Edinburg Teachers Credit Union
- Assets
- $92.1m
- Revenue
- $3.4m
- Investments
- $57.3m
- Employees
- 22
- Location
- Edinburg, TX
- Founding
- 06/1976
- Data as of
- 12/2023
- EIN
- 74-1279052
Organization Overview
Edinburg Teachers Credit Union is located in Edinburg, 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 12/2023, Edinburg Teachers Credit Union employed 22 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Edinburg Teachers 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 12/2023, Edinburg Teachers Credit Union generated $3.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $2.9m during the year ending 12/2023. While expenses have increased by 2.2% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
FINANCIAL INSTITUTION PROVIDES BASIC FINANCIAL SERVICES TO MEMBERS IN THE FORM OF CHECKING, SAVINGS AND CERTIFICATE ACCOUNTS, IRAS, AND LOANS (SIGNATURE AND VEHICLE). THE CREDIT UNION ALSO PROVIDES CONVENIENCE SERVICES SUCH AS ONLINE BANKING, TELEPHONE BANKING, MONEY ORDERS AND TRAVELER'S CHECKS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ETCU MEMBERS ARE AFFORDED A LOW 25 MINIMUM DEPOSIT FOR MEMBERSHIP. MEMBER SAVINGS ACCOUNTS PAY QUARTERLY DIVIDENDS AT COMPETITIVE RATES WITH NO MONTHLY SERVICE FEES. SPECIAL SAVINGS ACCOUNTS ARE AVAILED AT NO EXTRA COSTS FOR MEMBERS WISHING TO SEPARATE SAVINGS FOR THEIR OWN INDIVIDUALLY EAR-MARKED PURPOSES. ETCU OFFERS LOW TO NO-COST CHECKING ACCOUNTS WITH FREE DEBIT CARD SERVICE. CHECKING ACCOUNTS PAY MONTHLY DIVIDENDS. COMPETITIVE RATE CERTIFICATE ACCOUNTS AND INDIVIDUAL RETIREMENT ACCOUNTS (IRAS) ARE OFFERED. 24-HOURS A DAY 7-DAYS A WEEK ACCESS TO ACCOUNTS IS AVAILABLE VIA AUTOMATED TELLER MACHINES, ONLINE BANKING AND AUTOMATED TELEPHONE LINES.
ETCU OFFERS A VARIETY OF LOW RATE LOANS TO MEMBERS. SOUND UNDERWRITING HAS LEAD TO A SOLID, WELL COLLATERALIZED LOAN PORTFOLIO. VEHICLE, SIGNATURE AND CREDIT CARD LOANS ARE AVAILABLE TO MEMBERS. CREDIT, LIFE AND DISABILITY INSURANCE IS ALSO AVAILABLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Carpenter CEO | Officer | 40 | $188,928 |
Laura Vazquez CFO | Officer | 40 | $87,788 |
Ofelia Abrego Vice Chairpe | Trustee | 1 | $0 |
Rodrigo Cainglet Board Member | Trustee | 1 | $0 |
Julie Garza Treasurer | Trustee | 1 | $0 |
Maria E Ovalle Secretary | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Marsha Hahn Consulting | 12/30/22 | $528,000 |
Withey Consulting Group Llc Consulting | 12/30/22 | $181,868 |
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 | $1,524,398 |
| Investment income | $1,876,059 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$3,197 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,397,260 |
| 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. | $276,716 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $770,540 |
| Pension plan accruals and contributions | $102,434 |
| Other employee benefits | $47,885 |
| Payroll taxes | $85,934 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $82,685 |
| Fees for services: Accounting | $24,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $400,803 |
| Advertising and promotion | $16,902 |
| Office expenses | $140,179 |
| Information technology | $324,471 |
| Royalties | $0 |
| Occupancy | $112,753 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,307 |
| Interest | $333,942 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $49,258 |
| Insurance | $45,224 |
| All other expenses | -$14,810 |
| Total functional expenses | $2,948,570 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $738,731 |
| Savings and temporary cash investments | $9,641,412 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | -$6,070 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $21,073,156 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $343,950 |
| Net Land, buildings, and equipment | $1,514,041 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $57,342,251 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,438,966 |
| Total assets | $92,086,437 |
| Accounts payable and accrued expenses | $1,657,487 |
| 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 | $78,304,924 |
| Total liabilities | $79,962,411 |
| 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 | $12,124,026 |
| Total liabilities and net assets/fund balances | $92,086,437 |