Civic Intelligence

Midland Credit Union

990 • Fiscal year 2016 • EIN 42-0816632

Jan 01, 2016 to Dec 31, 2016 • Filed on Apr 25, 2017

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

31st percentile

0.87x

Higher debt load relative to assets than 31% of similar nonprofits.

2016 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2016

Liabilities / Revenue

51st percentile

19.18x

Higher debt load relative to revenue than 51% of similar nonprofits.

2016 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2016

Net Margin

44th percentile

7.7%

Higher net margin than 44% of similar nonprofits.

2016 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2016

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2016

Asset Growth

82nd percentile

7.3%

Faster asset growth than 82% of similar nonprofits.

2016 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2015 to 2016

Revenue Growth

32nd percentile

1.4%

Faster revenue growth than 32% of similar nonprofits.

2016 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets31st percentile

Assets

Up

$50,874,813

Up $3,471,717 (+7.3%) from 2015

Net Assets

Up

$6,697,696

Up $176,947 (+2.7%) from 2015

Liabilities

Up

$44,177,117

Up $3,294,770 (+8.1%) from 2015

Revenue And Expenses
Liabilities / Revenue51st percentileNet Margin44th percentile

Revenue

Up

$2,303,229

Up $31,757 (+1.4%) from 2015

Expenses

Up

$2,126,282

Up $6,054 (+0.3%) from 2015

Net Income

Up

$176,947

Up $25,703 (+17%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth82nd 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

2016

Assets$50,874,813
Liabilities$44,177,117
Net Assets$6,697,696
Open 2016 Filing

Operations Trend

Revenue Growth32nd 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

2016

Revenue$2,303,229
Expenses$2,126,282
Net Income$176,947
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Apr 25, 2017
Return Version
2016v3.0
Gross Receipts
$2,543,473
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$30,412,508$33,432,230▲ $3,019,722
Investments Program Related$9,503,343$10,422,183▲ $918,840
Rtn Earn Endowment Incm Other Fnds$4,669,388$4,646,335▼ $23,053
Savings and Temporary Cash Investments$4,840,693$4,411,229▼ $429,464
Pd in Cap Srpls Land Bldg Eqp Fund$1,851,361$2,051,361▲ $200,000
Land, Buildings, and Equipment, Net$587,121$544,947▼ $42,174
Cash and Non-Interest-Bearing Accounts$364,544$356,280▼ $8,264
Prepaid Expenses and Deferred Charges$76,401$99,940▲ $23,539
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$47,403,096$50,874,813▲ $3,471,717
Other Assets Total$1,618,486$1,608,004▼ $10,482
Liabilities
Other Liabilities$40,620,851$43,919,411▲ $3,298,560
Accounts Payable and Accrued Expenses$261,496$257,706▼ $3,790
Total Liabilities$40,882,347$44,177,117▲ $3,294,770
Net Assets / Fund Balance
Total Net Assets Fund Balance$6,520,749$6,697,696▲ $176,947
Total Liabilities and Net Assets / Fund Balance$47,403,096$50,874,813▲ $3,471,717

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$311,754$422,122$733,876
Equipment$62,944$374,354$437,298
Land$140,000-$140,000
Leasehold Improvements$11,985$82,518$94,503
Other Land Buildings$18,264$5,052$23,316
Investment Program Related Org$9,572,183--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Rebecca R DevriesPresident & CEOFT$109,851$17,550$127,401
Holly LucaExecutive VPFT$93,261$19,435$112,696

Board Members and Trustees

NameTitle
Linda GastAudit Chair
Warren AldrichChair
Steven CorreaCredit Committee Chair
Timothy StovieVice Chair
Zachary SmithDirector
Frank WimlerAudit Committee
Steve SeamenAudit Committee
Dale MccleishCFO
John KoniorSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,092,682
Investment Income
$170,971
Other Revenue
$39,576
Change in Net Assets
$176,947

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,303,229
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,303,229
Total Revenue per Form 990
$2,303,229
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,213,638
Salaries, Compensation, and Employee Benefits$912,644
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$569,307--$569,307
Current Officers, Directors, Trustees, and Key Employees$240,097--$240,097
All Other Expenses$175,577--$175,577
Office Expenses$171,739--$171,739
Interest$127,629--$127,629
Occupancy$103,250--$103,250
Information Technology$89,289--$89,289
Advertising$67,669--$67,669
Other Employee Benefits$48,356--$48,356
Depreciation Depletion$42,829--$42,829
Payroll Taxes$35,044--$35,044
Insurance$28,885--$28,885
Conferences and Meetings$25,022--$25,022
Pension Plan Contributions$19,840--$19,840
Fees for Services Accounting$16,730--$16,730
Payments to Affiliates$11,789--$11,789
Other Expenses$1,678--$1,678
Fees for Services Legal$901--$901
Travel$330--$330
Total Functional Expenses$2,126,282$0$0$2,126,282

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,126,282
Total Expenses per Audited Statements$2,126,282
Total Expenses per Form 990$2,126,282
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$43,919,411
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 bylaws are at times approved by the members either at the annual meeting or special meetings held.”

