Skel-Tex Credit Union
- Assets
- $7.0m
- Revenue
- $192.9k
- Investments
- $0.0
- Employees
- 3
- Location
- Skellytown, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- 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 12/2022, 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 12/2022, Skel-Tex Credit Union generated $192.9k in total revenue. The organization has seen a slow decline revenue. Over the past 4 years, revenues have fallen by an average of (2.8%) each year. All expenses for the organization totaled $195.5k 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
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 | $51,407 |
Susie Edwards Board Secretary | Trustee | 0 | $0 |
Glenna Swanson Board Director | Trustee | 0 | $0 |
Raymond Hanover Board Director | Trustee | 0 | $0 |
Reva Williams Board Treasurer | Trustee | 0 | $0 |
Larry Brown Board Chairman | 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 | $33,025 |
| 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 | $192,873 |
| 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 | $39,277 |
| Compensation of current officers, directors, key employees. | $102,677 |
| Compensation of current officers, directors, key employees. | $51,407 |
| 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 | $7,987 |
| Advertising and promotion | $373 |
| Office expenses | $24,925 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,582 |
| Travel | $288 |
| 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 | $8,906 |
| Total functional expenses | $195,487 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,674 |
| Savings and temporary cash investments | $157,474 |
| 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 | $3,149,284 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $53,457 |
| Net Land, buildings, and equipment | $1,513 |
| Investments—publicly traded securities | $3,549,788 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $29,894 |
| Other assets | $0 |
| Total assets | $6,950,084 |
| Accounts payable and accrued expenses | $2,427 |
| 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 | $5,686,366 |
| Total liabilities | $5,688,793 |
| 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 | $1,261,291 |
| Total liabilities and net assets/fund balances | $6,950,084 |