Keystone Credit Union
- Assets
- $38.8m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 15
- Location
- Tyler, TX
- Founding
- 06/1976
- Data as of
- 12/2020
- EIN
- 75-1212934
Organization Overview
Keystone Credit Union is located in Tyler, 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 12/2020, Keystone Credit Union employed 15 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Keystone 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 12/2020, Keystone Credit Union generated $1.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $1.3m during the year ending 12/2020. While expenses have increased by 1.8% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL SERVICES TO CREDIT UNION MEMBERS SUCH AS CHECKING & SAVINGS ACCOUNTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE LOANS TO MEMBERS WITH THE BEST POSSIBLE FINANCIAL SERVICES, AT FAIR AND FAVORABLE RATES AND TERMS, TO PROVIDE SAVINGS ACCOUNTS (SHARES, IRA & SHARE DRAFTS) THAT PAY FAVORABLE DIVIDENDS, AND TO PROVIDE FINANCIAL ASSISTANCE IN RIGHTS TO CREDIT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Angela Powers Manager / CEO | 40 | $73,906 | |
Barry B Patterson Chairman | OfficerTrustee | 0 | $0 |
Joseph Phillips Treasurer | OfficerTrustee | 0 | $0 |
John H Prater Secretary | OfficerTrustee | 0 | $0 |
Michael Peterson Board Member | Trustee | 0 | $0 |
Don M Wilkerson Board Member | Trustee | 0 | $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 | $1,665,400 |
| Investment income | $17,624 |
| 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 | $1,690,688 |
| 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. | $78,144 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $447,930 |
| Pension plan accruals and contributions | $14,140 |
| Other employee benefits | $51,283 |
| Payroll taxes | $40,447 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,154 |
| Fees for services: Accounting | $13,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,209 |
| Fees for services: Other | $15,467 |
| Advertising and promotion | $1,970 |
| Office expenses | $26,155 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $46,399 |
| Travel | $4,083 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,388 |
| Interest | $176,321 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $62,356 |
| Insurance | $37,058 |
| All other expenses | $96,762 |
| Total functional expenses | $1,287,838 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,790,973 |
| Savings and temporary cash investments | $2,980,128 |
| 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 | $27,103,764 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $73,394 |
| Net Land, buildings, and equipment | $549,167 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $300,589 |
| Total assets | $38,798,015 |
| Accounts payable and accrued expenses | $55,606 |
| 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 | $74,513 |
| Total liabilities | $130,119 |
| Net assets without donor restrictions | $38,667,896 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $38,798,015 |
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