Lone Star Credit Union
- Assets
- $160.1m
- Revenue
- $7.7m
- Investments
- $34.3k
- Employees
- 44
- Location
- Dallas, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 75-1253045
Organization Overview
Lone Star Credit Union is located in Dallas, 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, Lone Star Credit Union employed 44 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Lone Star 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, Lone Star Credit Union generated $7.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $6.3m during the year ending 12/2021. While expenses have increased by 2.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
PROVIDE FINANCIAL SERVICES FOR MEMBERS IN OUR COMMUNITY CHARTER FIELD OF MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES FOR MEMBERS INCLUDING CONSUMER LOANS, CHECKING ACCOUNTS, AND SHARE SAVINGS ACCOUNTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rebecca Reed CEO | Officer | 50 | $205,227 |
Brian Harper CFO | Officer | 50 | $162,818 |
Marcy Phillips COO | Officer | 50 | $145,859 |
Leighann Carson Chief Administrative Offic | Officer | 50 | $142,097 |
Wayne Price Board Chairperson | Trustee | 1 | $0 |
Marki Holmes Board Vice Chairperson | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dbsi Construction Service | 12/30/21 | $3,472,758 |
Pscu Credit And Debit Processing | 12/30/21 | $491,590 |
Pure It Credit Union Services It Infrastructure Maintenance | 12/30/21 | $114,350 |
Allied Solutions Lender Insurance | 12/30/21 | $103,256 |
Cut-n-edge Lawn & Landscape Landscape Services | 12/30/21 | $100,472 |
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 | $7,369,984 |
| Investment income | $331,600 |
| 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 | $7,701,584 |
| 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. | $723,573 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,605,676 |
| Pension plan accruals and contributions | $81,324 |
| Other employee benefits | $244,605 |
| Payroll taxes | $172,444 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $28,763 |
| Fees for services: Accounting | $4,873 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $100,644 |
| Advertising and promotion | $150,807 |
| Office expenses | $1,005,728 |
| Information technology | $620,660 |
| Royalties | $0 |
| Occupancy | $341,471 |
| Travel | $17,567 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $40,505 |
| Interest | $381,138 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $216,936 |
| Insurance | $65,644 |
| All other expenses | $0 |
| Total functional expenses | $6,309,974 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,140,329 |
| Savings and temporary cash investments | $20,092,556 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $326,867 |
| Loans from Officers, Directors, or Controlling Persons | $166,503 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $105,060,969 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,004,351 |
| Net Land, buildings, and equipment | $7,517,461 |
| Investments—publicly traded securities | $20,163,643 |
| Investments—other securities | $34,258 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,609,935 |
| Total assets | $160,116,872 |
| Accounts payable and accrued expenses | $746,066 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $103,225 |
| 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 | $146,956,274 |
| Total liabilities | $147,805,565 |
| 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 | $12,311,307 |
| Total liabilities and net assets/fund balances | $160,116,872 |
Peer Organizations
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|---|---|---|
Coastlife Credit Union Corpus Christi, TX | $459,349,679 | $21,652,843 |
Mct Credit Union Port Neches, TX | $363,107,409 | $15,984,837 |
Americas Credit Union Garland, TX | $409,491,001 | $16,218,007 |
First Basin Credit Union Odessa, TX | $306,636,605 | $15,708,343 |
Allegiance Credit Union Oklahoma City, OK | $376,025,043 | $16,187,363 |
Texoma Community Credit Union Wichita Falls, TX | $259,230,472 | $16,333,220 |
Oklahoma Educators Credit Union Oklahoma City, OK | $242,039,953 | $16,355,869 |
Credit Unions In The State Of New Mexico Santa Fe, NM | $252,448,158 | $14,584,670 |
First Central Credit Union Waco, TX | $142,192,635 | $12,212,863 |
Gulf Credit Union Groves, TX | $336,623,302 | $15,838,269 |
Energy Capital Credit Union Houston, TX | $259,660,339 | $11,030,260 |
State Chartered Credit Unions In Louisiana Lake Charles, LA | $153,121,704 | $12,096,894 |