Credit Union Of Texas

Credit Union Of Texas Overview

Credit Union Of Texas is located in Allen, 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 12/2019, Credit Union Of Texas employed 583 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Credit Union Of Texas 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, Credit Union Of Texas generated $92.9m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 6.7% each year. All expenses for the organization totaled $86.9m during the year ending 12/2019. While expenses have increased by 10.2% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2019

Describe the Organization's Mission:

Part 3 - Line 1

WE PROVIDE VARIOUS FINANCIAL PRODUCTS INCLUDING CONSUMER LOANS, LEASES, AND REAL ESTATE LOANS. SAVINGS PRODUCTS INCLUDE SHARES, SHARE DRAFTS, MONEY MARKET ACCOUNTS, CDS AND IRAS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SHARE ACCOUNTS: CREDIT UNION OF TEXAS HAS A MINIMUM $5.00 SHARE ACCOUNT BALANCE REQUIREMENT AND A ONE TIME $10.00 MEMBERSHIP FEE. MEMBER SHARE ACCOUNTS PAY A MONTHLY DIVIDEND. THESE "SAVINGS" ACCOUNTS ARE PAID A COMPETITIVE RATE TO BENEFIT OUR MEMBERS. CREDIT UNION OF TEXAS HAD APPROXIMATELY 144,000 MEMBERS AS OF DECEMBER 31, 2019. SPECIAL SHARE ACCOUNTS ARE AVAILABLE FOR CHILDREN, SPECIAL OCCASIONS, AND HOLIDAY SAVINGS.


CERTIFICATES OF DEPOSITS (CDS) AND INDIVIDUAL RETIREMENT ACCOUNT CERTIFICATES (IRA'S): CREDIT UNION OF TEXAS OFFERS CDS AND IRAS FOR OUR MEMBERS TO INVEST IN BOTH SHORT AND LONG TERM INVESTMENT VEHICLES AT A GUARANTEED RATE OF RETURN. INTEREST RATES ARE TYPICALLY COMPETITIVE, COMPOUNDED, AND CREDITED MONTHLY.


CONSUMER LOANS AND LEASES: CREDIT UNION OF TEXAS OFFERS VARIOUS CONSUMER LOAN PRODUCTS TO OUR MEMBERS. THESE ARE CLOSED-END LOANS THAT INCLUDE NEW AND USED AUTOMOBILES, MOTORCYCLES, BOATS AND RECREATIONAL VEHICLES AND MOTOR HOMES AS WELL AS UNSECURED LOANS AND CREDIT CARDS, AND AUTOMOBILE LEASES. VARIOUS INSURANCE PROGRAMS ARE ALSO OFFERED ON THESE PRODUCTS.


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Credit Union Of Texas Board, Officers & Key Employees

Name (title)Compensation
Se Newman
Chief Risk Officer
$1,620,240
Vance E Ponter
President And CEO
$825,284
D Fincher
Chief Engagement Officer
$591,712
K J Malbrue
Chief Information Systems
$496,675
B Richardson
Executive VP
$433,106
N A Kovacs
CFO
$313,867

Credit Union Of Texas Vendors

Vendor Name (Service)Compensation
Crosspoint My Heart Llc
Rent
$1,593,013
Lanvera Ltd
Printing & Mailing
$490,415
One Bethany Development Partners Lp
Rent
$829,787
Avtex Solutions Lll (Adapt Telephony Ser
Phone Equipment & Support
$406,638
2140 Blalack&williams Pc
Legal-collections
$395,715
View All Vendors

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$89,390,530
Investment income $355,317
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $45,665
Net Gain/Loss on Asset Sales -$1,799,159
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $92,923,025

Credit Union Of Texas Peer Organizations

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