Rally Credit Union
- Assets
- $4.3b
- Revenue
- $295.4m
- Investments
- $11.7m
- Employees
- 798
- Location
- Corpus Christi, TX
- Founding
- 06/1976
- Data as of
- 12/2023
- EIN
- 74-1237070
Organization Overview
Rally Credit Union is located in Corpus Christi, 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 12/2023, Rally Credit Union employed 798 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Rally 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 12/2023, Rally Credit Union generated $295.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 9.4% each year. All expenses for the organization totaled $241.6m during the year ending 12/2023. While expenses have increased by 9.8% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO MEET THE FINANCIAL NEEDS AND GOALS OF OUR MEMBERS. PROVIDE SAVINGS, SHARE DRAFT AND SHARE CERTIFICATE ACCOUNTS AND AUTO, CONSUMER AND COMMERCIAL LOANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RALLY CREDIT UNION IS A COOPERATIVE, MEMBER-OWNED, NON-PROFIT PROVIDER OF FINANCIAL SERVICES TO MEMBERS. WE PROVIDE AUTO, HOME AND BUSINESS LOANS TO THE COMMUNITY. AS OF DECEMBER 31, 2023, THE TOTAL NUMBER OF LOANS ISSUED WAS 120,807 AND THE TOTAL OUTSTANDING BALANCE OF LOANS ISSUED WAS $3,708,064,244.
RALLY CREDIT UNION PROVIDES DEPOSIT ACCOUNTS TO MEMBERS. AS OF DECEMBER 31, 2023, THE TOTAL NUMBER OF MEMBERS WAS 221,386 WITH THE TOTAL NUMBER OF DEPOSIT ACCOUNTS ISSUED OF 400,661,AND TOTAL OUTSTANDING BALANCE OF DEPOSIT ACCOUNTS IN THE AMOUNT OF $3,576,635,920.
RALLY CREDIT UNION ALSO PROVIDES ATM & ITM ACCESS TO MEMBERS. DURING 2023, THE TOTAL NUMBER OF ATM & ITM TRANSACTIONS FOR OUR MEMBERS AT OUR MACHINES TOTALED 2,020,226.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Chapman Chair | OfficerTrustee | 3 | $14,400 |
Thelma Garza Mandel Director | Trustee | 3 | $0 |
Theresa Gonzales Secretary | OfficerTrustee | 3 | $13,200 |
Kendra Kinnison Treasurer | OfficerTrustee | 3 | $12,300 |
Sylvia Martinez Director | Trustee | 3 | $12,000 |
Pedro Rivera Jr Director | Trustee | 3 | $12,600 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Software And Operation Services | 12/30/23 | $5,016,309 |
Moorehead Dotts Rybak Professional Services | 12/30/23 | $4,383,771 |
Centre Professional Services | 12/30/23 | $2,947,707 |
Q2 Ebanking Professional Services | 12/30/23 | $2,475,826 |
Ftsi Professional Services | 12/30/23 | $2,801,270 |
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 | $272,529,425 |
| Investment income | $22,417,564 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $451,572 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $295,398,561 |
| 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. | $4,937,587 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $36,715,249 |
| Pension plan accruals and contributions | $1,671,820 |
| Other employee benefits | $9,691,637 |
| Payroll taxes | $3,091,323 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $753,093 |
| Fees for services: Accounting | $245,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,249,933 |
| Advertising and promotion | $5,178,375 |
| Office expenses | $7,424,152 |
| Information technology | $10,971,774 |
| Royalties | $0 |
| Occupancy | $5,253,708 |
| Travel | $512,929 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $7,442,392 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,964,882 |
| Insurance | $590,644 |
| All other expenses | $0 |
| Total functional expenses | $241,636,768 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $485,142,653 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,650,453,791 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,530,115 |
| Net Land, buildings, and equipment | $71,158,267 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $11,663,100 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $80,709,346 |
| Total assets | $4,302,657,272 |
| Accounts payable and accrued expenses | $13,019,263 |
| 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 | $150,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,576,635,919 |
| Total liabilities | $3,739,655,182 |
| 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 | $563,002,090 |
| Total liabilities and net assets/fund balances | $4,302,657,272 |