Civic Intelligence

Midland Credit Union

990 • Fiscal year 2019 • EIN 42-0816632

Jan 01, 2019 to Dec 31, 2019 • Filed on Apr 17, 2020

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

0.87x

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

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Liabilities / Revenue

39th percentile

15.77x

Higher debt load relative to revenue than 39% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Net Margin

28th percentile

6.6%

Higher net margin than 28% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Top Officer Pay

38th percentile

$135,072

Higher top officer pay than 38% of similar nonprofits.

Top officer pay equals 4.5% of source-year revenue.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Asset Growth

38th percentile

2.1%

Faster asset growth than 38% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Revenue Growth

19th percentile

2.1%

Faster revenue growth than 19% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets36th percentile

Assets

Up

$54,333,029

Up $1,130,282 (+2.1%) from 2018

Net Assets

Up

$7,305,403

Up $175,953 (+2.5%) from 2018

Liabilities

Up

$47,027,626

Up $954,329 (+2.1%) from 2018

Revenue And Expenses
Liabilities / Revenue39th percentileNet Margin28th percentile

Revenue

Up

$2,981,206

Up $62,071 (+2.1%) from 2018

Expenses

Down

$2,784,043

Down $26,204 (-0.9%) from 2018

Net Income

Up

$197,163

Up $88,275 (+81%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth38th 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

2019

Assets$54,333,029
Liabilities$47,027,626
Net Assets$7,305,403
Open 2019 Filing

Operations Trend

Revenue Growth19th 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

2019

Revenue$2,981,206
Expenses$2,784,043
Net Income$197,163
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Apr 17, 2020
Return Version
2019v5.1
Gross Receipts
$2,981,206
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$35,514,372$34,378,891▼ $1,135,481
Investments Program Related$10,320,000$10,853,000▲ $533,000
Savings and Temporary Cash Investments$4,517,692$6,039,768▲ $1,522,076
Rtn Earn Endowment Incm Other Fnds$4,878,589$5,054,542▲ $175,953
Pd in Cap Srpls Land Bldg Eqp Fund$2,250,861$2,250,861→ $0
Land, Buildings, and Equipment, Net$499,427$504,262▲ $4,835
Cash and Non-Interest-Bearing Accounts$354,799$317,023▼ $37,776
Prepaid Expenses and Deferred Charges$178,076$178,842▲ $766
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$53,202,747$54,333,029▲ $1,130,282
Other Assets Total$1,818,381$2,061,243▲ $242,862
Liabilities
Other Liabilities$45,807,571$46,687,625▲ $880,054
Accounts Payable and Accrued Expenses$265,726$340,001▲ $74,275
Total Liabilities$46,073,297$47,027,626▲ $954,329
Net Assets / Fund Balance
Total Net Assets Fund Balance$7,129,450$7,305,403▲ $175,953
Total Liabilities and Net Assets / Fund Balance$53,202,747$54,333,029▲ $1,130,282

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$261,714$477,162$738,876
Equipment$85,454$411,674$497,128
Land$140,000-$140,000
Leasehold Improvements$17,094$108,544$125,638
Investment Program Related Org$10,003,000--
Compensation and Service Providers
Top Officer Pay38th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Rebecca R DevriesPresident & CEOFT$116,259$18,813$135,072
Holly LucaExecutive VPFT$107,513$12,394$119,907

Board Members and Trustees

NameTitle
Linda GastAudit Committee Chair
Frank WimlerChair
Steven CorreaCredit Committee Chair
Don SeymourVice Chairman
Greg BallardDirector
John ColbyDirector
Tiffany MenkeDirector
Dallas BuckCFO
Susan StrockSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,546,944
Investment Income
$403,182
Other Revenue
$31,080
Change in Net Assets
$197,163

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,981,206
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,981,206
Total Revenue per Form 990
$2,981,206
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,754,968
Salaries, Compensation, and Employee Benefits$1,029,075
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$689,418--$689,418
Interest$384,695--$384,695
Current Officers, Directors, Trustees, and Key Employees$254,979--$254,979
Office Expenses$215,869--$215,869
All Other Expenses$209,874--$209,874
Occupancy$167,500--$167,500
Other Expenses$152,677--$152,677
Advertising$114,980--$114,980
Information Technology$101,193--$101,193
Other Employee Benefits$68,707--$68,707
Depreciation Depletion$55,801--$55,801
Conferences and Meetings$23,974--$23,974
Insurance$22,138--$22,138
Fees for Services Accounting$16,400--$16,400
Pension Plan Contributions$15,971--$15,971
Payments to Affiliates$12,624--$12,624
Travel$888--$888
Total Functional Expenses$2,784,043$0$0$2,784,043

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,805,253
Expenses per Audited Statements$2,784,043
Total Expenses per Form 990$2,784,043
Expenses Not Reported on Form 990$21,210
Expenses Not Reported on Financial Statements$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$46,687,625
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 35% controlled entity
No
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
2020-04-17
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
23
Volunteers
0

Preparer

Firm
Gardiner Company Pc
Address
10555 NEW YORK AVENUE SUITE 200, DES MOINES, IA 50322
Preparer
Dennis Gardiner CPA
Phone
5152701446
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Unrealized loss on asset -21,210.”

FORM 990, PART XII, LINE 2C, EXPLANATION: AUDIT COMMITTEE

“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.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Unrealized loss on asset 21,210.”

