Skel-Tex Credit Union
- Assets
- $6.6m
- Revenue
- $216.2k
- Investments
- $0.0
- Employees
- 3
- Location
- Skellytown, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 75-0939167
Organization Overview
Skel-Tex Credit Union is located in Skellytown, 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, Skel-Tex Credit Union employed 3 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Skel-Tex 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, Skel-Tex Credit Union generated $216.2k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $182.0k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.1%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SAVINGS AND LOANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOTAL FUNCTIONAL EXPENSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terri Cone Manager | Officer | 35 | $50,133 |
Susie Edwards Board Secretary | Trustee | 0 | $0 |
Sherry Kramer Board Vice-Chairman | Trustee | 0 | $0 |
Beverly Mills Board Director | Trustee | 0 | $0 |
Glenna Swanson Board Director | Trustee | 0 | $0 |
Reva Williams Board Treasurer | Trustee | 0 | $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 | $0 |
| Investment income | $30,767 |
| 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 | $216,191 |
| 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 | $38,322 |
| Compensation of current officers, directors, key employees. | $103,108 |
| Compensation of current officers, directors, key employees. | $50,133 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $9,189 |
| Advertising and promotion | $369 |
| Office expenses | $25,352 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,967 |
| Travel | $398 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $8,841 |
| Total functional expenses | $181,985 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,389 |
| Savings and temporary cash investments | $784,029 |
| 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 | $2,955,308 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $48,829 |
| Net Land, buildings, and equipment | $1,513 |
| Investments—publicly traded securities | $2,798,954 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $19,103 |
| Other assets | $0 |
| Total assets | $6,613,125 |
| Accounts payable and accrued expenses | $3,521 |
| 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 | $5,345,699 |
| Total liabilities | $5,349,220 |
| 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 | $1,263,905 |
| Total liabilities and net assets/fund balances | $6,613,125 |
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