First Central Credit Union
- Assets
- $148.6m
- Revenue
- $11.3m
- Investments
- $44.2m
- Employees
- 79
- Location
- Waco, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- EIN
- 74-1137995
Organization Overview
First Central Credit Union is located in Waco, 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, First Central Credit Union employed 79 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. First Central 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, First Central Credit Union generated $11.3m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 12.1% each year . All expenses for the organization totaled $9.5m during the year ending 12/2022. While expenses have increased by 10.5% per year over the past 5 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
SEE SCHEDULE O, FIRST PARAGRAPH
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBER LOANS: FIRST CENTRAL CREDIT UNION PROVIDES VEHICLE LOANS, SIGNATURE LOANS, HOME EQUITY LOANS, REAL ESTATE LOANS, AND CREDIT CARDS. WE UTILIZE VERY EFFICIENT UNDER WRITING PROCEDURES TO PROVIDE REASONABLE AND COMPETITIVE RATES TO OUR MEMBERS.
CHECKING ACCOUNTS: FIRST CENTRAL CREDIT UNION PROVIDES CHECKING ACCOUNTS FOR MEMBERS WITH VARIOUS FEATURES FROM FREE CHECKING ACCOUNTS TO THOSE WITH ENHANCED BENEFITS SUCH AS CHECKING ACCOUNTS WITH MONTHLY REWARDS. WE DO OFFER CHECKING ACCOUNTS THAT PAY DIVIDENDS MONTHLY. ADDITIONALLY, THE CREDIT UNION EXTENDS THE REACH OF THESE ACCOUNTS TO ALL MEMBERS WITH FREE DEBIT CARDS, INTERNET ACCOUNT ACCESS, AND FREE USE OF BILL PAY. OVER 70% OF THE CREDIT UNION'S MEMBERS HAVE A CHECKING ACCOUNT. FIRST CENTRAL CREDIT UNION ALSO OFFERS MONEY MARKET ACCOUNTS.
SHARE ACCOUNTS: FIRST CENTRAL CREDIT UNION'S SHARE ACCOUNTS OFFER ADVANTAGES TO MEMBERS OF ALL AGES. THE CREDIT UNION HAD 19,214 MEMBER OWNED ACCOUNTS AS OF DECEMBER 31, 2022. MEMBER SAVINGS ACCOUNTS PAY DIVIDENDS QUARTERLY. FIRST CENTRAL CREDIT UNION OFFERS ACCESS THROUGH BRANCHES AT DIFFERENT LOCATIONS, HOME BANKING VIA THE INTERNET, TELEPHONE, AND ATM MACHINES WORLDWIDE. WE OFFER SPECIAL SAVINGS ACCOUNTS DESIGNED FOR CHILDREN AND TEENAGERS TO ENCOURAGE THE DEVELOPMENT OF CONSISTENT SPENDING HABITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jo Betsy Tyler President/ceo | Officer | 40 | $262,850 |
Rachael Bosse Senior Lending Manager | 40 | $114,697 | |
Orlando Rodriguez Jr Senior Accounting And It Manager | 40 | $109,356 | |
Vicki Deckard Chairman | Trustee | 1 | $0 |
Glenn Williamson Vice Chairman | Trustee | 1 | $0 |
Cheryl Graves Secretary/treasurer | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $125,000 |
| 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 | $125,000 |
| Total Program Service Revenue | $10,204,543 |
| Investment income | $815,335 |
| 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 | $11,296,325 |
| 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. | $530,867 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,468,909 |
| Pension plan accruals and contributions | $105,003 |
| Other employee benefits | $386,189 |
| Payroll taxes | $234,615 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,320 |
| Fees for services: Accounting | $57,953 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,788 |
| Fees for services: Other | $731,198 |
| Advertising and promotion | $447,810 |
| Office expenses | $1,973,252 |
| Information technology | $258,143 |
| Royalties | $0 |
| Occupancy | $452,664 |
| Travel | $27,121 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $70,000 |
| Interest | $406,434 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $369,714 |
| Insurance | $0 |
| All other expenses | $20,662 |
| Total functional expenses | $9,450,076 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,049,529 |
| Savings and temporary cash investments | $7,396,264 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $75,793,610 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $298,412 |
| Net Land, buildings, and equipment | $4,871,776 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $44,238,582 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,942,319 |
| Total assets | $148,590,492 |
| Accounts payable and accrued expenses | $3,409,586 |
| 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 | $128,733,830 |
| Total liabilities | $132,143,416 |
| 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 | $16,447,076 |
| Total liabilities and net assets/fund balances | $148,590,492 |