Fivepoint Credit Union
- Assets
- $833.5m
- Revenue
- $45.9m
- Investments
- $1.0m
- Employees
- 249
- Location
- Nederland, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 74-1109889
Organization Overview
Fivepoint Credit Union is located in Nederland, TX. The organization was established in 1976. According to its NTEE Classification (O51) the organization is classified as: Youth Community Service Clubs, under the broad grouping of Youth Development and related organizations. As of 12/2021, Fivepoint Credit Union employed 249 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Fivepoint 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, Fivepoint Credit Union generated $45.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $40.1m during the year ending 12/2021. While expenses have increased by 3.4% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP WITH VARIOUS LOAN AND DEPOSIT PRODUCTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INTEREST INCURRED ON MEMBER DEPOSITS APPROXIMATED $3,712,000 DURING THE YEAR ENDED DECEMBER 31, 2021.
ATM SERVICES PROVIDED TO THE MEMBERSHIP REPRESENTED $2,881,899 OF TOTAL EXPENSES INCURRED DURING THE YEAR ENDED DECEMBER 31, 2021.
HOME BANKING PROVIDED TO THE MEMBERSHIP REPRESENTED A COST OF APPROXIMATELY $1,231,785 INCURRED DURING THE YEAR ENDED DECEMBER 31, 2021.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Erik Shaw CEO | OfficerTrustee | 40 | $471,190 |
Kenneth Miller Executive Vice President | Officer | 40 | $330,785 |
Matt Borel Financial Advisor | Officer | 40 | $278,225 |
Jennifer Webb Svp, Lending | Officer | 40 | $274,850 |
Kristen Bellanger Svp, Operations | Officer | 40 | $261,090 |
Vicki Kelley Svp, Human Resources | Officer | 40 | $245,912 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Construction Zone Of Setx Construction | 12/30/21 | $2,530,478 |
Ncr Corporation Online Banking Services | 12/30/21 | $1,307,042 |
Ann Lee And Associates Ltd Marketing Firm | 12/30/21 | $1,018,031 |
Pulse Eft Association Debit Card Processor | 12/30/21 | $662,460 |
Softchoice Corporation It Vmware Support | 12/30/21 | $644,664 |
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 | $44,163,022 |
| Investment income | $1,660,645 |
| 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 | $45,891,302 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $208,044 |
| Grants and other assistance to domestic individuals. | $10,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,757,260 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,718,656 |
| Pension plan accruals and contributions | $767,939 |
| Other employee benefits | $2,314,261 |
| Payroll taxes | $941,493 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $427,794 |
| Fees for services: Accounting | $117,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $261,620 |
| Advertising and promotion | $1,506,321 |
| Office expenses | $1,743,861 |
| Information technology | $3,117,300 |
| Royalties | $0 |
| Occupancy | $1,391,569 |
| Travel | $45,075 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,344 |
| Interest | $3,712,757 |
| Payments to affiliates | $122,483 |
| Depreciation, depletion, and amortization | $2,268,918 |
| Insurance | $336,539 |
| All other expenses | $495,661 |
| Total functional expenses | $40,066,004 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,104,831 |
| Savings and temporary cash investments | $78,153,808 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $483,651 |
| Loans from Officers, Directors, or Controlling Persons | $8,370,209 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $569,489,814 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,477,080 |
| Net Land, buildings, and equipment | $25,507,037 |
| Investments—publicly traded securities | $111,238,736 |
| Investments—other securities | $1,000,491 |
| Investments—program-related | $0 |
| Intangible assets | $152,478 |
| Other assets | $24,492,274 |
| Total assets | $833,470,409 |
| Accounts payable and accrued expenses | $11,079,191 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| 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 | $740,075,944 |
| Total liabilities | $751,155,135 |
| 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 | $82,315,274 |
| Total liabilities and net assets/fund balances | $833,470,409 |
Grants Awarded
Over the last fiscal year, Fivepoint Credit Union has awarded $69,100 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
AMERICAN CANCER SOCIETY PURPOSE: CHARITABLE DONATION | $62,630 |
Dallas, TX PURPOSE: CHARITABLE DONATION | $6,470 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Fivepoint Credit Union Nederland, TX | $833,470,409 | $45,891,302 |
Leadership Austin Austin, TX | $723,903 | $1,410,733 |
South Lakes Soccer Club Inc Oklahoma City, OK | $377,048 | $563,968 |
Optimist International Paris, TX | $701,531 | $317,654 |
Optimist International Bethany, OK | $319,544 | $220,743 |
Optimist International Norman, OK | $162,021 | $214,095 |
Boys2men Of God Hutto, TX | $12,841 | $187,121 |
Optimist International Hot Springs, AR | $483,351 | $181,355 |
Homeschool Christian Youth Association Willis, TX | $165,469 | $143,241 |
Optimist International Granbury, TX | $233,849 | $0 |
Optimist International Bossier City, LA | $223,718 | $35,002 |
Optimist International Bethany, OK | $146,961 | $0 |