Civic Intelligence

MID-Cities Financial Credit Union

990 • Fiscal year 2014 • EIN 95-1561268

Jan 01, 2014 to Dec 31, 2014 • Filed on Nov 13, 2015

Organization ProfileWWW.MIDCITIESCU.ORG

View Organization Page

325 S Santa Fe AvenueCompton, CA 90221-3242

(310) 638-5147

Siviq Scores

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

Liabilities / Assets

21st percentile

0.79x

Higher debt load relative to assets than 21% of similar nonprofits.

2014 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2014

Liabilities / Revenue

11th percentile

8.47x

Higher debt load relative to revenue than 11% of similar nonprofits.

2014 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2014

Net Margin

6th percentile

-21%

Higher net margin than 6% of similar nonprofits.

2014 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2014

Top Officer Pay

74th percentile

$91,601

Higher top officer pay than 74% of similar nonprofits.

Top officer pay equals 4.3% of source-year revenue.

2014 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2014

Asset Growth

44th percentile

1.2%

Faster asset growth than 44% of similar nonprofits.

2014 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2013 to 2014

Revenue Growth

99th percentile

24%

Faster revenue growth than 99% of similar nonprofits.

2014 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets21st percentile

Assets

Up

$22,573,437

Up $260,358 (+1.2%) from 2013

Net Assets

Down

$4,661,663

Down $320,123 (-6.4%) from 2013

Liabilities

Up

$17,911,774

Up $580,481 (+3.3%) from 2013

Revenue And Expenses
Liabilities / Revenue11th percentileNet Margin6th percentile

Revenue

Up

$2,114,277

Up $413,165 (+24%) from 2013

Expenses

Up

$2,548,278

Up $858,916 (+51%) from 2013

Net Income

Down

-$434,001

Down $445,751 (-3794%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth44th percentile

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

$30M$20M$10M$0Assets 2010: $24,114,095Liabilities 2010: $18,965,911Net Assets 2010: $5,148,1842010Assets 2011: $23,418,948Liabilities 2011: $18,511,032Net Assets 2011: $4,907,9162011Assets 2012: $23,423,494Liabilities 2012: $18,299,681Net Assets 2012: $5,123,8132012Assets 2013: $22,313,079Liabilities 2013: $17,331,293Net Assets 2013: $4,981,7862013Assets 2014: $22,573,437Liabilities 2014: $17,911,774Net Assets 2014: $4,661,6632014Assets 2015: $22,087,731Liabilities 2015: $17,358,596Net Assets 2015: $4,729,1352015Assets 2016: $20,417,540Liabilities 2016: $17,460,937Net Assets 2016: $2,956,6032016Assets 2017: $19,770,045Liabilities 2017: $17,842,135Net Assets 2017: $1,927,9102017Assets 2018: $19,275,443Liabilities 2018: $17,237,707Net Assets 2018: $2,037,7362018Assets 2019: $18,693,113Liabilities 2019: $16,518,564Net Assets 2019: $2,174,5492019Assets 2024: $17,556,502Liabilities 2024: $16,290,948Net Assets 2024: $1,265,5542024

Highlighted filing

2014

Assets$22,573,437
Liabilities$17,911,774
Net Assets$4,661,663
Open 2014 Filing

Operations Trend

Revenue Growth99th percentile

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

$4.0M$2.0M$0-$2.0MExpenses 2010: $2,093,4432010Expenses 2011: $1,913,3272011Expenses 2012: $1,521,4222012Revenue 2013: $1,701,112Expenses 2013: $1,689,362Net Income 2013: $11,7502013Revenue 2014: $2,114,277Expenses 2014: $2,548,278Net Income 2014: -$434,0012014Revenue 2015: $1,993,808Expenses 2015: $1,954,663Net Income 2015: $39,1452015Revenue 2016: $1,730,897Expenses 2016: $3,543,009Net Income 2016: -$1,812,1122016Revenue 2017: $1,510,652Expenses 2017: $2,539,345Net Income 2017: -$1,028,6932017Revenue 2018: $1,331,024Expenses 2018: $1,221,197Net Income 2018: $109,8272018Revenue 2019: $1,253,487Expenses 2019: $1,169,473Net Income 2019: $84,0142019Revenue 2024: $1,055,969Expenses 2024: $1,358,468Net Income 2024: -$302,4992024

