Georgia United Credit Union
- Assets
- $1.9b
- Revenue
- $80.8m
- Investments
- $326.4m
- Employees
- 440
- Location
- Duluth, GA
- Founding
- 11/2001
- Data as of
- 12/2021
- EIN
- 58-0800932
Organization Overview
Georgia United Credit Union is located in Duluth, 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 12/2021, Georgia United Credit Union employed 440 individuals. Georgia United 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, Georgia United Credit Union generated $80.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.7% each year. All expenses for the organization totaled $70.1m during the year ending 12/2021. While expenses have increased by 7.8% 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
GA UNITED CREDIT UNION WAS ORGANIZED IN 1958 TO SERVE OUR MEMBERS' FINANCIAL NEEDS. AS A CREDIT UNION, WE OPERATE AS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE THAT ENCOURAGES THRIFT BY PROVIDING LOANS AT FAIR AND REASONABLE RATES, PAYING COMPETITIVE DIVIDENDS ON SAVINGS PRODUCTS AND IMPLEMENTING FEWER SERVICE FEES FOR OVERALL ACCOUNT MAINTNANCE. INSTEAD OF BEING RUN BY STOCKHOLDERS, WE ARE OWNED BY OUR MEMBERS. EACH MEMBER OWNS AN EQUAL SHARE REGARDLESS OF HIS OR HER ACCOUNT BALANCE. THE BOARD OF DIRECTORS ARE ELECTED BY OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INCOME FROM INTEREST ON LOANS TO CREDIT UNION MEMBERS IS ONE OF THE PRIMARY MISSIONS OF THE ORGANIZATION. INTEREST IS CHARGED ON THE LOANS TO MEMBERS AT MARKET RATES.
REVENUE FROM ADMIN FEES IS DERIVED FROM CHARGES TO MEMBERS TO MAINTAIN ACCOUNTS, PROCESS LOANS, AND PROVIDE MANY EXTRA SERVICES TO ITS MEMBERS.
INVESTMENTS ARE A VITAL PORTION OF SERVICES PROVIDED TO MEMBERS BY THE CREDIT UNION. THESE INVESTMENTS ALLOW MEMBERS TO SAVE AND INVEST MONEY AND INTEREST AND DIVIDENDS ON THESE SECURITIES ARE PAID AT MARKETRATES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Debbie Smith CEO | Officer | 45 | $1,204,864 |
Shawn Turpin Evp | Officer | 45 | $834,674 |
Robert Bogart CFO | Officer | 45 | $790,645 |
Thomas Bartholomew Cio | Officer | 45 | $382,203 |
Michael London Cso | Officer | 45 | $337,843 |
Stephanie Zuleger Clo | Officer | 45 | $319,559 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cdw Direct Llc Network Equip/software Services | 12/30/21 | $1,737,411 |
Q2 Software Inc Online Banking Platform | 12/30/21 | $1,325,737 |
Jack Henry & Associates Inc Core Data Processing | 12/30/21 | $701,393 |
Jmg Jv Llc Marketing | 12/30/21 | $687,045 |
Strategic Resource Management Contract Review And Negotiations | 12/30/21 | $685,098 |
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 | $77,833,951 |
| Investment income | $2,619,123 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $808,922 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $80,835,681 |
| 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 | $4,336,064 |
| Compensation of current officers, directors, key employees. | $5,023,421 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $24,049,809 |
| Pension plan accruals and contributions | $1,097,387 |
| Other employee benefits | $138,548 |
| Payroll taxes | $1,503,940 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,525,693 |
| Fees for services: Accounting | $293,961 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,475,519 |
| Advertising and promotion | $2,689,060 |
| Office expenses | $12,276,959 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,471,779 |
| Travel | $382,283 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $623,297 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,871,648 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $70,132,903 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,338,564 |
| Savings and temporary cash investments | $134,246,985 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $3,768,898 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,288,821,738 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,199,355 |
| Net Land, buildings, and equipment | $34,540,228 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $326,423,352 |
| Investments—program-related | $0 |
| Intangible assets | $2,436,865 |
| Other assets | $73,798,255 |
| Total assets | $1,880,574,240 |
| Accounts payable and accrued expenses | $28,888,916 |
| 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 | $25,047,750 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,670,781,852 |
| Total liabilities | $1,724,718,518 |
| 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 | $155,855,722 |
| Total liabilities and net assets/fund balances | $1,880,574,240 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Georgia United Credit Union has recieved totaling $9,475.
| Awarding Organization | Amount |
|---|---|
Southeastern Credit Union Foundation Inc Tallahassee, FL PURPOSE: COMMUNITY SUPPORT | $9,475 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Georgia's Own Credit Union Atlanta, GA | $3,419,402,865 | $147,500,350 |
Knoxville Tva Employees Credit Unio Knoxville, TN | $3,429,893,801 | $162,152,547 |
Fairwinds Credit Union Orlando, FL | $4,043,048,917 | $164,616,807 |
Robins Financial Credit Union Warner Robins, GA | $3,880,052,195 | $147,788,018 |
State Chartered Credit Unions In Florida Jonesville, FL | $2,692,290,378 | $122,435,815 |
Florida Credit Union Gainesville, FL | $1,449,934,229 | $94,300,981 |
Atlanta Postal Credit Union Atlanta, GA | $2,565,202,791 | $86,141,254 |
Georgia United Credit Union Duluth, GA | $1,880,574,240 | $80,835,681 |
State Chartered Credit Unions In Florida Dunedin, FL | $2,485,154,200 | $95,219,795 |
State Chartered Credit Unions In Florida Jacksonville, FL | $2,430,634,345 | $94,716,587 |
Lge Community Credit Union Atlanta, GA | $1,989,595,139 | $81,568,561 |
Associated Credit Union Norcross, GA | $2,094,343,004 | $74,274,351 |