Coastlife Credit Union
- Assets
- $490.2m
- Revenue
- $23.0m
- Investments
- $79.1m
- Employees
- 175
- Location
- Corpus Christi, TX
- Founding
- 01/1964
- Data as of
- 12/2022
- EIN
- 74-1505143
Organization Overview
Coastlife Credit Union is located in Corpus Christi, TX. The organization was established in 1964. 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 12/2022, Coastlife Credit Union employed 175 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Coastlife 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 12/2022, Coastlife Credit Union generated $23.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $17.9m during the year ending 12/2022. While expenses have increased by 2.0% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO CHANGE LIVES BY HELPING EACH PERSON NAVIGATE THEIR FINANCIAL JOURNEY
Describe the Organization's Program Activity:
Part 3 - Line 4a
INTEREST ON LOANS FOR MEMBERS WHO ARE ELIGIBLE; MAIN EXPENSE FOR THIS PROGRAM IS THE PROVISION FOR LOAN LOSS
FEES AND PROGRAMS; THIS IS REVENUE FROM CHECKING; SAVINGS AND INSTITUTION TRANSACTIONS
MISCELLANEOUS OPERATING REVENUE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gina Bryant CEO | 40 | $358,980 | |
Ken Combs Chairman Of The Bod | Officer | 10 | $0 |
Lynda Deleon Vice Chairpersonbod | Officer | 10 | $0 |
Angie Ramirez Secretary | Officer | 10 | $0 |
Michael Sandroussi Treasurerbod | Officer | 10 | $0 |
Javier Leal Board Of Director | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Thinkstack Itnetworking Consultant | 12/30/22 | $669,597 |
Worldpay Debit Card Services | 12/30/22 | $760,221 |
Fiserv Core Data Processor | 12/30/22 | $1,078,537 |
Ibg Build Renovationsconst | 12/30/22 | $5,766,188 |
Ncr Corporation Online Bankingapp | 12/30/22 | $572,944 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $12,907 |
| 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 | $12,907 |
| Total Program Service Revenue | $21,496,347 |
| Investment income | $1,468,485 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $20,400 |
| Net Gain/Loss on Asset Sales | -$41,645 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $23,047,485 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $10,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,789,513 |
| Compensation of current officers, directors, key employees. | $821,788 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,967,538 |
| Pension plan accruals and contributions | -$902,880 |
| Other employee benefits | $610,115 |
| Payroll taxes | $450,153 |
| Fees for services: Management | $35,942 |
| Fees for services: Legal | $10,465 |
| Fees for services: Accounting | $25,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $21,040 |
| Fees for services: Other | $0 |
| Advertising and promotion | $177,778 |
| Office expenses | $1,552,463 |
| Information technology | $1,508,744 |
| Royalties | $0 |
| Occupancy | $737,936 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $131,997 |
| Interest | $321 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $435,426 |
| Insurance | $73,369 |
| All other expenses | $122,087 |
| Total functional expenses | $17,882,088 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $23,658,799 |
| 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 | $340,459,567 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $12,150,880 |
| Net Land, buildings, and equipment | $17,227,965 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $79,101,928 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,567,480 |
| Total assets | $490,166,619 |
| Accounts payable and accrued expenses | $5,982,202 |
| 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 | $437,384,072 |
| Total liabilities | $443,366,274 |
| 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 | $46,800,345 |
| Total liabilities and net assets/fund balances | $490,166,619 |