United Credit Union
- Assets
- $28.1m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 11
- Location
- Tyler, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 75-0751106
Organization Overview
United Credit Union is located in Tyler, 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, United Credit Union employed 11 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. United 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, United Credit Union generated $1.3m 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 (3.9%) each year. All expenses for the organization totaled $1.4m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.3%) 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
COOPERATIVE, MEMBERSHIP OWNED, NON-PROFIT PROVIDER OF FULL FINANCIAL SERVICES TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOANS: RESIDENTIAL MORTGAGE, VEHICLE, PERSONAL AND CREDIT CARD LOANS ARE ALL OFFERED. RELATED SERVICES SUCH AS CREDIT LIFE, CREDIT DISABILITY, DENT GUARD, MECHANICAL REPAIR COVERAGE, AND GAP ARE ALL ALSO OFFERED.
ACCOUNTS: CERTIFICATE TERM SHARE ACCOUNTS: TERM SHARE CERTIFICATES ARE SAVINGS ACCOUNTS THAT ARE PLACED ON DEPOSIT FOR SPECIFIC PERIODS OF TIME. THEY HAVE A HIGHER EARNING RATE FOR MEMBERS DUE TO THE REQUIRED TIME FRAME TO REMAIN ON DEPOSIT. REMOVAL BEFORE MATURITY RESULTS IN A PENALTY. TERM SHARE CERTIFICATES ARE THE LARGEST ACCOUNT EXPENSE FOR BOTH SAVINGS AND CHECKING ACCOUNTS.
TECHNOLOGY SERVICES: TECHNOLOGY IN TODAYS AGE IS ALWAYS CHANGING AND GROWING EACH YEAR. THIS CAUSES THE EXPENSE TO BE QUITE LARGE IN ORDER TO STAY CURRENT WITH TODAYS WANTS AND NEEDS FOR MEMBERS. THE TECHNOLOGY SERVICES INCLUDE ONLINE BANKING, ONLINE LOAN APPLICATIONS, ONLINE SECURED DOCUSIGN, ONLINE MOBILE DEPOSIT, BILL PAY AND ESTATEMENT. THE TECHNOLOGY ALSO MUST BE UPDATED AND UPGRADED TO ENSURE THAT THEY ARE SECURE AND WORKING PROPERLY.
OTHER PROGRAM SERVICES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sherri Mcelyea President | Officer | 44 | $81,816 |
Cameron Anderson Vice President | Officer | 41 | $57,861 |
Courtney Klepfer Chairman | OfficerTrustee | 0.5 | $0 |
Lora Savoie Sec-Treas | OfficerTrustee | 0.5 | $0 |
Nancy Parker Board Member | OfficerTrustee | 0.5 | $0 |
Nars Buenaventura Board Member | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Data Processor | 12/30/16 | $226,711 |
Financial Design & Construction Remodel Contractor | 12/30/16 | $591,925 |
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 | $1,223,275 |
| Investment income | $29,101 |
| 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 | $1,252,376 |
| 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 | $99,295 |
| Compensation of current officers, directors, key employees. | $139,677 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $212,935 |
| Pension plan accruals and contributions | $31,920 |
| Other employee benefits | $32,743 |
| Payroll taxes | $35,576 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $44,518 |
| Fees for services: Accounting | $17,520 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $165,045 |
| Advertising and promotion | $49,581 |
| Office expenses | $105,712 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $39,904 |
| Travel | $8,877 |
| 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 | $69,725 |
| Insurance | $35,376 |
| All other expenses | $0 |
| Total functional expenses | $1,389,807 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $102,947 |
| Savings and temporary cash investments | $10,032,768 |
| 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 | $16,491,324 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,514,543 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | -$81,513 |
| Total assets | $28,060,069 |
| Accounts payable and accrued expenses | $199,387 |
| 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 | $25,825,525 |
| Total liabilities | $26,024,912 |
| 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 | $468,761 |
| Retained earnings, endowment, accumulated income, or other funds | $1,566,396 |
| Total liabilities and net assets/fund balances | $28,060,069 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that United Credit Union has recieved totaling $5,882.
| Awarding Organization | Amount |
|---|---|
Cornerstone Credit Union Foundation Plano, TX PURPOSE: CREDIT UNION DEVELOPMENT AND SCMS SCHOLARSHIP | $5,882 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Coastlife Credit Union Corpus Christi, TX | $459,349,679 | $21,652,843 |
Mct Credit Union Port Neches, TX | $363,107,409 | $15,984,837 |
Americas Credit Union Garland, TX | $409,491,001 | $16,218,007 |
First Basin Credit Union Odessa, TX | $306,636,605 | $15,708,343 |
Allegiance Credit Union Oklahoma City, OK | $376,025,043 | $16,187,363 |
Texoma Community Credit Union Wichita Falls, TX | $259,230,472 | $16,333,220 |
Oklahoma Educators Credit Union Oklahoma City, OK | $242,039,953 | $16,355,869 |
Credit Unions In The State Of New Mexico Santa Fe, NM | $252,448,158 | $14,584,670 |
First Central Credit Union Waco, TX | $142,192,635 | $12,212,863 |
Gulf Credit Union Groves, TX | $336,623,302 | $15,838,269 |
Energy Capital Credit Union Houston, TX | $259,660,339 | $11,030,260 |
State Chartered Credit Unions In Louisiana Lake Charles, LA | $153,121,704 | $12,096,894 |