U S Employees Credit Union
- Assets
- $94.8m
- Revenue
- $3.2m
- Investments
- $28.1m
- Employees
- 23
- Location
- Tomball, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- EIN
- 74-0695417
Organization Overview
U S Employees Credit Union, operating under the name USE Credit Union, is located in Tomball, 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, USE Credit Union employed 23 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. USE 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, USE Credit Union generated $3.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $3.1m during the year ending 12/2022. While expenses have increased by 0.4% 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
USE CREDIT UNION IS A COOPERATIVE THRIFT FINANCIAL INSTITUTION AND IS A STATE CHARTERED CREDIT UNION IN THE STATE OF TEXAS. USE CREDIT UNION IS INSURED BY THE NATIONAL CREDIT UNION ADMINISTRATION. USE CREDIT UNION OFFERS COMPETITIVE FINANCIAL PRODUCTS AND SERVICES TO MEMBERS. USE CREDIT UNION'S MISSION IS TO ENCOURAGE MEMBERS' PERSONAL SUCESS THROUGH EXCEPTIONAL FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARE SAVING ACCOUNTS, USE CREDIT UNION OFFERS MANY DIFFERENT TYPES OF SHARE SAVINGS ACCOUNTS THAT PAY OUR MEMBERS COMPETITIVE DIVIDEND TARES. THERE ARE ACCOUNTS THAT FIT THE NEEDS OF CONSUMERS OF ALL AGES FROM YOUTH SAVING ACCOUNT THAT TEACH YOUNG PEOPLE THE IMPORTANCE OF SAVINGS AND HOW TO MAKE WISE PURCHASING CHOICES TO IRA SHARE AND CERTIFICATES ACCOUNTS FOR MATURE MEMBERS, MEMBERS HAVE ACCESS TO PERSONAL FINANCE TOOLS PROVIDED BY THE CREDIT UNION TO HELP THEM MAKE GOOD FINANCIAL DECISIONS.
OTHER CU PROGRAMS INCLUDING INVESTMENTS
CHECKING ACCOUNTS, USE CREDIT UNION OFFERS A CHECKING PRODUCT FOR WHATEVER A MEMBER'S FINANCIAL NEEDS ARE. WE OFFER FREE CHECKING, A DIVIDEND CHECKING, AND EVEN A SECOND CHANCE CHECKING ACCOUNT FOR THOSE MEMBERS WHO HAVE BEEN DENIED SERVICE AT RETAIL BANKS. MEMBER CAN ACCESS THEIR FUNDS AT ONE OF OUR TWO BRANCH LOCATIONS, AT ANY SHARED SERVICE CENTER LOCATIONS, ONLINE OR WITH A NO FEE MC DEBIT CARD.
CONSUMER LOAN, USE CREDIT UNION PROVIDES A WIDE RANGE OF LOAN PRODUCTS TO OUR MEMBERS. WE OFFER LOWER RATES THAN MOST RETAIL BANKS IN THE AREA FOR A COMPARABLE PRODUCT. OUR GOAL IS TO OFFER AFFORDABLE OPTIONS TO OUR MEMBERS ALL WHILE PROVIDING OUTSTANDING CUSTOMER SERVICE. WE PROVIDE CREDIT COUNSELING TO OUR MEMBERS AND OFFER ALTERNATIVES TO PREDITORY LENDERS OR PAYDAY LOANS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jessica Gillen CEO / President | Officer | 40 | $106,557 |
Deborah K Gonzalez VP Operations | Officer | 40 | $102,846 |
Marina Izvekova VP Of Accounting | Officer | 40 | $86,305 |
Sandra Childers CEO | Officer | 40 | $33,985 |
Troy Conner Director | Trustee | 1 | $0 |
Clarence Brooks Chairman | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Solutions Llc Core System For Shares, Loans And Debit Cards | 12/30/22 | $339,911 |
Credit Union Acceptance Company Llc Loan Acquisition Fees | 12/30/22 | $463,961 |
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 | $2,515,486 |
| Investment income | $650,017 |
| 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 | $3,165,503 |
| 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. | $329,693 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $696,639 |
| Pension plan accruals and contributions | $77,741 |
| Other employee benefits | $93,474 |
| Payroll taxes | $72,376 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,379 |
| Fees for services: Accounting | $24,782 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $12,083 |
| Fees for services: Other | $370,022 |
| Advertising and promotion | $31,703 |
| Office expenses | $389,850 |
| Information technology | $254,330 |
| Royalties | $0 |
| Occupancy | $277,628 |
| Travel | $1,018 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,361 |
| Interest | $110,115 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $50,710 |
| Insurance | $49,733 |
| All other expenses | $0 |
| Total functional expenses | $3,085,208 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $735,354 |
| Savings and temporary cash investments | $14,703,640 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $20,395 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $43,861,101 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $163,902 |
| Net Land, buildings, and equipment | $2,981,475 |
| Investments—publicly traded securities | $3,021,824 |
| Investments—other securities | $28,096,787 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,180,468 |
| Total assets | $94,764,946 |
| Accounts payable and accrued expenses | $875,339 |
| Grants payable | $0 |
| Deferred revenue | $1,792 |
| 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 | $86,692,072 |
| Total liabilities | $87,569,203 |
| 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 | $7,195,743 |
| Total liabilities and net assets/fund balances | $94,764,946 |