Highlighted filing

2014

Revenue$2,114,277
Expenses$2,548,278
Net Income-$434,001
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 13, 2015
Return Version
2014v5.0
Gross Receipts
$3,108,824
Mission and Program Overview

Mission

A cooperative organized for the purpose of promoting thrift and savingsa among its members.

A cooperative, organized for the purpose of promoting thrift and savings among its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$16,365,516$17,093,790▲ $728,274
Rtn Earn Endowment Incm Other Fnds$4,981,786$4,661,663▼ $320,123
Cash and Non-Interest-Bearing Accounts$1,654,151$2,672,537▲ $1,018,386
Savings and Temporary Cash Investments$4,014,000$2,476,000▼ $1,538,000
Land, Buildings, and Equipment, Net$143,349$114,997▼ $28,352
Prepaid Expenses and Deferred Charges$36,548$81,263▲ $44,715
Accounts Receivable$1,378$1,966▲ $588
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$22,313,079$22,573,437▲ $260,358
Other Assets Total$98,137$132,884▲ $34,747
Liabilities
Other Liabilities$17,308,245$17,866,786▲ $558,541
Accounts Payable and Accrued Expenses$23,048$44,988▲ $21,940
Total Liabilities$17,331,293$17,911,774▲ $580,481
Net Assets / Fund Balance
Total Net Assets Fund Balance$4,981,786$4,661,663▼ $320,123
Total Liabilities and Net Assets / Fund Balance$22,313,079$22,573,437▲ $260,358

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$56,963$406,920$463,883
Buildings$24,474$438,122$462,596
Land$33,560-$33,560
Investment Program Related Org$1,160,504--
Compensation and Service Providers
Top Officer Pay74th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Anthony SandersCEO (former)FT$86,822$4,779$91,601
Bessie GriffinInterim CEOFT$69,032$8,270$77,302
Stanley LampertCEO (former)PT$7,717-$7,717

Board Members and Trustees

NameTitle
Dr Vera RobertsChairperson
Dorothy Plummer-jonesSupv Committee Chair
Fred EasterVice Chairperson
Barbara BanksDirector
Charles MooreDirector
Delores PennDirector
Floyd KnoxDirector
Cheryl MatthewsSecretary
Herman WinslowSupv Committee Member
Melanie PrinceSupv Committee Member

Highest Paid Contractors

ContractorServicesLocationCompensation
Dh - Financial TechnologiesOnline Services605 CRESCENT EXECUTIVE COURT SUITE, Lake Mary, FL 32746$119,248
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,003,846
Investment Income
$60,412
Other Revenue
$50,019
Change in Net Assets
$-434,001
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,837,174
Salaries, Compensation, and Employee Benefits$710,904
Grants and Similar Amounts Paid$200
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$428,202
Office Expenses---$209,496
Current Officers, Directors, Trustees, and Key Employees---$163,571
Information Technology---$126,748
Occupancy---$53,545
Other Employee Benefits---$53,403
Fees for Services Other---$50,176
Payroll Taxes---$48,020
Depreciation Depletion---$41,922
Interest---$40,780
Fees for Services Accounting---$35,698
Advertising---$26,178
Travel---$24,615
Pension Plan Contributions---$17,708
Insurance---$10,609
Fees for Services Legal---$9,915
Other Expenses---$4,396
Grants to Domestic Orgs---$200
Total Functional Expenses$0$0$0$2,548,278
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
Other Shares and Deposits$17,846,041
Other Liabilities$20,745
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Conflict-of-interest policy
No
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

“Mid cities credit union is a cooperative financial institution that is owned and controlled by its members, and operated for the purpose of promoting thrift and savings to its members. Mid cities credit union does not have stockholders.”

