North Main Credit Union
- Assets
- $30.0m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 10
- Location
- Cornelia, GA
- Founding
- 11/2001
- Data as of
- 12/2022
- EIN
- 58-1354498
Organization Overview
North Main Credit Union is located in Cornelia, 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, North Main Credit Union employed 10 individuals. North Main 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, North Main Credit Union generated $1.7m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 16.4% each year . All expenses for the organization totaled $1.4m during the year ending 12/2022. While expenses have increased by 12.2% per year over the past 5 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 THE VARIOUS MEMBERS OF THE FINANCIAL INSTITUTION INCLUDING LOAN AND DEPOSIT ACCOUNTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
COST TO PROVIDE SAVINGS AND LOANS TO CREDIT UNION MEMBERSHIP
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Melany Ward President/ceo | Officer | 50 | $150,814 |
Ray Mcalister Board Chair | Trustee | 2 | $0 |
Lawrence Bridges Director & Vice Chair | Trustee | 2 | $0 |
Deborah Beam Director & Supervisory Chair | Trustee | 5 | $0 |
Barbara Strain Director & Board Secretary | Trustee | 2 | $0 |
Amanda Chosewood Board Member | Trustee | 5 | $0 |
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 | $1,641,113 |
| Investment income | $70,424 |
| 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 | $1,711,537 |
| 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. | $158,564 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $408,458 |
| Pension plan accruals and contributions | $56,701 |
| Other employee benefits | $65,603 |
| Payroll taxes | $42,661 |
| Fees for services: Management | $32,931 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $349,709 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $38,500 |
| Office expenses | $48,883 |
| Information technology | $22,690 |
| Royalties | $0 |
| Occupancy | $40,734 |
| Travel | $5,950 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $53,550 |
| Interest | $0 |
| Payments to affiliates | $16,090 |
| Depreciation, depletion, and amortization | $15,500 |
| Insurance | $20,681 |
| All other expenses | $22,481 |
| Total functional expenses | $1,399,686 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $455,574 |
| Savings and temporary cash investments | $7,302,304 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $72,806 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $20,660,669 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $14,198 |
| Net Land, buildings, and equipment | $485,263 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $990,555 |
| Total assets | $29,981,369 |
| Accounts payable and accrued expenses | $231,978 |
| 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 | $25,393,969 |
| Total liabilities | $25,625,947 |
| 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 | $4,355,422 |
| Total liabilities and net assets/fund balances | $29,981,369 |