Investex Credit Union
- Assets
- $266.1m
- Revenue
- $10.8m
- Investments
- $103.6m
- Employees
- 61
- Location
- Humble, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 74-1325622
Organization Overview
Investex Credit Union is located in Humble, 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, Investex Credit Union employed 61 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Investex 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, Investex Credit Union generated $10.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $9.2m during the year ending 12/2021. While expenses have increased by 0.0% 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
INVESTEX CREDIT UNION IS DEDICATED TO THE HIGHEST QUALITY SERVICE FOR ITS MEMBERS, WHILE MAINTAINING A SOLID FINANCIAL FOUNDATION. OUR CORE VALUES REFLECT THE STRONG CHARACTER OF OUR MEMBERS AND OUR GROWING RELATIONSHIP WITH THEM. VOLUNTARY, COOPERATIVE,NON-PROFIT SAVINGS INSTITUTION(CREDIT UNION) INCORPORATED UNDER THE PROVISIONS OF THE TEXAS CREDIT UNION ACT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VOLUNTARY,COOPERATIVE,NON-PROFIT SAVINGS INSTITUTION(CREDIT UNION), INCORPORATED UNDER THE PROVISIONS OF THE TEXAS CREDIT UNION ACT, FOR THE PURPOSE OF ENCOURAGING THRIFT AMONG OUR MEMBERS, PROVIDING CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST AND PROVIDING AN OPPORTUNITY TO IMPROVE THEIR ECONOMIC CONDITION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keith Kearney Ceo/president | Officer | 40 | $335,332 |
Kelly Payne Senior Vice President Human Resources | Officer | 40 | $132,865 |
Debra Weir Executive Vice President | 40 | $127,982 | |
John Tomson Senior Vice President Information Technology | Officer | 40 | $122,421 |
David Durham Vice President Branch Administration | Officer | 40 | $109,130 |
Rick Sulfridge Vice President Collections And Facilities | Officer | 40 | $106,185 |
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 | $9,756,751 |
| Investment income | $1,086,616 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$91,698 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,751,669 |
| 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 | $992,535 |
| Compensation of current officers, directors, key employees. | $1,330,687 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,548,987 |
| Pension plan accruals and contributions | $78,462 |
| Other employee benefits | $375,587 |
| Payroll taxes | $255,334 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,789 |
| Fees for services: Accounting | $45,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $214,070 |
| Office expenses | $471,852 |
| Information technology | $852,531 |
| Royalties | $0 |
| Occupancy | $848,469 |
| Travel | $21,800 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $97 |
| Payments to affiliates | $8,205 |
| Depreciation, depletion, and amortization | $329,202 |
| Insurance | $99,269 |
| All other expenses | $0 |
| Total functional expenses | $9,191,361 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,506,194 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $73,013 |
| Loans from Officers, Directors, or Controlling Persons | $1,820,363 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $114,696,539 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $262,540 |
| Net Land, buildings, and equipment | $9,066,731 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $103,604,896 |
| Investments—program-related | $0 |
| Intangible assets | $561,434 |
| Other assets | $32,552,866 |
| Total assets | $266,144,576 |
| Accounts payable and accrued expenses | $807,226 |
| 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 | $916,088 |
| Other liabilities | $646,172 |
| Total liabilities | $2,369,486 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $242,459,747 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $21,315,343 |
| Total liabilities and net assets/fund balances | $266,144,576 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Investex Credit Union has recieved totaling $217,846.
| Awarding Organization | Amount |
|---|---|
Aldine Education Foundation Houston, TX PURPOSE: HURRICANE HARVEY RELIEF | $217,846 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Coastlife Credit Union Corpus Christi, TX | $459,349,679 | $21,652,843 |
Mct Credit Union Port Neches, TX | $363,107,409 | $15,984,837 |
Americas Credit Union Garland, TX | $409,491,001 | $16,218,007 |
First Basin Credit Union Odessa, TX | $306,636,605 | $15,708,343 |
Allegiance Credit Union Oklahoma City, OK | $376,025,043 | $16,187,363 |
Texoma Community Credit Union Wichita Falls, TX | $259,230,472 | $16,333,220 |
Oklahoma Educators Credit Union Oklahoma City, OK | $242,039,953 | $16,355,869 |
Credit Unions In The State Of New Mexico Santa Fe, NM | $252,448,158 | $14,584,670 |
First Central Credit Union Waco, TX | $142,192,635 | $12,212,863 |
Gulf Credit Union Groves, TX | $336,623,302 | $15,838,269 |
Energy Capital Credit Union Houston, TX | $259,660,339 | $11,030,260 |
State Chartered Credit Unions In Louisiana Lake Charles, LA | $153,121,704 | $12,096,894 |