Sweetex Credit Union
- Assets
- $10.9m
- Revenue
- $274.1k
- Investments
- $0.0
- Employees
- 2
- Location
- Longview, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- EIN
- 75-0869112
Organization Overview
Sweetex 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 12/2022, Sweetex Credit Union employed 2 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Sweetex 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 12/2022, Sweetex Credit Union generated $274.1k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.8%) each year. All expenses for the organization totaled $261.9k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SWEETEX CREDIT UNION OFFERS SAVINGS AND LOANS TO A SINGLE EMPLOYEE GROUP AND THEIR FAMILIES AT ECONOMICAL RATES AND ENCOURAGES THE FINANCIAL HEALTH OF OUR MEMBER-OWNERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBER SHARE/SAVINGS ACCOUNTS-SWEETEX CREDIT UNION'S SHARE/SAVINGS ACCOUNTS OFFER ADVANTAGES TO MEMBERS OF ALL AGES. THE CREDIT UNION HAD MORE THAN 1000 MEMBER OWNED ACCOUNTS ON DECEMBER 31, 2012. MEMBER ACCOUNTS ARE PAID DIVIDENDS MONTHLY WITH AVAILABILITY OF DIRECT DEPOSIT AND ACH FOR TRANSACTIONS. THE CREDIT UNION ENCOURAGES THE DEVELOPMENT OF SAVING HABITS.
CONSUMER LOANS-SWEETEX CREDIT UNION HAS PROVIDED VEHICLE AND OTHER SECURED LOANS SINCE ITS BEGINNING IN 1952. THE CONSUMER LOAN PRODUCT LINE NOW INCLUDES EFFICIENT UNDERWRITING AND FLEXIBLE OFFERINGS FOR RV'S, BOATS, MOTORCYCLES, NEW AND USED AUTOS, AND UNSECURED LOANS. CONSUMER CREDIT LIFE AND DISABILITY INSURANCE AND GUARANTEED AUTO BALANCE PROTECTION COVERAGE ARE AVAILABLE AT GROUP RATES JUST FOR OUR MEMBER BORROWERS.
HOME LOANS-SWEETEX CREDIT UNION HAS BEEN OFFERING HOME LOANS FOR OVER 20 YEARS AT COMPETITIVE RATES TO ITS MEMBERSHIP AND BEGAN OFFERING HOME EQUITY LOANS IN RECENT YEARS. THE CREDIT UNION CURRENTLY BOOKS THESE LOANS IN-HOUSE TO MATURITY. SWEETEX IS VERY CONSERVATIVE IN IT'S MORTGAGE LENDING, ONLY FINANCING 80%OR LESS LOAN TO VALUE FOR 20 OR LESS YEARS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lawanda Drennan President/ceo | OfficerTrustee | 40 | $87,413 |
Rita Hogan Board Chairman | OfficerTrustee | 2 | $0 |
Raymond F Taylor Board Vice Chairman | OfficerTrustee | 2 | $0 |
Billy Parr Board Secretary | OfficerTrustee | 2 | $0 |
Ronald Tevebaugh Director | OfficerTrustee | 1.5 | $0 |
Adrienne Newhouse Director | Trustee | 0.5 | $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 | $148,161 |
| Investment income | $125,936 |
| 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 | $274,097 |
| 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. | $87,413 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $37,750 |
| Pension plan accruals and contributions | $9,340 |
| Other employee benefits | $44,207 |
| Payroll taxes | $9,756 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $16,715 |
| Information technology | $18,800 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $34,154 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $3,793 |
| Total functional expenses | $261,928 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $62,790 |
| Savings and temporary cash investments | $7,245,010 |
| 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 | $3,585,210 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $20,333 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $34,356 |
| Total assets | $10,947,699 |
| Accounts payable and accrued expenses | $157,518 |
| 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 | $7,269,676 |
| Total liabilities | $7,427,194 |
| 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 | $3,520,505 |
| Total liabilities and net assets/fund balances | $10,947,699 |