalRevenueGrp/ExclusionAmt0131654
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt02131246
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02271472
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt08572

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$47,403,096
Liabilities
$40,882,347
Net assets
$6,520,749
Revenue
$2,271,472
Expenses
$2,120,228
Net income
$151,244
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$96.6$86.1$10.5$5.91$5.36$0.54
2023Detailed filing. Detailed filing data is available for this year.$81.0$72.1$8.85$4.66$4.46$0.20
2022Detailed filing. Detailed filing data is available for this year.$76.1$68.3$7.77$3.47$3.41$0.06
2021Detailed filing. Detailed filing data is available for this year.$71.0$63.3$7.71$3.07$2.80$0.27
2020Detailed filing. Detailed filing data is available for this year.$62.4$55.0$7.45$2.95$2.81$0.14
2019Detailed filing. Detailed filing data is available for this year.$54.3$47.0$7.31$2.98$2.78$0.20
2018Detailed filing. Detailed filing data is available for this year.$53.2$46.1$7.13$2.92$2.81$0.11
2017Detailed filing. Detailed filing data is available for this year.$52.2$45.2$7.02$2.77$2.45$0.32
2016Detailed filing. Detailed filing data is available for this year.$50.9$44.2$6.70$2.30$2.13$0.18
2015Detailed filing. Detailed filing data is available for this year.$47.4$40.9$6.52$2.27$2.12$0.15
2014Detailed filing. Detailed filing data is available for this year.$44.0$37.7$6.37$2.11$1.96$0.15
2013Detailed filing. Detailed filing data is available for this year.$41.7$35.5$6.22$2.16$1.99$0.16
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$39.4$33.5$5.83$1.99
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$34.9$29.2$5.69$2.02