Gulf Credit Union
- Assets
- $336.6m
- Revenue
- $15.8m
- Investments
- $0.0
- Employees
- 91
- Location
- Groves, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 74-1110172
Organization Overview
Gulf Credit Union is located in Groves, 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 12/2021, Gulf Credit Union employed 91 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Gulf 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 12/2021, Gulf Credit Union generated $15.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $9.8m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
COOPERATIVE, NONPROFIT FINANCIAL INSTITUTION PROVIDING CREDIT UNION FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GULF CREDIT UNION OFFERS SHARE (SAVINGS) ACCOUNTS WITH ADVANTAGES TO MEMBERS OF ALL AGES. THE CREDIT UNION HAD 27,483 MEMBER-OWNED ACCOUNTS AS OF DECEMBER 31, 2021. MEMBER SAVINGS ACCOUNTS PAY DIVIDENDS QUARTERLY AND OFFER ACCESS VIA MULTIPLE AVENUES SUCH AS HOME BANKING, THE INTERNET, AND PHONE BANKING.
GULF CREDIT UNION PROVIDES FREE SHARE DRAFT (CHECKING) ACCOUNTS TO ALL MEMBERS, BUSINESS ACCOUNTS, AND LIMITED FREE CHECKS TO SENIOR CITIZENS. THE CREDIT UNION HAD 15,544 SHARE DRAFT ACCOUNTS AS OF DECEMBER 31, 2021. DIVIDENDS ARE PAID ON THESE ACCOUNTS MONTHLY. ADDITIONALLY, THE CREDIT UNION EXTENDS THE REACH OF THESE ACCOUNTS TO ALL MEMBERS WITH FREE DEBIT AND ATM CARDS, INTERNET ACCOUNT ACCESS, AND THE USE OF THE AUTOMATED PHONE TELLER.
GULF CREDIT UNION PROVIDES VEHICLE AND OTHER CONSUMER LOANS. THE CONSUMER LOAN PRODUCT LINE INCLUDES EFFICIENT UNDERWRITING AND FLEXIBLE OFFERINGS FOR RECREATIONAL VEHICLES, BOATS, AND MOTORCYCLES. CONSUMER CREDIT LIFE AND DISABILITY INSURANCE IS AVAILABLE ON ANY OF THESE LOAN TYPES. THE CREDIT UNION CARRIED 8,906 CONSUMER LOANS AS OF DECEMBER 31, 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Pat White II VP Wealth Mgmt | Officer | 40 | $229,494 |
Todd Gaudin CEO | Officer | 40 | $216,357 |
Linda Kiker Rials CFO | Officer | 40 | $125,231 |
Stephine Adams COO | Officer | 40 | $118,330 |
Bambi D Mcginn Cio | Officer | 40 | $61,027 |
Barry Gorman Vice Chairman | OfficerTrustee | 0.52 | $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 | $12,175,866 |
| Investment income | $939,713 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $806,355 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,838,269 |
| 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. | $801,017 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,525,315 |
| Pension plan accruals and contributions | $125,121 |
| Other employee benefits | -$775,862 |
| Payroll taxes | $321,063 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,951 |
| Fees for services: Accounting | $63,640 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $54,723 |
| Fees for services: Other | $1,288,936 |
| Advertising and promotion | $317,368 |
| Office expenses | $764,056 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $536,111 |
| Travel | $25,446 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $607,334 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $561,332 |
| Insurance | $149,496 |
| All other expenses | $0 |
| Total functional expenses | $9,775,315 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $59,858,071 |
| Savings and temporary cash investments | $93,440,466 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $633,477 |
| Loans from Officers, Directors, or Controlling Persons | $1,609,734 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $148,425,198 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $19,827,883 |
| Net Land, buildings, and equipment | $4,421,531 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,406,942 |
| Total assets | $336,623,302 |
| Accounts payable and accrued expenses | $855,118 |
| 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 | $307,390,312 |
| Total liabilities | $308,245,430 |
| 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 | $28,377,872 |
| Total liabilities and net assets/fund balances | $336,623,302 |
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Credit Unions In The State Of New Mexico Santa Fe, NM | $252,448,158 | $14,584,670 |
First Central Credit Union Waco, TX | $142,192,635 | $12,212,863 |
Gulf Credit Union Groves, TX | $336,623,302 | $15,838,269 |
Energy Capital Credit Union Houston, TX | $259,660,339 | $11,030,260 |
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