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Nonprofiteer
← CREDIT UNION OF TEXAS

Form 990 for tax year 2023

Filed by CREDIT UNION OF TEXAS.

Totals

Total revenue
$187,593,111
Total expenses
$177,028,470
Contributions and grants received
$0
Grants paid
$521,833
Program service revenue
$165,253,009
Investment income
$8,012,925
Other revenue
$14,327,177
Total assets, end of year
$2,510,763,982
Total liabilities, end of year
$2,336,690,186
Net assets or fund balances, end of year
$174,073,796
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: INTEREST ON LOANS

    total $118,719,403 · related or exempt $118,719,403

  • 2b · Program service revenue: MEMBERS FEES & CHARGES

    total $21,854,427 · related or exempt $21,854,427

  • 2c · Program service revenue: ATM/DEBIT INCOME

    total $9,764,328 · related or exempt $9,764,328

  • 2d · Program service revenue: SERVICE REIMBURSEMENT

    total $8,832,142 · related or exempt $8,832,142

  • 2e · Program service revenue: INSURANCE PRODUCTS

    total $6,007,163 · related or exempt $6,007,163

  • 2f · All other program service revenue

    total $75,546 · unrelated business $75,546

  • 3 · Investment income

    total $1,665,541 · related or exempt $1,665,541

  • 6a · Gross rents

    real property $854,909

  • 6b · Less rental expenses

    real property $103,101

  • 6c · Rental income or loss

    real property $751,808

  • 6d · Net rental income or loss

    total $751,808 · related or exempt $751,808

  • 7a · Gross sales of assets other than inventory

    other assets $14,373,516

  • 7b · Less cost or other basis and sales expenses

    other assets $8,026,132

  • 7c · Gain or loss

    other assets $6,347,384

  • 7d · Net gain or loss

    total $6,347,384 · related or exempt $6,347,384

  • 11a · Other revenue: OTHER INCOME

    total $10,930,304 · related or exempt $10,930,304

  • 11b · Other revenue: OTHER NON-OPERATING INCOME

    total $2,645,065 · related or exempt $2,645,065

  • 11e · Other revenue, total

    $13,575,369

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $450,493

  • 2 · Grants to domestic individuals

    total $71,340

  • 4 · Benefits paid to or for members

    total $1,427,915

  • 5 · Compensation of officers, directors and key employees

    total $8,006,764

  • 7 · Other salaries and wages

    total $33,140,743

  • 8 · Pension plan contributions

    total $1,351,174

  • 9 · Other employee benefits

    total $3,962,103

  • 10 · Payroll taxes

    total $3,454,211

  • 11a · Fees: management

    total $4,500

  • 11b · Fees: legal

    total $1,144,767

  • 11c · Fees: accounting

    total $162,417

  • 11f · Fees: investment management

    total $1,365

  • 11g · Fees: other

    total $13,100,711

  • 12 · Advertising and promotion

    total $5,854,965

  • 13 · Office expenses

    total $4,890,547

  • 14 · Information technology

    total $11,360,009

  • 16 · Occupancy

    total $7,974,278

  • 17 · Travel

    total $956,434

  • 19 · Conferences, conventions and meetings

    total $195,900

  • 20 · Interest

    total $55,257,655

  • 22 · Depreciation, depletion and amortization

    total $7,016,060

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $9,460,015

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $4,512,644

  • 24c · Other expenses: MISCELLANEOUS EXPENSE

    total $3,218,619

  • 24d · Other expenses: DEBIT CARD WRITE OFFS

    total $44,174

  • 24e · All other expenses

    total $8,667

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $13,466,397 · end of year $14,848,312

  • 2 · Savings and temporary cash investments

    beginning of year $80,629,743 · end of year $68,851,338

  • 4 · Accounts receivable

    beginning of year $5,993,802 · end of year $8,964,352

  • 7 · Other notes and loans receivable

    beginning of year $2,002,578,173 · end of year $2,078,937,729

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,080,746 · end of year $8,984,952

