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Mtcu

Not tax-deductible

Midland, TXMutual-benefit / member-servingSince 1955Mutual / membership EIN 75-1100957Revenue $9.3M in FY2024

On file with the IRSmtcu.org4717 N Midkiff Rd, 79705-2565 · Midland, TXTax-exempt since Jun 1976

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Mtcu is a cooperative thrift institution and is a member of the national credit union association insurance fund. The credit union is regulated by the state of texas credit union department as well as the national credit union administration. Mtcu offers products and services in four primary areas: share & checking accounts, consumer loans, and real estate loans. Mtcu is dedicated to providing personal, courteous, and professional service in an efficient and caring manner and to meeting the diverse needs of the member-owners through sound management practices.

Run by 7 volunteers and 48 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $864K a year · 10% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$549K
to officers and key staff · 7% of spending
Looks good: pay to officers and key staff is 7% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
4 mo
of spending, in cash
Plus $41.0M in investments, Pt X · Ln 11–13
Looks good: 4.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$123.0M
91% of total assets
Concern: liabilities are 91% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$9.3M
+5% vs prior year
Spent
$8.1M
Net assets
$12.0M
By yearFY2020–FY2024
Revenue
$9.3M
FY2024▲ +5%
Tap a bar for its year
Revenue by fiscal year
FY2020$7.7M
FY2021$7.4M
FY2022$8.4M
FY2023$8.9M
FY2024$9.3M
Expenses
$8.1M
FY2024▲ +2%
Tap a bar for its year
Expenses by fiscal year
FY2020$7.0M
FY2021$6.8M
FY2022$7.4M
FY2023$8.0M
FY2024$8.1M
Net assets
$12.0M
FY2024▲ +9%
Tap a bar for its year
Net assets by fiscal year
FY2020$11.7M
FY2021$12.4M
FY2022$9.6M
FY2023$11.0M
FY2024$12.0M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jun 1976.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

11 people listed on the 990; $549K paid to officers and key staff.

Part VII, Section A · reportable compensation
Justin Marler
President
$191,078Pt VII · Sec A
Cesar Tarin
Vice President of Lending
$138,259Pt VII · Sec A
$115,123Pt VII · Sec A
Loretta Elliott
Mortage Lender
$104,473Pt VII · Sec A
$0Pt VII · Sec A
Nancy Ashley
Board Member
$0Pt VII · Sec A
Jayme Tedder
Treasurer
$0Pt VII · Sec A
Ofelia Pallanez
Vice Chair
$0Pt VII · Sec A

Compensation history total reportable pay by year · 7 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Jana Haney—$380,607$264,243$271,845$262,612
Justin Marler$191,078$202,753$137,924$118,500$117,921
Brooke Martin—$199,807$167,272$152,138$148,344
Cesar Tarin$138,259$152,188$122,775$117,044$118,481
Susan Masten—$128,243$118,312$115,948$118,349
Estrella Aguilar$115,123$35,856———
Loretta Elliott$104,473————

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Offers savings, checking, and loans to members.

Questions for Mtcu

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Provided by the organization

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3 programs · in their own filed words · FY2024
01

Consumer Loans

Mtcu has provided vehicle loans since its first year of business. The consumer loan product line now includes efficient underwriting and flexible offerings for recreational vehicles, boats, and motorcycles. Consumer life and disability insurance is available on any of these loan types.

Pt IX · col B
02

Share Accounts

Mtcu share accounts offer advantages to members of all ages. Mtcu had 7,210 member-owned accounts on december 31, 2024. Members' savings accounts pay dividends monthly and offer access through three branches, home banking via the internet or telephone, and atms worldwide.

Pt IX · col B
03

Checking Accounts

Mtcu provides checking accounts for members. Mtcu extends the reach of these accounts to all members with free debit cards, free internet access, free bill pay, and free telephone teller.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

