Fivepoint Credit Union FY2023 filing

Not tax-deductible

Nederland, TXMutual-benefit / member-servingSince 1935Mutual / membership EIN 74-1109889Revenue $58.8M in FY2023

On file with the IRSfivepointcu.orgPo Box 1366, 77627-1366 · Nederland, TXTax-exempt since Jun 1976

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To provide financial services to our membership with various loan and deposit products.

$3.8M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

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FY2023 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $3.6M a year · 7% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$3.8M
to officers and key staff · 7% of spending
Looks good: pay to officers and key staff is 7% of spending; 15% or less.
Pt VII · Sec A
9 mo
of spending, in cash
Plus $86.6M in investments, Pt X · Ln 11–13
Looks good: 8.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$864.7M
92% of total assets
Concern: liabilities are 92% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$58.8M
+19% vs prior year
Spent
$56.5M
Net assets
$76.0M
By yearFY2020–FY2024
Revenue
$58.8M
FY2023▲ +19%
Tap a bar for its year
Revenue by fiscal year
FY2020$43.1M
FY2021$45.9M
FY2022$49.4M
FY2023$58.8M
FY2024$68.9M
Expenses
$56.5M
FY2023▲ +27%
Tap a bar for its year
Expenses by fiscal year
FY2020$40.9M
FY2021$40.1M
FY2022$44.5M
FY2023$56.5M
FY2024$66.1M
Net assets
$76.0M
FY2023▲ +3%
Tap a bar for its year
Net assets by fiscal year
FY2020$78.6M
FY2021$82.3M
FY2022$74.2M
FY2023$76.0M
FY2024$80.2M

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jun 1976.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

26 people listed on the 990; $3.8M paid to officers and key staff.

Part VII, Section A · reportable compensation
CEO/President
$534,478Pt VII · Sec A
Executive Vice President
$371,389Pt VII · Sec A
Chief Administrative Officer/EVP
$314,698Pt VII · Sec A
$311,677Pt VII · Sec A
SVP of Human Resources
$287,449Pt VII · Sec A
Financial Advisor
$215,943Pt VII · Sec A
$197,345Pt VII · Sec A
VP Operations
$192,211Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Vicki O'Dell——$886,220——
Erik Shaw$508,339$534,478$507,305$471,190$461,050
Jennifer Webb$320,914$314,698$454,077$274,850$239,408
Kristen Bellanger$313,606$311,677$446,667$261,090$239,313
Kenneth Miller$362,399$371,389$360,107$330,785$321,307
Amanda White$292,054$287,449$208,215$151,693$128,016
Matt Borel———$278,225$207,574
Matthew Borel$274,865$215,943$211,627——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes
  • Loans to or from officersSch L · Pt II4 listed

Programs and updates

Offers loans and savings accounts to members.

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Provided by the organization

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3 programs · in their own filed words · FY2023
01

Atm services provided to the membership represented approximately $1,925,000 of total expenses incurred during the year ended december 31, 2023.

Pt IX · col B
02

Home banking provided to the membership represented a cost of approximately $1,394,000 incurred during the year ended december 31, 2023.

Pt IX · col B
03

Interest incurred on member deposits approximated $11,998,000 during the year ended december 31, 2023.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 14 grants · $592K · 2020–2024
American Cancer SocietyFY2024$50,000
Unitemized GrantFY2024$25,000
American Cancer SocietyFY2023$98,910
Unitemized GrantFY2023$25,000
American Cancer SocietyFY2022$211,505
Unitemized GrantFY2022$16,000
American Cancer SocietyFY2021$62,630
Unitemized GrantFY2021$10,000
American Cancer SocietyFY2020$57,340
Unitemized GrantFY2020$9,000

