Civic Intelligence

Midland Credit Union

990 • Fiscal year 2017 • EIN 42-0816632

Jan 01, 2017 to Dec 31, 2017 • Filed on Apr 13, 2018

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.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2017

Liabilities / Revenue

30th percentile

16.30x

Higher debt load relative to revenue than 30% of similar nonprofits.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2017

Net Margin

57th percentile

12%

Higher net margin than 57% of similar nonprofits.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2017

Top Officer Pay

40th percentile

$128,031

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 4.6% of source-year revenue.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2017

Asset Growth

45th percentile

2.7%

Faster asset growth than 45% of similar nonprofits.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Revenue Growth

96th percentile

20%

Faster revenue growth than 96% of similar nonprofits.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets31st percentile

Assets

Up

$52,229,958

Up $1,355,145 (+2.7%) from 2016

Net Assets

Up

$7,020,562

Up $322,866 (+4.8%) from 2016

Liabilities

Up

$45,209,396

Up $1,032,279 (+2.3%) from 2016

Revenue And Expenses
Liabilities / Revenue30th percentileNet Margin57th percentile

Revenue

Up

$2,773,647

Up $470,418 (+20%) from 2016

Expenses

Up

$2,450,780

Up $324,498 (+15%) from 2016

Net Income

Up

$322,867

Up $145,920 (+82%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth45th 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

2017

Assets$52,229,958
Liabilities$45,209,396
Net Assets$7,020,562
Open 2017 Filing

Operations Trend

Revenue Growth96th 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

2017

Revenue$2,773,647
Expenses$2,450,780
Net Income$322,867
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Apr 13, 2018
Return Version
2017v2.2
Gross Receipts
$2,773,647
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$33,432,230$35,995,159▲ $2,562,929
Investments Program Related$10,422,183$7,960,000▼ $2,462,183
Savings and Temporary Cash Investments$4,411,229$5,428,510▲ $1,017,281
Rtn Earn Endowment Incm Other Fnds$4,646,335$4,769,701▲ $123,366
Pd in Cap Srpls Land Bldg Eqp Fund$2,051,361$2,250,861▲ $199,500
Land, Buildings, and Equipment, Net$544,947$540,871▼ $4,076
Cash and Non-Interest-Bearing Accounts$356,280$342,124▼ $14,156
Prepaid Expenses and Deferred Charges$99,940$145,798▲ $45,858
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$50,874,813$52,229,958▲ $1,355,145
Other Assets Total$1,608,004$1,817,496▲ $209,492
Liabilities
Other Liabilities$43,919,411$44,933,953▲ $1,014,542
Accounts Payable and Accrued Expenses$257,706$275,443▲ $17,737
Total Liabilities$44,177,117$45,209,396▲ $1,032,279
Net Assets / Fund Balance
Total Net Assets Fund Balance$6,697,696$7,020,562▲ $322,866
Total Liabilities and Net Assets / Fund Balance$50,874,813$52,229,958▲ $1,355,145

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$293,408$440,469$733,877
Equipment$75,505$396,646$472,151
Land$140,000-$140,000
Leasehold Improvements$8,858$85,645$94,503
Other Land Buildings$23,100$8,035$31,135
Investment Program Related Org$7,110,000--
Compensation and Service Providers
Top Officer Pay40th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Rebecca R DevriesPresident & CEOFT$109,516$18,515$128,031
Holly LucaExecutive VPFT$90,789$20,321$111,110

Board Members and Trustees

NameTitle
Linda GastAudit Chair
Warren AldrichChair
Steven CorreaCredit Committee Chair
Don SeymourAudit Committee
Emily RubnerAudit Committee
Tiffany MenkeAudit Committee
Dale MccleishCFO
Dallas Buck IiiCredit Committee
Frank WimlerSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,547,796
Investment Income
$185,667
Other Revenue
$40,184
Change in Net Assets
$322,867

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,773,647
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,773,647
Total Revenue per Form 990
$2,773,647
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,491,887
Salaries, Compensation, and Employee Benefits$958,893
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$531,889--$531,889
Current Officers, Directors, Trustees, and Key Employees$239,141--$239,141
All Other Expenses$196,876--$196,876
Office Expenses$181,491--$181,491
Interest$174,297--$174,297
Occupancy$103,877--$103,877
Information Technology$101,013--$101,013
Payroll Taxes$75,171--$75,171
Other Employee Benefits$68,910--$68,910
Advertising$60,335--$60,335
Other Expenses$52,213--$52,213
Depreciation Depletion$45,979--$45,979
Pension Plan Contributions$43,782--$43,782
Fees for Services Other$22,900--$22,900
Conferences and Meetings$21,474--$21,474
Insurance$19,494--$19,494
Fees for Services Accounting$18,921--$18,921
Payments to Affiliates$15,766--$15,766
Travel$309--$309
Fees for Services Legal$175--$175
Total Functional Expenses$2,450,780$0$0$2,450,780

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,450,780
Total Expenses per Audited Statements$2,450,780
Total Expenses per Form 990$2,450,780
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$44,933,953
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
2018-04-13
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
25
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 XI, LINE 9:

“ROUNDING -1.”

