Smart Financial Credit Union
- Assets
- $858.5m
- Revenue
- $39.3m
- Investments
- $287.6m
- Employees
- 244
- Location
- Houston, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- EIN
- 74-0695355
Organization Overview
Smart Financial Credit Union is located in Houston, TX. The organization was established in 1976. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Smart Financial Credit Union employed 244 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Smart Financial 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, Smart Financial Credit Union generated $39.3m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.5%) each year. All expenses for the organization totaled $34.3m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.5%) per year over the past 8 years. 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
TO PROVIDE AN EXCELLENT EXPERIENCE THROUGH EVERY MEMBER-OWNER AND CO-WORKER INTERACTION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NON-PROFIT SAVINGS INSTITUTION INCORPORATED UNDER PROVISIONS OF THE TEXAS CREDIT UNION ACT, FOR THE PURPOSE OF ENCOURAGING THRIFT AND PROVIDING CREDIT AT A FAIR AND REASONABLE RATE FOR OUR 63,000 PLUS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chad G Greer Chairman | OfficerTrustee | 6 | $4,500 |
Tammie Moore Vice-Chair | OfficerTrustee | 6 | $4,500 |
Timothy Raffield Secretary | OfficerTrustee | 6 | $4,500 |
Diana Carrion Treasurer | OfficerTrustee | 6 | $4,500 |
Jeffrey W Hamlin Director | Trustee | 6 | $4,500 |
Larry Frazier Director | Trustee | 6 | $4,500 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Business Alliance Financial Services Mbl Consulting / Loan Underwriting | 12/30/22 | $246,013 |
Winstead Pc Law Firm | 12/30/22 | $203,856 |
Custom Contract Services Construction / Maintenance | 12/30/22 | $148,251 |
Toolcase Informant Llc It Services | 12/30/22 | $193,637 |
National Signs Llc Signage | 12/30/22 | $103,574 |
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 | $31,433,473 |
| Investment income | $3,685,540 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $55,792 |
| Net Gain/Loss on Asset Sales | $51,777 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $39,299,069 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $15,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,467,291 |
| Compensation of current officers, directors, key employees. | $3,462,716 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,879,233 |
| Pension plan accruals and contributions | $1,738,590 |
| Other employee benefits | $2,502,789 |
| Payroll taxes | $1,004,381 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $73,602 |
| Fees for services: Accounting | $120,504 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,093,506 |
| Advertising and promotion | $951,803 |
| Office expenses | $781,950 |
| Information technology | $2,696,603 |
| Royalties | $0 |
| Occupancy | $2,625,831 |
| Travel | $513 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $123,132 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,985,567 |
| Insurance | $239,321 |
| All other expenses | -$397,946 |
| Total functional expenses | $34,267,295 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,799,679 |
| Savings and temporary cash investments | $3,523,589 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,572,943 |
| Loans from Officers, Directors, or Controlling Persons | $6,377,981 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $459,503,112 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,486,629 |
| Net Land, buildings, and equipment | $31,186,650 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $287,583,181 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $40,494,917 |
| Total assets | $858,528,681 |
| Accounts payable and accrued expenses | $17,176,782 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $657,800 |
| 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 | $776,738,821 |
| Total liabilities | $794,573,403 |
| 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 | $63,955,278 |
| Total liabilities and net assets/fund balances | $858,528,681 |