First Central Credit Union

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 12/2021, First Central Credit Union employed 72 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 12/2021, First Central Credit Union generated $12.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.7% each year . All expenses for the organization totaled $9.9m during the year ending 12/2021. While expenses have increased by 9.7% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

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 73% 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 18,384 MEMBER OWNED ACCOUNTS AS OF DECEMBER 31, 2021. 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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Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $1,826,265
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$1,826,265
Total Program Service Revenue$9,583,674
Investment income $632,042
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 $12,212,863

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