Navarro Credit Union
- Assets
- $3.4m
- Revenue
- $107.1k
- Investments
- $0.0
- Employees
- 2
- Location
- Corsicana, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 75-1077418
Organization Overview
Navarro Credit Union is located in Corsicana, 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, Navarro Credit Union employed 2 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Navarro 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, Navarro Credit Union generated $107.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.4%) each year. All expenses for the organization totaled $104.5k during the year ending 12/2021. 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
PROVIDER OF CREDIT UNION FINANCIAL SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARE ACCOUNTS NAVARRO CREDIT UNION OFFERS SHARE ACCOUNTSS TO MEMBERS OF ALL AGES. THE CREDIT UNION HAD 777 MEMBERS/OWNERS OF SHARE ACCOUNTS AS OF 12/31/2021. MEMBER SHARE ACCOUNTS PAY DIVIDENDS QUARTERLY.
CONSUMER LOANS NAVARRO CREDIT UNION OFFERS LOANS FOR VEHICLES, RECREATIONAL VEHICLES BOATS, MOTOCYCLES & SIDE BY SIDES AS WELL AS MISCELLANEOUS LOANS COVERING TRAILERS, FURNITURE, TRACTORS AND LAWN MOWERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shirley L Colbert President | Officer | 40 | $42,172 |
Elaine Jernigan Parttime Employee | Officer | 10 | $9,736 |
Tiffany Richardson Secretary | OfficerTrustee | 1.5 | $0 |
Patricia A Reed Board Vice Chairman | OfficerTrustee | 1.5 | $0 |
Jerry Welch Board Chairman | OfficerTrustee | 1.5 | $0 |
Don Butcher Director | Trustee | 1.5 | $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 | $63,959 |
| Investment income | $26,196 |
| 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 | $107,061 |
| 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. | $51,908 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,029 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,742 |
| 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 | $15,702 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,660 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,292 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $104,466 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $146,876 |
| Savings and temporary cash investments | $2,137,825 |
| 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 | $1,068,957 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,760 |
| Net Land, buildings, and equipment | $3,061 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,028 |
| Total assets | $3,363,507 |
| Accounts payable and accrued expenses | $7,841 |
| 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 | $0 |
| Total liabilities | $7,841 |
| Net assets without donor restrictions | $2,228,086 |
| 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 | $2,228,087 |
| Retained earnings, endowment, accumulated income, or other funds | $1,127,579 |
| Total liabilities and net assets/fund balances | $3,363,507 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ttcu Federal Credit Union Tulsa, OK | $2,611,508,582 | $123,227,030 |
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Texas Trust Credit Union Arlington, TX | $1,797,827,251 | $77,667,084 |
Intouch Credit Union Plano, TX | $1,046,983,946 | $47,406,759 |
State Chartered Credit Unions In Louisiana Baton Rouge, LA | $599,377,066 | $59,950,337 |
Firstmark Credit Union San Antonio, TX | $1,229,967,544 | $50,715,745 |
True Sky Credit Union Oklahoma City, OK | $831,301,668 | $47,281,663 |
United Heritage Credit Union Austin, TX | $1,405,950,790 | $55,051,200 |
First Service Credit Union Houston, TX | $855,098,387 | $54,328,304 |
Neighborhood Credit Union Dallas, TX | $1,066,752,639 | $52,511,237 |
Velocity Credit Union Austin, TX | $1,067,927,517 | $65,298,866 |