Credit Union Of Georgia
- Assets
- $633.2m
- Revenue
- $33.0m
- Investments
- $104.0m
- Employees
- 133
- Location
- Kennesaw, GA
- Founding
- 11/2001
- Data as of
- 12/2023
- EIN
- 58-6034116
Organization Overview
Credit Union Of Georgia is located in Kennesaw, 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 12/2023, Credit Union Of Georgia employed 133 individuals. Credit Union Of Georgia 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 12/2023, Credit Union Of Georgia generated $33.0m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 11.1% each year . All expenses for the organization totaled $25.1m during the year ending 12/2023. While expenses have increased by 11.1% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CREDIT UNION IS A COOPERATIVE ORGANIZED TO PROVIDE MEMBERS THRIFT SAVINGS AND BORROWINGS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNION OF GEORGIA IS A COOPERATIVE (OWNED BY ITS MEMBERS), NOT-FOR-PROFIT FINANCIAL INSTITUTION ORGANIZED TO PROVIDE THRIFT SAVINGS AND BORROWINGS TO ITS MEMBERS. THERE ARE APPROXIMATELY 36,283 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lynn Rainey Director, Secretary | OfficerTrustee | 1 | $0 |
Dr Frances Roberson Director | Trustee | 1 | $0 |
Danny Smith Vice Chairperson / Director Emeritus | OfficerTrustee | 1 | $0 |
Jill Mutimer Chairperson | OfficerTrustee | 1 | $0 |
Michael Anderson Director, Treasurer | OfficerTrustee | 1 | $0 |
Dr Randy Reece Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lanvera Statement Printing | 12/30/23 | $228,338 |
Lefkoff Rubin Gleason & Russo Pc Legal Services | 12/30/23 | $126,302 |
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 | $27,809,767 |
| Investment income | $4,889,201 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $321,353 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $33,020,321 |
| 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. | $596,360 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,817,280 |
| Pension plan accruals and contributions | $480,144 |
| Other employee benefits | $625,449 |
| Payroll taxes | $590,613 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $34,995 |
| Fees for services: Accounting | $66,282 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,178,581 |
| Advertising and promotion | $561,835 |
| Office expenses | $1,724,800 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $802,260 |
| Travel | $224,996 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5,725,937 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $960,036 |
| Insurance | $110,033 |
| All other expenses | $111,579 |
| Total functional expenses | $25,145,761 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,155,514 |
| Savings and temporary cash investments | $70,021,532 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $427,599,906 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,395,580 |
| Net Land, buildings, and equipment | $15,031,394 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $104,036,674 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $11,971,791 |
| Total assets | $633,212,391 |
| Accounts payable and accrued expenses | $5,846,545 |
| 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 | $8,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $568,846,854 |
| Total liabilities | $582,693,399 |
| 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 | $50,518,992 |
| Total liabilities and net assets/fund balances | $633,212,391 |