Eecu
- Assets
- $3.3b
- Revenue
- $132.7m
- Investments
- $234.7m
- Employees
- 473
- Location
- Fort Worth, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 75-0275915
Organization Overview
Eecu is located in Fort Worth, TX. The organization was established in 1976. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Eecu employed 473 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Eecu 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, Eecu generated $132.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $96.2m during the year ending 12/2021. While expenses have increased by 6.1% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS MEMBERS THROUGH CONSUMER AND BUSINESS LOANS AND SAVINGS DEPOSITS THAT ENCOURAGE THRIFT AND SEEK TO IMPROVE OUR MEMBERS' ECONOMIC CONDITION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION OPERATES UNDER THE PROVISIONS OF THE LAWS AND RULES OF THE TEXAS CREDIT UNION DEPARTMENT AND NATIONAL CREDIT UNION ADMINISTRATION. ITS PURPOSE IS TO ENCOURAGE THRIFT AMONG ITS MEMBERS AND PROVIDE CREDIT AT FAIR AND REASONABLE RATES OF INTEREST. THIS PROVIDES AN OPPORTUNITY TO IMPROVE THE MEMBERS' ECONOMIC CONDITIONS.
VOLUNTARY COOPERATIVE, NON-PROFIT CREDIT UNION INCORPORATED UNDER THE PROVISIONS OF THE LAWS AND RULES OF THE TEXAS CREDIT UNION DEPARTMENT FOR THE PURPOSE OF ENCOURAGING THRIFT AMONG ITS MEMBERS, PROVIDING CREDIT AT FAIR AND REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY TO IMPROVE OUR MEMBERS' ECONOMIC CONDITION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lonnie Nicholson Chief Executive Officer | Officer | 40 | $2,160,810 |
Robert C Sanger Executive Vice President | Officer | 40 | $1,554,742 |
Matt Kaudy Chief Marketing Officer | Officer | 40 | $529,564 |
David Shurtz Chief Risk Officer | Officer | 40 | $490,930 |
Tim Burch Chief Information Officer | Officer | 40 | $475,475 |
Brad Schone Chief Financial Officer | Officer | 40 | $445,636 |
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 | $87,434,014 |
| Investment income | $2,346,484 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $7,874 |
| 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 | $132,703,955 |
| 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. | $8,002,614 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $21,352,921 |
| Pension plan accruals and contributions | $1,015,635 |
| Other employee benefits | $8,251,044 |
| Payroll taxes | $2,242,617 |
| Fees for services: Management | $147,088 |
| Fees for services: Legal | $19,661 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $143,620 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,385,121 |
| Office expenses | $12,987,839 |
| Information technology | $147,208 |
| Royalties | $0 |
| Occupancy | $2,923,817 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $151,582 |
| Interest | $16,664,332 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,629,918 |
| Insurance | $369,466 |
| All other expenses | $8,340,388 |
| Total functional expenses | $96,158,840 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $102,162,948 |
| Savings and temporary cash investments | $554,924,833 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,052,825 |
| Loans from Officers, Directors, or Controlling Persons | $423,035 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,370,071,610 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,525,127 |
| Net Land, buildings, and equipment | $37,758,373 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $234,748,385 |
| Investments—program-related | $0 |
| Intangible assets | $12,358 |
| Other assets | $35,138,556 |
| Total assets | $3,346,818,050 |
| Accounts payable and accrued expenses | $35,796,125 |
| 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 | $0 |
| Total liabilities | $35,796,125 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $2,952,547,462 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $358,474,463 |
| Total liabilities and net assets/fund balances | $3,346,818,050 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Gecu El Paso, TX | $3,723,377,510 | $222,114,762 |
Texas Guaranteed Student Loan Corporation Round Rock, TX | $787,960,851 | $132,060,049 |
Eecu Fort Worth, TX | $3,346,818,050 | $132,703,955 |
Datcu Corinth, TX | $1,472,218,560 | $58,120,235 |
Smart Financial Credit Union Houston, TX | $863,045,485 | $34,269,474 |
East Texas Professional Credit Longview, TX | $963,213,382 | $39,825,100 |
Texell Credit Union Temple, TX | $562,565,721 | $32,645,542 |
Capital Certified Development Corporation Austin, TX | $10,331,482 | $7,851,539 |
Brazos Student Finance Corporation Waco, TX | $111,165,594 | $4,506,585 |
Trans Texas Southwest San Angelo, TX | $44,278,686 | $2,099,854 |
Student Loan Guarantee Foundation Of Arkansas North Little Rock, AR | $5,532,296 | $1,265 |
Human Milk Banking Association Of North America Fort Worth, TX | $1,162,714 | $410,642 |