Associated Credit Union
- Assets
- $2.1b
- Revenue
- $88.2m
- Investments
- $340.2m
- Employees
- 450
- Location
- Norcross, GA
- Founding
- 11/2001
- Data as of
- 12/2022
- EIN
- 58-0240950
Organization Overview
Associated Credit Union is located in Norcross, GA. The organization was established in 2001. 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, Associated Credit Union employed 450 individuals. Associated 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, Associated Credit Union generated $88.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $68.6m during the year ending 12/2022. While expenses have increased by 3.3% 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
STATE-CHARTERED CREDIT UNION THAT OFFERS MEMBERS FINANCIAL PRODUCTS THAT FULFILL THEIR NEEDS, SERVICES THAT EXCEED THEIR EXPECTATIONS, AND RELATIONSHIPS THAT INSPIRE THEIR TRUST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ASSOCIATED CREDIT UNION IS A FULL-SERVICE FINANCIAL INSTITUTION OFFERING A WIDE VARIETY OF PRODUCTS AND SERVICES TO OVER 150,000 MEMBERS IN THE STATE OF GEORGIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
C Lin Hodges Pres, Ceo, Director | OfficerTrustee | 40 | $909,853 |
Jim Lafond Vp/risk Management | 40 | $641,958 | |
Tim Bridges Executive Vp/cfo | Officer | 40 | $480,824 |
Mark Waller Evp/coo | Officer | 40 | $459,730 |
Chad Evans Evp/lending | Officer | 40 | $349,861 |
Karl Mann Vp/information Technology | Officer | 40 | $335,587 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry And Associates Core Data Processing | 12/30/22 | $1,423,895 |
Xpress Data Member Statements And Disclosures | 12/30/22 | $646,005 |
Ncr Corporation Online Banking Provider | 12/30/22 | $2,234,683 |
King Computer Hardware | 12/30/22 | $527,763 |
Cdw Direct Tech Services | 12/30/22 | $588,351 |
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 | $76,173,586 |
| Investment income | $12,101,983 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$95,650 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $88,179,919 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $60,000 |
| 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. | $3,443,144 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $20,347,913 |
| Pension plan accruals and contributions | $1,217,048 |
| Other employee benefits | $6,336,617 |
| Payroll taxes | $1,711,173 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,775 |
| Fees for services: Accounting | $144,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,457,281 |
| Advertising and promotion | $1,531,743 |
| Office expenses | $516,874 |
| Information technology | $3,332,669 |
| Royalties | $0 |
| Occupancy | $1,572,975 |
| Travel | $321,887 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $526,349 |
| Interest | $6,268,181 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,979,138 |
| Insurance | $328,347 |
| All other expenses | $1,041,969 |
| Total functional expenses | $68,611,565 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $23,508,565 |
| Savings and temporary cash investments | $271,463,118 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $10,274,001 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,387,247,077 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $16,768,168 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $340,246,642 |
| Investments—program-related | $1,633,398 |
| Intangible assets | $0 |
| Other assets | $77,763,260 |
| Total assets | $2,128,904,229 |
| Accounts payable and accrued expenses | $22,945,004 |
| 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 | $1,880,390,207 |
| Total liabilities | $1,903,335,211 |
| 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 | $225,569,018 |
| Total liabilities and net assets/fund balances | $2,128,904,229 |