Plus Credit Union
- Assets
- $119.1m
- Revenue
- $5.5m
- Investments
- $0.0
- Employees
- 35
- Location
- Las Vegas, NV
- Founding
- 09/1983
- Data as of
- 12/2023
- EIN
- 88-0067875
Organization Overview
Plus Credit Union is located in Las Vegas, NV. The organization was established in 1983. 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 12/2023, Plus Credit Union employed 35 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Plus 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 12/2023, Plus Credit Union generated $5.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $4.3m during the year ending 12/2023. While expenses have increased by 2.0% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LAS VEGAS ELECTRICAL FEDERAL CREDIT UNION WAS FORMED IN 1952, IN LAS VEGAS, NEVADA WITH 100 MEMBERS OF I.B.E.W. LOCAL #357 AS THE CHARTER MEMBERS OF THE CREDIT UNION. IBEW PLUS CREDIT UNION WAS THE FIRST UNION-REPRESENTED CREDIT UNION IN NEVADA. OVER THE YEARS, WE HAVE BECOME A FULL-SERVICE FINANCIAL INSTITUTION OFFERING OUR MEMBERS THE HIGHEST LEVEL OF SERVICE, RESPECT, AND SECURITY. OUR LENDING PROGRAM ENCOMPASSES ALL LENDING AREAS UNDER WHICH OUR MEMBERS MAY NEED CONSUMER CREDIT DURING THEIR MEMBERSHIP WITH IBEW PLUS CREDIT UNION, SUCH AS AUTO LOANS, HOME LOANS, AND HOME EQUITY LOANS. CONVERSELY, WHERE OUR MEMBERS NEED A SAVINGS VESSEL THAT GIVES THE SAFETY AND SECURITY OF BANKING DEPOSIT PRODUCTS, IBEW PLUS CREDIT UNION OFFERS A WIDE VARIETY OF INTEREST BEARING CONSUMER DEPOSIT ACCOUNTS FROM CHECKING ACCOUNTS THROUGH IRA TIME DEPOSITS AND ALL THINGS IN BETWEEN. OUR DRIVING PRINCIPLE IS TO BE AVAILABLE FOR OUR MEMBERS/OWNER'S FINANCIAL NEEDS WHILE PROVIDING AN ENVIRONMENT WHERE OUR MEMBER/OWNER'S FINANCIAL NEEDS COMPLIMENT AND ASSIST OTHER MEMBER/OWNER'S NEEDS AND REQUIREMENTS IN A PURELY COOPERATIVE ENVIRONMENT.
ACCESSIBILITY TO THEIR FUNDS IS HIGH ON OUR MEMBERS' WISH LIST. WITH OUR SERVICES, THEY CAN ACCESS THEIR FUNDS THROUGH THE AUTOMATED CLEARING HOUSE, BY CHECK, BY ATM/DEBIT CARDS, PHONE, HOME BANKING, MOBILE ACCESS, ETC.
THE CREDIT UNION STRIVES TO KEEP ITS DIVIDEND RATES WITHIN THE HIGHER END OF THE MARKET TO HELP MEMBERS IMPROVE THEIR WEALTH. DIFFERENT SAVINGS PRODUCTS ARE AVAILABLE FOR DIFFERENT LEVELS OF SAVINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert E Cannon Chairperson | Trustee | 1 | $0 |
Sam Hornbeck Vice Chairperson | Trustee | 1 | $0 |
Wendy Siedlecki Secretary | Trustee | 1 | $0 |
Robert Duke Cannon Treasurer | Trustee | 1 | $0 |
Michael Fritchley Board Member | Trustee | 1 | $0 |
Richard Ososki Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates Inc Core Processor | 12/30/23 | $177,826 |
Co-op Financial Services Card Processing | 12/30/23 | $178,663 |
Btech Service Inc It Support | 12/30/23 | $106,876 |
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 | $2,917,406 |
| Investment income | $2,522,806 |
| 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 | $5,510,028 |
| 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. | $811,900 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $717,491 |
| Pension plan accruals and contributions | $48,704 |
| Other employee benefits | $188,683 |
| Payroll taxes | $108,210 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $600 |
| Fees for services: Accounting | $66,413 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $173,148 |
| Advertising and promotion | $12,008 |
| Office expenses | $255,045 |
| Information technology | $641,977 |
| Royalties | $0 |
| Occupancy | $251,447 |
| Travel | $18,436 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $720,249 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $125,582 |
| Insurance | $0 |
| All other expenses | $11,490 |
| Total functional expenses | $4,349,848 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,096,671 |
| Savings and temporary cash investments | $14,540,037 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $2,481,678 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $249,865 |
| Net Land, buildings, and equipment | $3,114,180 |
| Investments—publicly traded securities | $25,684,159 |
| Investments—other securities | $0 |
| Investments—program-related | $66,979,451 |
| Intangible assets | $0 |
| Other assets | $4,954,538 |
| Total assets | $119,100,579 |
| Accounts payable and accrued expenses | $353,089 |
| 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 | $106,299,906 |
| Total liabilities | $106,652,995 |
| 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 | $12,447,584 |
| Total liabilities and net assets/fund balances | $119,100,579 |