Libertyone Credit Union
- Assets
- $165.8m
- Revenue
- $6.4m
- Investments
- $43.9m
- Employees
- 35
- Location
- Arlington, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 75-0297300
Organization Overview
Libertyone Credit Union is located in Arlington, 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, Libertyone Credit Union employed 35 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Libertyone 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 12/2021, Libertyone Credit Union generated $6.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $5.0m during the year ending 12/2021. While expenses have increased by 1.9% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
LIERTY ONE SEEKS TO BE OUR MEMBERS PRIMARY FINANCIAL INSTITUTION
Describe the Organization's Program Activity:
Part 3 - Line 4a
LIBERTYONE CREDIT UNION PROVIDES AUTOMOBILE LOANS TO ITS MEMBERS AND WE STRIVE TO KEEP OUR RATES LOWER THAN BANKS OR OTHER FINANCIAL INSTITUTIONS. AS OF DECEMBER 31, 2017 THE CREDIT UNION HAD 8,497 MEMBERS, WITH A TOTAL OF 2,708 AUTO LOANS, CARRYING AN OUTSTANDING BALANCE OF $46,629,528.
LIBERTYONE CREDIT UNION PROVIDES 1ST MORTGAGES TO ITS MEMBERS THROUGH A THIRD PARTY SEVICE PROVIDER. HOWVER, WE TAKE .25% OFF THE QUOTED RATE IN AN EFFORT TO HELP OUR MEMBERS. AS OF DECEMBER 31, 2017 THE CREDIT UNION HAD 123 1ST MORTGAGES WITH AN OUTSTANDING BALANCE OF $14,872,633.
LIBERTYONE CREDIT UNION PROVIDES CERTIFICATES OF DEPOSITS TO ITS MEMBERS AT HIGHER THAN MARKET RATES. AS OF DECEMBER 31, 2017 THE CREDIT UNION HAD 1,279 CERTIFICATES OF DEPOSIT WITH A CARRYING BALANCE OF $39,165,885.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Funk President | OfficerTrustee | 1 | $184,334 |
Jacqueline Dixon Chairman | OfficerTrustee | 1 | $0 |
Charles Ramirez Vice Chair | OfficerTrustee | 1 | $0 |
Don Rawe Treasurer | OfficerTrustee | 1 | $0 |
Linda Kunze Secretary | OfficerTrustee | 1 | $0 |
Steve Hammonds Director | Trustee | 1 | $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 | $6,024,916 |
| Investment income | $413,027 |
| 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 | $6,437,943 |
| 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. | $184,334 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,358,075 |
| Pension plan accruals and contributions | $74,932 |
| Other employee benefits | $227,868 |
| Payroll taxes | $115,157 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $28,600 |
| Fees for services: Accounting | $27,958 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $81,719 |
| Advertising and promotion | $83,874 |
| Office expenses | $204,832 |
| Information technology | $193,108 |
| Royalties | $0 |
| Occupancy | $118,724 |
| Travel | $8,265 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $36,748 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,615 |
| Insurance | $33,563 |
| All other expenses | $1,578,822 |
| Total functional expenses | $5,046,928 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $534,951 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $682,236 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $118,520,641 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $278,769 |
| Net Land, buildings, and equipment | $36,870 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $43,932,901 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,780,602 |
| Total assets | $165,766,970 |
| Accounts payable and accrued expenses | $1,902,267 |
| 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 | $146,962,071 |
| Total liabilities | $148,864,338 |
| 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 | $16,902,632 |
| Total liabilities and net assets/fund balances | $165,766,970 |
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