2024-05-14T17:45:55-07:00 2023-12-31 990 2023-01-01 741325622 INVESTEX CREDIT UNION INVE 2814490109 8404 FM 1960 BYPASS RD WEST HUMBLE TX 77338 RENE PAREDEZ Vice President Accounting 2815061216 2024-05-14 RENE PAREDEZ 999009999 1 1 11 0 AAL2 2023 2023-04-26 12:10:37Z Keith Kearney 8404 BYPASS RD WEST HUMBLE TX 77338 12245306 0 2742 X www.investexcu.org X 1952 TX InvesTex Credit Union is dedicated to the highest quality service for its members, while maintaining a solid financial foundation. Our core values reflect the strong character of our members and our growing relationship with them. Voluntary, cooperative,non-profit savings institution(credit union) incorporated under the provisions of the Texas Credit Union Act. 9 0 66 9 0 0 0 0 10166418 10672785 1590667 1572521 0 0 11757085 12245306 0 0 868915 2173377 4738451 4991679 0 0 0 4142527 4052188 9749893 11217244 2007192 1028062 240942803 236673209 2297473 748501 238645330 235924708 X Investex Credit Union is dedicated to the highest quality service for its members, while maintaining a solid financial foundation. Our core values reflect the strong character of our members and our growing relationship with them. 1 1 11217244 0 12245306 Voluntary,cooperative,non-profit savings institution(credit union), incorporated under the provisions of the Texas Credit Union Act, for the purpose of encouraging thrift among our members, providing credit at a fair and reasonable rate of interest and providing an opportunity to improve their economic condition. 0 0 0 11217244 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 X 2005 0 1 66 1 0 0 0 0 0 0 0 0 X 9 0 0 0 1 0 1 1 1 1 1 0 1 1 0 1 1 1 0 1 1 0 0 TX X Keith Kearney 2815061220 8404 FM 1960 BYPASS RD WEST HUMBLE TX 77338 Keith Kearney CEO/President 40 X 343748 0 0 Kelly Payne Senior Vice President Human Resources 40 X 148328 0 0 John Tomson Senior Vice President Information Technology 40 X 145932 0 0 Rene Paredez Vice President Accounting 40 X 130826 0 0 David Durham Vice President Branch Administration 40 X 129359 0 0 Matthew Spisak Vice President Lending & Branch Administration 40 X 122963 0 0 Rick Sulfridge Vice President Collections and Facilities 40 X 120983 0 0 Jana Gonzales Vice President Business Development 40 X 117472 0 0 Allan Griffin Board Member 5 X 2250 0 0 Teresa Dossman Board Member 5 X 2250 0 0 Dorothea Pickens Board Member 5 X 2250 0 0 Phyllis Kennedy Board Member 5 X 2250 0 0 William Lakin Jr Board Member 5 X 2250 0 0 Cathy Parachos Chairperson of the Board 5 X 2000 0 0 Robert Williams Board Member 5 X 2000 0 0 Stephen Havemann Board Member 5 X 2000 0 0 Dan Calvert Board Member 5 X 1750 0 0 Jennifer Duffer Advisory Committee 5 X 500 0 0 Billy Beattie Advisory Committee 5 X 500 0 0 1279611 0 0 8 0 1 0 0 0 INTEREST ON LOANS 522130 6573135 6573135 0 0 FEE INCOME 522130 3088172 3088172 0 0 OTHER INCOME 522130 1011478 1011478 0 0 0 0 0 0 10672785 1572521 1572521 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12245306 12245306 0 0 0 0 0 2173377 1279611 0 2819461 159237 433666 299704 0 13489 25000 0 0 0 0 355011 517952 962575 0 917952 34448 0 0 97906 5024 334444 109908 LOAN EXPENSE 437816 SHARE EXPENSE 90899 SECURITY EXPENSE 76887 MISCELLANEOUS EXPENSE 72877 11217244 0 0 0 3106136 1821448 0 0 0 0 91319 67746 2337430 2155195 0 0 132628046 127990630 0 0 174671 155681 15731298 7064710 8908657 8666588 0 0 81136718 78942011 0 0 584236 599122 11975590 16274788 240942803 236673209 924164 1089498 0 0 0 0 644161 325882 729148 -666879 2297473 748501 X 231553865 225308810 0 0 7091465 10615898 238645330 235924708 240942803 236673209 X 1028062 -14694786 0 0 0 10946102 X 1 X 1 X 1 0 0 1812435 1812435 0 8922870 2616823 6306047 0 931531 895146 36385 0 4034030 3552741 481289 0 30432 0 30432 8666588 FNMA/FHLMC PASS THRUS 35240645 C GOVERNMENT 22046535 C CMO 11061842 C US TREASURIES 9847989 C CERTIFICATE OF DEPOSITS 745000 C 78942011 DEFINED BENEFIT PLAN 7257699 CATALYST CORP FCU 6268798 AMERICAN SHARE INSURANCE 3010984 FISERV DEPOSIT 450000 PSCU ACCOUNTS 129122 OFFICIAL CHECKS -841815 16274788 ATM CLEARINGS 473787 UNPRESENTED CHECKS 110051 CREDIT CARD SUSPENSE 13233 ACCOUNTS PAYABLE CLEARING 3761 TITLE PROCESS CLEARING ACCOUNT 2326 IRA WITHHOLDING 6 SHARE DRAFT CLEARINGS -9423 CREDIT CARD CLEARING -20937 ACH CLEARING -1239683 -666879 X X X X X 0 0 0 Keith Kearney CEO/President 324070 0 16906 0 2772 0 0 0 19864 0 363612 0 0 0 Schedule J, Part I, Line 3 The Board of Directors have a compensation committee who annually reviews the CEOs salary. They use surveys for the Texas market as well as independent consultants and legal services to evaluate salary, SERP, and employment contracts. TERESA DOSSMAN BOARD MEMBER CREDIT CARD X 20000 4348 0 1 1 TERESA DOSSMAN BOARD MEMBER NEW AUTO X 43298 12524 0 1 1 DAVID DURHAM VICE PRESIDENT CREDIT CARD X 15000 14983 0 1 1 JANA GONZALES VICE PRESIDENT USED AUTO X 12015 1498 0 1 1 JANA GONZALES VICE PRESIDENT NEW AUTO X 30561 16361 0 1 1 ALLAN GRIFFIN BOARD MEMBER INTERNAL AUTO REFINANCE X 12331 2085 0 1 1 ALLAN GRIFFIN BOARD MEMBER HOME EQUITY X 330000 319563 0 1 1 STEPHEN HAVEMANN BOARD MEMBER NEW AUTO X 52878 39091 0 1 1 STEPHEN HAVEMANN BOARD MEMBER MORTGAGE X 289900 242111 0 1 1 KEITH KEARNEY PRESIDENT CREDIT CARD X 15000 8082 0 1 1 KEITH KEARNEY PRESIDENT NEW AUTO X 65515 26976 0 1 1 KEITH KEARNEY PRESIDENT NEW AUTO X 54781 35643 0 1 1 KEITH KEARNEY PRESIDENT HOME EQUITY X 436000 384957 0 1 1 PHYLLIS KENNEDY BOARD MEMBER CREDIT CARD X 10000 20 0 1 1 WILLIAM LAKIN BOARD MEMBER CREDIT CARD X 15000 6644 0 1 1 WILLIAM LAKIN BOARD MEMBER HOME EQUITY X 192000 152445 0 1 1 WILLIAM LAKIN BOARD MEMBER NEW AUTO X 59997 44815 0 1 1 CATHY PARASCHOS BOARD MEMBER CREDIT CARD X 5000 49 0 1 1 RENE PAREDEZ VICE PRESIDENT USED AUTO X 14036 6268 0 1 1 RENE PAREDEZ VICE PRESIDENT USED AUTO X 10036 4804 0 1 1 RENE PAREDEZ VICE PRESIDENT MORTGAGE X 354312 336888 0 1 1 KELLY PAYNE SENIOR VICE PRESIDENT CREDIT CARD X 12000 1172 0 1 1 MATTHEW SPISAK VICE PRESIDENT NEW AUTO X 49903 25968 0 1 1 MATTHEW SPISAK VICE PRESIDENT USED AUTO X 38452 30293 0 1 1 MATTHEW SPISAK VICE PRESIDENT HOME EQUITY X 399000 388709 0 1 1 JOHN TOMSON SENIOR VICE PRESIDENT CREDIT CARD X 20000 10731 0 1 1 JOHN TOMSON SENIOR VICE PRESIDENT USED AUTO X 61294 24860 0 1 1 JOH TOMSON SENIOR VICE PRESIDENT USED AUTO X 26000 11228 0 1 1 ROBERT WILLIAMS BOARD MEMBER CREDIT CARD X 15000 2079 0 1 1 2155195 Form 990, Part III, Line 2 Adopted CECL, changed to private insurance (American Share Insurance), added contactless credit cards, and changed ach deposit posting from a GOOD FUNDS process to when the ACH files are received. Form 990, Part III, Line 3 Stopped Federal Deposit Insurance. Form 990, Part V, Line 2b All forms filed. Form 990, Part V, Line 14b Investex Credit Union does not offer tanning services. Form 990, Part VI, Section A, Line 4 Stopped Federal Deposit Insurance and added private deposit insurance. Form 990, Part VI, Section A, Line 6 The Credit Union has members. Form 990, Part VI, Section A, Line 7a The Credit Union has members that elect the governing body. Form 990, Part VI, Section A, Line 7b The members only vote to elect the board and when or if the credit union were to be merged with another credit union where the other credit union survive, or if the credit union were to be converted to a bank. Form 990, Part VI, Section B, Line 11b The 990 is prepared by the Vice President Accounting and then reviewed by the President prior to submission. Form 990, Part VI, Section B, Line 12c All contracts are reviewed by the President and/or an independent member of the Board. All staff accounts are coded in the system and all transactions reviewed periodically. All staff loans are reported to the Board on a monthly basis. All staff sign credit union policies stating they have no conflicts of interest. Form 990, Part VI, Section B, Line 15 The Board of Directors have a compensation committee who annually reviews the President's salary. They use surveys for the Texas market as well as independent consultants and legal services to evaluate salary, SERP, and employment contracts. Form 990, Part VI, Section C, Line 19 Policies are available by mail, on our website, in our lobbies, or common areas, and made available by request. Financials are posted in our lobbies, and in the annual meeting report that is available at the annual meeting or lobbies. Form 990, Part XI, Line 9 Due to economic conditions and unusually high consumer spending. Also unrealized gain/loss remains high due to market conditions.