Nucor Employees Credit Union
- Assets
- $58.6m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 20
- Location
- Florence, SC
- Founding
- 09/1968
- Data as of
- 12/2021
- EIN
- 57-6023757
Organization Overview
Nucor Employees Credit Union is located in Florence, SC. The organization was established in 1968. 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, Nucor Employees Credit Union employed 20 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Nucor Employees 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, Nucor Employees Credit Union generated $2.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $1.9m during the year ending 12/2021. While expenses have increased by 1.9% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE YEAR, THE CREDIT UNION SERVED ITS' MEMBERS BY PROVIDING LOANS AT REASONABLE RATES. IT ALSO ACCEPTED DEPOSITS AND PAID REASONABLE RATES OF INTEREST ON THOSE DEPOSITS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Chappell Manager/ceo | Officer | 45 | $106,686 |
Starlet Britt Secretary | Trustee | $0 | |
Leo Chapman Board Member | Trustee | $0 | |
Philip Alexander Board Member | Trustee | $0 | |
Roger Lane Vice Preside | Trustee | $0 | |
Mike Montrose Treasurer | Trustee | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Co-op Financial Services Debit Card Proc | 12/30/21 | $216,957 |
Bluechoice Health Plan Health Ins | 12/30/21 | $177,793 |
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 | $2,161,260 |
| Investment income | $57,441 |
| 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 | $2,218,701 |
| 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 | $679,634 |
| Pension plan accruals and contributions | $38,510 |
| Other employee benefits | $173,721 |
| Payroll taxes | $54,830 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $65,980 |
| Travel | $37,150 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,617 |
| Interest | $97,403 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,052 |
| Insurance | $0 |
| All other expenses | $185,385 |
| Total functional expenses | $1,904,492 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,561,844 |
| Savings and temporary cash investments | $30,875,878 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $20,234 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $23,426,940 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $93,457 |
| Net Land, buildings, and equipment | $1,559,910 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $70,708 |
| Total assets | $58,608,971 |
| Accounts payable and accrued expenses | $497,976 |
| 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 | $50,700,188 |
| Total liabilities | $51,198,164 |
| 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 | $7,410,807 |
| Total liabilities and net assets/fund balances | $58,608,971 |
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