C T E C U
- Assets
- $27.7m
- Revenue
- $650.9k
- Investments
- $20.5m
- Employees
- 3
- Location
- Houston, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 74-1199174
Organization Overview
C T E C U is located in Houston, 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, C T E C U employed 3 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. C T E C U 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, C T E C U generated $650.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.3%) each year. All expenses for the organization totaled $681.0k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (5.7%) per year over the past 7 years. 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
THE MISSION OF CTECU IS TO OFFER MEMBERS EXCEPTIONAL SERVICE, COMPETITIVE INTEREST RATES, AND SOUND FINANCIAL MANAGEMENT. THIS IS ACCOMPLISHED BY AGGRESSIVE LOAN PROMOTIONS, MAXIMIZING RETURN ON INVESTMENTS, AND RESPONSIVE MEMBER SERVICE AND EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CTECU PROVIDES HOME MORTGAGE LOANS FOR THE KEY PURCHASE THAT MOST AMERICAN FAMILIES MAKE, THEIR HOME. THE HOME MORTGAGES AND REFINANCED HOME LOANS ARE AT LOW-COMPETITIVE MARKET INTEREST RATES. CTECU PROVIDES LOW-COST 5-YEAR HOME EQUITY LOANS. HOME MORTGAGE LOANS AND HOME EQUITY LOANS FOR 2021 RESULTED IN 2 LOANS TOTALING $230,000.
CTECU PROVIDES LOW-RATE VEHICLE LOANS FOR MEMBERS. CTECU ALSO PROVIDES LOW-COST CREDIT CARD LOANS TO ASSIST WITH PRUDENT FINANCIAL BEHAVIOR AND PLANNING. CTECU PROVIDES LOW-RATE CONSUMER LOANS FOR RECREATIONAL VEHICLES AS WELL AS FOR BOATS, BOAT MOTORS, AND BOAT TRAILERS AND MOTORCYCLES. CTECU PROVIDES SHARE-SECURED LOANS TO ASSIST THOSE MEMBERS WHO HAVE NO CREDIT HISTORY AND NEED TO ESTABLISH CREDIT. FINANCIAL COUNSELING AND DEBT CONSOLIDATION LOANS ARE PROVIDED TO ASSIST MEMBERS WITH FINANCIAL DIFFICULTIES AND NEED GUIDANCE WITH THEIR FINANCES. VEHICLE LOANS FOR 2021 RESULTED IN 30 LOANS AND $1,171,370.
CTECU PROVIDES COMPETITIVE RATES ON DEPOSIT ACCOUNTS, PROMOTING THRIFT AMONG ITS MEMBERSHIP OF OVER 1400 MEMBERS AND PROMOTING PRUDENT FINANCIAL BEHAVIOR AND PLANNING. CTECU PROVIDES SAVINGS ACCOUNTS, MONEY MARKET ACCOUNTS, IRA ACCOUNTS, AND SHARE DRAFT-CHECKING ACCOUNTS AS WELL AS CERTIFICATES OF DEPOSIT (CDS). DIVIDENDS ARE PAID MONTHLY. MEMBERS HAVE ACCESS TO THEIR ACCOUNTS VIA THE SHARED BRANCHING NETWORK OR TELEPHONE ACCESS VIA AUDIO RESPONSE UNIT ON A 24/7 ACCESS AS WELL AS INTERNET ACCESS VIA MIA AND ACCOUNT ACCESS WORLDWIDE VIA ATMS AND DEBIT CARDS. COMPETITIVE RATES ON DEPOSIT ACCOUNTS FOR 2021 RESULTED IN 2,045 ACCOUNTS AND TOTALING $22,555,122 IN OUTSTANDING BALANCES AS OF 12/31/2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jocelyn Kapalski President/ceo | OfficerTrustee | 45 | $147,098 |
Michael Beard Chairman Of Board | OfficerTrustee | 2 | $0 |
Mike Jung Vice Chairman Of Board | OfficerTrustee | 2 | $0 |
Gary Cohen Treasurer Of Board | OfficerTrustee | 2 | $0 |
Melissa Hinch Board Secretary | OfficerTrustee | 2 | $0 |
John Hanten Director | Trustee | 2 | $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 | $249,397 |
| Investment income | $150,215 |
| 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 | $650,911 |
| 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 | $59,766 |
| Compensation of current officers, directors, key employees. | $161,270 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $109,088 |
| Pension plan accruals and contributions | $17,203 |
| Other employee benefits | $30,288 |
| Payroll taxes | $19,548 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,632 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $22,187 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,113 |
| Office expenses | $61,104 |
| Information technology | $85,110 |
| Royalties | $0 |
| Occupancy | $37,272 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,594 |
| Interest | $11 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $681,026 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $28,681 |
| Savings and temporary cash investments | $146,085 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,325 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,518,077 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $69,761 |
| Net Land, buildings, and equipment | $85 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $20,486,562 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,417,249 |
| Total assets | $27,690,825 |
| Accounts payable and accrued expenses | $28,022 |
| 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 | $22,555,122 |
| Total liabilities | $22,583,144 |
| 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 | $5,107,681 |
| Total liabilities and net assets/fund balances | $27,690,825 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ttcu Federal Credit Union Tulsa, OK | $2,611,508,582 | $123,227,030 |
Credit Union Of Texas Allen, TX | $1,777,913,030 | $114,589,686 |
First Community Credit Union Of Houston Houston, TX | $1,964,514,771 | $83,936,302 |
Texas Trust Credit Union Arlington, TX | $1,797,827,251 | $77,667,084 |
Intouch Credit Union Plano, TX | $1,046,983,946 | $47,406,759 |
State Chartered Credit Unions In Louisiana Baton Rouge, LA | $599,377,066 | $59,950,337 |
Firstmark Credit Union San Antonio, TX | $1,229,967,544 | $50,715,745 |
True Sky Credit Union Oklahoma City, OK | $831,301,668 | $47,281,663 |
United Heritage Credit Union Austin, TX | $1,405,950,790 | $55,051,200 |
First Service Credit Union Houston, TX | $855,098,387 | $54,328,304 |
Neighborhood Credit Union Dallas, TX | $1,066,752,639 | $52,511,237 |
Velocity Credit Union Austin, TX | $1,067,927,517 | $65,298,866 |