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 457 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/TitleTxt8AUDIT COMMITTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9PRESIDENT & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt10EXECUTIVE VP
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IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
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/NetAssetsOrFundBalancesBOYAmt06697696
IRS990/NetAssetsOrFundBalancesEOYAmt07020562
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ProgramServicesAmt0103877
IRS990/OccupancyGrp/TotalAmt0103877
IRS990/OfficeExpensesGrp/ProgramServicesAmt0181491
IRS990/OfficeExpensesGrp/TotalAmt0181491
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt01608004
IRS990/OtherAssetsTotalGrp/EOYAmt01817496
IRS990/OtherChangesInNetAssetsAmt0-1
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt068910
IRS990/OtherEmployeeBenefitsGrp/TotalAmt068910
IRS990/OtherExpensesGrp/Desc0DEBIT/CREDIT CARD EXPEN
IRS990/OtherExpensesGrp/Desc1PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc2DEALER EXPENSE
IRS990/OtherExpensesGrp/ProgramServicesAmt0296915
IRS990/OtherExpensesGrp/ProgramServicesAmt1179852
IRS990/OtherExpensesGrp/ProgramServicesAmt252213
IRS990/OtherExpensesGrp/TotalAmt0296915
IRS990/OtherExpensesGrp/TotalAmt1179852
IRS990/OtherExpensesGrp/TotalAmt252213
IRS990/OtherLiabilitiesGrp/BOYAmt043919411
IRS990/OtherLiabilitiesGrp/EOYAmt044933953
IRS990/OtherRevenueMiscGrp/BusinessCd0522100
IRS990/OtherRevenueMiscGrp/BusinessCd1522100
IRS990/OtherRevenueMiscGrp/Desc0MISCELLANEOUS INCOME
IRS990/OtherRevenueMiscGrp/Desc1ATM FEES
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt024048
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt18328
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt024048
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt116136
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt07808
IRS990/OtherRevenueTotalAmt040184
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0531889
IRS990/OtherSalariesAndWagesGrp/TotalAmt0531889
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt033432230
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt035995159
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/ProgramServicesAmt015766
IRS990/PaymentsToAffiliatesGrp/TotalAmt015766
IRS990/PayrollTaxesGrp/ProgramServicesAmt075171
IRS990/PayrollTaxesGrp/TotalAmt075171
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt02051361
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt02250861
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt043782
IRS990/PensionPlanContributionsGrp/TotalAmt043782
IRS990/PoliciesReferenceChaptersInd01
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt099940
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0145798
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/RelatedOrExemptFuncIncomeAmt01771623
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1359043
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2192934
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt3115089
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt458659
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01771623
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1359043
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2192934
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt3115089
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt458659
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0170971
IRS990/PYOtherExpensesAmt01213638
IRS990/PYOtherRevenueAmt039576
IRS990/PYProgramServiceRevenueAmt02092682
IRS990/PYRevenuesLessExpensesAmt0176947
IRS990/PYSalariesCompEmpBnftPaidAmt0912644
IRS990/PYTotalExpensesAmt02126282
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02303229
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0322867
IRS990/RegularMonitoringEnfrcInd00
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd01
IRS990/RevenueAmt02580172
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt04646335
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt04769701
IRS990/SavingsAndTempCashInvstGrp/BOYAmt04411229
IRS990/SavingsAndTempCashInvstGrp/EOYAmt05428510
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0293408
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0440469
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0733877
IRS990ScheduleD/EquipmentGrp/BookValueAmt075505
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0396646
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0472151
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02450780
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt0850000
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt17110000
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0NCB RESERVE 12 MONTH CERTIFICATE
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1BANK & CREDIT UNION CERTIFICATES OF DEPOSITS
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd1C
IRS990ScheduleD/LandGrp/BookValueAmt0140000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0140000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt08858
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt085645
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt094503
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt023100
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt08035
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt031135
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt044933953
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER SHARES
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt02773647
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/TotalBookValueLandBuildingsAmt0540871
IRS990ScheduleD/TotalBookValueProgramRltdAmt07960000
IRS990ScheduleD/TotalExpensesPerForm990Amt02450780
IRS990ScheduleD/TotalLiabilityAmt044933953
IRS990ScheduleD/TotalRevenuePerForm990Amt02773647
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02773647
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02450780
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/ExplanationTxt6ROUNDING -1.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7MIDLAND 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 XI, LINE 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART XII, LINE 2C:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt050874813
IRS990/TotalAssetsEOYAmt052229958
IRS990/TotalAssetsGrp/BOYAmt050874813
IRS990/TotalAssetsGrp/EOYAmt052229958
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt025
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt02450780
IRS990/TotalFunctionalExpensesGrp/TotalAmt02450780
IRS990/TotalGrossUBIAmt07808
IRS990/TotalLiabilitiesBOYAmt044177117
IRS990/TotalLiabilitiesEOYAmt045209396
IRS990/TotalLiabilitiesGrp/BOYAmt044177117
IRS990/TotalLiabilitiesGrp/EOYAmt045209396
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt06697696
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt07020562
IRS990/TotalOtherCompensationAmt038836
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt050448
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt050448
IRS990/TotalProgramServiceExpensesAmt02450780

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$52,229,958
Liabilities
$45,209,396
Net assets
$7,020,562
Revenue
$2,773,647
Expenses
$2,450,780
Net income
$322,867
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