Telco Plus Credit Union
- Assets
- $73.6m
- Revenue
- $3.7m
- Investments
- $0.0
- Employees
- 41
- Location
- Longview, TX
- Founding
- 06/1976
- Data as of
- 12/2020
- EIN
- 75-0853180
Organization Overview
Telco Plus Credit Union is located in Longview, 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 12/2020, Telco Plus Credit Union employed 41 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Telco Plus 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 12/2020, Telco Plus Credit Union generated $3.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $2.6m during the year ending 12/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TELCO PLUS CREDIT UNION IS A NOT-FOR-PROFIT COOPERATIVE THRIFT INSTITUTION, STATE CHARTERED AND REGULATED BY THE STATE OF TEXAS CREDIT UNION DEPARTMENT AND THE NATIONAL CREDIT UNION ADMINISTRATION. TELCO PLUS CREDIT UNION IS A MEMBER OF THE NATIONAL CREDIT UNION ADMINISTRATION INSURANCE FUND. TELCO PLUS CREDIT UNION OFFERS CONSUMER PRODUCTS AND SERVICES IN THE FOLLOWING PRIMARY AREAS: SHARE ACCOUNTS, CHECKING ACCOUNTS, CONSUMER LOANS, HOME EQUITY LOANS AND MORTGAGE LOANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARE ACCOUNTS: TELCO PLUS CREDIT UNION OFFERS A VARIETY OF SHARE ACCOUNTS, INCLUDING SAVINGS, CD'S, TUTMA, IRA'S, SPECIAL SAVINGS, MEMBER MONEY FUND SAVINGS, CHRISTMAS AND VACATION CLUB ACCOUNTS. TELCO PLUS CREDIT UNION MAINTAINED AND PAID DIVIDENDS ON OVER 14,503 ACCOUNTS IN 2019. THE CREDIT UNION PROVIDES ALL MEMBERS WITH ACCESS VIA ATM'S, ONLINE BANKING, TEXT & MOBILE BANKING, AUDIO RESPONSE, AND IN-PERSON FINANCIAL SERVICE REPRESENTATIVES. FREE FINANCIAL EDUCATION FAIRS ARE OFFERED TO LOCAL SCHOOLS. OUR ACCOUNTS ARE OFFERED FREE ONLINE ACCESS TO EDUCATIONAL GAMES AND ACTIVITIES GEARED TO VARIOUS AGE GROUPS. TELCO PLUS SUPPLIES AND SUPPORTS 2 ATMS FOR MEMBER USAGE. SHARES ARE INSURED THROUGH NCUSIF.
CHECKING ACCOUNTS: AS OF DECEMBER TELCO PLUS CREDIT UNION MAINTAINED OVER 3,376 ACTIVE CHECKING ACCOUNTS. MANY ACCOUNTS EARN DIVIDENDS AND MOST DO NOT REQUIRE A MONTHLY SERVICE CHARGE. MEMBERS WITH CHECKING ACCOUNTS ARE OFFERED ATM AND DEBIT CARD ACCESS TO THEIR FUNDS. MEMBERS OVER AGE 60 RECEIVE FREE PRINTED CHECKS, NO FEE CASHIER CHECKS AND NO MONTHLY SERVICE CHARGE. FULL-TIME STUDENT CHECKING ACCOUNTS HAVE NO MONTHLY SERVICE CHARGE AND RECEIVE A FREE BOX OF CHECKS. REWARDS CHECKING ACCOUNTS OFFER A HIGHER THAN CD DIVIDEND RATE, NO MONTHLY SERVICE CHARGE, ATM FEE REFUNDS, ID THEFT PROGRAM AND FREE CREDIT REPORT MONITORING SERVICE.
CONSUMER LOANS: ALL LOANS ARE MADE TO INDIVIDUAL CONSUMERS. LOANS OFFERED INCLUDE: AUTOS, BOATS, MOTORCYCLES, RECREATIONAL VEHICLES, PERSONAL LOANS, FURNITURE, LINE OF CREDIT, CREDIT CARD, HOME EQUITY AND HOME MORTGAGE LOANS. A VARIETY OF LOAN PROTECTION PRODUCTS ARE OFFERED, WHICH INCLUDE: CREDIT LIFE, CREDIT DISABILITY, GUARANTEED ASSET PROTECTION AND MECHANICAL BREAKDOWN AT RATES FAR LESS THAN MOST DEALERS. AS OF DECEMBER 31, 2019 TELCO PLUS CREDIT UNION MAINTAINED 3,143 LOANS TO MEMBERS.
