Civic Intelligence

Fivepoint Credit Union

990 • Fiscal year 2021 • EIN 74-1109889

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 01, 2022

PO Box 1366Nederland, TX 77627-1366

(409) 726-8300

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

50th percentile

0.90x

Higher debt load relative to assets than 50% of similar nonprofits.

2021 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2021

Liabilities / Revenue

19th percentile

16.37x

Higher debt load relative to revenue than 19% of similar nonprofits.

2021 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2021

Net Margin

28th percentile

13%

Higher net margin than 28% of similar nonprofits.

2021 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2021

Top Officer Pay

72nd percentile

$504,729

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2021 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2021

Asset Growth

23rd percentile

7.9%

Faster asset growth than 23% of similar nonprofits.

2021 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2020 to 2021

Revenue Growth

62nd percentile

6.4%

Faster revenue growth than 62% of similar nonprofits.

2021 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2020 to 2021

Assets

Up

$833,470,409

Up $61,188,946 (+7.9%) from 2020

Net Assets

Up

$82,315,274

Up $3,752,199 (+4.8%) from 2020

Liabilities

Up

$751,155,135

Up $57,436,747 (+8.3%) from 2020

Revenue

Up

$45,891,302

Up $2,765,460 (+6.4%) from 2020

Expenses

Down

$40,066,004

Down $847,728 (-2.1%) from 2020

Net Income

Up

$5,825,298

Up $3,613,188 (+163%) from 2020

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.0B$500M$0Assets 2014: $475,487,418Liabilities 2014: $419,500,521Net Assets 2014: $55,986,8972014Assets 2015: $507,188,863Liabilities 2015: $447,501,947Net Assets 2015: $59,686,9162015Assets 2016: $544,211,928Liabilities 2016: $479,350,214Net Assets 2016: $64,861,7142016Assets 2017: $638,392,794Liabilities 2017: $571,540,789Net Assets 2017: $66,852,0052017Assets 2018: $600,855,416Liabilities 2018: $530,708,227Net Assets 2018: $70,147,1892018Assets 2019: $672,374,560Liabilities 2019: $597,333,842Net Assets 2019: $75,040,7182019Assets 2020: $772,281,463Liabilities 2020: $693,718,388Net Assets 2020: $78,563,0752020Assets 2021: $833,470,409Liabilities 2021: $751,155,135Net Assets 2021: $82,315,2742021Assets 2022: $874,862,124Liabilities 2022: $800,708,884Net Assets 2022: $74,153,2402022Assets 2023: $940,698,707Liabilities 2023: $864,661,283Net Assets 2023: $76,037,4242023Assets 2024: $987,167,081Liabilities 2024: $907,001,377Net Assets 2024: $80,165,7042024

Highlighted filing

2021

Assets$833,470,409
Liabilities$751,155,135
Net Assets$82,315,274

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$80M$60M$40M$20M$0Revenue 2014: $33,804,866Expenses 2014: $29,033,889Net Income 2014: $4,770,9772014Revenue 2015: $36,130,754Expenses 2015: $31,662,713Net Income 2015: $4,468,0412015Revenue 2016: $39,274,110Expenses 2016: $34,536,631Net Income 2016: $4,737,4792016Revenue 2017: $38,551,666Expenses 2017: $36,967,526Net Income 2017: $1,584,1402017Revenue 2018: $41,733,318Expenses 2018: $37,994,725Net Income 2018: $3,738,5932018Revenue 2019: $43,663,158Expenses 2019: $40,133,358Net Income 2019: $3,529,8002019Revenue 2020: $43,125,842Expenses 2020: $40,913,732Net Income 2020: $2,212,1102020Revenue 2021: $45,891,302Expenses 2021: $40,066,004Net Income 2021: $5,825,2982021Revenue 2022: $49,433,751Expenses 2022: $44,488,509Net Income 2022: $4,945,2422022Revenue 2023: $58,838,375Expenses 2023: $56,531,671Net Income 2023: $2,306,7042023Revenue 2024: $68,944,661Expenses 2024: $66,115,636Net Income 2024: $2,829,0252024

Highlighted filing

2021

Revenue$45,891,302
Expenses$40,066,004
Net Income$5,825,298
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 1, 2022
Return Version
2021v4.2
Gross Receipts
$45,891,302
Mission and Program Overview

Mission

To improve the quality of life for our members and the community.

