Relyon Credit Union
- Assets
- $85.1m
- Revenue
- $6.5m
- Investments
- $1.1m
- Employees
- 49
- Location
- Kaufman, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 75-0926100
Organization Overview
Relyon Credit Union is located in Kaufman, 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, Relyon Credit Union employed 49 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Relyon 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, Relyon Credit Union generated $6.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.3% each year . All expenses for the organization totaled $6.2m during the year ending 12/2021. While expenses have increased by 13.2% 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 IS A COOPERATIVE THRIFT INSTITUTION AND IS A MEMBER OF THE NATIONAL CREDIT UNION ADMINISTRATION INSURANCE FUND. THE CREDIT UNION IS REGULATED BY THE STATE OF TEXAS CREDIT UNION DEPARTMENT AS WELL AS THE NATIONAL CREDIT UNION ADMINISTRATION. THE CREDIT UNION OFFERS PRODUCTS AND SERVICES IN FOUR PRIMARY AREAS: SHARE ACCOUNTS, CHECKING ACCOUNTS, CONSUMER LOANS, AND REAL ESTATE LOANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RELYON CREDIT UNION OFFERS A VARIETY OF CONSUMER LOAN PRODUCTS THAT INCLUDE NEW AND USED AUTO, RECREATIONAL AND EQUIPMENT, SHARE SECURED, UNSECURED LOANS AND CREDIT CARDS. LOAN ANCILLARY INSURANCE PROGRAMS ARE OFFERED AS WELL.
RELYON CREDIT UNION OFFERS CDS AND IRAS FOR INVESTMENT OPTIONS. THERE ARE SHORT AND LONG TERM PRODUCTS AVAILABLE. INTEREST RATES ARE COMPETITIVE.
RELYON CREDIT UNION HAS A MINIMUM OF $5.00 SHARE ACCOUNT BALANCE WITH A ONE-TIME $10.00 MEMBERSHIP FEE. THESE ACCOUNTS PAY A MONTHLY DIVIDEND. AS OF DECEMBER 31, 2021, RELYON CREDIT UNION HAD APPROXIMATELY 7,800 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sarah Spooner President/ceo | Officer | 45 | $153,334 |
Jason Neifield Cao | 45 | $126,734 | |
Nicolle Kovacs CFO | Officer | 45 | $114,442 |
Joseph Farrier Secretary | Trustee | 1 | $0 |
Anne Glasscock Director | Trustee | 1 | $0 |
David Knop Chairperson | Trustee | 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 | $6,346,447 |
| Investment income | $106,695 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| 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 | $6,453,142 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $18,116 |
| Grants and other assistance to domestic individuals. | $6,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $448,679 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,489,246 |
| Pension plan accruals and contributions | $104,780 |
| Other employee benefits | $276,830 |
| Payroll taxes | $165,551 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,068 |
| Fees for services: Accounting | $25,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $229,692 |
| Advertising and promotion | $256,407 |
| Office expenses | $545,590 |
| Information technology | $238,854 |
| Royalties | $0 |
| Occupancy | $241,534 |
| Travel | $9,389 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,371 |
| Interest | $340,874 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $267,193 |
| Insurance | $39,538 |
| All other expenses | $154,229 |
| Total functional expenses | $6,178,003 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,091,980 |
| Savings and temporary cash investments | $9,561,212 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $62,832 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $68,138,483 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $311,221 |
| Net Land, buildings, and equipment | $2,940,741 |
| Investments—publicly traded securities | $830,178 |
| Investments—other securities | $1,123,054 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,046,335 |
| Total assets | $85,106,036 |
| Accounts payable and accrued expenses | $1,989,733 |
| 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 | $76,939,652 |
| Total liabilities | $78,929,385 |
| 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 | $6,176,651 |
| Total liabilities and net assets/fund balances | $85,106,036 |
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