Smart Financial Credit Union
- Assets
- $699.4m
- Revenue
- $43.4m
- Investments
- $96.3m
- Employees
- 282
- Location
- Houston, TX
- Founding
- 06/1976
- Data as of
- 12/2019
- 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 12/2019, Smart Financial Credit Union employed 282 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 12/2019, Smart Financial Credit Union generated $43.4m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $39.6m during the year ending 12/2019. While expenses have increased by 2.1% per year over the past 5 years. They've been increasing with an increasing level of total revenue. 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
2019
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 71,000 PLUS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Seidl CEO | Officer | 50 | $778,128 |
Leann Kaczynski Evp | Officer | 50 | $320,031 |
Jeffrey Keene Clo | Officer | 45 | $218,721 |
Angela Chan CFO | Officer | 50 | $217,774 |
Michael Piwetz Cio | Officer | 45 | $184,499 |
Loretta Wolsey Cro | 45 | $166,592 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Winstead Pc Law Firm | 12/30/19 | $213,082 |
Toolcaseinformant Llc It Services | 12/30/19 | $123,628 |
Business Alliance Financial Services Ll Mbl Consulting, Loan Underwriting | 12/30/19 | $533,514 |
Vantiv Holdings Llc Credit And Debit Card Processing | 12/30/19 | $1,136,518 |
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 | $24,018,153 |
| Investment income | $3,078,999 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $579,298 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $43,400,030 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $43,683 |
| 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. | $2,533,776 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,802,130 |
| Pension plan accruals and contributions | $1,529,929 |
| Other employee benefits | $1,523,942 |
| Payroll taxes | $1,049,682 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $107,667 |
| Fees for services: Accounting | $114,392 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,214,526 |
| Office expenses | $2,356,936 |
| Information technology | $1,175,276 |
| Royalties | $0 |
| Occupancy | $2,656,180 |
| Travel | $71,833 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $85,698 |
| Interest | $2,520,755 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,446,599 |
| Insurance | $225,633 |
| All other expenses | $2,059,422 |
| Total functional expenses | $39,560,547 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $85,905,730 |
| Savings and temporary cash investments | $3,926,864 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $229,010 |
| Loans from Officers, Directors, or Controlling Persons | $6,048,399 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $459,987,429 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,132,790 |
| Net Land, buildings, and equipment | $27,259,364 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $96,303,361 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,634,367 |
| Total assets | $699,427,314 |
| Accounts payable and accrued expenses | $14,612,280 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $598,410 |
| 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 | $620,201,231 |
| Total liabilities | $635,411,921 |
| 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 | $64,015,393 |
| Total liabilities and net assets/fund balances | $699,427,314 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Eecu Fort Worth, TX | $2,504,825,406 | $129,453,632 |
Texas Guaranteed Student Loan Corporation Round Rock, TX | $781,073,412 | $105,235,381 |
Datcu Corinth, TX | $1,264,409,539 | $56,487,320 |
Smart Financial Credit Union Houston, TX | $699,427,314 | $43,400,030 |
East Texas Professional Credit Longview, TX | $653,838,562 | $38,339,633 |
Texell Credit Union Temple, TX | $355,023,199 | $26,531,057 |
Capital Certified Development Corporation Austin, TX | $9,127,975 | $6,735,793 |
Brazos Student Finance Corporation Waco, TX | $127,437,921 | $5,389,130 |
Trans Texas Southwest San Angelo, TX | $44,278,686 | $2,099,854 |
Student Loan Guarantee Foundation Of Arkansas North Little Rock, AR | $5,972,227 | $56,960 |
Ark La Tex Investment & Development Corporation Shreveport, LA | $3,934,966 | $953,144 |
Human Milk Banking Association Of North America Fort Worth, TX | $817,829 | $316,735 |