Investex Credit Union
- Assets
- $240.9m
- Revenue
- $11.8m
- Investments
- $81.1m
- Employees
- 67
- Location
- Humble, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- EIN
- 74-1325622
Organization Overview
Investex Credit Union is located in Humble, 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, Investex Credit Union employed 67 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Investex 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, Investex Credit Union generated $11.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $9.7m during the year ending 12/2022. While expenses have increased by 0.6% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
INVESTEX CREDIT UNION IS DEDICATED TO THE HIGHEST QUALITY SERVICE FOR ITS MEMBERS, WHILE MAINTAINING A SOLID FINANCIAL FOUNDATION. OUR CORE VALUES REFLECT THE STRONG CHARACTER OF OUR MEMBERS AND OUR GROWING RELATIONSHIP WITH THEM. VOLUNTARY, COOPERATIVE,NON-PROFIT SAVINGS INSTITUTION(CREDIT UNION) INCORPORATED UNDER THE PROVISIONS OF THE TEXAS CREDIT UNION ACT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VOLUNTARY,COOPERATIVE,NON-PROFIT SAVINGS INSTITUTION(CREDIT UNION), INCORPORATED UNDER THE PROVISIONS OF THE TEXAS CREDIT UNION ACT, FOR THE PURPOSE OF ENCOURAGING THRIFT AMONG OUR MEMBERS, PROVIDING CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST AND PROVIDING AN OPPORTUNITY TO IMPROVE THEIR ECONOMIC CONDITION.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keith Kearney Ceo/president | Officer | 40 | $359,285 |
Kelly Payne Senior Vice President Human Resources | Officer | 40 | $140,643 |
John Tomson Senior Vice President Information Technology | Officer | 40 | $131,879 |
Rene Paredez Vice President Accounting | Officer | 40 | $117,437 |
David Durham Vice President Branch Administration | Officer | 40 | $117,017 |
Rick Sulfridge Vice President Collections And Facilities | Officer | 40 | $113,128 |
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 | $10,166,418 |
| Investment income | $1,570,667 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $20,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,757,085 |
| 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 | $868,915 |
| Compensation of current officers, directors, key employees. | $1,202,040 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,699,050 |
| Pension plan accruals and contributions | $150,765 |
| Other employee benefits | $405,925 |
| Payroll taxes | $280,671 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,003 |
| Fees for services: Accounting | $35,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $263,128 |
| Office expenses | $493,532 |
| Information technology | $870,291 |
| Royalties | $0 |
| Occupancy | $910,625 |
| Travel | $58,395 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,411 |
| Payments to affiliates | $17,254 |
| Depreciation, depletion, and amortization | $297,133 |
| Insurance | $105,502 |
| All other expenses | $0 |
| Total functional expenses | $9,749,893 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,106,136 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $91,319 |
| Loans from Officers, Directors, or Controlling Persons | $2,337,430 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $132,628,046 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $174,671 |
| Net Land, buildings, and equipment | $8,908,657 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $81,136,718 |
| Investments—program-related | $0 |
| Intangible assets | $584,236 |
| Other assets | $11,975,590 |
| Total assets | $240,942,803 |
| Accounts payable and accrued expenses | $924,164 |
| 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 | $644,161 |
| Other liabilities | $729,148 |
| Total liabilities | $2,297,473 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $231,553,865 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $7,091,465 |
| Total liabilities and net assets/fund balances | $240,942,803 |