Westex Community Credit Union
- Assets
- $173.3m
- Revenue
- $8.7m
- Investments
- $0.0
- Employees
- 56
- Location
- Kermit, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- EIN
- 75-1085904
Organization Overview
Westex Community Credit Union is located in Kermit, 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, Westex Community Credit Union employed 56 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Westex 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, Westex Community Credit Union generated $8.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.4% each year. All expenses for the organization totaled $6.6m during the year ending 12/2022. While expenses have increased by 7.0% 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
THE MISSION OF WESTEX COMMUNITY CREDIT UNION IS TO PROVIDE FINANCIAL SERVICES TO ITS MEMBERS AT COMPETETIVE PRICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
WESTEX COMMUNITY OFFERS ALL TYPES OF LOAN PRODUCTS AT COMPETITIVE RATES
WESTEX OFFERS DEPOSIT PRODUCTS AT COMPETITIVE RATES
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Devora Mitchell Former CEO | Officer | 40 | $139,721 |
Kenneth Arnold CEO | Officer | 40 | $113,820 |
Vonda Warren Board Chair | OfficerTrustee | 1 | $0 |
Wannah Hartley Secretary | OfficerTrustee | 1 | $0 |
Johnny Ramos Vice Chair | OfficerTrustee | 1 | $0 |
Eva Gunn Treasurer | OfficerTrustee | 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 | $7,461,819 |
| Investment income | $744,327 |
| 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 | $8,741,308 |
| 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. | $253,541 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,872,701 |
| Pension plan accruals and contributions | $376,201 |
| Other employee benefits | $406,571 |
| Payroll taxes | $159,068 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,359 |
| Fees for services: Accounting | $44,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $168,176 |
| Advertising and promotion | $54,623 |
| Office expenses | $875,073 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $208,893 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,600 |
| Interest | $220 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $255,756 |
| Insurance | $68,218 |
| All other expenses | $1,449,048 |
| Total functional expenses | $6,553,878 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,048,087 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $865,290 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $80,911,774 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $183,560 |
| Net Land, buildings, and equipment | $5,591,463 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $66,596,728 |
| Intangible assets | $0 |
| Other assets | $12,123,168 |
| Total assets | $173,320,070 |
| Accounts payable and accrued expenses | $2,185,270 |
| 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 | $153,549,768 |
| Total liabilities | $155,735,038 |
| 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 | $17,585,032 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $173,320,070 |
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