Resource One Credit Union
- Assets
- $739.7m
- Revenue
- $42.5m
- Investments
- $0.0
- Employees
- 252
- Location
- Dallas, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 75-0821285
Organization Overview
Resource One Credit Union is located in Dallas, 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, Resource One Credit Union employed 252 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Resource One 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 12/2021, Resource One Credit Union generated $42.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $37.1m during the year ending 12/2021. While expenses have increased by 3.8% 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
FINANCIAL COOPERATIVE FORMED TO PROMOTE THRIFT THROUGH SAVINGS AND LOANS TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VOLUNTARY COOPERATIVE, NON-PROFIT SAVINGS INSTITUTION (CREDIT UNION) INCORPORATED UNDER THE PROVISIONS OF THE TEXAS CREDIT UNION ACT, FOR THE PURPOSE OF ENCOURAGING THRIFT AMONG THE MEMBERS, PROVIDING ITS MEMBERS CREDIT AT A FAIR REASONABLE RATE OF INTEREST AND AN OPPORTUNITY TO IMPROVE THEIR FINANCIAL WELL BEING.
CREDIT INSURANCE SALES: WARRANTIES, CREDIT LIFE & GUARANTEED AUTO PROTECTION (GAP) EXEMPT
MEMBER INSURANCE SALES: ACCIDENTAL DEATH & DISMEMBERMENT (AD&D), OTHER INCOME: FOREIGN ATM FEES
OTHER MEMBER SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Beth Spuck President & CEO | Officer | 40 | $418,197 |
Doug Bedner Chief Operations Officer | Officer | 40 | $261,005 |
Brady Popp Chief Lending Officer | Officer | 40 | $246,638 |
Tracey Jackson Chief Financial Officer | Officer | 40 | $198,548 |
Jennifer Grinder Goss Chief Experience Officer | Officer | 40 | $190,553 |
Merrill Currier Chief Information Officer | Officer | 40 | $173,353 |
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 | $41,468,965 |
| Investment income | $1,098,296 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$32,177 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $42,535,084 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,305,885 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,438,471 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,329,606 |
| Advertising and promotion | $635,898 |
| Office expenses | $4,235,904 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,282,735 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,689,192 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,344,057 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $37,123,749 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $24,502,418 |
| Savings and temporary cash investments | $21,988,061 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $10,671,142 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $547,368,712 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $17,192,259 |
| Investments—publicly traded securities | $104,662,448 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,283,571 |
| Total assets | $739,668,611 |
| Accounts payable and accrued expenses | $7,727,923 |
| 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 | $5,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $669,820,506 |
| Total liabilities | $682,548,429 |
| 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 | $57,120,182 |
| Total liabilities and net assets/fund balances | $739,668,611 |
Peer Organizations
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|---|---|---|
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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 |
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