Community Choice Credit Union
- Assets
- $742.4m
- Revenue
- $38.8m
- Investments
- $19.2m
- Employees
- 190
- Location
- Johnston, IA
- Founding
- Data as of
- 12/2021
- EIN
- 42-0778245
Organization Overview
Community Choice Credit Union is located in Johnston, IA. As of 12/2021, Community Choice Credit Union employed 190 individuals. Community Choice Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Community Choice Credit Union generated $38.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.2% each year. All expenses for the organization totaled $31.1m during the year ending 12/2021. While expenses have increased by 6.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SIMPLY AND HAPPILY FULFILL THE FINANCIAL WANTS AND NEEDS OF OUR MEMBERS. TO ACHIEVE THIS, WE MUST STRIVE TO UNEXPECTEDLY DELIGHT THOSE WE SERVE; OUR EMPLOYEES, OUR COMMUNITIES, OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY CHOICE CREDIT UNION OFFERS LOW RATE LOANS AND OFFERS HIGHER RATE DEPOSITS TO ITS MEMBERS. THE ORGANIZATION IS A FULL SERVICE FINANCIAL PROVIDER OFFERING EVERYTHING FROM MORTGAGE LOANS ALL THE WAY TO SAFE DEPOSIT BOXES. MEMBERS AS OF 12/31/2021 - 50,092
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joshua Cook CEO | Officer | 45 | $643,833 |
Kayla Nelson Mortgage Loan Officer | 40 | $339,915 | |
Brian Curtin Clo | Officer | 45 | $262,721 |
Joseph Hayhoe Mortgage Loan Officer | 40 | $257,108 | |
Timothy Wallen COO | Officer | 45 | $204,302 |
Erik Sorensen CFO | Officer | 45 | $197,144 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $37,094,921 |
| Investment income | $1,507,825 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $218,559 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $38,821,305 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,760,677 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,953,241 |
| Pension plan accruals and contributions | $1,038,635 |
| Other employee benefits | $965,462 |
| Payroll taxes | $711,655 |
| Fees for services: Management | $151,942 |
| Fees for services: Legal | $81,088 |
| Fees for services: Accounting | $541,490 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $267,923 |
| Advertising and promotion | $2,553,331 |
| Office expenses | $539,858 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,713,236 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $259,530 |
| Interest | $2,055,855 |
| Payments to affiliates | $103,788 |
| Depreciation, depletion, and amortization | $461,733 |
| Insurance | $159,348 |
| All other expenses | $0 |
| Total functional expenses | $31,078,787 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $102,633,924 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $557,106,625 |
| Inventories for sale or use | $8,496,129 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $16,366,484 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $19,193,261 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $38,592,581 |
| Total assets | $742,389,004 |
| Accounts payable and accrued expenses | $11,578,026 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $647,936,393 |
| Total liabilities | $663,514,419 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $23,148,884 |
| Retained earnings, endowment, accumulated income, or other funds | $55,725,701 |
| Total liabilities and net assets/fund balances | $742,389,004 |
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