First Basin Credit Union
- Assets
- $306.6m
- Revenue
- $15.7m
- Investments
- $885.3k
- Employees
- 124
- Location
- Odessa, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- 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 12/2021, First Basin Credit Union employed 124 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 12/2021, First Basin Credit Union generated $15.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $14.1m during the year ending 12/2021. While expenses have increased by 6.0% 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
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 |
|---|---|---|---|
Shem Culpepper Chief Executive Officer | Officer | 40 | $327,191 |
Tim O'reilly Chief Marketing Officer | Officer | 40 | $183,897 |
Bradley Stillwell Chief Operations Officer | 40 | $140,130 | |
Julia Tarin Chief Retail Officer | 40 | $128,562 | |
Ana Gonzalez Chief Financial Officer | Officer | 40 | $128,087 |
Doug Sypolt Chief Lending Officer | 40 | $123,224 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Whitley Penn Accouting Firm/leasing 4th Floor/constru | 12/30/21 | $410,984 |
New Horizons Lanscape Management Landscape Company/new Hq | 12/30/21 | $213,862 |
Lubbock Audio & Visual Av Equipment | 12/30/21 | $228,835 |
Jc Roberts Construction Construction Firm | 12/30/21 | $2,237,143 |
Jack Henry And Associates Core System Provider | 12/30/21 | $673,210 |
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 | $14,097,273 |
| Investment income | $489,961 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $545,709 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,708,343 |
| 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. | $785,745 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,270,547 |
| Pension plan accruals and contributions | $69,351 |
| Other employee benefits | $860,907 |
| Payroll taxes | $319,137 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $54,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $109,753 |
| Advertising and promotion | $661,287 |
| Office expenses | $625,166 |
| Information technology | $1,979,757 |
| Royalties | $0 |
| Occupancy | $780,758 |
| Travel | $515 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $57,565 |
| Interest | $743,752 |
| Payments to affiliates | $44,690 |
| Depreciation, depletion, and amortization | $950,481 |
| Insurance | $103,493 |
| All other expenses | -$358,978 |
| Total functional expenses | $14,068,586 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,824,339 |
| Savings and temporary cash investments | $35,431,033 |
| 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 | $171,964,388 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $522,499 |
| Net Land, buildings, and equipment | $26,319,004 |
| Investments—publicly traded securities | $62,478,066 |
| Investments—other securities | $885,300 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,211,976 |
| Total assets | $306,636,605 |
| Accounts payable and accrued expenses | $5,342,965 |
| 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 | $271,025,745 |
| Total liabilities | $276,368,710 |
| 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 | $30,267,895 |
| Total liabilities and net assets/fund balances | $306,636,605 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
State Chartered Credit Unions In Louisiana Baton Rouge, LA | $599,377,066 | $59,950,337 |
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 |
United Heritage Credit Union Austin, TX | $1,405,950,790 | $55,051,200 |
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 |