Educators Credit Union

Organization Overview

Educators Credit Union is located in Waco, TX. The organization was established in 1976. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Educators Credit Union employed 90 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Educators 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, Educators Credit Union generated $11.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $8.3m during the year ending 12/2021. While expenses have increased by 0.6% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO PROVIDE REASONABLY PRICED FINANCIAL SERVICES TO THE MEMBERS OF THE ORGANIZATION.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE LARGEST CREDIT UNION IN CENTRAL TEXAS, EDUCATORS CREDIT UNION MEETS THE FINANCIAL NEEDS OF ITS MEMBERS BY PROVIDING A WIDE VARIETY OF SERVICES AT COMPETITIVE RATES IN SEVEN CONVENIENT LOCATIONS. THE CREDIT UNION SERVES MORE THAN 36,000 MEMBERS WHO LIVE, WORK, OR ATTEND SCHOOL IN THE TEXAS COUNTIES OF MCLENNAN, BOSQUE, FALLS, HILL, CORYELL, AND LAMPASSAS.


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Board, Officers & Key Employees

Name (title)Compensation
William Palasota
CFO
$297,997
Sharon Schroeder
V.P. Accounting
$204,584
Joe Hutyra
CEO
$185,867
Monica Krenek
V.P. Lending
$156,360
Jo Ann Brown
Chairman
$0
Hazel Rowe
Secretary
$0

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$2,535,479
Investment income $9,044,130
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income -$15,245
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 $11,564,364

Peer Organizations

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