Cs Credit Union
- Assets
- $33.1m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 9
- Location
- Catawba, NC
- Founding
- 08/1969
- Data as of
- 12/2021
- EIN
- 56-1515386
Organization Overview
Cs Credit Union is located in Catawba, 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 12/2021, Cs Credit Union employed 9 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Cs 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, Cs Credit Union generated $1.2m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2021. 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
PROVIDE FINANCIAL SERVICES TO THE MEMBERS OF THE CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
2,944 MEMBERS PROVIDED WITH FINANCIAL ACCOUNTS TOTALING $28,174,302 IN DEPOSITS.1,848 MEMBER LOANS TOTALING $10,858,496 IN OUTSTANDING LOANS.PROVIDED ELECTRONIC SERVICES TO THESE MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Vaden Manager/ceo | Officer | 40 | $110,616 |
Dale Sherrill Chairperson | OfficerTrustee | 2 | $0 |
Rose Sipe Secretary/treasurer | OfficerTrustee | 2 | $0 |
Jean Gay Vice-Chairperson | OfficerTrustee | 2 | $0 |
Smitty Drum Director | Trustee | 2 | $0 |
Bob Ferber 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $852,829 |
| Investment income | $243,467 |
| 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 | $1,213,579 |
| 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. | $137,622 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $341,892 |
| Pension plan accruals and contributions | $27,077 |
| Other employee benefits | $95,100 |
| Payroll taxes | $35,615 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,800 |
| Fees for services: Accounting | $26,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $88,588 |
| Advertising and promotion | $4,613 |
| Office expenses | $13,754 |
| Information technology | $20,100 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,000 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $80,310 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $18,602 |
| Insurance | $0 |
| All other expenses | $104,770 |
| Total functional expenses | $1,113,960 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,254,177 |
| Savings and temporary cash investments | $175,081 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $48,615 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,802,865 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $43,088 |
| Net Land, buildings, and equipment | $31,295 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $12,459,389 |
| Intangible assets | $0 |
| Other assets | $300,858 |
| Total assets | $33,115,368 |
| Accounts payable and accrued expenses | $77,346 |
| 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 | $28,174,302 |
| Total liabilities | $28,251,648 |
| 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 | $4,863,720 |
| Total liabilities and net assets/fund balances | $33,115,368 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Memphis City Employees Credit Union Memphis, TN | $441,662,639 | $21,190,840 |
Credit Union Of Georgia Kennesaw, GA | $568,450,220 | $21,135,096 |
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State Chartered Credit Unions In Canton, NC | $412,728,875 | $18,530,317 |
Cornerstone Financial Credit Union Nashville, TN | $522,943,459 | $21,028,853 |
State Chartered Credit Unions In North Carolina Greensboro, NC | $337,571,406 | $18,300,511 |
State Chartered Credit Unions In North Carolina Winston Salem, NC | $454,901,827 | $18,489,124 |
U S Community Credit Union Nashville, TN | $215,456,515 | $14,802,772 |
Interstate Paper Federal Credit Union Jesup, GA | $308,641,899 | $18,616,471 |
Membersfirst Credit Union 2050 Lawrenceville Hwy Ste C-40 Decatur, GA | $348,729,006 | $15,204,020 |
Southeastern Federal Credit Union Valdosta, GA | $334,399,365 | $14,490,315 |
The Tennessee Credit Union Nashville, TN | $408,777,901 | $12,031,552 |