Raw XML AppendixShowing 400 of 453 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/TitleTxt9PRESIDENT & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt10EXECUTIVE VP
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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/NetAssetsOrFundBalancesBOYAmt07129450
IRS990/NetAssetsOrFundBalancesEOYAmt07305403
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ProgramServicesAmt0167500
IRS990/OccupancyGrp/TotalAmt0167500
IRS990/OfficeExpensesGrp/ProgramServicesAmt0215869
IRS990/OfficeExpensesGrp/TotalAmt0215869
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt01818381
IRS990/OtherAssetsTotalGrp/EOYAmt02061243
IRS990/OtherChangesInNetAssetsAmt0-21210
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt068707
IRS990/OtherEmployeeBenefitsGrp/TotalAmt068707
IRS990/OtherExpensesGrp/Desc0DEBIT/CREDIT CARD EXPEN
IRS990/OtherExpensesGrp/Desc1PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/ProgramServicesAmt0276355
IRS990/OtherExpensesGrp/ProgramServicesAmt1152677
IRS990/OtherExpensesGrp/TotalAmt0276355
IRS990/OtherExpensesGrp/TotalAmt1152677
IRS990/OtherLiabilitiesGrp/BOYAmt045807571
IRS990/OtherLiabilitiesGrp/EOYAmt046687625
IRS990/OtherRevenueMiscGrp/BusinessCd0522100
IRS990/OtherRevenueMiscGrp/BusinessCd1522100
IRS990/OtherRevenueMiscGrp/Desc0ATM FEES
IRS990/OtherRevenueMiscGrp/Desc1MISCELLANEOUS INCOME
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt04895
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt18900
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt011577
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt18900
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt06682
IRS990/OtherRevenueTotalAmt020477
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0689418
IRS990/OtherSalariesAndWagesGrp/TotalAmt0689418
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt035514372
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt034378891
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/ProgramServicesAmt012624
IRS990/PaymentsToAffiliatesGrp/TotalAmt012624
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt02250861
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt02250861
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt015971
IRS990/PensionPlanContributionsGrp/TotalAmt015971
IRS990/PoliciesReferenceChaptersInd01
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0178076
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0178842
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/RelatedOrExemptFuncIncomeAmt01734715
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1385149
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2183158
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt3149060
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt470981
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01734715
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1385149
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2183158
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt3149060
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt470981
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0289451
IRS990/PYOtherExpensesAmt01818768
IRS990/PYOtherRevenueAmt068669
IRS990/PYProgramServiceRevenueAmt02561015
IRS990/PYRevenuesLessExpensesAmt0108888
IRS990/PYSalariesCompEmpBnftPaidAmt0991479
IRS990/PYTotalExpensesAmt02810247
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02919135
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0197163
IRS990/RegularMonitoringEnfrcInd00
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd01
IRS990/RevenueAmt02560739
IRS990/RoyaltiesRevenueGrp/ExclusionAmt010603
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt010603
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt04878589
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt05054542
IRS990/SavingsAndTempCashInvstGrp/BOYAmt04517692
IRS990/SavingsAndTempCashInvstGrp/EOYAmt06039768
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0261714
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0477162
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0738876
IRS990ScheduleD/EquipmentGrp/BookValueAmt085454
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0411674
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0497128
IRS990ScheduleD/ExpensesNotReportedAmt021210
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02784043
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt0850000
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt110003000
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/BookValueAmt017094
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0108544
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0125638
IRS990ScheduleD/OtherExpensesIncludedAmt021210
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt046687625
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER SHARES
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt02981206
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/ExplanationTxt1UNREALIZED LOSS ON ASSET 21,210.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0504262
IRS990ScheduleD/TotalBookValueProgramRltdAmt010853000
IRS990ScheduleD/TotalExpensesPerForm990Amt02784043
IRS990ScheduleD/TotalLiabilityAmt046687625
IRS990ScheduleD/TotalRevenuePerForm990Amt02981206
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02981206
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02805253
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/ExplanationTxt6UNREALIZED LOSS ON ASSET -21,210.
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, EXPLANATION: AUDIT COMMITTEE
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt053202747
IRS990/TotalAssetsEOYAmt054333029
IRS990/TotalAssetsGrp/BOYAmt053202747
IRS990/TotalAssetsGrp/EOYAmt054333029
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt023
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt02784043
IRS990/TotalFunctionalExpensesGrp/TotalAmt02784043
IRS990/TotalGrossUBIAmt06682
IRS990/TotalLiabilitiesBOYAmt046073297
IRS990/TotalLiabilitiesEOYAmt047027626
IRS990/TotalLiabilitiesGrp/BOYAmt046073297
IRS990/TotalLiabilitiesGrp/EOYAmt047027626
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt07129450
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt07305403
IRS990/TotalOtherCompensationAmt031207
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt023881
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt023881
IRS990/TotalProgramServiceExpensesAmt02784043
IRS990/TotalProgramServiceRevenueAmt02546944
IRS990/TotalReportableCompFromOrgAmt0223772
IRS990/TotalRevenueGrp/ExclusionAmt0413785
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt02560739

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$54,333,029
Liabilities
$47,027,626
Net assets
$7,305,403
Revenue
$2,981,206
Expenses
$2,784,043
Net income
$197,163
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