2024-11-12T11:03:53-06:00 2023-12-31 382492570 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2023-01-01 741109882 TEXELL CREDIT UNION TEXE 2547731604 PO BOX 983 TEMPLE TX 76503 TONY HALE PRESIDENT/CEO 2547731604 2024-10-31 0 JOHN J MURNANE JR P03021572 3052328272 2024-10-27 2023 2024-10-15 13:58:12Z TONY HALE PO BOX 983 TEMPLE TX 76503 51333244 0 X WWW.TEXELL.ORG X 1948 TX COOPERATIVE, MEMBER-OWNED PROVIDER OF FINANCIAL SERVICES FOR OUR MEMBERS. 7 7 290 9 1226844 0 0 0 39421089 49339221 1497528 1986023 0 0 40918617 51325244 0 0 0 0 12746856 15195147 0 0 0 20389152 31637059 33136008 46832206 7782609 4493038 628710729 690228948 565541261 624442003 63169468 65786945 COOPERATIVE, MEMBER-OWNED PROVIDER OF FINANCIAL SERVICES FOR OUR MEMBERS. 0 0 PROVIDE CHECKING ACCOUNTS WITH VARYING FEATURES AND ASSOCIATED SERVICES TO OUR MEMBERS. PROVIDE CONSUMER LOANS OF ALL TYPES AND RELATED SERVICES TO OUR MEMBERS. PROVIDE SHARE SAVINGS ACCOUNTS WHICH PAY MONTHLY DIVIDENDS TO OUR MEMBERS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 13798 0 1 290 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 0 0 1 1 1 0 X TONY HALE 2547731604 17 S 1ST STREET TEMPLE TX 76501 DAN BOWEN BOD V. CHAIR 1.00 X 1525 0 0 WILLIAM CORNELIUS BOD MEMBER 1.00 X 1525 0 0 KENNETH GABY BOD CHAIR 1.00 X 1600 0 0 CHRIS MOORE BOD MEMBER 1.00 X 750 0 0 DANIEL MARESH BOD SECRETARY/TREASURER 1.00 X 1700 0 0 JOE PALMER BOD MEMBER 1.00 X 1700 0 0 SUE MCMILLIN BOD MEMBER 1.00 X 1910 0 0 MIKE PILKINGTON BOD MEMBER 1.00 X 0 0 0 LYNN EATON BOD MEMBER 1.00 X 1700 0 0 TONY HALE PRESIDENT/CEO 40.00 X 583257 0 647622 AMY MERRIMAN COO 40.00 X 280880 0 44302 ANTHONY RODGERS GENERAL COUNSEL 40.00 X 257223 0 36695 DAVID BORDEN CFO 40.00 X 225981 0 26163 RICHARD SILVERS VP TECHNOLOGY INNOVATION 40.00 X 226316 0 45427 MARY ANN NICKOLAI VP MARKETING 40.00 X 191993 0 27743 CHANTEL BROOKS VP LENDING 40.00 X 161570 0 16833 AMBER SPEER VP MORTGAGE 40.00 X 151837 0 16409 GALEN BURKE VP COMMERCIAL SERVICES 40.00 X 155009 0 30601 MICHAEL GONZALEZ LENDING CONSULTANT 40.00 X 173092 0 29443 NERI NAVARRO DIRECTOR OF RETAIL 40.00 X 135586 0 31748 2555154 0 952986 16 0 1 0 AMERICAN CONSTRUCTORS LLC 11900 WEST PALMER LN CEDAR PARK TX 78613 CONSTRUCTION 14493262 JACK HENRY AND ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE SYSTEM PROVIDER 863856 BUSINESS ALLIANCE FINANCIAL SERVICES 1500 N 19TH ST MONROE LA 71201 LOAN SERVICING 586311 STRATEGIC RESOURCE MANAGEMENT 5100 POPLAR AVE STE 2500 MEMPHIS TN 38137 CONSULTING 560000 TEMENOS PO BOX 536652 PITTSBURGH PA 15253 LOAN OPERATING 457310 26 INCOME ON LOANS 522100 31861668 31861668 FEES/CHARGES/OTHER 522299 16250709 16250709 FINANCE & INSURANCE 520000 1226844 1226844 49339221 1983525 1983525 10498 8000 2498 2498 2498 51325244 50098400 1226844 0 X 2606012 10170944 392405 1105889 919897 186391 28625 101702 620683 1146757 1173743 1408992 1593515 82467 56102 10378573 132609 496818 182142 PROVISION FOR LOAN LOSS 6413956 ATM, DEBIT & CREDIT CAR 4529900 LOAN SERVICING 1687955 MISCELLANEOUS EXPENSE 1416129 46832206 3921245 3610350 30739894 24434179 3518954 9297674 1644433 1829182 538571883 586137087 880613 1223907 20270848 8573586 10393928 11697262 17422533 14006677 10471100 10486100 11146146 27506530 628710729 690228948 28484244 14577280 537057017 609864723 565541261 624442003 X 0 0 0 0 63169468 65786945 63169468 65786945 628710729 690228948 X 4493038 11149 -99861 -1786849 X X 0 1 X 1 0 5104989 5104989 9548708 5025581 4523127 481561 416776 64785 5135590 3131229 2004361 11697262 