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

“The governing board of mid cities credit union is comprised of volunteer members who are directly elected by its members. Each member of the governing board serves for a period as prescribed by our by-laws.”

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

“At the end of each term of the board members, elections are held and board members are voted by the members of the credit union pursuant to its by-laws. Member votes are also required to ratify decisions dealing with reorganizations as in the case of merger or dissolution.”

Form 990, Part VI, Section B, Line 11

“The board and management review the form 990 during the board meeting and provide comments and modifications where necessary.”

Form 990, Part VI, Section B, Line 15A

“The process for determining compensation of the only key employee, the ceo, included the review of comparative compensation data and approval by independent persons - the board of directors.”

Form 990, Part VI, Section C, Line 19

“Monthly financial statements are posted in branch offices. Other documents are made available upon request.”

Filing and Contact Details

Filer

Filer Name
Mid Cities Credit Union
EIN
95-1561268
Phone
3106385147
Address
325 S SANTA FE AVENUE, COMPTON, CA 90221-3242

Signing Officer

Name
Hal Wenk
Title
CEO
Phone
3106385147
Signed
2015-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Hal Wenk
Formed
1937
Legal Domicile
CA
Voting Board Members
7
Independent Board Members
7
Employees
22
Volunteers
10

Preparer

Firm
Turner Warren Hwang & Conrad Acctcy
Address
100 NORTH FIRST ST STE 202, BURBANK, CA 91502
Preparer
Valentino Creus CPA
Phone
8189549700
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Change in statutory reserves 11,179. Change in undivided earnings 148,733.”

FORM 990, PART XII, LINE 2C:

“The organization has not changed either its oversight process or selection process during the tax year. See attached form 3115 for mid cities credit union, ein: 95-1561268”

Financial Statement Notes

PART X, LINE 2:

“Fasb asc 740-10-65, income taxes, provides guidance for how uncertain tax positions should be recognized, measured, disclosed and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the credit union's tax returns to determine whether the tax positions are "more likely than not" of being sustained "when challenged" or "when examined" by the applicable tax authority. Tax positions deemed to not meet the more-likely-than-not threshold would be recorded as a tax expense and liability in the current year. For the year ended march 31, 2015, management has determined that there are no material uncertain tax positions. The credit union is generally not subject to examination by u.s. Federal authorities for tax years before 2011 and by state tax authorities before 2010. For the year ended march 31, 2015, the credit union has no uncertain tax positions and, accordingly, has not recorded a liability for the payment of interest or penalties”

