Telco Community Credit Union
- Assets
- $359.7m
- Revenue
- $16.9m
- Investments
- $0.0
- Employees
- 99
- Location
- Candler, NC
- Founding
- 08/1969
- Data as of
- 12/2022
- EIN
- 56-6047874
Organization Overview
Telco Community Credit Union is located in Candler, 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, Telco Community Credit Union employed 99 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Telco 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, Telco Community Credit Union generated $16.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.2% each year. All expenses for the organization totaled $11.7m during the year ending 12/2022. While expenses have increased by 5.2% 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
PROVIDE FINANCIAL SERVICES TO 33,551 MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES TO 33,551 MEMBERS
PROVIDE FINANCIAL SERVICES TO 33,551 MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Burnette President Ce | 45 | $219,501 | |
Brandy Ponder Mortgages | 40 | $128,305 | |
David Smith Mortgages | 40 | $106,155 | |
Wa Byrd Vice Chair | Trustee | $0 | |
Sharon Carter Board Direct | Trustee | $0 | |
Harry Hankla Board Direct | Trustee | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Diebold Atm Monitoring | 12/30/22 | $406,171 |
Fiserv Card Network Da | 12/30/22 | $340,541 |
Jack Henry Associates Data Processing | 12/30/22 | $340,323 |
Indoff Furniture Furnishing Admi | 12/30/22 | $210,809 |
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 | $14,287,630 |
| Investment income | $2,579,753 |
| 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 | $16,867,383 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,201,665 |
| 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 | $108,544 |
| Advertising and promotion | $206,334 |
| Office expenses | $3,837,385 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $872,103 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $88,158 |
| Interest | $926,904 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $39,508 |
| Total functional expenses | $11,709,206 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,794,636 |
| Savings and temporary cash investments | $38,803,040 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | -$2,044,567 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $183,656,771 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $792,030 |
| Net Land, buildings, and equipment | $12,137,807 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $107,189,047 |
| Intangible assets | $0 |
| Other assets | $14,400,448 |
| Total assets | $359,729,212 |
| Accounts payable and accrued expenses | $2,682,338 |
| 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 | $322,478,938 |
| Total liabilities | $325,161,276 |
| 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 | $34,567,936 |
| Total liabilities and net assets/fund balances | $359,729,212 |