REGULAR CHECKING AND SHARES 277427282 MONEY MARKET 63212106 OVERDRAFT SHARES 282319 IRA SHARES 5195241 IRA CERTIFICATES 22430009 ORGANIZATIONAL SHARES 13992250 CERTIFICATES 227306719 IRA MONEY MARKET 18797 609864723 X 51325244 0 51325244 0 51325244 46832206 0 46832206 0 46832206 PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. X X X 0 1 0 TONY HALE PRESIDENT/CEO 461116 0 122141 0 0 0 624921 0 22701 0 1230879 0 0 0 AMY MERRIMAN COO 225129 0 55751 0 0 0 20245 0 24057 0 325182 0 0 0 ANTHONY RODGERS GENERAL COUNSEL 207039 0 50184 0 0 0 19286 0 17409 0 293918 0 0 0 RICHARD SILVERS VP TECHNOLOGY INNOVATION 188228 0 38088 0 0 0 22389 0 23038 0 271743 0 0 0 DAVID BORDEN CFO 180719 0 45262 0 0 0 14625 0 11538 0 252144 0 0 0 MARY ANN NICKOLAI VP MARKETING 161993 0 30000 0 0 0 22500 0 5243 0 219736 0 0 0 MICHAEL GONZALEZ LENDING CONSULTANT 44972 0 128120 0 0 0 12463 0 16980 0 202535 0 0 0 GALEN BURKE VP COMMERCIAL SERVICES 130009 0 25000 0 0 0 8343 0 22258 0 185610 0 0 0 CHANTEL BROOKS VP LENDING 137570 0 24000 0 0 0 10445 0 6388 0 178403 0 0 0 AMBER SPEER VP MORTGAGE 126837 0 25000 0 0 0 7770 0 8639 0 168246 0 0 0 NERI NAVARRO DIRECTOR OF RETAIL 117685 0 17901 0 0 0 7979 0 23769 0 167334 0 0 0 PART I, LINE 4B THE CREDIT UNION'S CEO, TONY HALE, PARTICIPATES IN AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II OF SCHEDULE L AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANT NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. THE CREDIT UNION'S CEO PARTICIPATES IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN. THE CREDIT UNION ACCRUED $594,921 TOWARD THE BENEFIT LIABILITY DURING 2023. THIS ACCRUED BENEFIT IS INCLUDED WITHIN THE CEO'S DEFERRED COMPENSATION REPORTED IN SCHEDULE J PART II COLUMN C. TONY HALE PRESIDENT/CEO SPLIT DOLLAR LIFE INSURANCE X 1450000 1829182 0 1 1 1829182 SCHEDULE L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANT NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF THE CREDIT UNION'S MEMBERS AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS COMPILED BY A THIRD PARTY CPA FIRM AND REVIEWED BY MANAGEMENT PRIOR TO FILING. THE FORM 990 IS SHARED WITH THE BOARD OF DIRECTORS SUBSEQUENT TO FILING. FORM 990, PART VI, SECTION B, LINE 12 THE REVIEW OF THE CEO'S COMPENSATION IS A FUNCTION OF THE BOARD OF DIRECTORS. ANNUALLY, THE BOARD REVIEWS THE PERFORMANCE OF THE CEO AND USES AN EXECUTIVE COMPENSATION SURVEY AS A GUIDE FOR SETTING CEO COMPENSATION RELATIVE TO JOB PERFORMANCE. THE ORGANIZATION USES A THIRD-PARTY TO EVALUATE AND SET APPROPRIATE RANGES FOR ALL OTHER POSITIONS BASED ON REGIONAL MARKET DATA. THE BOARD APPROVES THE ENTIRE PAYROLL BUDGET. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION USES A THIRD PARTY TO EVALUATE AND SET APPROPRIATE PAY RANGES FOR ALL POSITIONS BASED ON REGIONAL MARKET DATA. THE BOARD APPROVES THE ENTIRE PAYROLL BUDGET. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE UPON REQUEST. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING. FORM 990, PART IX, LINE 11G STAFF PAYROLL PROCESSING 109,119. STAFF HIRING 52,630. WEBSITE 6,009. HOME BANKING 312,851. REMOTE DEPOSIT EXPENSE 102,665. BILL PAY SERVICES 72,492. STATEMENT PROCESSING -35,083. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -1,786,849. FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS IS RESPONSIBLE FOR THE OVERSIGHT OF THE OPINION AUDIT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. TEXELL FINANCIAL LLC 17 S 1ST STREET TEMPLE TX 76503 812423777 INSURANCE TX 58237 569936 TEXELL CREDIT UNION