Greensboro Credit Union
- Assets
- $20.9m
- Revenue
- $713.3k
- Investments
- $0.0
- Employees
- 9
- Location
- Greensboro, NC
- Founding
- 08/1969
- Data as of
- 12/2022
- EIN
- 56-0679188
Organization Overview
Greensboro Credit Union is located in Greensboro, 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 12/2022, Greensboro Credit Union employed 9 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Greensboro 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, Greensboro Credit Union generated $713.3k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $604.3k during the year ending 12/2022. While expenses have increased by 1.5% per year over the past 8 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
PROVIDING LOANS AND SAVINGS TO MEMBERS AT AT REASONABLE RATES
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING CREDIT UNION SERVICES TO MEMBERS INCLUDING LOW COST LOANS AND SAVINGS PRODUCTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Pamala Douglas CEO Director | OfficerTrustee | 40 | $61,769 |
Wanda W Strachan Director | Trustee | 2 | $0 |
James H Mcallister Director | Trustee | 2 | $0 |
Luther Jones Director | Trustee | 2 | $0 |
Larry Shuler Director | Trustee | 2 | $0 |
Gregory Brown Director | Trustee | 2 | $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 | $15,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,000 |
| Total Program Service Revenue | $340,457 |
| Investment income | $242,261 |
| 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 | $713,301 |
| 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. | $61,769 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $164,156 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $83,248 |
| Payroll taxes | $78,414 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $57,433 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $28,447 |
| Advertising and promotion | $2,219 |
| Office expenses | $102,988 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $300 |
| Travel | $968 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,674 |
| Interest | $12,665 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,769 |
| Insurance | $11,245 |
| All other expenses | $280 |
| Total functional expenses | $604,263 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $69,310 |
| Savings and temporary cash investments | $11,966,129 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $60,750 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $8,597,478 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $16,229 |
| Net Land, buildings, and equipment | $28,928 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $186,047 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $20,924,871 |
| Accounts payable and accrued expenses | $126,175 |
| 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 | $15,468,672 |
| Total liabilities | $15,594,847 |
| 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 | $5,330,024 |
| Total liabilities and net assets/fund balances | $20,924,871 |