Overview
What is Municipal Credit Union?
Founded in 1916, Municipal Credit Union (MCU) is the oldest credit union in New York State and the largest metro credit union in New York City. Chartered under New York State Banking Law, MCU offers a vast array of financial services to over 590,000 members and manages assets worth over $4.289 billion. This nonprofit organization is headquartered in New York City and serves employees of the City of New York and its agencies, federal and New York State governments in the five boroughs, employees of hospitals, nursing homes, and similar facilities within New York State, and others who meet the eligibility criteria outlined in the credit union's bylaws. MCU's mission is to establish long-term financial relationships with each member, delivering competitive products and superior services. With a team of 697 dedicated employees, MCU strives to enhance the financial well-being of its members.
Official website here: www.nymcu.org
What are the reviews and ratings of this charity?
Municipal Credit Union is not currently rated by Charity Navigator, as it is not registered as a 501(c)(3) organization with the IRS. This classification excludes it from evaluations using Charity Navigator's methodologies, such as Accountability & Finance or Impact & Measurement assessments. The absence of a rating does not imply any particular judgment on the organization but merely reflects the inapplicability of the standard evaluation criteria to Municipal Credit Union.
Historical ratings, where applicable, liked to focus primarily on a variant of today's Accountability and Finance score. However, since Municipal Credit Union is not a 501(c)(3), these historical contexts are not available. Details such as total revenue, expenses, or key salary data are not disclosed, indicative of certain transparency limitations under the current evaluation standards.
No user reviews are available on GreatNonprofits for Municipal Credit Union. As such, community or individual feedback cannot lend additional insights into the operations, strengths, or areas for contrast for this organization, leaving a gap often filled by firsthand client and member experiences.
This AI summary has been generated from information found on Charity Navigator.
Is Municipal Credit Union legitimate?
Municipal Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Municipal Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $5,022,383
Professional Fundraising Fees: $0
Other Salaries and Wages: $49,738,435
For more financial information, click here
Official website here: www.nymcu.org
What is the mission statement of Municipal Credit Union?
Municipal Credit Union is committed to establishing long-term financial relationships with each member, offering competitive products and superior services. Founded in 1916, this credit union caters to a wide range of financial needs for its members. The organization provides services to over 590,000 members and manages over $4.289 billion in assets. Membership is extended to employees of various New York organizations and eligible individuals as outlined in the credit union's bylaws. The mission is to build strong relationships and deliver financial solutions tailored to each member's unique requirements.
Official website here: www.nymcu.org
Who is the CEO of Municipal Credit Union?
Frank Madeira is the Chief Executive Officer of Municipal Credit Union. The CEO's salary of Municipal Credit Union is $964,377 and their total compensation is $964,377.
Official website here: www.nymcu.org
What is the revenue of Municipal Credit Union?
Municipal Credit Union's revenue in 2022 was $210,950,031.
Official website here: www.nymcu.org
Who are the executives of Municipal Credit Union and what are their salaries?
The average compensation at Municipal Credit Union during 2022 was $78,566. There are 697 employees at Municipal Credit Union.
Here are 27 key members and their salaries (Municipal Credit Union's CEO's salary is $964,377 and their total compensation is $964,377):
- Compensation: $964,377
- Related: $0
- Other: $0
- Compensation: $709,465
- Related: $0
- Other: $0
- Compensation: $628,794
- Related: $0
- Other: $0
- Compensation: $371,700
- Related: $0
- Other: $0
- Compensation: $322,115
- Related: $0
- Other: $0
- Compensation: $254,423
- Related: $0
- Other: $0
- Compensation: $218,077
- Related: $0
- Other: $0
- Compensation: $195,000
- Related: $0
- Other: $0
- Compensation: $195,000
- Related: $0
- Other: $0
- Compensation: $192,981
- Related: $0
- Other: $0
- Compensation: $190,482
- Related: $0
- Other: $0
- Compensation: $181,338
- Related: $0
- Other: $0
- Compensation: $180,000
- Related: $0
- Other: $0
- Compensation: $176,539
- Related: $0
- Other: $0
- Compensation: $175,730
- Related: $0
- Other: $0
- Compensation: $175,000
- Related: $0
- Other: $0
- Compensation: $170,154
- Related: $0
- Other: $0
- Compensation: $165,769
- Related: $0
- Other: $0
- Compensation: $164,423
- Related: $0
- Other: $0
- Compensation: $160,429
- Related: $0
- Other: $0
- Compensation: $150,000
- Related: $0
- Other: $0
- Compensation: $150,000
- Related: $0
- Other: $0
- Compensation: $113,462
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.nymcu.org
Where can I find the form 990 for Municipal Credit Union?
Municipal Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.nymcu.org
Learn more at the official website: www.nymcu.org
Mission Statement of Municipal Credit Union
Municipal Credit Union, established in 1916, is a New York-based credit union dedicated to forging enduring financial relationships with each of its members. The organization takes pride in offering competitive financial products and delivering excellent services to its sizable membership base, which now comprises over 590,850 individuals and manages assets exceeding $4.289 million.
The mission of this esteemed financial institution is twofold. First and foremost, it aims to establish long-term relationships with its members. This commitment is rooted in the belief that by offering personalized and effective financial solutions, it can build trust and foster deep connections with the people it serves. Second, it strives to provide a wide array of competitive financial products that cater to the diverse needs of its members.
Municipal Credit Union's membership eligibility extends to employees of the City of New York and its agencies, workers in the federal and New York state governments, hospital and nursing home staff, and individuals who meet the criteria outlined in its bylaws. By offering membership to such a wide range of individuals, the credit union has become the largest metro New York credit union in the state.
In summary, Municipal Credit Union is a New York-based financial institution that values building lasting relationships with its members. It accomplishes this by providing a comprehensive suite of competitive financial products and delivering excellent services to its membership base, which includes employees of various public and health care entities.
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Impact
October, 2024
Municipal Credit Union (MCU) has a significant impact on its members and the wider community by fostering financial stability and providing accessible financial services. Established in 1916, MCU is the oldest credit union in New York State and serves as a vital financial institution for over 590,850 members, including municipal workers, government employees, and various other eligible professionals across New York City.
With more than $4.289 billion in managed member assets, MCU offers competitive financial products tailored to meet the diverse needs of its members. The credit union's mission focuses on building lifelong financial relationships, ensuring that members receive excellent service while making informed financial decisions.
By providing a range of services, from savings and checking accounts to loans and financial education, MCU helps its members achieve their financial goals, thereby enhancing economic well-being within the community. The emphasis on personalized service fosters trust and loyalty, empowering members to navigate their financial journeys with confidence. In doing so, Municipal Credit Union plays a crucial role in promoting financial literacy and security, contributing positively to the lives of individuals and the overall economic health of New York City.
This information is meant to be a general summary of Municipal Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $85,419
- Program Service Revenue: $210,864,612
- Gross Receipts: $211,128,679
Assets and Liabilities:
- Total Assets: $4,283,390,040
- Total Liabilities: $4,043,162,434
- Net Assets: $240,227,606
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$121,445,374
FEES & SERVICE CHARGES
Revenue
$76,077,046
OTHER OPERATING INCOME
Revenue
$8,194,551
INSURANCE REIMBURSEMENT
Revenue
$5,147,641
Organization Details
Founding Year
1916
Phone
(212) 238-3334Principal Officer
Frank Madeira
Main Address
22 Cortlandt St 26th Flr, New York, NY, 10007
Website
www.nymcu.orgNTEE Category
Code: W60 - Public benefit
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