Texas Dow Employees Credit Union
- Assets
- $3.6b
- Revenue
- $249.3m
- Investments
- $20.0m
- Employees
- 957
- Location
- Lake Jackson, TX
- Founding
- 06/1976
- Data as of
- 12/2019
- EIN
- 74-1260543
Organization Overview
Texas Dow Employees Credit Union is located in Lake Jackson, 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 12/2018, Texas Dow Employees Credit Union employed 957 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Texas Dow Employees 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, Texas Dow Employees Credit Union generated $249.3m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 7.4% each year. All expenses for the organization totaled $223.9m during the year ending 12/2019. While expenses have increased by 7.6% 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
INCREASE ECONOMIC WELL-BEING OF OUR MEMBERS THROUGH NOT-FOR-PROFIT, COOPERATIVE FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TDECU IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE WITH MORE THAN 303,418 MEMBERS. TDECU CURRENTLY HAS 35 MEMBER SERVICE LOCATIONS, AND OFFERS A COMPLETE SELECTION OF CONVENIENT AND COMPETITIVE PRODUCTS AND SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephanie Sherrodd President | Officer | 40 | $1,190,855 |
Rhonda Pavlicek Senior VP & CFO | Officer | 40 | $486,085 |
Milton Stevens Senior Vp- Retail Lending | Officer | 40 | $421,660 |
Wesley Garner Pres - Wealth Management | Officer | 40 | $360,128 |
Charles Smith Senior VP & Clo | Officer | 40 | $337,903 |
Courtland Crouchet Senior VP - Cro | Officer | 40 | $329,208 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lanvera Ltd Monthly Notices/forms/estatements | 12/30/18 | $2,090,422 |
Bucees Fuel Discounts/cc Interchange/atm Transa | 12/30/18 | $1,604,030 |
Pscu Member Care Call Center, Online Banking | 12/30/18 | $5,334,957 |
Visa Usa Visa Monthly Billing, Debit Card Fees | 12/30/18 | $4,884,423 |
Vantivworld Pay Vantiv Statement Processing Fees | 12/30/18 | $2,918,456 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $3,952,064 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $474,557 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $249,289,906 |
| Statement of Expenses | |
|---|---|
| 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. | $5,605,212 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $47,789,239 |
| Pension plan accruals and contributions | $2,256,907 |
| Other employee benefits | $10,213,867 |
| Payroll taxes | $3,942,948 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $838,493 |
| Fees for services: Accounting | $423,910 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $14,254,243 |
| Advertising and promotion | $7,594,763 |
| Office expenses | $6,970,210 |
| Information technology | $1,502,041 |
| Royalties | $0 |
| Occupancy | $7,306,439 |
| Travel | $2,233,775 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $31,031,231 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,452,494 |
| Insurance | $677,812 |
| All other expenses | $0 |
| Total functional expenses | $223,922,268 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,099,242 |
| Savings and temporary cash investments | $295,841,402 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,343,425 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,143,007,107 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $20,048,702 |
| Investments—program-related | $0 |
| Intangible assets | $11,542,156 |
| Other assets | $69,816,811 |
| Total assets | $3,609,955,686 |
| Accounts payable and accrued expenses | $79,553,616 |
| Grants payable | $0 |
| Deferred revenue | $307,475 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $14,106,734 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $260,567,542 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,938,597,496 |
| Total liabilities | $3,293,132,863 |
| 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 |
| Total liabilities and net assets/fund balances | $316,822,823 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Texas Dow Employees Credit Union Lake Jackson, TX | $3,609,955,686 | $249,289,906 |
Navy Army Community Credit Union Corpus Christi, TX | $3,263,904,258 | $192,613,593 |
Ttcu Federal Credit Union Tulsa, OK | $2,019,744,867 | $107,654,707 |
Credit Union Of Texas Allen, TX | $1,393,394,999 | $92,923,025 |
First Community Credit Union Of Houston Houston, TX | $1,792,099,234 | $78,841,838 |
Texas Trust Credit Union Arlington, TX | $1,344,628,631 | $71,525,575 |
Firstmark Credit Union San Antonio, TX | $1,020,010,997 | $59,445,918 |
First Service Credit Union Houston, TX | $759,318,816 | $51,399,270 |
State Chartered Credit Unions In Louisiana Baton Rouge, LA | $396,477,801 | $48,572,194 |
Neighborhood Credit Union Dallas, TX | $810,062,773 | $51,652,385 |
Fort Worth Community Credit Union Bedford, TX | $1,001,618,613 | $47,287,563 |
Velocity Credit Union Austin, TX | $849,082,564 | $51,540,286 |