Lubrizol Employees Credit Union
- Assets
- $54.4m
- Revenue
- $2.0m
- Investments
- $24.4m
- Employees
- 8
- Location
- Deer Park, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- EIN
- 74-6047884
Organization Overview
Lubrizol Employees Credit Union is located in Deer Park, 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, Lubrizol Employees Credit Union employed 8 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Lubrizol 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, Lubrizol Employees Credit Union generated $2.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $1.5m during the year ending 12/2022. While expenses have increased by 1.4% 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
LUBRIZOL EMPLOYEES CREDIT UNION IS A COOPERATIVE THRIFT INSTITUTION REGULATED BY THE TEXAS CREDIT UNION DEPARTMENT. WE OFFER PRODUCTS AND SERVICES IN THREE PRIMARY AREAS: SHARE ACCOUNTS, CHECKING ACCOUNTS, AND CONSUMER LOANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARE ACCOUNTS - OUR SHARE ACCOUNTS OFFER ADVANTAGES TO MEMBERS OF ALL AGES. THE CREDIT UNION HAD 3,387 MEMBER-OWNERS AS OF 12/31/2022. MEMBER SHARE ACCOUNTS OFFER COMPETITIVE RATES AND PAY DIVIDENDS QUARTERLY. IN ADDITION TO OUR REGULAR SHARE ACCOUNTS, WE OFFER SPECIAL SHARE ACCOUNTS DESIGNED FOR CHILDREN, TEENAGERS AND YOUNG ADULTS TO ENCOURAGE THE DEVELOPMENT OF CONSISTENT SAVINGS HABITS. ACTIVE MEMBERS AGE 18 AND OVER HAVE $2,000 FREE AD&D INSURANCE. WE ALSO OFFER VARIOUS SERVICES AT A FREE OR LOW COST SUCH AS NOTARY SERVICE, MONEY ORDERS AND WIRE TRANSFERS.
CHECKING ACCOUNTS - WE OFFER FREE CHECKING ACCOUNTS TO OUR MEMBERS. FEATURES INCLUDE VISA CHECK CARD, MOBILE DEPOSIT, OVERDRAFT PROTECTION, ONLINE ACCOUNT ACCESS, AUDIO RESPONSE TELLER, BILL PAY AND WORLDWIDE ATM ACCESS. THERE IS NO MONTHLY SERVICE CHARGE AND DIVIDENDS PAY MONTHLY.
CONSUMER LOANS - WE OFFER FLEXIBLE TERMS AND LOW RATES ON ALL TYPES OF LOANS FOR OUR MEMBERS. THESE INCLUDE VEHICLE LOANS, HOME IMPROVEMENT AND HOME EQUITY LOANS, SIGNATURE LOANS AND CREDIT CARD. WE OFFER AN AUTO BUYING CENTER TO PROVIDE RESOURCES FOR MEMBERS IN THE PURCHASE OF A NEW OR USED VEHICLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rose Flores President/manager | Officer | 40 | $160,276 |
Richard Miller Chairman | OfficerTrustee | 0 | $0 |
Daniel Koons Vice Chairman | OfficerTrustee | 0 | $0 |
Joseph Morris Treasurer | OfficerTrustee | 0 | $0 |
Delinda Dutton Secretary | OfficerTrustee | 0 | $0 |
Gary Aldrich Director | Trustee | 0 | $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 | $1,605,087 |
| Investment income | $350,428 |
| 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 | $1,955,515 |
| 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 | $151,573 |
| Compensation of current officers, directors, key employees. | $160,276 |
| Compensation of current officers, directors, key employees. | $160,276 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $362,373 |
| Pension plan accruals and contributions | $45,444 |
| Other employee benefits | $114,151 |
| Payroll taxes | $40,301 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $717 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $15,239 |
| Office expenses | $134,235 |
| Information technology | $84,987 |
| Royalties | $0 |
| Occupancy | $51,822 |
| Travel | $18,666 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,335 |
| Insurance | $0 |
| All other expenses | $40,328 |
| Total functional expenses | $1,506,212 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $376,913 |
| Savings and temporary cash investments | $2,173,362 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $25,528,672 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $85,100 |
| Net Land, buildings, and equipment | $735,250 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $24,393,835 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,085,208 |
| Total assets | $54,378,340 |
| Accounts payable and accrued expenses | $91,892 |
| 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 | $0 |
| Total liabilities | $91,892 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $46,299,586 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $7,986,862 |
| Total liabilities and net assets/fund balances | $54,378,340 |