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from philanthropy.org
1The main four
Money inPt VIII
$9.3M
Ln 12
Fees for servicesLn 2g$8.1M
Investment incomeLn 3$1.2M
Money outPt IX
$8.1M
Ln 25
Owns and owesPt X
$12.0M
net assets · Ln 32
Cash and savingsLn 1–2$2.8M
Total assetsLn 16$135.0M
LiabilitiesLn 26$123.0M
PeoplePt VI, VII
11
listed · VII A
PaidVII A4
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$8.1M
Investment incomeLn 3$1.2M
Gains on assetsLn 7$180
Total revenueLn 12$9.3M
Assets in detailPt X, end of year
CashLn 1$2.8M
Cash and savings togetherLn 1–2$2.8M
InvestmentsLn 11–13$41.0M
Land, buildings, equipmentLn 10c$6.4M
Other assetsLn 15$4.4M
Total assetsLn 16$135.0M
LiabilitiesLn 26$123.0M
Net assetsLn 32$12.0M
OperationsPt I, VI
EmployeesI 548
VolunteersI 67
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$2.7M$2.8M
InvestmentsLn 11–13$52.0M$41.0M
Land, buildings, equipmentLn 10c$6.7M$6.4M
Total assetsLn 16$138.1M$135.0M
LiabilitiesLn 26$127.1M$123.0M
Net assetsLn 32$11.0M$12.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$363K
Other salaries and wagesLn 7$2.1M
Pension plan contributionsLn 8$6K
Other employee benefitsLn 9$235K
Payroll taxesLn 10$168K
Legal feesLn 11b$2K
Accounting feesLn 11c$38K
Investment management feesLn 11f$25K
Other fees for servicesLn 11g$48K
Advertising and promotionLn 12$150K
Office expensesLn 13$2.1M
OccupancyLn 16$267K
Travel and entertainment for public officialsLn 18$20K
Depreciation, depletion and amortizationLn 22$478K
InsuranceLn 23$86K
Other expenses (24a–d)Ln 24$2.0M
All other expensesLn 24e$58K
Total functional expensesLn 25$8.1M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $9.3M$8.1M$1.1M$12.0M 990 PDF
FY2023 $8.9M$8.0M$860K$11.0M 990 PDF
FY2022 $8.4M$7.4M$914K$9.6M 990 PDF
FY2021 $7.4M$6.8M$625K$12.4M 990 PDF
FY2020 $7.7M$7.0M$781K$11.7M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $9,285,996 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $7,561,915$8,072,539
I-10 Investment incomePrior year $1,311,182$1,213,457
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $8,873,097$9,285,996
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $3,111,933$2,875,732
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $4,901,225$5,270,092
I-18 Total expensesPrior year $8,013,158$8,145,824
I-19 Revenue less expensesPrior year $859,939$1,140,172
Part VI · Governance 7 of 7 board members independent, 2 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $9,285,996 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $8,044,758 · Unrelated business $27,781$8,072,539
VIII-3 Investment incomeExcluded from tax $1,213,277$1,213,277
VIII-7 Net gain or loss on sales of assetsExcluded from tax $180$180
VIII-12 Total revenueRelated to mission $8,044,758 · Unrelated business $27,781 · Excluded from tax $1,213,457$9,285,996
Part IX · Statement of functional expenses $8,145,824 across 17 lines filed
IX-5 Pay of current officers, directors and key staff$362,566
IX-7 Other salaries and wages$2,104,662
IX-8 Pension plan contributions$5,638
IX-9 Other employee benefits$234,972
IX-10 Payroll taxes$167,894
IX-11b Legal fees$2,458
IX-11c Accounting fees$38,494
IX-11f Investment management fees$24,875
IX-11g Other fees for services$47,602
IX-12 Advertising and promotion$150,495
IX-13 Office expenses$2,099,357
IX-16 Occupancy$266,877
IX-18 Travel and entertainment for public officials$19,865
IX-22 Depreciation, depletion and amortization$478,376
IX-23 Insurance$86,052
IX-24 Other expenses (24a–d)$1,997,906
IX-24e All other expenses$57,735
IX-25 Total functional expenses$8,145,824
Part X · Balance sheet $135,039,249 assets, 12 lines filed
Asset lines not itemized here account for $79,940,194; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $2,713,204$2,757,531
X-4 Accounts receivableStart of year $181,124$338,212
X-9 Prepaid expenses and deferred chargesStart of year $143,684$178,553
X-10c Land, buildings and equipment, netStart of year $6,705,559$6,395,571
X-12 Other securitiesStart of year $52,046,674$41,002,444
X-15 Other assetsStart of year $4,249,724$4,426,744
X-16 Total assetsStart of year $138,084,055$135,039,249
X-17 Accounts payable and accrued expensesStart of year $1,458,384$1,185,137
X-25 Other liabilitiesStart of year $125,556,786$121,780,331
X-26 Total liabilitiesStart of year $127,082,383$123,035,860
X-32 Total net assets or fund balancesStart of year $11,001,672$12,003,389
X-33 Total liabilities and net assetsStart of year $138,084,055$135,039,249
Part XI · Reconciliation of net assets $12,003,389 net assets at year end
XI-1 Total revenue$9,285,996
XI-2 Total expenses$8,145,824
XI-3 Revenue less expenses$1,140,172
XI-4 Net assets at start of year$11,001,672
XI-5 Net unrealized gains (losses) on investments−$138,455
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$12,003,389

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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