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$526,473,029$569,489,814▲ $43,016,785
Investments in Publicly Traded Securities$86,312,607$111,238,736▲ $24,926,129
Rtn Earn Endowment Incm Other Fnds$78,563,075$82,315,274▲ $3,752,199
Savings and Temporary Cash Investments$92,564,739$78,153,808▼ $14,410,931
Land, Buildings, and Equipment, Net$24,345,204$25,507,037▲ $1,161,833
Cash and Non-Interest-Bearing Accounts$8,633,677$13,104,831▲ $4,471,154
Receivables From Officers Etc$7,961,636$8,370,209▲ $408,573
Prepaid Expenses and Deferred Charges$1,234,117$1,477,080▲ $242,963
Investments Other Securities$1,259,255$1,000,491▼ $258,764
Accounts Receivable$379,102$483,651▲ $104,549
Intangible Assets$172,809$152,478▼ $20,331
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$772,281,463$833,470,409▲ $61,188,946
Other Assets Total$22,945,288$24,492,274▲ $1,546,986
Liabilities
Other Liabilities$689,166,838$740,075,944▲ $50,909,106
Accounts Payable and Accrued Expenses$4,551,550$11,079,191▲ $6,527,641
Total Liabilities$693,718,388$751,155,135▲ $57,436,747
Net Assets / Fund Balance
Total Net Assets Fund Balance$78,563,075$82,315,274▲ $3,752,199
Total Liabilities and Net Assets / Fund Balance$772,281,463$833,470,409▲ $61,188,946

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$19,060,180$9,626,244$28,686,424
Equipment$3,574,425$11,957,147$15,531,572
Leasehold Improvements$1,213,754$1,518,744$2,732,498
Land$1,658,678-$1,658,678
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Erik ShawCEOFT$402,949$101,780$504,729
Kenneth MillerExecutive Vice PresidentFT$284,950$80,108$365,058
Matt BorelFinancial AdvisorFT$277,667$31,144$308,811
Jennifer WebbSVP, LendingFT$241,797$53,868$295,665
Kristen BellangerSVP, OperationsFT$228,037$60,608$288,645
Vicki KelleySVP, Human ResourcesFT$217,253$65,651$282,904
Wendi ChristianVP AccountingFT$148,196$44,668$192,864
Marla RuckerVP ItFT$136,286$48,503$184,789
Debbie SpearVP OperationsFT$130,339$46,744$177,083
Christie DownsVP LendingFT$142,026$27,616$169,642
Amanda WhiteVP of Human ResourcesFT$134,919$29,234$164,153
Karen BlumVP MarketingFT$113,399$45,151$158,550
Chasidy BohananVP OperationsFT$135,650$19,546$155,196
Darla DigiovanniCall Center ManagerFT$132,536$22,195$154,731
Aimee SlottVP Business LendingFT$122,544$30,541$153,085

Board Members and Trustees

NameTitle
Glenn JohnsonChairperson
Joe DicksonFirst Vice Chairperson
John ComeauxSecond Vice Chairperson
Denny WinterBoard Member
Hilton Ferguson JrBoard Member
Jack ThorntonBoard Member
Jody BriggsBoard Member
Karol RussellBoard Member
Louis AnselmoBoard Member
James SaxonSecretary Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Construction Zone Of SetxConstructionPO BOX 192, Aubrey, TX 76227$2,530,478
Ncr CorporationOnline Banking Services5601 LINDERO CANYON ROAD SUITE 100, Westlake Village, CA 91362$1,307,042
Ann Lee And Associates LtdMarketing Firm1555 DUSTIN CADE DR, New Braunfels, TX 78130$1,018,031
Pulse Eft AssociationDebit Card Processor1301 MCKINNEY SUITE 600, Houston, TX 77010$662,460
Softchoice CorporationIt Vmware Support314 WEST SUPERIOR STREET SUITE 400, Chicago, IL 60654$644,664
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$44,163,022
Investment Income
$1,660,645
Other Revenue
$67,635
Change in Net Assets
$5,825,298
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$21,348,351
Salaries, Compensation, and Employee Benefits$18,499,609
Grants and Similar Amounts Paid$218,044
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$11,718,656
Interest---$3,712,757
Information Technology---$3,117,300
Current Officers, Directors, Trustees, and Key Employees---$2,757,260
Other Employee Benefits---$2,314,261
Depreciation Depletion---$2,268,918
Office Expenses---$1,743,861
Advertising---$1,506,321
Occupancy---$1,391,569
Payroll Taxes---$941,493
Pension Plan Contributions---$767,939
Other Expenses---$514,624
All Other Expenses---$495,661
Fees for Services Legal---$427,794
Insurance---$336,539
Fees for Services Other---$261,620
Grants to Domestic Orgs---$208,044
Payments to Affiliates---$122,483
Fees for Services Accounting---$117,500
Travel---$45,075
Grants to Domestic Individuals---$10,000
Conferences and Meetings---$1,344
Total Functional Expenses$0$0$0$40,066,004
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
American Cancer SocietyNederland, TX501(c)(3)Charitable Donation$62,630
American Heart AssociationDes Moines, IA501(c)(3)Charitable Donation$6,470
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$7,961,636$8,370,209▲ $408,573
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Members Share Accounts$740,075,944
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

Every client that has an account with our credit union is also a member.

