Coosa Valley Credit Union
- Assets
- $596.9m
- Revenue
- $34.6m
- Investments
- $0.0
- Employees
- 126
- Location
- Rome, GA
- Founding
- Data as of
- 12/2022
- EIN
- 58-0664019
Organization Overview
Coosa Valley Credit Union is located in Rome, GA. As of 12/2022, Coosa Valley Credit Union employed 126 individuals. Coosa Valley 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, Coosa Valley Credit Union generated $34.6m in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 12.3% each year . All expenses for the organization totaled $27.4m during the year ending 12/2022. While expenses have increased by 11.6% per year over the past 2 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 SAVINGS AND LENDING ACTIVITIES TO MEMBER OWNERS OF THE COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INCOME FROM THE CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andy F Harris President/ceo | Officer | 40 | $923,536 |
Guy Chambless CFO | Officer | 40 | $435,215 |
A Dawn Harris COO | Officer | 40 | $433,852 |
Saunders Jones III Clo | Officer | 40 | $382,177 |
Sean G Gauldin VP Of Infomation Technology | Officer | 40 | $190,758 |
Jessica L Newberry VP Of Compliance & Process Development | Officer | 40 | $180,528 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Route 66 Member Insurance | 12/30/22 | $4,364,991 |
Graham Construction Construction/builder | 12/30/22 | $2,127,632 |
Jack Henry & Associates Inc Core Processor | 12/30/22 | $1,432,343 |
Fis Card Processing | 12/30/22 | $1,405,365 |
Allied Solutions Llc Member Insurance | 12/30/22 | $835,510 |
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 | $33,258,971 |
| Investment income | $1,257,065 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $36,000 |
| 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 | $34,552,036 |
| 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. | $5,173,145 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,283,146 |
| Pension plan accruals and contributions | $414,346 |
| Other employee benefits | $1,439,859 |
| Payroll taxes | $552,673 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $22,625 |
| Fees for services: Accounting | $35,421 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,882,220 |
| Advertising and promotion | $1,099,754 |
| Office expenses | $1,872,746 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,253,987 |
| Travel | $224,484 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,082,685 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,482,581 |
| Insurance | $0 |
| All other expenses | $109,114 |
| Total functional expenses | $27,431,348 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,257,013 |
| Savings and temporary cash investments | $40,150,066 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $34,930 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $438,954,922 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $957,958 |
| Net Land, buildings, and equipment | $24,230,871 |
| Investments—publicly traded securities | $54,111,197 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $19,210,782 |
| Total assets | $596,907,739 |
| Accounts payable and accrued expenses | $9,450,771 |
| 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 | $7,650,105 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $534,809,591 |
| Total liabilities | $551,910,467 |
| 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 | $44,997,272 |
| Total liabilities and net assets/fund balances | $596,907,739 |