Ward County Credit Union
- Assets
- $18.4m
- Revenue
- $641.0k
- Investments
- $11.0m
- Employees
- 8
- Location
- Monahans, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 75-1085796
Organization Overview
Ward County Credit Union is located in Monahans, 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, Ward County Credit Union employed 8 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Ward County 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, Ward County Credit Union generated $641.0k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $598.4k 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
WCCU WAS CHARTERED FOR THE PURPOSE OF ENCOURAGING THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST,
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARE ACCOUNTS - WCCU'S SHARE ACCOUNT OFFER ADVANTAGES TO MEMBERS OF ALL AGES. MEMBER SAVINGS ACCOUNTS PAY DIVIDENDS MONTHLY AND OFFER ACCESS THROUGH BRANCH NETWORK, HOME BANKING VIA THE INTERNET OR TELEPHONE AND ATMS. SPECIAL SAVINGS ACCOUNTS DESIGNED FOR CHILDREN AND TEEANGERS ENCOURAGE THE DEVELOPMENT OF CONSISTENT SAVINGS HABITS.
CHECKING ACCOUNTS - WCCU PROVIDES CHECKING ACCOUNTS FOR CONSUMERS WITH VARIOUS FEATURES, FROM FREE ACCOUNTS TO THOSE WITH ENHANCED BENEFITS. MOST OFFER DIVIDENDS THAT ARE PAID MONTHLY. ADDITIONALLY, WCTCU EXTENDS THE REACH OF THESE ACCOUNTS TO ALL MEMBERS WITH FREE DEBIT CARDS, INTERNET ACCOUNT ACCESS AND FREE USE OF THE INTERNET BILL PAYER PLATFORM.
CONSUMER LOANS - WCCU HAS PROVIDED VEHICLE LOANS SINCE ITS EARLY YEARS. THE CONSUMER LOAN PRODUCT NOW INCLUDES EFFICIENT UNDERWRITING AND FLEXIBLE OFFERINGS FOR RECREATIONAL VEHICLES, BOATS AND MOTORCYLCES. CONSUMER LIFE AND DISABILITY INSURANCE IS AVAILABLE ON ANY OF THESE LOAN TYPES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Tuxhorn Chairman | OfficerTrustee | 0 | $0 |
Kay Rankin-Swan Manager/ceo/treasurer | OfficerTrustee | 40 | $56,802 |
Arcadio Rivera Board Secretary | OfficerTrustee | 0 | $0 |
Doug Roeber Vice Chair | OfficerTrustee | 0 | $0 |
Vicki Leyva Board Member | Trustee | 0 | $0 |
Beau Harris Board Member | 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 | $458,695 |
| Investment income | $118,831 |
| 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 | $640,973 |
| 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. | $56,802 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $155,000 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $15,173 |
| Other employee benefits | $41,750 |
| Payroll taxes | $15,212 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $165 |
| Fees for services: Other | $1,506 |
| Advertising and promotion | $13,197 |
| Office expenses | $14,538 |
| Information technology | $39,130 |
| Royalties | $0 |
| Occupancy | $31,514 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,485 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $18,119 |
| Insurance | $13,525 |
| All other expenses | $134,697 |
| Total functional expenses | $598,389 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,511,921 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $40,623 |
| Loans from Officers, Directors, or Controlling Persons | $56,741 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,271,950 |
| Inventories for sale or use | $1,102 |
| Prepaid expenses and deferred charges | $30,961 |
| Net Land, buildings, and equipment | $286,455 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,986,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $177,362 |
| Total assets | $18,363,115 |
| Accounts payable and accrued expenses | $97,195 |
| 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 | $16,699,817 |
| Total liabilities | $16,797,012 |
| 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 | $1,566,103 |
| Total liabilities and net assets/fund balances | $18,363,115 |