Form 990, Part VI, Section A, Line 7A

Our board of directors are elected by a vote of the membership. Annually, if there is an open position, the nominating committee will put forth the candidates which our members can vote on during the annual meeting.

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 members of the credit union as they occur.

Form 990, Part VI, Section B, Line 11B

Form 990 is reviewed by erik shaw, ceo, kenneth miller, evp, and vicki kelley, svp of human resources for its accuracy.

Form 990, Part VI, Section B, Line 12C

Compliance training is performed annually. Each employee / officer signs off they have reviewed and understand the policy.

Form 990, Part VI, Section B, Line 15

Fivepoint utilizes a 3rd party to provide industry standard and regional specific salary ranges for all staff.

Form 990, Part VI, Section C, Line 19

The credit union's governing documents and conflict of interest policy are not made available to the public. The credit union's financial statements are made available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Fivepoint Credit Union
EIN
74-1109889
Phone
4097268300
Address
PO BOX 1366, NEDERLAND, TX 77627-1366

Signing Officer

Name
Kenneth Miller
Title
Executive Vice President
Phone
4097268200
Signed
2022-11-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Erik Shaw
Formed
1935
Legal Domicile
TX
Voting Board Members
11
Independent Board Members
11
Employees
249
Volunteers
14

Preparer

Firm
Doeren Mayhew
Address
305 WEST BIG BEAVER ROAD, TROY, MI 48084
Preparer
John J Murnane Jr
Phone
2482443000
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Other professional services 261,620.

Form 990, Part IX, Line 24E

Training/development/education 211,974. Debit/credit expenses 143,193. Loss on repos/other 82,986. Miscellaneous 57,508.

FORM 990, PART XII, LINE 2C:

A committee exists that assumes responsibility for the oversight of the audit of the annual financial statements and the selection of an independent accountant. The process has not changed from the prior year.

Financial Statement Notes

PART X, LINE 2:

The credit union is exempt, by statute (internal revenue code section 501(c)(14)), from federal income tax.

Raw XML AppendixShowing 400 of 860 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt9SECOND VICE CHAIRPERSON
IRS990/Form990PartVIISectionAGrp/TitleTxt10SECRETARY TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt11EXECUTIVE VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt12SVP, HUMAN RESOURCES
IRS990/Form990PartVIISectionAGrp/TitleTxt13SVP, LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt14SVP, OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt15FINANCIAL ADVISOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16VP ACCOUNTING
IRS990/Form990PartVIISectionAGrp/TitleTxt17VP IT
IRS990/Form990PartVIISectionAGrp/TitleTxt18VP LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt19VP OF HUMAN RESOURCES
IRS990/Form990PartVIISectionAGrp/TitleTxt20VP MARKETING
IRS990/Form990PartVIISectionAGrp/TitleTxt21VP BUSINESS LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt22VP OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt23VP OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt24CALL CENTER MANAGER
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IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO IMPROVE THE QUALITY OF LIFE FOR OUR MEMBERS AND THE COMMUNITY.
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IRS990/OtherExpensesGrp/Desc2MAINTENANCE AND REPAIRS
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IRS990/OtherExpensesGrp/TotalAmt2996236
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IRS990/ProgramServiceRevenueGrp/Desc0LOAN RECEIVABLE
IRS990/ProgramServiceRevenueGrp/Desc1FEES, CHARGES, OTHER
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IRS990/ProgSrvcAccomActy2Grp/Desc0ATM SERVICES PROVIDED TO THE MEMBERSHIP REPRESENTED $2,881,899 OF TOTAL EXPENSES INCURRED DURING THE YEAR ENDED DECEMBER 31, 2021.
IRS990/ProgSrvcAccomActy3Grp/Desc0HOME BANKING PROVIDED TO THE MEMBERSHIP REPRESENTED A COST OF APPROXIMATELY $1,231,785 INCURRED DURING THE YEAR ENDED DECEMBER 31, 2021.
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IRS990/PYOtherRevenueAmt046488
IRS990/PYProgramServiceRevenueAmt041380971
IRS990/PYRevenuesLessExpensesAmt02212110
IRS990/PYSalariesCompEmpBnftPaidAmt016414816

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