Fivepoint Credit Union
- Assets
- $874.9m
- Revenue
- $49.4m
- Investments
- $918.5k
- Employees
- 256
- Location
- Nederland, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- EIN
- 74-1109889
Organization Overview
Fivepoint Credit Union is located in Nederland, TX. The organization was established in 1976. According to its NTEE Classification (O51) the organization is classified as: Youth Community Service Clubs, under the broad grouping of Youth Development and related organizations. As of 12/2022, Fivepoint Credit Union employed 256 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Fivepoint 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, Fivepoint Credit Union generated $49.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $44.5m during the year ending 12/2022. While expenses have increased by 3.7% per year over the past 7 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
TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP WITH VARIOUS LOAN AND DEPOSIT PRODUCTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INTEREST INCURRED ON MEMBER DEPOSITS APPROXIMATED $4,122,000 DURING THE YEAR ENDED DECEMBER 31, 2022.
ATM SERVICES PROVIDED TO THE MEMBERSHIP REPRESENTED APPROXIMATELY $2,082,000 OF TOTAL EXPENSES INCURRED DURING THE YEAR ENDED DECEMBER 31, 2022.
HOME BANKING PROVIDED TO THE MEMBERSHIP REPRESENTED A COST OF APPROXIMATELY $1,437,000 INCURRED DURING THE YEAR ENDED DECEMBER 31, 2022.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Glenn Johnson Chairperson | Trustee | 1 | $0 |
James Saxon Secretary Treasurer | Trustee | 1 | $0 |
Joe Dickson First Vice Chairperson | Trustee | 1 | $0 |
John Comeaux Second Vice Chairperson | Trustee | 1 | $0 |
Louis Anselmo Board Member | Trustee | 0.5 | $0 |
Hilton Ferguson Jr Board Member | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Incorporated Debit/credit Card Processor | 12/30/22 | $2,905,186 |
Construction Zone Of Setx Construction | 12/30/22 | $2,673,218 |
Ncr Corporation Online Banking Services | 12/30/22 | $1,458,778 |
Ann Lee And Associates Ltd Marketing Firm | 12/30/22 | $1,123,633 |
Bank Tec-south Atm/itm Servicing | 12/30/22 | $970,635 |
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 | $46,755,776 |
| Investment income | $2,662,413 |
| 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 | $49,433,751 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $222,670 |
| Grants and other assistance to domestic individuals. | $16,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,245,267 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,746,263 |
| Pension plan accruals and contributions | $622,006 |
| Other employee benefits | $3,151,729 |
| Payroll taxes | $1,081,735 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $214,851 |
| Fees for services: Accounting | $148,923 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $380,026 |
| Advertising and promotion | $2,064,475 |
| Office expenses | $1,496,346 |
| Information technology | $3,566,345 |
| Royalties | $0 |
| Occupancy | $1,638,826 |
| Travel | $125,945 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,557 |
| Interest | $4,140,153 |
| Payments to affiliates | $123,813 |
| Depreciation, depletion, and amortization | $3,313,725 |
| Insurance | $317,417 |
| All other expenses | $941,061 |
| Total functional expenses | $44,488,509 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,977,758 |
| Savings and temporary cash investments | $43,896,530 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,112,145 |
| Loans from Officers, Directors, or Controlling Persons | $8,235,073 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $649,219,708 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,170,424 |
| Net Land, buildings, and equipment | $27,176,286 |
| Investments—publicly traded securities | $98,303,496 |
| Investments—other securities | $918,533 |
| Investments—program-related | $0 |
| Intangible assets | $132,148 |
| Other assets | $30,720,023 |
| Total assets | $874,862,124 |
| Accounts payable and accrued expenses | $12,331,018 |
| 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 | $788,377,866 |
| Total liabilities | $800,708,884 |
| 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 | $74,153,240 |
| Total liabilities and net assets/fund balances | $874,862,124 |
Grants Awarded
Over the last fiscal year, Fivepoint Credit Union has awarded $217,670 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
AMERICAN CANCER SOCIETY PURPOSE: CHARITABLE DONATION | $211,505 |
AMERICAN HEART ASSOCIATION PURPOSE: CHARITABLE DONATION | $6,165 |