Intouch Credit Union
- Assets
- $1.0b
- Revenue
- $47.4m
- Investments
- $72.1m
- Employees
- 275
- Location
- Plano, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- EIN
- 75-1447986
Organization Overview
Intouch Credit Union is located in Plano, 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, Intouch Credit Union employed 275 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Intouch 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, Intouch Credit Union generated $47.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $52.3m during the year ending 12/2022. While expenses have increased by 3.7% 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 CREDIT UNION IS A MEMBER OWNED COOPERATIVE FINANCIAL INSTITUTION THAT PROVIDES LENDING AND DEPOSIT SERVICES TO ITS MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION GRANTS AUTO REAL ESTATE CREDIT CARD LOANS ALONG WITH OTHER LENDING ACTIVITIES TO ITS MEMBERS. IN 2022 THE CREDIT UNION GRANTED $315 MILLION IN LOANS AND LEASES TO ITS MEMBERS.
THE CREDIT UNION PROVIDES MULTIPLE TYPES OF DEPOSIT PRODUCTS AND SERVICES TO ITS MEMBERS INCLUDING SAVINGS CHECKING MONEY MARKET AND CERTIFICATES OF DEPOSIT. THE CREDIT UNION HELD $823 MILLION OF DEPOSITS FOR ITS 92,980 MEMBERS AS OF DECEMBER 31 2022. THE CREDIT UNION OPENED 6,103 NEW MEMBERSHIPS IN 2022. EXCESS DEPOSITS NOT USED FOR LENDING PURPOSES ARE USED TO PURCHASE INVESTMENTS IN ORDER TO GENERATE INVESTMENT INTEREST INCOME AND RELATED INVESTMENT GAINS AND OR LOSSES ON INVESTMENT SALES.
THE CREDIT UNION PROVIDES A MULTITUDE OF DELIVERY AND SERVICE SUPPORT OPTIONS TO ITS MEMBERSHIP. THE CREDIT UNION ENDED 2022 WITH 14 BRANCHES IN 3 STATES AS WELL AS PROVIDING TELEPHONIC WEB-BASED MOBILE AND IN-PERSON SERVICE DELIVERY CHANNELS TO ITS MEMBERS IN ORDER FOR THEM TO CONDUCT THEIR FINANCIAL BUSINESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kent L Lugrand President-Ceo | Officer | 65 | $986,272 |
Robert Mcdonald Svp-Cfo | Officer | 60 | $306,032 |
Thomas Condos Svp-Cio | Officer | 50 | $250,728 |
Bridger Robinson Svp-Clo | Officer | 50 | $246,406 |
Sammie Cantrell Svp-Cro | Officer | 50 | $238,661 |
Timothy Mccoy Svp-Marketing And Ecommerce | Officer | 50 | $223,612 |
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 | $43,261,067 |
| Investment income | $3,215,574 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $57,732 |
| Net Gain/Loss on Asset Sales | -$479,779 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $47,406,759 |
| 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 | $2,870,211 |
| Compensation of current officers, directors, key employees. | $2,394,077 |
| Compensation of current officers, directors, key employees. | $2,394,077 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,687,065 |
| Pension plan accruals and contributions | $464,701 |
| Other employee benefits | $2,876,623 |
| Payroll taxes | $963,867 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $373,121 |
| Fees for services: Accounting | $156,964 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,431,697 |
| Office expenses | $1,890,033 |
| Information technology | $3,408,461 |
| Royalties | $0 |
| Occupancy | $2,068,503 |
| Travel | $136,967 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $58,534 |
| Interest | $3,188,155 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,809,887 |
| Insurance | $232,961 |
| All other expenses | $565,252 |
| Total functional expenses | $52,269,291 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,143,419 |
| Savings and temporary cash investments | $18,957,868 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,658,003 |
| Loans from Officers, Directors, or Controlling Persons | $692,246 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $851,946,470 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,200,760 |
| Net Land, buildings, and equipment | $30,837,305 |
| Investments—publicly traded securities | $42,460,557 |
| Investments—other securities | $72,078,259 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,009,059 |
| Total assets | $1,046,983,946 |
| Accounts payable and accrued expenses | $142,624,692 |
| 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 | $823,113,391 |
| Total liabilities | $965,738,083 |
| 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 | $81,245,863 |
| Total liabilities and net assets/fund balances | $1,046,983,946 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ttcu Federal Credit Union Tulsa, OK | $2,611,508,582 | $123,227,030 |
Credit Union Of Texas Allen, TX | $1,777,913,030 | $114,589,686 |
First Community Credit Union Of Houston Houston, TX | $1,964,514,771 | $83,936,302 |
Texas Trust Credit Union Arlington, TX | $1,797,827,251 | $77,667,084 |
Intouch Credit Union Plano, TX | $1,046,983,946 | $47,406,759 |
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 |