Jackson River Community Credit Union
- Assets
- $107.3m
- Revenue
- $4.4m
- Investments
- $0.0
- Employees
- 18
- Location
- Covington, VA
- Founding
- Data as of
- 12/2022
- EIN
- 54-0620788
Organization Overview
Jackson River Community Credit Union is located in Covington, VA. As of 12/2022, Jackson River Community Credit Union employed 18 individuals. Jackson River Community 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 12/2022, Jackson River Community Credit Union generated $4.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.4% each year . All expenses for the organization totaled $3.2m during the year ending 12/2022. While expenses have increased by 6.4% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CREDIT UNIONS EXIST TO OFFER AN ARRAY OF FINANCIAL SERVICES AT NO OR MINIMAL COSTS TO IT'S MEMBERS. THE CREDIT UNION STRIVES TO KEEP FEES AND COST OF SERVICES TO A MINIMUM. SERVICES INCLUDE BUT ARE NOT LIMITED TO: SAVINGS AND CHECKING ACCOUNTS, CERTIFICATES OF DEPOSITS, IRAS, CONSUMER LOANS AND MORTGAGES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOANS - INCLUDE INTEREST RECEIVED FROM CREDIT CARD PROGRAMS, MORTGAGES, PERSONAL AND VEHICLE LOANS (BOTH IN-HOUSE AND THROUGH THE DEALER INDIRECT LENDING PROGRAM). EACH MEMBER IS CONSIDERED AND APPROVED FOR A LOAN BASED ON A BOARD APPROVED POLICY. ALL MEMBERS, REGARDLESS OF ACCOUNT BALANCE, MUST DEMONSTRATE ABILITY TO REPAY, WILLINGNESS TO REPAY AND BE CREDIT WORTH BASED ON THE CREDIT UNION'S LOAN POLICY.
FEE INCOME - FEES CHARGED TO MEMBERS. WHILE THE CREDIT UNION STRIVES TO MAINTAIN A LOW FEE RATE SCHEDULE, SOME FEES ARE NEEDED. FEES, IN MANY CASES, CAN BE AVOIDED. THESE FEES INCLUDE NON-SUFFICIENT FUNDS FEE, NEGATIVE OVERDRAFT FEES, LATE PAYMENT FEES AND DORMANT FEES. OTHER FEES CHARGED FOR CU SERVICES INCLUDE SAFE DEPOSIT BOX RENTAL FEES, STOP PAYMENT FEES AND WIRE FEES. OF THE $960,986, $428,592 IS VISA CHECK CARD - INTERCHANGE INCOME. THIS AMOUNT IS OFFSET BY $360,887 IN VISA CHECK CARD EXPENSES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kathleen All CEO | Officer | 45 | $125,837 |
Earl Mcclung Board Member | Trustee | 1 | $0 |
Hunter Fridley Chairman Of The Board | Trustee | 1 | $0 |
Cindy Fox Treasurer Of The Board | Trustee | 1 | $0 |
James Birchfield Sr Board Member | Trustee | 1 | $0 |
Andra Fridley Secretary Of The Board | Trustee | 1 | $0 |
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 | $3,519,134 |
| Investment income | $868,743 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,389,231 |
| 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. | $141,663 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $560,118 |
| Pension plan accruals and contributions | $12,256 |
| Other employee benefits | $221,070 |
| Payroll taxes | $51,797 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $558,375 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $39,218 |
| Office expenses | $610,079 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $72,504 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $22,839 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $97,168 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,203,084 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,589,350 |
| Savings and temporary cash investments | $17,789,073 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $27,242 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $917,179 |
| Net Land, buildings, and equipment | $897,121 |
| Investments—publicly traded securities | $36,914,550 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $49,122,011 |
| Total assets | $107,256,526 |
| Accounts payable and accrued expenses | $512,499 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $655,449 |
| Total liabilities | $1,167,948 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $106,088,578 |
| Total liabilities and net assets/fund balances | $107,256,526 |
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