Raw XML AppendixShowing 400 of 425 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/MissionDesc0MID CITIES CREDIT UNION IS A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, MID CITIES CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFIT, OR SERVICE OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt04981786
IRS990/NetAssetsOrFundBalancesEOYAmt04661663
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt0-4738
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-4738
IRS990/NetUnrelatedBusTxblIncmAmt03394
IRS990/NetUnrlzdGainsLossesInvstAmt0-46034
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt053545
IRS990/OfficeExpensesGrp/TotalAmt0209496
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt098137
IRS990/OtherAssetsTotalGrp/EOYAmt0132884
IRS990/OtherChangesInNetAssetsAmt0159912
IRS990/OtherEmployeeBenefitsGrp/TotalAmt053403
IRS990/OtherExpensesGrp/Desc0PROV FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc1LOAN SERVICING EXPENSE
IRS990/OtherExpensesGrp/Desc2MISC. EXPENSES
IRS990/OtherExpensesGrp/Desc3OPERATING FEES & ASSOCI
IRS990/OtherExpensesGrp/TotalAmt01044081
IRS990/OtherExpensesGrp/TotalAmt1120431
IRS990/OtherExpensesGrp/TotalAmt238584
IRS990/OtherExpensesGrp/TotalAmt34396
IRS990/OtherLiabilitiesGrp/BOYAmt017308245
IRS990/OtherLiabilitiesGrp/EOYAmt017866786
IRS990/OtherOrganizationDsc0CREDIT UNION
IRS990/OtherRevenueMiscGrp/BusinessCd0522100
IRS990/OtherRevenueMiscGrp/Desc0NON-OPERATING INCOME
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt048256
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt050019
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt01763
IRS990/OtherRevenueTotalAmt050019
IRS990/OtherSalariesAndWagesGrp/TotalAmt0428202
IRS990/OtherWebsiteInd0X
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt048020
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt017708
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt036548
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt081263
IRS990/PrincipalOfficerNm0HAL WENK
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/Desc0INTEREST ON LOANS
IRS990/ProgramServiceRevenueGrp/Desc1FEE INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt01628290
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1368472
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01628290
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1375556
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt07084
IRS990/ProgSrvcAccomActy2Grp/Desc0MEMBERS USED APPROXIMATELY $17,846,041 IN GROSS AMOUNTS OF THE CREDIT UNION'S SAVINGS PROGRAMS.
IRS990/ProgSrvcAccomActy3Grp/Desc0MEMBERS USED OUR CASH OPERATIONS TO CASH CHECKS AND OBTAIN CASH FOR THEIR INDIVIDUAL NEEDS.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt0350
IRS990/PYInvestmentIncomeAmt0116451
IRS990/PYOtherExpensesAmt0989651
IRS990/PYOtherRevenueAmt039271
IRS990/PYProgramServiceRevenueAmt01545390
IRS990/PYRevenuesLessExpensesAmt011750
IRS990/PYSalariesCompEmpBnftPaidAmt0699361
IRS990/PYTotalExpensesAmt01689362
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt01701112
IRS990/ReconcilationRevenueExpnssAmt0-434001
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd01
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt04981786
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt04661663
IRS990/SavingsAndTempCashInvstGrp/BOYAmt04014000
IRS990/SavingsAndTempCashInvstGrp/EOYAmt02476000
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt024474
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0438122
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0462596
IRS990ScheduleD/EquipmentGrp/BookValueAmt056963
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0406920
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0463883
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt015680260
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt1223952
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt229074
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt31160504
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0LOANS AND LEASES
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1DEPOSIT IN ASI
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2CORP CREDIT UNION CAP
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc3T-BILLS/NOTES & FED AGENCY BONDS
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0F
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd1C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd2F
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd3F
IRS990ScheduleD/LandGrp/BookValueAmt033560
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt033560
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt017846041
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt120745
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0OTHER SHARES AND DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1OTHER LIABILITIES