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$58.8M
Ln 12
Fees for servicesLn 2g$55.0M
Investment incomeLn 3$3.8M
Other incomeLn 4–11$91K
Money outPt IX
$56.5M
Ln 25
Owns and owesPt X
$76.0M
net assets · Ln 32
Cash and savingsLn 1–2$40.6M
Total assetsLn 16$940.7M
LiabilitiesLn 26$864.7M
PeoplePt VI, VII
26
listed · VII A
PaidVII A17
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$55.0M
Investment incomeLn 3$3.8M
Other incomeLn 4–11$91K
Gains on assetsLn 7$191K
Total revenueLn 12$58.8M
Assets in detailPt X, end of year
CashLn 1$13.9M
SavingsLn 2$26.6M
Cash and savings togetherLn 1–2$40.6M
InvestmentsLn 11–13$86.6M
Land, buildings, equipmentLn 10c$30.0M
Other assetsLn 15$32.8M
Total assetsLn 16$940.7M
LiabilitiesLn 26$864.7M
Net assetsLn 32$76.0M
OperationsPt I, VI
EmployeesI 5249
VolunteersI 614
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$56.9M$40.6M
InvestmentsLn 11–13$99.2M$86.6M
Land, buildings, equipmentLn 10c$27.2M$30.0M
Total assetsLn 16$874.9M$940.7M
LiabilitiesLn 26$800.7M$864.7M
Net assetsLn 32$74.2M$76.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$345K
Grants to domestic individualsLn 2$25K
Pay of current officers, directors and key staffLn 5$3.5M
Other salaries and wagesLn 7$12.4M
Pension plan contributionsLn 8$733K
Other employee benefitsLn 9$1.5M
Payroll taxesLn 10$1.1M
Legal feesLn 11b$209K
Accounting feesLn 11c$59K
Other fees for servicesLn 11g$568K
Advertising and promotionLn 12$1.4M
Office expensesLn 13$3.0M
Information technologyLn 14$3.8M
OccupancyLn 16$1.9M
TravelLn 17$214K
Conferences, conventions and meetingsLn 19$10K
InterestLn 20$12.5M
Payments to affiliatesLn 21$120K
Depreciation, depletion and amortizationLn 22$2.5M
InsuranceLn 23$520K
Other expenses (24a–d)Ln 24$8.1M
All other expensesLn 24e$1.9M
Total functional expensesLn 25$56.5M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $68.9M$66.1M$2.8M$80.2M 990 PDF
FY2023 Viewing $58.8M$56.5M$2.3M$76.0M 990 PDF
FY2022 $49.4M$44.5M$4.9M$74.2M 990 PDF
FY2021 $45.9M$40.1M$5.8M$82.3M 990 PDF
FY2020 $43.1M$40.9M$2.2M$78.6M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $58,838,375 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $46,755,776$54,976,856
I-10 Investment incomePrior year $2,662,413$3,770,279
I-11 Other revenuePrior year $15,562$91,240
I-12 Total revenuePrior year $49,433,751$58,838,375
I-13 Grants and similar amounts paidPrior year $238,670$370,387
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $19,847,000$19,305,635
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $24,402,839$36,855,649
I-18 Total expensesPrior year $44,488,509$56,531,671
I-19 Revenue less expensesPrior year $4,945,242$2,306,704
Part VI · Governance 9 of 9 board members independent, no flags
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $58,838,375 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $54,976,856$54,976,856
VIII-3 Investment incomeExcluded from tax $3,579,029$3,579,029
VIII-7 Net gain or loss on sales of assetsRelated to mission $191,250$191,250
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Unrelated business $91,240$91,240
VIII-12 Total revenueRelated to mission $55,168,106 · Unrelated business $91,240 · Excluded from tax $3,579,029$58,838,375
Part IX · Statement of functional expenses $56,531,671 across 22 lines filed
IX-1 Grants to domestic organizations$345,387
IX-2 Grants to domestic individuals$25,000
IX-5 Pay of current officers, directors and key staff$3,520,386
IX-7 Other salaries and wages$12,386,481
IX-8 Pension plan contributions$732,752
IX-9 Other employee benefits$1,542,806
IX-10 Payroll taxes$1,123,210
IX-11b Legal fees$209,457
IX-11c Accounting fees$59,078
IX-11g Other fees for services$568,371
IX-12 Advertising and promotion$1,433,066
IX-13 Office expenses$3,020,579
IX-14 Information technology$3,849,542
IX-16 Occupancy$1,883,480
IX-17 Travel$214,409
IX-19 Conferences, conventions and meetings$10,148
IX-20 Interest$12,549,919
IX-21 Payments to affiliates$120,134
IX-22 Depreciation, depletion and amortization$2,458,729
IX-23 Insurance$519,888
IX-24 Other expenses (24a–d)$8,079,273
IX-24e All other expenses$1,879,576
IX-25 Total functional expenses$56,531,671
Part X · Balance sheet $940,698,707 assets, 14 lines filed
Asset lines not itemized here account for $747,192,254; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $12,977,758$13,913,189
X-2 Savings and temporary cash investmentsStart of year $43,896,530$26,648,953
X-4 Accounts receivableStart of year $2,112,145$2,240,642
X-9 Prepaid expenses and deferred chargesStart of year $1,170,424$1,180,287
X-10c Land, buildings and equipment, netStart of year $27,176,286$30,010,695
X-11 Publicly traded securitiesStart of year $99,222,029$86,577,114
X-14 Intangible assetsStart of year $132,148$111,817
X-15 Other assetsStart of year $30,720,023$32,823,756
X-16 Total assetsStart of year $874,862,124$940,698,707
X-17 Accounts payable and accrued expensesStart of year $12,331,018$13,171,050
X-25 Other liabilitiesStart of year $788,377,866$821,490,233
X-26 Total liabilitiesStart of year $800,708,884$864,661,283
X-32 Total net assets or fund balancesStart of year $74,153,240$76,037,424
X-33 Total liabilities and net assetsStart of year $874,862,124$940,698,707
Part XI · Reconciliation of net assets $76,037,424 net assets at year end
XI-1 Total revenue$58,838,375
XI-2 Total expenses$56,531,671
XI-3 Revenue less expenses$2,306,704
XI-4 Net assets at start of year$74,153,240
XI-5 Net unrealized gains (losses) on investments$1,549,638
XI-9 Other changes in net assets−$1,972,158
XI-10 Net assets at end of year$76,037,424

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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