SHARE ACCOUNTS: TELCO PLUS CREDIT UNION OFFERS A VARIETY OF SHARE ACCOUNTS, INCLUDING SAVINGS, CD'S, TUTMA, IRA'S, SPECIAL SAVINGS, MEMBER MONEY FUND SAVINGS, CHRISTMAS AND VACATION CLUB ACCOUNTS. TELCO PLUS CREDIT UNION MAINTAINED AND PAID DIVIDENDS ON OVER 14,503 ACCOUNTS IN 2019. THE CREDIT UNION PROVIDES ALL MEMBERS WITH ACCESS VIA ATM'S, ONLINE BANKING, TEXT & MOBILE BANKING, AUDIO RESPONSE, AND IN-PERSON FINANCIAL SERVICE REPRESENTATIVES. FREE FINANCIAL EDUCATION FAIRS ARE OFFERED TO LOCAL SCHOOLS. OUR ACCOUNTS ARE OFFERED FREE ONLINE ACCESS TO EDUCATIONAL GAMES AND ACTIVITIES GEARED TO VARIOUS AGE GROUPS. TELCO PLUS SUPPLIES AND SUPPORTS 2 ATMS FOR MEMBER USAGE. SHARES ARE INSURED THROUGH NCUSIF.
CHECKING ACCOUNTS: AS OF DECEMBER TELCO PLUS CREDIT UNION MAINTAINED OVER 3,376 ACTIVE CHECKING ACCOUNTS. MANY ACCOUNTS EARN DIVIDENDS AND MOST DO NOT REQUIRE A MONTHLY SERVICE CHARGE. MEMBERS WITH CHECKING ACCOUNTS ARE OFFERED ATM AND DEBIT CARD ACCESS TO THEIR FUNDS. MEMBERS OVER AGE 60 RECEIVE FREE PRINTED CHECKS, NO FEE CASHIER CHECKS AND NO MONTHLY SERVICE CHARGE. FULL-TIME STUDENT CHECKING ACCOUNTS HAVE NO MONTHLY SERVICE CHARGE AND RECEIVE A FREE BOX OF CHECKS. REWARDS CHECKING ACCOUNTS OFFER A HIGHER THAN CD DIVIDEND RATE, NO MONTHLY SERVICE CHARGE, ATM FEE REFUNDS, ID THEFT PROGRAM AND FREE CREDIT REPORT MONITORING SERVICE.
CONSUMER LOANS: ALL LOANS ARE MADE TO INDIVIDUAL CONSUMERS. LOANS OFFERED INCLUDE: AUTOS, BOATS, MOTORCYCLES, RECREATIONAL VEHICLES, PERSONAL LOANS, FURNITURE, LINE OF CREDIT, CREDIT CARD, HOME EQUITY AND HOME MORTGAGE LOANS. A VARIETY OF LOAN PROTECTION PRODUCTS ARE OFFERED, WHICH INCLUDE: CREDIT LIFE, CREDIT DISABILITY, GUARANTEED ASSET PROTECTION AND MECHANICAL BREAKDOWN AT RATES FAR LESS THAN MOST DEALERS. AS OF DECEMBER 31, 2019 TELCO PLUS CREDIT UNION MAINTAINED 3,143 LOANS TO MEMBERS.
