Credit Union Of Texas
- Assets
- $1.8b
- Revenue
- $114.6m
- Investments
- $103.4m
- Employees
- 701
- Location
- Allen, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 75-0225045
Organization 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 12/2021, Credit Union Of Texas employed 701 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 12/2021, Credit Union Of Texas generated $114.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $89.6m during the year ending 12/2021. While expenses have increased by 7.7% 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.
Since 2020, Credit Union Of Texas has awarded 19 individual grants totaling $681,489. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
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
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.
CERTIFICATES OF DEPOSITS (CDS) AND INDIVIDUAL RETIREMENT ACCOUNT CERTIFICATES (IRAS): 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.
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 MAY PAY A MONTHLY DIVIDEND. THESE "SAVINGS" ACCOUNTS ARE PAID A COMPETITIVE RATE TO BENEFIT OUR MEMBERS. CREDIT UNION OF TEXAS HAD APPROXIMATELY 147,000 MEMBERS AS OF DECEMBER 31, 2021. SPECIAL SHARE ACCOUNTS ARE AVAILABLE FOR CHILDREN, SPECIAL OCCASIONS, AND HOLIDAY SAVINGS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Vance E Ponter President And CEO | Officer | 40 | $1,828,665 |
Blake Richardson Executive VP | Officer | 40 | $1,027,466 |
Angela M Faust Chief Administrative Offic | Officer | 40 | $401,542 |
Thomas L Bieker Chief Technology Officer | Officer | 40 | $364,189 |
James W Post Chief Operations Officer | Officer | 40 | $363,653 |
Matthew E Stewart Mortgage Loan Originator | 40 | $332,518 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hamilton Vaultronics Atm / Itm Services | 12/30/21 | $726,744 |
Crosspoint My Heart Llc Lease Property-rent | 12/30/21 | $684,228 |
Avtex Solutions Llc It Equipment & Services | 12/30/21 | $459,030 |
Rogge Dunn Group Pc Attorney | 12/30/21 | $181,260 |
3405 Dhg Llc Lease Property-rent | 12/30/21 | $208,417 |
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 | $110,790,809 |
| Investment income | $296,327 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $87,193 |
| Net Gain/Loss on Asset Sales | -$111,036 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $114,589,686 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $304,988 |
| Grants and other assistance to domestic individuals. | $68,037 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,092,792 |
| Compensation of current officers, directors, key employees. | $8,232,037 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $23,340,215 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,278,758 |
| Payroll taxes | $2,791,970 |
| Fees for services: Management | $4,500 |
| Fees for services: Legal | $458,495 |
| Fees for services: Accounting | $126,524 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,260 |
| Fees for services: Other | $8,947,628 |
| Advertising and promotion | $2,986,985 |
| Office expenses | $3,987,040 |
| Information technology | $8,164,347 |
| Royalties | $0 |
| Occupancy | $6,846,464 |
| Travel | $426,491 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $80,008 |
| Interest | $5,097,367 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,988,885 |
| Insurance | $0 |
| All other expenses | $147,634 |
| Total functional expenses | $89,565,020 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,213,242 |
| Savings and temporary cash investments | $140,410,882 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,816,399 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,354,420,041 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,120,653 |
| Net Land, buildings, and equipment | $38,643,979 |
| Investments—publicly traded securities | $29,632,177 |
| Investments—other securities | $103,412,218 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $77,243,439 |
| Total assets | $1,777,913,030 |
| Accounts payable and accrued expenses | $49,833,067 |
| 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 | $10,000,000 |
| Other liabilities | $1,553,489,651 |
| Total liabilities | $1,613,322,718 |
| 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 | $164,590,312 |
| Total liabilities and net assets/fund balances | $1,777,913,030 |
Grants Awarded
Over the last fiscal year, Credit Union Of Texas has awarded $279,489 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
Mckinney, TX PURPOSE: CHARITABLE CONTRIBUTION | $152,858 |
CITY OF ALLEN PURPOSE: CHARITABLE CONTRIBUTION | $35,391 |
Allen, TX PURPOSE: CHARITABLE CONTRIBUTION | $27,495 |
CITY OF GILMER PURPOSE: CHARITABLE CONTRIBUTION | $20,854 |
Plano, TX PURPOSE: CHARITABLE CONTRIBUTION | $11,490 |
Irving, TX PURPOSE: CHARITABLE CONTRIBUTION | $9,315 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Texas Dow Employees Credit Union Lake Jackson, TX | $4,542,030,485 | $289,213,501 |
Navy Army Community Credit Union Corpus Christi, TX | $4,042,196,028 | $216,741,381 |
Ttcu Federal Credit Union Tulsa, OK | $2,611,508,582 | $123,227,030 |
Credit Union Of Texas Allen, TX | $1,777,913,030 | $114,589,686 |
First Community Credit Union Of Houston Houston, TX | $1,964,514,771 | $83,936,302 |
Texas Trust Credit Union Arlington, TX | $1,797,827,251 | $77,667,084 |
Intouch Credit Union Plano, TX | $1,046,983,946 | $47,406,759 |
State Chartered Credit Unions In Louisiana Baton Rouge, LA | $599,377,066 | $59,950,337 |
Firstmark Credit Union San Antonio, TX | $1,229,967,544 | $50,715,745 |
True Sky Credit Union Oklahoma City, OK | $831,301,668 | $47,281,663 |
United Heritage Credit Union Austin, TX | $1,405,950,790 | $55,051,200 |
First Service Credit Union Houston, TX | $855,098,387 | $54,328,304 |