Rig Employees Credit Union
- Assets
- $8.1m
- Revenue
- $221.9k
- Investments
- $4.4m
- Employees
- 3
- Location
- Macon, GA
- Founding
- 09/2001
- Data as of
- 12/2020
- EIN
- 58-6035176
Organization Overview
Rig Employees Credit Union is located in Macon, 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 12/2020, Rig Employees Credit Union employed 3 individuals. Rig Employees 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 12/2020, Rig Employees Credit Union generated $221.9k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $202.9k during the year ending 12/2020. While expenses have increased by 1.6% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE THRIFT SAVINGS AND BORROWINGS TO MEMBERS OF AN OWNED COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE THRIFT SAVINGS AND BORROWINGS TO MEMBERS OF AN OWNED COOPERATIVE
TO PROVIDE THRIFT SAVINGS AND BORROWINGS TO MEMBERS OF AN OWNED COOPERATIVE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Melinda Spencer Manager | Officer | 40 | $83,148 |
W Lance Partain Secretary | OfficerTrustee | 0 | $0 |
Randy Perkin Board Member - Assistant Secr | Trustee | 0 | $0 |
Tony Hudson Board Member - Vice Chairman | Trustee | 0 | $0 |
Mel Brown Board Member - Credit Committ | Trustee | 0 | $0 |
Angela Mann Audit Committee Member | Trustee | 0 | $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 | $134,693 |
| Investment income | $72,955 |
| 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 | $221,932 |
| 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. | $81,049 |
| Compensation of current officers, directors, key employees. | $81,049 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,665 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $28,345 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $16,439 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $10,579 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $12,908 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $500 |
| Interest | $14,762 |
| Payments to affiliates | $7,335 |
| Depreciation, depletion, and amortization | $4,302 |
| Insurance | $5,877 |
| All other expenses | $0 |
| Total functional expenses | $202,864 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $430,385 |
| 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 | $3,228,541 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $13,463 |
| Net Land, buildings, and equipment | $6,791 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,432,902 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $15,148 |
| Total assets | $8,127,230 |
| Accounts payable and accrued expenses | $20,428 |
| 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 | $5,787,303 |
| Total liabilities | $5,807,731 |
| 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 | $2,319,499 |
| Total liabilities and net assets/fund balances | $8,127,230 |
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