Spco Credit Union
- Assets
- $38.9m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 8
- Location
- Houston, TX
- Founding
- 06/1976
- Data as of
- 12/2023
- EIN
- 74-6106699
Organization Overview
Spco Credit Union is located in Houston, 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, Spco Credit Union employed 8 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Spco 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, Spco Credit Union generated $2.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $2.5m during the year ending 12/2023. While expenses have increased by 3.0% 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
OUR MISSION IS TO BE THE TRUSTED PARTNER IN EACH MEMBERS' FINANCIAL LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SPCO OFFERS ALL TYPES OF LOAN PRODUCTS AT COMPETETIVE RATES
SPCO OFFERS SAVINGS PRODUCTS AT COMPETETIVE RATES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen Emmott Board Chair | OfficerTrustee | 1 | $0 |
Harvey Hayes Jr Board Vice Chair | OfficerTrustee | 1 | $0 |
Dee Farino Secretary/treasurer | OfficerTrustee | 1 | $0 |
Marlin Phillips Board Member | Trustee | 1 | $0 |
Janice R Mayes-Clayton Board Member | Trustee | 1 | $0 |
Tim Adams CEO | OfficerTrustee | 40 | $140,100 |
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 | $2,296,042 |
| Investment income | $39,840 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,352,949 |
| 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 | $584,890 |
| Compensation of current officers, directors, key employees. | $140,100 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $481,071 |
| Pension plan accruals and contributions | $30,941 |
| Other employee benefits | $8,901 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,461 |
| Fees for services: Accounting | $13,329 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $131,587 |
| Advertising and promotion | $115,686 |
| Office expenses | $244,447 |
| Information technology | $100,132 |
| Royalties | $0 |
| Occupancy | $167,616 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,007 |
| Interest | $77,395 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $33,928 |
| Insurance | $0 |
| All other expenses | $97,661 |
| Total functional expenses | $2,497,191 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $519,174 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,209 |
| Loans from Officers, Directors, or Controlling Persons | $168,895 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $32,307,904 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $268,202 |
| Net Land, buildings, and equipment | $1,272,713 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,478,768 |
| Intangible assets | $0 |
| Other assets | $2,859,929 |
| Total assets | $38,877,794 |
| Accounts payable and accrued expenses | $1,665,760 |
| 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 | $33,510,343 |
| Total liabilities | $35,176,103 |
| 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 | $3,701,691 |
| Total liabilities and net assets/fund balances | $38,877,794 |