  • 10a · Land, buildings and equipment: cost or other basis

    $105,716,188

  • 10b · Land, buildings and equipment: accumulated depreciation

    $47,003,900

  • 10c · Land, buildings and equipment, net

    beginning of year $57,866,873 · end of year $58,712,288

  • 11 · Investments: publicly traded securities

    beginning of year $20,975,295 · end of year $18,448,909

  • 12 · Investments: other securities

    beginning of year $128,352,795 · end of year $133,278,006

  • 15 · Other assets

    beginning of year $105,417,879 · end of year $119,738,096

  • 17 · Accounts payable and accrued expenses

    beginning of year $94,133,571 · end of year $91,199,175

  • 23 · Secured mortgages and notes payable

    beginning of year $315,000,000 · end of year $218,000,000

  • 24 · Unsecured notes and loans payable

    beginning of year $24,474,627 · end of year $24,534,297

  • 25 · Other liabilities

    beginning of year $1,812,322,719 · end of year $2,002,956,714

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $179,430,786 · end of year $174,073,796

Mission and programs · 2023

Mission

TO BE THE TRUSTED FINANCIAL PARTNER FOR OUR MEMBERS AND OUR COMMUNITY. WE STRIVE TO IDENTIFY OUR MEMBERS' NEEDS AND OFFER PROGRESSIVE SOLUTIONS BY OFFERING COMPETITIVE PRODUCTS AND PRICES TO ALLOW MEMBERS TO REACH THEIR GOALS.

Activities or mission (Part I)

WE PROVIDE VARIOUS FINANCIAL PRODUCTS INCLUDING CONSUMER AND COMMERCIAL LOANS, LEASES, AND REAL ESTATE LOANS. SAVINGS PRODUCTS INCLUDE SHARES, SHARE DRAFTS, MONEY MARKET ACCOUNTS, CDS AND IRAS.

  • CONSUMER AND COMMERCIAL LOANS AND LEASES: CREDIT UNION OF TEXAS OFFERS VARIOUS CONSUMER LOAN PRODUCTS TO OUR MEMBERS. THESE ARE CLOSED-END LOANS THAT INCLUDE NEW AND USED AUTOMOBILES, MOTORCYCLES, BOATS AND RECREATIONAL VEHICLES AND MOTOR HOMES AS WELL AS UNSECURED LOANS AND CREDIT CARDS, AND AUTOMOBILE LEASES. VARIOUS INSURANCE PROGRAMS ARE ALSO OFFERED ON THESE PRODUCTS.

  • CERTIFICATES OF DEPOSITS (CDS) AND INDIVIDUAL RETIREMENT ACCOUNT CERTIFICATES (IRAS): CREDIT UNION OF TEXAS OFFERS CDS AND IRAS FOR OUR MEMBERS TO INVEST IN BOTH SHORT AND LONG TERM INVESTMENT VEHICLES AT A GUARANTEED RATE OF RETURN. INTEREST RATES ARE TYPICALLY COMPETITIVE, COMPOUNDED, AND CREDITED MONTHLY.

  • SHARE ACCOUNTS: CREDIT UNION OF TEXAS HAS A MINIMUM $5.00 SHARE ACCOUNT BALANCE REQUIREMENT AND A ONE TIME $10.00 MEMBERSHIP FEE. MEMBER SHARE ACCOUNTS MAY PAY A MONTHLY DIVIDEND. THESE "SAVINGS" ACCOUNTS ARE PAID A COMPETITIVE RATE TO BENEFIT OUR MEMBERS. CREDIT UNION OF TEXAS HAD APPROXIMATELY 166,000 MEMBERS AS OF DECEMBER 31, 2023. SPECIAL SHARE ACCOUNTS ARE AVAILABLE FOR CHILDREN, SPECIAL OCCASIONS, AND HOLIDAY SAVINGS.

As filed on the 2023 return.

Listed in Part VII

  • Janie Worst

    CHAIRPERSON

    Total calculated
    $58,955
    From this org
    $58,955
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Troy A Mathieu

    BOD VICE CHAIRPERSON

    Total calculated
    $52,641
    From this org
    $52,641
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Rafael C Diaz

    BOD TREASURER

    Total calculated
    $58,851
    From this org
    $58,851
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Marelou M Cisneros

    BOD SECRETARY

    Total calculated
    $52,207
    From this org
    $52,207
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Adrian Williams

    BOD MEMBER

    Total calculated
    $51,478
    From this org
    $51,478
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Anthony U Barber

    BOD MEMBER

    Total calculated
    $53,928
    From this org
    $53,928
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Brian Harvey

