North East Texas Credit Union
- Assets
- $201.0m
- Revenue
- $9.5m
- Investments
- $15.3m
- Employees
- 69
- Location
- Lone Star, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 75-0830371
Organization Overview
North East Texas Credit Union is located in Lone Star, 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, North East Texas Credit Union employed 69 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. North East Texas 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, North East Texas Credit Union generated $9.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $8.1m 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
TO INCREASE OUR MEMBERS' FINANCIAL WELL BEING AND STANDARD OF LIVING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NORTH EAST TEXAS CREDIT UNION (NETCU) OFFERS A VARIETY OF SAVINGS ACCOUNTS IN ORDER TO BEST SERVE OUR MEMBERS. OUR MEMBER SHARE ACCOUNTS PAY REGULAR MONTHLY DIVIDENDS ON BALANCES OF $100 OR MORE. DIVIDEND RATES INCREASE AS BALANCES INCREASE. WE ALSO HAVE SPECIAL ACCOUNTS AVAILABLE FOR CHILDREN AND YOUTH OFFERING SPECIAL BENEFITS TO HELP YOUNG PEOPLE LEARN TO SAVE AND MANAGE MONEY. SHARE CERTIFICATES ARE ACCOUNTS THAT PROVIDE HIGHER RATES TO MEMBERS WITH LARGER SUMS TO PUT INTO SAVINGS OVER A FIXED PERIOD OF TIME. NETCU ALSO OFFERS A VARIETY OF IRA'S INCLUDING ROTH AND TRADITIONAL. NETCU ENDED 2021 WITH TOTAL SHARE BALANCES OF $181,465,013.
NORTH EAST TEXAS CREDIT UNION HAS ALWAYS OFFERED LOANS AT COMPETITIVE OR LOWER RATES THAN OTHER FINANCIAL INSTITUTIONS. NETCU IS ABLE TO SERVE ITS ENTIRE MEMBERSHIP WITH OUR RISK-BASED LENDING PROGRAM. CONSUMER LOAN OFFERINGS INCLUDE BUT ARE NOT LIMITED TO AUTO LOANS, BEREAVEMENT, TAX REFUND, COMPUTER, FURNITURE, AND AGRICULTURAL LOANS. NETCU ALSO MAINTAINS A PORTFOLIO OF CONSUMER REAL ESTATE LOANS. FIXED RATE AND BALLOON LOANS FOR PURCHASE, HOME IMPROVEMENT, HOME EQUITY, AND CONSTRUCTION ARE AVAILABLE. NETCU ENDED 12/31/2021 WITH 4,921 LOANS TOTALING $90,589,646. OF THESE LOANS, 2,313 OF THESE LOANS TOTALING $42,331,805 WERE FUNDED IN 2021.
NETCU CONTINUOUSLY RESEARCHES AND INVEST IN NEW TECHNOLOGY TO BETTER SERVE ITS MEMBERS. NET TELLER INTERNET BANKING OFFERS ONLINE ACCOUNT HISTORY INQUIRIES, STATEMENT RETRIEVAL, CURRENT TRANSACTION HISTORY, ON-LINE TRANSFERS, LOAN PAYMENTS, AND STOP PAYMENTS. TEXT BANKING ALLOWS MEMBERS TO CHECK THEIR FINANCIAL STATUS EVEN IF THEY DON'T HAVE A SMART PHONE OR WEB ENABLED DEVICE. MOBILE DEPOSIT ALLOWS FOR THE DEPOSIT OF CHECKS THROUGH IMAGE. ON-LINE BILL PAYMENT ALLOWS MEMBERS TO PAY BILLS ELECTRONICALLY AND COMPLETE PERSON TO PERSON PAYMENTS. CHECK IMAGES AND E-STATEMENTS ARE AVAILABLE ON-LINE TO MEMBERS. OUR AUDIO RESPONSE SYSTEM IS A TELEPHONE SERVICE THAT ALLOWS MEMBERS ACCESS TO THEIR CU ACCOUNT FROM ANYWHERE. WE ALSO ARE EQUIPPED TO OPEN NEW ACCOUNTS AND APPLY FOR LOANS THROUGH AN ON-LINE PLATFORM. NETCU UTILIZES MEMBER ALERTS WHICH ARE ALERTS SENT VIA TEXT AND EMAIL ALLOWING NETCU TO KEEP MEMBERS UP TO DATE ON DATA BREACHES, WEATHER RELATED CLOSINGS, OR OTHER EMERGENCY INFORMATION. MOBILE WALLET TECHNOLOGY ALLOWS MEMBERS THE ABILITY TO COMPLETE TRANSACTIONS WITH THEIR SMARTPHONES. NETCU UPDATED HOME BANKING IN 2021 WHICH INCLUDED ADDITIONS FOR MEMBER TO MEMBER TRANSFERS AND CARD MANAGEMENT OPTIONS.
NORTH EAST TEXAS CREDIT UNION ALSO OFFERS THE FOLLOWING SERVICES - OVERDRAFT PROTECTION, COURTESY PAY, DEBIT CARDS, CREDIT CARDS, ATM NETWORK, DIRECT DEPOSIT, SAFE DEPOSIT BOXES, MONEY TRANSFER SERVICES, BUSINESS CHECKING, MEMBER BUSINESS LENDING, AND LOAN INSURANCE PROTECTION PRODUCTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barbara Kay Stewart President/ceo/sec&treasurer (retired 6/30/22) | OfficerTrustee | 40 | $214,629 |
Keitha Nilsson Executive Vice President | Officer | 40 | $143,765 |
Eearl Mueller It Administrator | 40 | $128,828 | |
Mindy Nichols VP Accounting | 40 | $102,243 | |
Anna Webb-Moore VP Compliance | 40 | $101,424 | |
Deborah Martin Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Econ-o-check Checking Account Services | 12/30/21 | $272,861 |
Windstream Network Communications | 12/30/21 | $187,407 |
East Texas Lawn Care Lawn Maintenance | 12/30/21 | $137,582 |
Jack Henry & Associates Computer And Card Processing | 12/30/21 | $1,184,288 |
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 | $8,324,601 |
| Investment income | $992,977 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $144,535 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,477,993 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $6,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $490,596 |
| Compensation of current officers, directors, key employees. | $399,655 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,597,998 |
| Pension plan accruals and contributions | $79,821 |
| Other employee benefits | $485,564 |
| Payroll taxes | $218,811 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,482 |
| Fees for services: Accounting | $112,409 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $468,387 |
| Advertising and promotion | $52,879 |
| Office expenses | $812,951 |
| Information technology | $1,469,223 |
| Royalties | $0 |
| Occupancy | $221,072 |
| Travel | $19,758 |
| 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 | $422,234 |
| Insurance | $47,012 |
| All other expenses | $74,979 |
| Total functional expenses | $8,113,723 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,131,687 |
| Savings and temporary cash investments | $13,225,299 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $2,983,727 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $86,955,457 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $4,914,236 |
| Investments—publicly traded securities | $70,035,383 |
| Investments—other securities | $15,316,053 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,436,651 |
| Total assets | $200,998,493 |
| Accounts payable and accrued expenses | $238,456 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $11,111,835 |
| 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 | $170,353,178 |
| Total liabilities | $181,703,469 |
| 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 | $19,295,024 |
| Total liabilities and net assets/fund balances | $200,998,493 |
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 |