Form 990, Part VI, Section B, Line 11B

“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
2017-04-25
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
18
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.”

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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/MinutesOfGoverningBodyInd01
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/NetAssetsOrFundBalancesBOYAmt06520749
IRS990/NetAssetsOrFundBalancesEOYAmt06697696
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt08244
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt08244
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ProgramServicesAmt0103250
IRS990/OccupancyGrp/TotalAmt0103250
IRS990/OfficeExpensesGrp/ProgramServicesAmt0171739
IRS990/OfficeExpensesGrp/TotalAmt0171739
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt01618486
IRS990/OtherAssetsTotalGrp/EOYAmt01608004
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt048356
IRS990/OtherEmployeeBenefitsGrp/TotalAmt048356
IRS990/OtherExpensesGrp/Desc0DEBIT/CREDIT CARD EXPEN
IRS990/OtherExpensesGrp/Desc1PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc2RENTAL EXPENSE
IRS990/OtherExpensesGrp/ProgramServicesAmt0294949
IRS990/OtherExpensesGrp/ProgramServicesAmt155372
IRS990/OtherExpensesGrp/ProgramServicesAmt21678
IRS990/OtherExpensesGrp/TotalAmt0294949
IRS990/OtherExpensesGrp/TotalAmt155372
IRS990/OtherExpensesGrp/TotalAmt21678
IRS990/OtherLiabilitiesGrp/BOYAmt040620851
IRS990/OtherLiabilitiesGrp/EOYAmt043919411
IRS990/OtherRevenueMiscGrp/BusinessCd0522100
IRS990/OtherRevenueMiscGrp/BusinessCd1522100
IRS990/OtherRevenueMiscGrp/Desc0MISCELLANEOUS INCOME
IRS990/OtherRevenueMiscGrp/Desc1ATM FEES
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt020917
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt110667
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt020917
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt118659
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt07992
IRS990/OtherRevenueTotalAmt039576
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0569307
IRS990/OtherSalariesAndWagesGrp/TotalAmt0569307
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt030412508
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt033432230
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/ProgramServicesAmt011789
IRS990/PaymentsToAffiliatesGrp/TotalAmt011789
IRS990/PayrollTaxesGrp/ProgramServicesAmt035044
IRS990/PayrollTaxesGrp/TotalAmt035044
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt01851361
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt02051361
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt019840
IRS990/PensionPlanContributionsGrp/TotalAmt019840
IRS990/PoliciesReferenceChaptersInd01
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt076401
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt099940
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/RelatedOrExemptFuncIncomeAmt01343186
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1349550
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2203489
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt3104901
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt446459
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01343186
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1349550
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2203489
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt3104901
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt446459
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0131654
IRS990/PYOtherExpensesAmt01216683
IRS990/PYOtherRevenueAmt0130497
IRS990/PYProgramServiceRevenueAmt02009321
IRS990/PYRevenuesLessExpensesAmt0151244
IRS990/PYSalariesCompEmpBnftPaidAmt0903545
IRS990/PYTotalExpensesAmt02120228
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02271472
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0176947
IRS990/RegularMonitoringEnfrcInd00
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd01
IRS990/RevenueAmt02132510
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt04669388
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt04646335
IRS990/SavingsAndTempCashInvstGrp/BOYAmt04840693
IRS990/SavingsAndTempCashInvstGrp/EOYAmt04411229
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0311754
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0422122
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0733876
IRS990ScheduleD/EquipmentGrp/BookValueAmt062944
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0374354
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0437298
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02126282
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt0850000
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt19572183
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/BookValueAmt011985
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt082518
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt094503
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt018264
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt05052
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt023316
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt043919411
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER SHARES
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt02303229
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/TotalBookValueLandBuildingsAmt0544947
IRS990ScheduleD/TotalBookValueProgramRltdAmt010422183
IRS990ScheduleD/TotalExpensesPerForm990Amt02126282
IRS990ScheduleD/TotalLiabilityAmt043919411
IRS990ScheduleD/TotalRevenuePerForm990Amt02303229
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02303229
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02126282
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 BYLAWS 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 11B
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/TotalAssetsBOYAmt047403096
IRS990/TotalAssetsEOYAmt050874813
IRS990/TotalAssetsGrp/BOYAmt047403096
IRS990/TotalAssetsGrp/EOYAmt050874813
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt018
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt02126282
IRS990/TotalFunctionalExpensesGrp/TotalAmt02126282
IRS990/TotalGrossUBIAmt07992
IRS990/TotalLiabilitiesBOYAmt040882347
IRS990/TotalLiabilitiesEOYAmt044177117
IRS990/TotalLiabilitiesGrp/BOYAmt040882347
IRS990/TotalLiabilitiesGrp/EOYAmt044177117
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt06520749
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt06697696
IRS990/TotalOtherCompensationAmt036985
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt045097
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt045097

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$50,874,813
Liabilities
$44,177,117
Net assets
$6,697,696
Revenue
$2,303,229
Expenses
$2,126,282
Net income
$176,947
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