Galveston Government Employees Credit Union
- Assets
- $7.1m
- Revenue
- $435.0k
- Investments
- $0.0
- Employees
- 3
- Location
- Dickinson, TX
- Founding
- 06/1976
- Data as of
- 12/2023
- EIN
- 74-0650997
Organization Overview
Galveston Government Employees Credit Union is located in Dickinson, 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 12/2023, Galveston Government Employees Credit Union employed 3 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Galveston Government Employees 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 12/2023, Galveston Government Employees Credit Union generated $435.0k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $412.3k during the year ending 12/2023. While expenses have increased by 0.0% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
ORGANIZED FOR THE PURPOSE OF ENCOURAGING THRIFT, PROVIDING A FAIR RATE OF RETURN, AND AN OPPORTUNITY TO IMPROVE THE ECONOMIC CONDITION OF ITS MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION OFFERS ALL TYPES OF LOAN PRODUCTS AT COMPETITIVE RATES
THE CREDIT UNION OFFERS SAVINGS PRODUCTS AT COMPETITIVE RATES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barbara Sanderson Board Chair | OfficerTrustee | 0.5 | $0 |
David Berg Vice Chair | OfficerTrustee | 0.5 | $0 |
Tracy Orr Secretary/treasurer | OfficerTrustee | 0.5 | $0 |
Chase Bessire Member | Trustee | 0.5 | $0 |
David Leal Member | Trustee | 0.5 | $0 |
Daniel Buckley Member | Trustee | 0.5 | $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 | $394,999 |
| Investment income | $39,970 |
| 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 | $434,969 |
| 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. | $41,600 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $62,076 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $8,072 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,086 |
| Fees for services: Accounting | $12,937 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,484 |
| Advertising and promotion | $4,124 |
| Office expenses | $80,808 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $47,652 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $560 |
| Interest | $3,125 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $22,281 |
| All other expenses | $70,675 |
| Total functional expenses | $412,261 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $389,027 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,378 |
| Loans from Officers, Directors, or Controlling Persons | $239,489 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,656,776 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,047 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $701,299 |
| Intangible assets | $0 |
| Other assets | $85,725 |
| Total assets | $7,086,741 |
| Accounts payable and accrued expenses | $1,056 |
| 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 | $6,373,461 |
| Total liabilities | $6,374,517 |
| 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 | $712,224 |
| Total liabilities and net assets/fund balances | $7,086,741 |