Public Employees Credit Union
- Assets
- $452.1m
- Revenue
- $14.6m
- Investments
- $136.6m
- Employees
- 96
- Location
- Austin, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- EIN
- 74-1196893
Organization Overview
Public Employees Credit Union is located in Austin, 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, Public Employees Credit Union employed 96 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Public Employees 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, Public Employees Credit Union generated $14.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $9.1m during the year ending 12/2022. While expenses have increased by 1.5% 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
PUBLIC EMPLOYEES CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS AND IS OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND PROVIDING CREDIT AND OTHER FINANCIAL SERVICES TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PUBLIC EMPLOYEES CREDIT UNION PROVIDES A WIDE RANGE OF SECURED AND UNSECURED LOANS TO ITS MEMBERS FOR CONSUMABLE ITEMS, SUCH AS AUTOS, MOTORCYCLES, RVS, HOME EQUITY LOANS, MORTGAGES, CREDIT CARDS, SIGNATURE LOANS AND LINE-OF-CREDIT AND SHARE OR CERTIFICATE SECURED LOANS. ADDITIONALLY, CREDIT INSURANCE IS AVAILABLE ON ALL THESE LOANS. GAP (GUARANTEED ASSET PROTECTION) INSURANCE IS A PRODUCT THAT IS LIKEWISE OFFERED ON SOME OF OUR SECURED LOANS.
PUBLIC EMPLOYEES CREDIT UNION OFFERS MONEY MARKET ACCOUNTS TO ITS MEMBERS. THESE ACCOUNTS PAY A HIGHER DIVIDEND THAN A TYPICAL SAVINGS OR CHECKING ACCOUNT AS LONG AS THE MONTHLY BALANCE MINIMUM REQUIREMENT IS MAINTAINED. INTEREST IS PAID AND COMPOUNDED MONTHLY.
PUBLIC EMPLOYEES CREDIT UNION OFFERS REGULAR SHARE ACCOUNTS TO ITS MEMBERS. REGULAR SHARE ACCOUNTS ARE REQUIRED FOR MEMBERSHIP. THESE ACCOUNTS RECEIVE A QUARTERLY DIVIDEND AS DECLARED BY THE BOARD OF DIRECTORS. THE DIVIDENDS ARE PAID AS LONG AS MINIMUM BALANCE REQUIREMENTS ARE MET.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Whitcomb President/ceo | Officer | 40 | $295,660 |
Marc Broddrick Svp/cfo | Officer | 40 | $165,810 |
Merrily Porter General Counsel | 40 | $136,710 | |
Juan Facundo Vice President - Lending | 40 | $125,111 | |
Andrew Curtin It Director | 40 | $115,942 | |
Scott Murphy Vice President - Marketing | 40 | $108,515 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Certified Funding Indirect Mortgage Originator | 12/30/22 | $753,347 |
Jack Henry & Associates Core System, Card Processing | 12/30/22 | $506,323 |
Gravity Lending Indirect Auto Dealer | 12/30/22 | $278,237 |
Bmw Of Austin Indirect Auto Dealer | 12/30/22 | $246,971 |
Covert Bastrop Indirect Auto Dealer | 12/30/22 | $215,156 |
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 | $12,059,231 |
| Investment income | $2,572,339 |
| 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 | $14,631,570 |
| 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. | $1,243,717 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,468,205 |
| Pension plan accruals and contributions | $209,479 |
| Other employee benefits | $463,827 |
| Payroll taxes | $263,365 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,890 |
| Fees for services: Accounting | $48,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $171,277 |
| Advertising and promotion | $245,936 |
| Office expenses | $1,157,949 |
| Information technology | $212,452 |
| Royalties | $0 |
| Occupancy | $567,087 |
| Travel | $3,651 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,945 |
| Interest | $1,035,048 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $292,456 |
| Insurance | $137,899 |
| All other expenses | $39,167 |
| Total functional expenses | $9,114,827 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,357,395 |
| Savings and temporary cash investments | $47,549,820 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $284,406 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $255,345,358 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $550,527 |
| Net Land, buildings, and equipment | $5,180,491 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $136,558,369 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,256,843 |
| Total assets | $452,083,209 |
| Accounts payable and accrued expenses | $990,731 |
| 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 | $416,601,828 |
| Total liabilities | $417,592,559 |
| 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 | $34,490,650 |
| Total liabilities and net assets/fund balances | $452,083,209 |