Smart Financial Credit Union
- Assets
- $863.0m
- Revenue
- $34.3m
- Investments
- $194.7m
- Employees
- 252
- Location
- Houston, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 74-0695355
Organization Overview
Smart Financial Credit Union is located in Houston, TX. The organization was established in 1976. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Smart Financial Credit Union employed 252 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Smart Financial Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Smart Financial Credit Union generated $34.3m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.5%) each year. All expenses for the organization totaled $30.3m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.3%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AN EXCELLENT EXPERIENCE THROUGH EVERY MEMBER-OWNER AND CO-WORKER INTERACTION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NON-PROFIT SAVINGS INSTITUTION INCORPORATED UNDER PROVISIONS OF THE TEXAS CREDIT UNION ACT, FOR THE PURPOSE OF ENCOURAGING THRIFT AND PROVIDING CREDIT AT A FAIR AND REASONABLE RATE FOR OUR 68,000 PLUS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Seidl CEO | Officer | 50 | $424,115 |
Leann Kaczynski Evp | Officer | 50 | $292,136 |
Jeffrey Keene SVP Lending | 45 | $260,299 | |
Angela Chan CFO | Officer | 50 | $206,066 |
Preston Price Cxo | Officer | 45 | $178,909 |
Tricia Smith VP Lending Services | 45 | $177,995 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Winstead Pc Law Firm | 12/30/21 | $228,946 |
Toolcaseinformant Llc It Services | 12/30/21 | $187,054 |
Worldpay Holding Llc Credit And Debit Card Processing | 12/30/21 | $371,742 |
Business Alliance Financial Services Ll Mbl Consulting, Loan Underwriting | 12/30/21 | $333,145 |
Custom Contract Services Construction, Maintenance | 12/30/21 | $250,690 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $19,530,890 |
| Investment income | $1,556,785 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $34,269,474 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,259,520 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,028,328 |
| Pension plan accruals and contributions | $972,440 |
| Other employee benefits | $1,204,274 |
| Payroll taxes | $960,822 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $133,564 |
| Fees for services: Accounting | $101,659 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $969,288 |
| Office expenses | $2,109,598 |
| Information technology | $1,274,778 |
| Royalties | $0 |
| Occupancy | $2,656,363 |
| Travel | $449 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,775 |
| Interest | $1,239,149 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,112,046 |
| Insurance | $226,552 |
| All other expenses | $97,857 |
| Total functional expenses | $30,250,714 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $171,225,508 |
| Savings and temporary cash investments | $3,584,348 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $125,046 |
| Loans from Officers, Directors, or Controlling Persons | $6,659,471 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $424,193,972 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,095,612 |
| Net Land, buildings, and equipment | $30,379,240 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $194,741,088 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $30,041,200 |
| Total assets | $863,045,485 |
| Accounts payable and accrued expenses | $13,901,122 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $597,993 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $779,914,752 |
| Total liabilities | $794,413,867 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $68,631,618 |
| Total liabilities and net assets/fund balances | $863,045,485 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Eecu Fort Worth, TX | $3,346,818,050 | $132,703,955 |
Datcu Corinth, TX | $1,472,218,560 | $58,120,235 |
Smart Financial Credit Union Houston, TX | $863,045,485 | $34,269,474 |
East Texas Professional Credit Longview, TX | $963,213,382 | $39,825,100 |
Texell Credit Union Temple, TX | $562,565,721 | $32,645,542 |
Capital Certified Development Corporation Austin, TX | $10,331,482 | $7,851,539 |
Brazos Student Finance Corporation Waco, TX | $111,165,594 | $4,506,585 |
Trans Texas Southwest San Angelo, TX | $44,278,686 | $2,099,854 |
Student Loan Guarantee Foundation Of Arkansas North Little Rock, AR | $5,532,296 | $1,265 |
Human Milk Banking Association Of North America Fort Worth, TX | $1,162,714 | $410,642 |
George T & Effie L Seay Dallas, TX | $4,185,319 | $820,552 |
Pie Houston, TX | $11,592,714 | $304,669 |