Amplify Federal Credit Union
- Assets
- $1.4b
- Revenue
- $69.7m
- Investments
- $117.7m
- Employees
- 273
- Location
- Austin, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 74-1592875
Organization Overview
Amplify Federal Credit Union is located in Austin, TX. The organization was established in 1976. As of 12/2021, Amplify Federal Credit Union employed 273 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Amplify Federal 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, Amplify Federal Credit Union generated $69.7m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $55.3m during the year ending 12/2021. While expenses have increased by 4.7% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE LIVES OF OUR MEMBERS AND THE STRENGTH OF OUR COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AMPLIFY PROVIDES CERTIFICATES OF DEPOSIT, SHARE ACCOUNTS AND CHECKING ACCOUNTS TO MEMBERS. THE CREDIT UNION PAYS INTEREST ON THE SAVINGS AND TIME DEPOSITS. IN ADDITION, THE CREDIT UNION PROVIDES VARIOUS TYPES OF LOANS TO ITS MEMBERS, INCLUDING RESIDENTIAL AND HOME EQUITY LOANS, AUTO LOANS, BUSINESS LOANS, AND CONSUMER LOANS. THE CREDIT UNION SERVICES LOANS FOR ITS MEMBERS AND OTHER FINANCIAL INSTITUTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kendall Garrison President - CEO | Officer | 40 | $621,815 |
Robert Almand Avp - Third Party Lending | Officer | 40 | $519,566 |
Terry Neil Council Avp - Retail Production Ma | Officer | 40 | $398,665 |
Alejandro L Cardona Mortgage Loan Originator | Officer | 40 | $392,556 |
John Orton SVP - Former CFO | Officer | 40 | $382,258 |
Ian Craig Mortgage Loan Originator | Officer | 40 | $358,494 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Verizon Telecomm Provider | 12/30/20 | $549,470 |
At&t Telecomm Provider | 12/30/20 | $523,541 |
Salesforcecom Crm Software & Applications | 12/30/20 | $518,257 |
Q2 Software Inc Software Provider | 12/30/20 | $665,376 |
Q2 Software Inc Software Provider | 12/30/20 | $665,376 |
Fiserv Software Provider | 12/30/20 | $1,306,833 |
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 | $65,782,901 |
| Investment income | $2,213,392 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,724,380 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $69,720,673 |
| 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. | $2,517,282 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $19,756,612 |
| Pension plan accruals and contributions | $612,518 |
| Other employee benefits | $1,624,133 |
| Payroll taxes | $1,425,839 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $404,267 |
| Fees for services: Accounting | $252,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,200,761 |
| Office expenses | $3,723,510 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,964,657 |
| Travel | $150,591 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,903,853 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,023,416 |
| Insurance | $169,894 |
| All other expenses | $873,508 |
| Total functional expenses | $55,329,490 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $87,773,524 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $6,580,851 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $947,263,831 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $19,147,646 |
| Investments—publicly traded securities | $102,280,680 |
| Investments—other securities | $117,703,324 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $79,604,579 |
| Total assets | $1,360,354,435 |
| Accounts payable and accrued expenses | $41,580,577 |
| 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 | $225,000,000 |
| Other liabilities | $981,537,954 |
| Total liabilities | $1,248,118,531 |
| 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 | $112,235,904 |
| Total liabilities and net assets/fund balances | $1,360,354,435 |
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