The $41 million Coastal Community Federal Credit Union of Galveston, Texas has become an Internal Revenue Service favorite.
The five-employee Coastal Community was presented the “Stellar IRS VITA Site” award for its Galveston County role in preparing 366 tax returns totaling $587,194 in refunds during its first year as part of the Volunteer Income Tax Assistance program.
“We saved Galveston County residents over $37,000 in tax preparation fees and over $268,475 in Child Tax, Earned Income and Educational Tax Credit savings,” said Carol Purdy Gaylord, president/CEO of 8,200-member Coastal Community. “We knew we were making a difference when we realized that $474,624 in income reported was derived from unemployment benefits.”
Gaylord said she he believes her CU “definitely met the need and helped many succeed with tax credit savings” adding Coastal Community was also able to offer various financial products and literacy programs to fund IRAs and savings accounts.
“We are so proud of our community, our employees and volunteers and we are looking forward to serving our community next year.” Gaylord said.