Odessa Employees Credit Union
- Assets
- $19.7m
- Revenue
- $601.6k
- Investments
- $0.0
- Employees
- 9
- Location
- Odessa, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- EIN
- 75-0877904
Organization Overview
Odessa Employees Credit Union is located in Odessa, 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, Odessa Employees Credit Union employed 9 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Odessa Employees 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, Odessa Employees Credit Union generated $601.6k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.4%) each year. All expenses for the organization totaled $585.8k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.4%) per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
COOPERATIVE PROVIDER OF CREDIT UNION SERVICES SUCH AS SAVINGS ACCOUNTS, CHECKING ACCOUNTS AND CONSUMER LOANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARE ACCOUNTS - MEMBER SHARE ACCOUNTS PAY DIVIDENDS QUARTERLY
CERTIFICATES OF DEPOSIT - DIVIDENDS ARE PAID ON THESE MONTHLY
CONSUMER LOANS - THE CREDIT UNION PROVIDES LOANS FOR AUTOS, MOTORCYCLES, SHARE SECURED AND UNSECURED LOANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Anderson Director | Trustee | 1 | $0 |
Wayne Phillips Director | Trustee | 1 | $0 |
John Alavarez Treasurer | OfficerTrustee | 1 | $0 |
Tyler Houchin Secretary | OfficerTrustee | 1 | $0 |
Hal Feldman Vice Chairman | Trustee | 1 | $0 |
Scott Smith Director | Trustee | 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 | $531,227 |
| Investment income | $70,339 |
| 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 | $601,566 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $208,891 |
| Pension plan accruals and contributions | $15,802 |
| Other employee benefits | $17,105 |
| Payroll taxes | $16,909 |
| Fees for services: Management | $4,820 |
| Fees for services: Legal | $225 |
| Fees for services: Accounting | $12,410 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $973 |
| Advertising and promotion | $0 |
| Office expenses | $115,862 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $35,563 |
| Travel | $600 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,179 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $11,331 |
| Total functional expenses | $585,807 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $478,704 |
| Savings and temporary cash investments | $9,901,502 |
| 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 | $8,806,463 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $24,691 |
| Net Land, buildings, and equipment | $303,886 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $195,008 |
| Total assets | $19,710,254 |
| Accounts payable and accrued expenses | $272,632 |
| 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 | $16,612,178 |
| Total liabilities | $16,884,810 |
| 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 | $2,825,444 |
| Total liabilities and net assets/fund balances | $19,710,254 |