    BOD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Chris L White

    BOD MEMBER

    Total calculated
    $54,278
    From this org
    $54,278
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jerry D Christian

    BOD MEMBER

    Total calculated
    $52,878
    From this org
    $52,878
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Randall Chaddick

    BOD MEMBER

    Total calculated
    $51,128
    From this org
    $51,128
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Lisa Wellborn

    BOD MEMBER

    Total calculated
    $42,354
    From this org
    $42,354
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Vance E Pointer

    PRESIDENT AND CEO

    Total calculated
    $2,532,348
    From this org
    $2,095,068
    From related orgs
    $0
    Other
    $437,280
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,542,508
    Bonus
    $40,000
    Other
    $512,560
    Deferred
    $406,402
    Nontaxable benefits
    $30,878
    Filer's total
    $2,532,348

  • Kerry J Whitson

    CHIEF FINANCIAL OFFICER

    Total calculated
    $551,173
    From this org
    $418,769
    From related orgs
    $0
    Other
    $132,404
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $293,906
    Bonus
    $72,993
    Other
    $51,870
    Deferred
    $118,396
    Nontaxable benefits
    $14,008
    Filer's total
    $551,173

  • Angela M Faust

    SVP CHIEF OPERATIONS OFFIC

    Total calculated
    $591,076
    From this org
    $459,520
    From related orgs
    $0
    Other
    $131,556
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $315,815
    Bonus
    $49,155
    Other
    $94,550
    Deferred
    $109,772
    Nontaxable benefits
    $21,784
    Filer's total
    $591,076

  • Courtney L Coss

    CHIEF RETAIL OFFICER

    Total calculated
    $549,058
    From this org
    $387,053
    From related orgs
    $0
    Other
    $162,005
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $311,750
    Bonus
    $45,237
    Other
    $30,066
    Deferred
    $162,005
    Nontaxable benefits
    $0
    Filer's total
    $549,058

  • Edwin F Army

    CHIEF MARKETING/ENGAGEMENT

    Total calculated
    $498,835
    From this org
    $361,415
    From related orgs
    $0
    Other
    $137,420
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $291,390
    Bonus
    $44,488
    Other
    $25,537
    Deferred
    $124,748
    Nontaxable benefits
    $12,672
    Filer's total
    $498,835

  • Michael Vining

    CHIEF INFORMATION OFFICER

    Total calculated
    $446,946
    From this org
    $290,696
    From related orgs
    $0
    Other
    $156,250
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $277,084
    Bonus
    $0
    Other
    $13,612
    Deferred
    $121,472
    Nontaxable benefits
    $34,778
    Filer's total
    $446,946

  • Rocky A Muniz-Gonzalez

    CHIEF INVESTMENT OFFICER

    Total calculated
    $350,928
    From this org
    $324,306
    From related orgs
    $0
    Other
    $26,622
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $255,065
    Bonus
    $48,600
    Other
    $20,641
    Deferred
    $15,250
    Nontaxable benefits
    $11,372
    Filer's total
    $350,928

  • James W Post

    CHIEF FACILITIES OFFICER

    Total calculated
    $621,788
    From this org
    $539,337
    From related orgs
    $0
    Other
    $82,451
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $263,472
    Bonus
    $0
    Other
    $275,865
    Deferred
    $46,530
    Nontaxable benefits
    $35,921
    Filer's total
    $621,788

  • Barry R Smith

    PRESIDENT EASTERN TEXAS

    Total calculated
    $357,540
    From this org
    $307,512
    From related orgs
    $0
    Other
    $50,028
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $262,302
    Bonus
    $27,547
    Other
    $17,663
    Deferred
    $15,250
    Nontaxable benefits
    $34,778
    Filer's total
    $357,540

  • Adrian Melendez

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $382,544
    From this org
    $250,578
    From related orgs
    $0
    Other
    $131,966
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $224,301
    Bonus
    $3,554
    Other
    $22,723
    Deferred
    $97,888
    Nontaxable benefits
    $34,078
    Filer's total
    $382,544

  • Blake Richardson

    EXECUTIVE VP

    Total calculated
    $1,444,925
    From this org
    $1,441,463
    From related orgs
    $0
    Other
    $3,462
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $49,330
    Bonus
    $0
    Other
    $1,392,133
    Deferred
    $0
    Nontaxable benefits
    $3,462
    Filer's total
    $1,444,925