SHARE ACCOUNTS: TELCO PLUS CREDIT UNION OFFERS A VARIETY OF SHARE ACCOUNTS, INCLUDING SAVINGS, CD'S, TUTMA, IRA'S, SPECIAL SAVINGS, MEMBER MONEY FUND SAVINGS, CHRISTMAS AND VACATION CLUB ACCOUNTS. TELCO PLUS CREDIT UNION MAINTAINED AND PAID DIVIDENDS ON OVER 14,503 ACCOUNTS IN 2019. THE CREDIT UNION PROVIDES ALL MEMBERS WITH ACCESS VIA ATM'S, ONLINE BANKING, TEXT & MOBILE BANKING, AUDIO RESPONSE, AND IN-PERSON FINANCIAL SERVICE REPRESENTATIVES. FREE FINANCIAL EDUCATION FAIRS ARE OFFERED TO LOCAL SCHOOLS. OUR ACCOUNTS ARE OFFERED FREE ONLINE ACCESS TO EDUCATIONAL GAMES AND ACTIVITIES GEARED TO VARIOUS AGE GROUPS. TELCO PLUS SUPPLIES AND SUPPORTS 2 ATMS FOR MEMBER USAGE. SHARES ARE INSURED THROUGH NCUSIF.
CHECKING ACCOUNTS: AS OF DECEMBER TELCO PLUS CREDIT UNION MAINTAINED OVER 3,376 ACTIVE CHECKING ACCOUNTS. MANY ACCOUNTS EARN DIVIDENDS AND MOST DO NOT REQUIRE A MONTHLY SERVICE CHARGE. MEMBERS WITH CHECKING ACCOUNTS ARE OFFERED ATM AND DEBIT CARD ACCESS TO THEIR FUNDS. MEMBERS OVER AGE 60 RECEIVE FREE PRINTED CHECKS, NO FEE CASHIER CHECKS AND NO MONTHLY SERVICE CHARGE. FULL-TIME STUDENT CHECKING ACCOUNTS HAVE NO MONTHLY SERVICE CHARGE AND RECEIVE A FREE BOX OF CHECKS. REWARDS CHECKING ACCOUNTS OFFER A HIGHER THAN CD DIVIDEND RATE, NO MONTHLY SERVICE CHARGE, ATM FEE REFUNDS, ID THEFT PROGRAM AND FREE CREDIT REPORT MONITORING SERVICE.
CONSUMER LOANS: ALL LOANS ARE MADE TO INDIVIDUAL CONSUMERS. LOANS OFFERED INCLUDE: AUTOS, BOATS, MOTORCYCLES, RECREATIONAL VEHICLES, PERSONAL LOANS, FURNITURE, LINE OF CREDIT, CREDIT CARD, HOME EQUITY AND HOME MORTGAGE LOANS. A VARIETY OF LOAN PROTECTION PRODUCTS ARE OFFERED, WHICH INCLUDE: CREDIT LIFE, CREDIT DISABILITY, GUARANTEED ASSET PROTECTION AND MECHANICAL BREAKDOWN AT RATES FAR LESS THAN MOST DEALERS. AS OF DECEMBER 31, 2019 TELCO PLUS CREDIT UNION MAINTAINED 3,143 LOANS TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Board Member 9 Director | Officer | 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 | $3,023,434 |
| Investment income | $162,273 |
| 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 | $3,664,534 |
| 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. | $3,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,086,787 |
| Pension plan accruals and contributions | $1,055 |
| Other employee benefits | $3,181 |
| Payroll taxes | $82,956 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $25,403 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,185 |
| Advertising and promotion | $161,586 |
| Office expenses | $156,176 |
| Information technology | $268,415 |
| Royalties | $0 |
| Occupancy | $152,461 |
| Travel | $6,469 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $77,653 |
| Interest | $211,125 |
| Payments to affiliates | $17,994 |
| Depreciation, depletion, and amortization | $104,310 |
| Insurance | $37,371 |
| All other expenses | $0 |
| Total functional expenses | $2,586,920 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,470,877 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $27,139 |
| Loans from Officers, Directors, or Controlling Persons | $71,030 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $46,321,311 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $219,118 |
| Net Land, buildings, and equipment | $2,903,047 |
| Investments—publicly traded securities | $21,640,005 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $957,995 |
| Total assets | $73,610,522 |
| Accounts payable and accrued expenses | $974,458 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $97,131 |
| 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 | $61,519,126 |
| Total liabilities | $62,590,715 |
| 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 | $11,019,807 |
| Total liabilities and net assets/fund balances | $73,610,522 |
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