Fort Worth Community Credit Union
- Assets
- $1.2b
- Revenue
- $61.1m
- Investments
- $0.0
- Employees
- 215
- Location
- Bedford, TX
- Founding
- 06/1976
- Data as of
- 12/2023
- EIN
- 75-0796472
Organization Overview
Fort Worth Community Credit Union is located in Bedford, 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, Fort Worth Community Credit Union employed 215 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Fort Worth Community 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, Fort Worth Community Credit Union generated $61.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.5% each year. All expenses for the organization totaled $54.5m during the year ending 12/2023. While expenses have increased by 6.5% 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
THRIFT SAVINGS AND BORROWING FOR MEMBERS. THE CREDIT UNION IS REGULATED BY THE STATE OF TEXAS. THE CREDIT UNION DEPARTMENT AS WELL AS THE NATIONAL CREDIT UNION ADMINISTRATION. THE CREDIT UNION OFFERS PRODUCTS AND SERVICES IN FOUR PRIMARY AREAS: SHARE ACCOUNTS, CHECKING ACCOUNTS, CONSUMER LOANS AND REAL ESTATE LOANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARE ACCOUNTS - OUR SHARE ACCOUNTS OFFER ADVANTAGES TO MEMBERS OF ALL AGES. MEMBER SAVINGS ACCOUNTS PAY DIVIDENDS QUARTERLY AND OFFER ACCESS THROUGH THE BRANCH NETWORK, HOME BANKING VIA THE INTERNET OR TELEPHONE AND ATM'S WORLDWIDE. SPECIAL SAVINGS ACCOUNTS DESIGNED FOR CHILDREN AND TEENAGERS ENCOURAGE THE DEVELOPMENT OF CONSISTENT SAVINGS HABITS.
CHECKING ACCOUNTS - OUR CHECKING ACCOUNTS PROVIDE VARIOUS FEATURES FOR CONSUMERS, FROM FREE ACCOUNTS TO THOSE WITH ENHANCED BENEFITS. MOST OFFER DIVIDENDS THAT ARE PAID MONTHLY. ADDITIONALLY, THE CREDIT UNION EXTENDS THE REACH OF THOSE ACCOUNTS TO ALL MEMBERS WITH FREE DEBIT CARDS, INTERNET ACCOUNT ACCESS AND FREE USE OF THE INTERNET BILL PAYER PLATFORM.
CONSUMER LOANS - OUR CONSUMER LOANS PROVIDE ALL TYPES OF LOANS. THE FOLLOWING TYPES OF LOANS ARE AVAILABLE: VEHICLES, RECREATIONAL VEHICLES, MORTGAGES, SIGNATURE, HOME EQUITY, CREDIT CARDS, SECURED LOANS, ETC. THE CREDIT UNION PROVIDES HOME EQUITY LOANS ALONG WITH MORTGAGE LOANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Redding Board Member-Vice Chair | OfficerTrustee | 2 | $2,602 |
Leighton Waters Board Member | Trustee | 2 | $2,522 |
Joseph Lozano Board Member | Trustee | 2 | $1,893 |
Michael Clardy Board Member-Secretary-Treasurer | OfficerTrustee | 2 | $1,500 |
Janice Graczyk Board Member | Trustee | 2 | $1,375 |
Tunisia Sadruddin Board Member-Vice Chair | OfficerTrustee | 2 | $1,375 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Software Services | 12/30/23 | $823,639 |
Pscu Software Services | 12/30/23 | $928,001 |
Ncr Corporation Website | 12/30/23 | $1,123,284 |
Mbm Roofing Construction | 12/30/23 | $361,494 |
Lanvera Ltd Mailing Service | 12/30/23 | $446,382 |
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 | $48,236,645 |
| Investment income | $12,237,028 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $56,083 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $61,144,057 |
| 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. | $3,821,093 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,118,717 |
| Pension plan accruals and contributions | $660,895 |
| Other employee benefits | $2,362,423 |
| Payroll taxes | $875,243 |
| Fees for services: Management | $5,273,544 |
| Fees for services: Legal | $34,958 |
| Fees for services: Accounting | $532,376 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $659,088 |
| Office expenses | $1,938,978 |
| Information technology | $1,268,068 |
| Royalties | $0 |
| Occupancy | $1,408,471 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $111,708 |
| Interest | $15,261,335 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,193,863 |
| Insurance | $409,906 |
| All other expenses | $0 |
| Total functional expenses | $54,450,409 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,385,613 |
| Savings and temporary cash investments | $145,748,365 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $967,354 |
| Loans from Officers, Directors, or Controlling Persons | $19,939,160 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $722,617,508 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,360,564 |
| Net Land, buildings, and equipment | $25,164,344 |
| Investments—publicly traded securities | $270,668,465 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $11,417,842 |
| Total assets | $1,206,269,215 |
| Accounts payable and accrued expenses | $11,460,893 |
| 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 | $1,079,592,799 |
| Total liabilities | $1,091,053,692 |
| 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 | $115,215,523 |
| Total liabilities and net assets/fund balances | $1,206,269,215 |