First Legacy Community Credit Union
- Assets
- $32.3m
- Revenue
- $2.0m
- Investments
- $0.0
- Employees
- 17
- Location
- Charlotte, NC
- Founding
- 08/1969
- Data as of
- 12/2017
- EIN
- 56-0558528
Organization Overview
First Legacy Community Credit Union is located in Charlotte, NC. The organization was established in 1969. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2017, First Legacy Community Credit Union employed 17 individuals. First Legacy 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 12/2017, First Legacy Community Credit Union generated $2.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (18.0%) each year. All expenses for the organization totaled $3.2m during the year ending 12/2017. 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
2017
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE WEALTH IN COMMUNITY BY PROVIDING LOW INTEREST RATE PRODUCTS TO OUR MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOTAL MEMBERS: 8,428 TOTAL SHARES: 27,641,814 TOTAL LOANS: 1,888 TOTAL LOANS BALANCE: 17,085,125
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michelle Outlaw CEO | Officer | 40 | $115,000 |
Armeer Kenchen Vice Chair, Board Member | Trustee | $0 | |
Doris Asbury Treasurer, Board Member | Trustee | $0 | |
Gloria Reese Chair, Board Member | Trustee | $0 | |
Donyel Barber Secretary, Board Member | Trustee | $0 | |
Lebarbara Southern Board Member | Trustee | $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 | $1,902,048 |
| Investment income | $83,664 |
| 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 | $1,985,712 |
| 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. | $115,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $697,561 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $105,725 |
| Advertising and promotion | $25,785 |
| Office expenses | $485,908 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $373,949 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,415 |
| Interest | $178,629 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,212,148 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $687,133 |
| Savings and temporary cash investments | $11,700,901 |
| 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 | $16,266,070 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $88,985 |
| Net Land, buildings, and equipment | $2,152,459 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,422,858 |
| Total assets | $32,318,406 |
| Accounts payable and accrued expenses | $244,497 |
| 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 | $27,641,814 |
| Total liabilities | $27,886,311 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $4,432,095 |