Texoma Community Credit Union
- Assets
- $259.2m
- Revenue
- $16.3m
- Investments
- $17.0m
- Employees
- 87
- Location
- Wichita Falls, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- EIN
- 75-0896179
Organization Overview
Texoma Community Credit Union is located in Wichita Falls, 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 12/2022, Texoma Community Credit Union employed 87 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Texoma Community 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 12/2022, Texoma Community Credit Union generated $16.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.7% each year . All expenses for the organization totaled $13.5m during the year ending 12/2022. While expenses have increased by 10.6% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TEXOMA COMMUNITY CREDIT UNION IS A PROVIDER OF CREDIT UNION FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARE ACCOUNTS: TCCU'S SHARE ACCOUNTS OFFER ADVANTAGES TO MEMBERS OF ALL AGES. THE CREDIT UNION HAD OVER 24,000 MEMBER-OWNERS ON DECEMBER 31, 2022. MEMBERS' SAVINGS ACCOUNTS PAY DIVIDENDS QUARTERLY AND OFFER ACCESS THROUGH TWO LOCAL OFFICES, HOME BANKING VIA THE INTERNET OR TELEPHONE, AND ATMS WORLDWIDE. SPECIAL SAVINGS ACCOUNTS DESIGNED FOR CHILDREN ENCOURAGE THE DEVELOPMENT OF CONSISTENT SAVINGS HABITS.
CHECKING ACCOUNTS: TCCU PROVIDES CHECKING ACCOUNTS FOR CONSUMERS WITH VARIOUS FEATURES, FROM FREE ACCOUNTS TO THOSE WITH SPECIAL BENEFITS. MOST OFFER DIVIDENDS THAT ARE PAID MONTHLY. ADDITIONALLY, THE CREDIT UNION EXTENDS THE REACH OF THESE ACCOUNTS TO ALL MEMBERS WITH FREE DEBIT CARDS, INTERNET ACCOUNT ACCESS AND FREE USE OF THE INTERNET BILL PAYER PLATFORM. OVER 40% OF THE CREDIT UNION'S MEMBER-OWNERS HAVE A CHECKING ACCOUNT.
CONSUMER LOANS: TCCU HAS PROVIDED VEHICLE LOANS SINCE ITS INCEPTION. THE CONSUMER LOAN PRODUCT LINE NOW INCLUDES EFFICIENT UNDERWRITING AND FLEXIBLE OFFERING FOR RECREATIONAL BEHICLES, BOATS, AND MOTORCYCLES AS WELL AS MORTGAGES, SIGNATURE LOANS, INDIVIDUAL LINES OF CREDIT, AND LOANS SECURED BY SAVINGS ACCOUNTS. CONSUMER LIFE AND DISABILITY INSURANCE IS AVAILABLE ON ANY OF THESE LOAN TYPES AND ASSURES THAT PARTICIPATING MEMBER-OWNERS' LOAN PAYMENTS ARE MADE WITHOUT INTERRUPTION IN THE EVEN OF THEIR LOSS OF INCOME THROUGH DEATH OR DISABILITY.
TCCU PROVIDED HOME EQUITY LOANS WITH SINGLE DISTRIBUTION, FIXED RATE AND PAYMENT. TCCU ALSO PROVIDES FIRST MORTGAGE LOANS TO ENABLE MEMBER-OWNERS TO PURCHASE THE AMERICAN DREAM- THEIR OWN HOME.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Angela Ohmstede COO | Officer | 40 | $222,967 |
Kathryn Donovan CFO | Officer | 40 | $212,157 |
John Buckley President & CEO | Officer | 40 | $211,276 |
Tara Neal Chro | Officer | 40 | $205,712 |
Kenneth Thomason Evp & Clo | Officer | 40 | $166,141 |
Misti Todd Mortgage Operations Manager | Officer | 40 | $115,931 |
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 | $13,129,878 |
| Investment income | $290,470 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $123,426 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,333,220 |
| 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. | $735,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,736,444 |
| Pension plan accruals and contributions | $173,890 |
| Other employee benefits | $591,084 |
| Payroll taxes | $273,005 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $58,570 |
| Fees for services: Accounting | $68,473 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $489,357 |
| Advertising and promotion | $1,015,982 |
| Office expenses | $655,601 |
| Information technology | $1,317,067 |
| Royalties | $0 |
| Occupancy | $326,369 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $90,160 |
| Interest | $1,440,138 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $725,925 |
| Insurance | $89,969 |
| All other expenses | $234,556 |
| Total functional expenses | $13,538,846 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,597,733 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,318,861 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $220,795,926 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $255,102 |
| Net Land, buildings, and equipment | $3,450,735 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $17,027,750 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,784,365 |
| Total assets | $259,230,472 |
| Accounts payable and accrued expenses | $3,502,535 |
| 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 | $229,076,852 |
| Total liabilities | $232,579,387 |
| 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 | $26,651,085 |
| Total liabilities and net assets/fund balances | $259,230,472 |
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|---|---|---|
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First Service Credit Union Houston, TX | $855,098,387 | $54,328,304 |
Neighborhood Credit Union Dallas, TX | $1,066,752,639 | $52,511,237 |
Velocity Credit Union Austin, TX | $1,067,927,517 | $65,298,866 |
Texans Credit Union Richardson, TX | $2,114,687,717 | $56,103,692 |
Resource One Credit Union Dallas, TX | $739,668,611 | $42,535,084 |
Fort Worth Community Credit Union Bedford, TX | $1,211,753,992 | $43,127,818 |
Weokie Federal Credit Union Oklahoma City, OK | $1,024,486,254 | $42,986,888 |
Community Resource Credit Union Baytown, TX | $712,967,542 | $43,169,320 |