First Basin Credit Union
- Assets
- $322.2m
- Revenue
- $18.7m
- Investments
- $893.7k
- Employees
- 146
- Location
- Odessa, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- EIN
- 75-1084210
Organization Overview
First Basin Credit Union is located in Odessa, 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, First Basin Credit Union employed 146 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. First Basin 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, First Basin Credit Union generated $18.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $15.9m during the year ending 12/2022. While expenses have increased by 6.9% 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
VOLUNTARY, COOPERATIVE, NOT-FOR-PROFIT SAVINGS INSTITUTION (CREDIT UNION) INCORPORATED UNDER THE PROVISIONS OF THE TEXAS CREDIT UNION ACT, FOR THE PURPOSE OF ENCOURAGING THRIFT AMONG MEMBERS, PROVIDING CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST AND PROVIDING AN OPPORTUNITY TO IMPROVE A MEMBER'S ECONOMIC CONDITION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOANS TO MEMBERS
DEPOSIT ACCOUNTS
CARD SERVICES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Windham Board Secretary | Trustee | 1 | $4,800 |
Steve Compton Board Vice Chairperson | Trustee | 1 | $4,000 |
Samuel Gonzalez Chaiperson | Trustee | 1 | $4,800 |
Rebecca Marler Board Treasurer | Trustee | 1 | $4,800 |
Cathy Laracuente Board Member | Trustee | 1 | $4,800 |
Wesley Burnett Board Member | Trustee | 1 | $3,600 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry And Associates Core System Provider | 12/30/22 | $748,380 |
Lanvera Ltd Member Statements Provider | 12/30/22 | $188,875 |
Cowboys Stadium Lp Business Development | 12/30/22 | $175,479 |
Netswork It/technology/network Provider | 12/30/22 | $131,317 |
Harland Clark Card Services Provider | 12/30/22 | $130,940 |
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 | $16,444,279 |
| Investment income | $1,238,965 |
| 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 | $18,692,893 |
| 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. | $801,799 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,775,103 |
| Pension plan accruals and contributions | $71,742 |
| Other employee benefits | $1,005,077 |
| Payroll taxes | $366,132 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $61,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $177,399 |
| Advertising and promotion | $816,470 |
| Office expenses | $677,112 |
| Information technology | $2,344,175 |
| Royalties | $0 |
| Occupancy | $695,080 |
| Travel | $2,872 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $77,831 |
| Interest | $768,280 |
| Payments to affiliates | $33,637 |
| Depreciation, depletion, and amortization | $1,166,422 |
| Insurance | $99,923 |
| All other expenses | $204,169 |
| Total functional expenses | $15,925,435 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,412,794 |
| Savings and temporary cash investments | $33,644,205 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $200,042,213 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $538,279 |
| Net Land, buildings, and equipment | $25,567,439 |
| Investments—publicly traded securities | $53,581,064 |
| Investments—other securities | $893,700 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,563,892 |
| Total assets | $322,243,586 |
| Accounts payable and accrued expenses | $8,710,565 |
| 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 | $288,482,932 |
| Total liabilities | $297,193,497 |
| 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 | $25,050,089 |
| Total liabilities and net assets/fund balances | $322,243,586 |