  • Christopher D Murphy

    CHIEF RISK OFFICER

    Total calculated
    $294,299
    From this org
    $269,597
    From related orgs
    $0
    Other
    $24,702
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $231,886
    Bonus
    $7,107
    Other
    $30,604
    Deferred
    $15,250
    Nontaxable benefits
    $9,452
    Filer's total
    $294,299

  • Carrie B Hoagenson

    VP CONSUMER LENDING

    Total calculated
    $364,375
    From this org
    $327,700
    From related orgs
    $0
    Other
    $36,675
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $196,852
    Bonus
    $111,375
    Other
    $19,473
    Deferred
    $15,250
    Nontaxable benefits
    $21,425
    Filer's total
    $364,375

  • Revanth Reddy Bairi

    HEAD OF DIGITAL DATA ANALYTIC

    Total calculated
    $252,043
    From this org
    $229,981
    From related orgs
    $0
    Other
    $22,062
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $202,937
    Bonus
    $13,063
    Other
    $13,981
    Deferred
    $12,428
    Nontaxable benefits
    $9,634
    Filer's total
    $252,043

  • Richard B Whitman

    PRESIDENT TEXAS MORTGAGE L

    Total calculated
    $258,422
    From this org
    $250,542
    From related orgs
    $0
    Other
    $7,880
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $235,360
    Bonus
    $0
    Other
    $15,182
    Deferred
    $7,490
    Nontaxable benefits
    $390
    Filer's total
    $258,422

  • Bill Beauchene

    MANAGER SALESFORCE

    Total calculated
    $266,125
    From this org
    $227,731
    From related orgs
    $0
    Other
    $38,394
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $211,585
    Bonus
    $0
    Other
    $16,146
    Deferred
    $14,427
    Nontaxable benefits
    $23,967
    Filer's total
    $266,125

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1a · Discretionary spending account
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4B
HIGHLY COMPENSATED EMPLOYEES ARE PROVIDED THE OPPORTUNITY TO PARTICIPATE IN THE COMPANY SPONSORED 457(B) PLAN. ALL FUNDS IN THE 457(B) PLAN ARE FROM VOLUNTARY DEFERRALS AND NO COMPANY FUNDS ARE ADDED OR MATCHED TO THE DEFERRAL. CERTAIN EXECUTIVE EMPLOYEES PARTICIPATE IN A COMPANY SPONSORED 457(F) PLAN PURSUANT TO A WRITTEN PLAN DOCUMENT AND PARTICIPANT AGREEMENT. THE PARTICIPANTS AND THE BENEFIT LIABILITY RECORDED FOR EACH/AMOUNT PAID OUT AS OF/DURING THE YEAR ENDED DECEMBER 31, 2023 IS AS FOLLOWS: PAYOUTS DURING 2023: VANCE E. POINTER: $255,188 (EXE 457(F)) BLAKE T. RICHARDSON: $286,507 (EXE 457(F)) J.W. POST: $241,400 (ESRP) ANGELA M. FAUST: $66,000 (ESRP) ACCRUED DEFERRED COMPENSATION LIABILITY AS OF 12/31/23: VANCE E. POINTER (EXE 457(F)) $1,816,979 J.W. POST (ESRP) $27,099 C. COSS (ESRP) $318,992 A. FAUST (ESRP) $252,641 M. VINING (ESRP) $239,722 K. WHITSON (ESRP) $278,998 A. MELENDEZ (ESRP) $101,530 E. ARMY (ESRP): $110,053

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • TEXAS MORTGAGE LENDING LLC

    RELATED · MORTGAGE ORIGINATIONS & SALES · TX · 50% owned · share of income $5,493 · share of assets $1,442,426

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • DTCU SERVICES INC

    C · HOLDING COMPANY · TX · 100% owned · share of assets $1,699,158 · controlled entity

    Directly controlled by CREDIT UNION OF TEXAS

  • CREDIT UNION SERVICES INC

    C · LEASING · TX · 100% owned · share of income $19,127,877 · share of assets $100,046,827 · controlled entity

    Directly controlled by DTCU SERVICES INC

  • LAKEWOOD TITLE LLC

    C · TITLE COMPANY · TX · 100% owned · share of income $84,249 · share of assets $3,471,441 · controlled entity

    Directly controlled by DTCU SERVICES INC

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202413199349313831

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