Qualtrust Credit Union
- Assets
- $196.2m
- Revenue
- $8.5m
- Investments
- $39.8m
- Employees
- 85
- Location
- Irving, TX
- Founding
- Data as of
- 12/2016
- EIN
- 75-0816360
Organization Overview
Qualtrust Credit Union is located in Irving, TX. As of 12/2016, Qualtrust Credit Union employed 85 individuals. Qualtrust 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 12/2016, Qualtrust Credit Union generated $8.5m in total revenue. The organization has seen a slow decline revenue. Over the past 2 years, revenues have fallen by an average of (1.9%) each year. All expenses for the organization totaled $8.4m during the year ending 12/2016. As we would expect to see with falling revenues, expenses have declined by (5.4%) per year over the past 2 years. 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
2016
Describe the Organization's Mission:
Part 3 - Line 1
QUALTRUST CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS A MEMBER OF THE NCUA INSURANCE FUND AND IS REGULATED BY THE TEXAS CREDIT UNION DEPARTMENT AND NCUA. QUALTRUST OFFERS PRODUCTS AND SERVICES IN FOUR PRIMARY AREAS: SAVINGS & CHECKING ACCOUNTS, CONSUMER & REAL ESTATE LOANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARE ACCOUNTS - QUALTRUST CREDIT UNION'S SHARE ACCOUNTS OFFER ADVANTAGES TO MEMBERS OF ALL AGES. THE CREDIT UNION HAD 24,033 MEMBER OWNED ACCOUNTS ON 12/31/2016. MEMBER SAVINGS ACCOUNTS PAY DIVIDENDS MONTHLY AND ACCESS IS THROUGH HOME BANKING VIA THE INTERNET, MOBILE PHONE OR ATMS WORLDWIDE. SPECIAL SAVINGS ACCOUNTS ARE DESIGNED FOR CHILDREN TO ENCOURAGE THE DEVELOPMENT OF CONSISTENT SAVINGS HABITS PLUS WE OFFER ESAS FOR CHILDREN'S EDUCATION. IRA ACCOUNTS ARE OFFERED TO PROMOTE RETIREMENT SAVINGS.
CHECKING ACCOUNTS - QUALTRUST CREDIT UNION PROVIDES CHECKING ACCOUNTS FOR CONSUMERS WITH VARIOUS FEATURES, FROM FREE ACCOUNTS TO THOSE WITH ENHANCED BENEFITS. DIVIDENDS ARE PAID MONTHLY. ADDITIONALLY, THESE ACCOUNTS CAN BE ACCESSED BY ALL MEMBERS THROUGH HOME BANKING VIA THE INTERNET, MOBILE PHONE, ATMS WORLDWIDE, FREE DEBIT CARDS WITH ACCESS TO OVER 55,000 ATMS WORLDWIDE, AND FREE BILL PAYMENT SERVICE WITH DIRECT DEPOSIT. 50% OF THE CREDIT UNION'S MEMBERS HAVE A CHECKING ACCOUNT.
CONSUMER LOANS - QUALTRUST CREDIT UNION HAS PROVIDED VEHICLE LOANS SINCE ITS EARLY YEARS. THE CONSUMER LOAN PRODUCT INCLUDES EFFICIENT UNDERWRITING AND FLEXIBLE OFFERINGS FOR AUTOMOBILES, RECREATIONAL VEHICLES, BOATS AND MOTORCYCLES. CONSUMER LIFE AND DISABILITY INSURANCE IS AVAILABLE ON ANY OF THESE LOAN TYPES. REAL ESTATE LOANS ARE ALSO OFFERED AND INCLUDE: 1ST LIENS, HOME EQUITY, HOME EQUITY LINE OF CREDIT, HOME IMPROVEMENT AND LAND. VARIOUS METHODS CAN BE USED TO APPLY FOR A LOAN - IN THE BRANCH OFFICE, OVER THE PHONE, MOBILE PHONE OR VIA THE INTERNET.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Dichiaro CEO | Officer | 40 | $235,261 |
Scott Mcmillan Evp | Officer | 40 | $166,199 |
Donna Toth CFO | Officer | 40 | $137,453 |
Greg Scott SVP - Marketing | Officer | 40 | $111,427 |
Steven L Wright Chairman, Board Of Directors | OfficerTrustee | 1 | $6,280 |
Cindy Whitmore Secretary, Board Of Directors | OfficerTrustee | 1 | $0 |
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 | $8,000,300 |
| Investment income | $479,209 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $31,374 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,510,883 |
| 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. | $650,340 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,644,194 |
| Pension plan accruals and contributions | $111,215 |
| Other employee benefits | $407,790 |
| Payroll taxes | $248,247 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,010 |
| Fees for services: Accounting | $28,112 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $13,500 |
| Fees for services: Other | $929,317 |
| Advertising and promotion | $261,210 |
| Office expenses | $449,407 |
| Information technology | $448,234 |
| Royalties | $0 |
| Occupancy | $502,189 |
| Travel | $9,090 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $273,555 |
| Payments to affiliates | $33,224 |
| Depreciation, depletion, and amortization | $279,264 |
| Insurance | $59,710 |
| All other expenses | $154,249 |
| Total functional expenses | $8,406,439 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,425,641 |
| Savings and temporary cash investments | $18,489,931 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $266,231 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $130,874,113 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $152,607 |
| Net Land, buildings, and equipment | $4,737,930 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $39,784,451 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $438,227 |
| Total assets | $196,169,131 |
| Accounts payable and accrued expenses | $3,521,946 |
| 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 | $173,867,489 |
| Total liabilities | $177,389,435 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $18,779,696 |
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