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FASB ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE LIKELY THAN NOT" OF BEING SUSTAINED "WHEN CHALLENGED" OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS DEEMED TO NOT MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEAR ENDED MARCH 31, 2015, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. THE CREDIT UNION IS GENERALLY NOT SUBJECT TO EXAMINATION BY U.S. FEDERAL AUTHORITIES FOR TAX YEARS BEFORE 2011 AND BY STATE TAX AUTHORITIES BEFORE 2010. FOR THE YEAR ENDED MARCH 31, 2015, THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0114997
IRS990ScheduleD/TotalBookValueProgramRltdAmt017093790
IRS990ScheduleD/TotalLiabilityAmt017866786
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MID CITIES CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS, AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. MID CITIES CREDIT UNION DOES NOT HAVE STOCKHOLDERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE GOVERNING BOARD OF MID CITIES CREDIT UNION IS COMPRISED OF VOLUNTEER MEMBERS WHO ARE DIRECTLY ELECTED BY ITS MEMBERS. EACH MEMBER OF THE GOVERNING BOARD SERVES FOR A PERIOD AS PRESCRIBED BY OUR BY-LAWS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2AT THE END OF EACH TERM OF THE BOARD MEMBERS, ELECTIONS ARE HELD AND BOARD MEMBERS ARE VOTED BY THE MEMBERS OF THE CREDIT UNION PURSUANT TO ITS BY-LAWS. MEMBER VOTES ARE ALSO REQUIRED TO RATIFY DECISIONS DEALING WITH REORGANIZATIONS AS IN THE CASE OF MERGER OR DISSOLUTION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD AND MANAGEMENT REVIEW THE FORM 990 DURING THE BOARD MEETING AND PROVIDE COMMENTS AND MODIFICATIONS WHERE NECESSARY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE PROCESS FOR DETERMINING COMPENSATION OF THE ONLY KEY EMPLOYEE, THE CEO, INCLUDED THE REVIEW OF COMPARATIVE COMPENSATION DATA AND APPROVAL BY INDEPENDENT PERSONS - THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5MONTHLY FINANCIAL STATEMENTS ARE POSTED IN BRANCH OFFICES. OTHER DOCUMENTS ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6CHANGE IN STATUTORY RESERVES 11,179. CHANGE IN UNDIVIDED EARNINGS 148,733.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. SEE ATTACHED FORM 3115 FOR MID CITIES CREDIT UNION, EIN: 95-1561268
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 15A
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/StatesWhereCopyOfReturnIsFldCd0CA
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt022313079
IRS990/TotalAssetsEOYAmt022573437
IRS990/TotalAssetsGrp/BOYAmt022313079
IRS990/TotalAssetsGrp/EOYAmt022573437
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt022
IRS990/TotalFunctionalExpensesGrp/TotalAmt02548278
IRS990/TotalGrossUBIAmt08847
IRS990/TotalLiabilitiesBOYAmt017331293
IRS990/TotalLiabilitiesEOYAmt017911774
IRS990/TotalLiabilitiesGrp/BOYAmt017331293
IRS990/TotalLiabilitiesGrp/EOYAmt017911774
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt04981786
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt04661663
IRS990/TotalOtherCompensationAmt013049
IRS990/TotalProgramServiceRevenueAmt02003846
IRS990/TotalReportableCompFromOrgAmt0163571
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt02105430
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02114277
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt08847
IRS990/TotalVolunteersCnt010
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt022313079
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt022573437
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt024615
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd01
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0325 S SANTA FE AVENUE
IRS990/USAddress/CityNm0COMPTON
IRS990/USAddress/StateAbbreviationCd0CA
IRS990/USAddress/ZIPCd0902213242
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.MIDCITIESCU.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02016-03-07 17:11:31Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$22,573,437
Liabilities
$17,911,774
Net assets
$4,661,663
Revenue
$2,114,277
Expenses
$2,548,278
Net income
-$434,001
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$17.6$16.3$1.27$1.06$1.36$0.30
2019Detailed filing. Detailed filing data is available for this year.$18.7$16.5$2.17$1.25$1.17$0.08
2018Summary only. Only limited summary data is available for this year.$19.3$17.2$2.04$1.33$1.22$0.11
2017Summary only. Only limited summary data is available for this year.$19.8$17.8$1.93$1.51$2.54$1.03
2016Detailed filing. Detailed filing data is available for this year.$20.4$17.5$2.96$1.73$3.54$1.81
2015Detailed filing. Detailed filing data is available for this year.$22.1$17.4$4.73$1.99$1.95$0.04
2014Detailed filing. Detailed filing data is available for this year.$22.6$17.9$4.66$2.11$2.55$0.43
2013Detailed filing. Detailed filing data is available for this year.$22.3$17.3$4.98$1.70$1.69$0.01
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.4$18.3$5.12$1.52
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.4$18.5$4.91$1.91
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$24.1$19.0$5.15$2.09