Rig Employees Credit Union
- Assets
- $7.7m
- Revenue
- $192.8k
- Investments
- $3.8m
- Employees
- 2
- Location
- Macon, GA
- Founding
- 09/2001
- Data as of
- 12/2022
- 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 12/2022, Rig Employees Credit Union employed 2 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 12/2022, Rig Employees Credit Union generated $192.8k in total revenue. The organization has seen a slow decline revenue. Over the past 4 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $201.5k during the year ending 12/2022. 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
STATE OF GEORGIA REGULATED MEMBER OWNED FINANCIAL INSTITUTION, PROVIDING FINANCIAL ASSISTANCE THROUGH DEPOSIT ACCOUNTS AND LOANS TO IT'S MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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 |
|---|---|---|---|
David Mullis Director/chairman | Trustee | 1 | $0 |
Tracy Simmons President/manager | Officer | 40 | $1,058 |
Jimmy Dupree Audit Committee Chairman | Trustee | 1 | $0 |
Raymon Timley Credit Committee Chairman | Trustee | 1 | $0 |
W Lance Partain Secretary | Trustee | 1 | $0 |
H Allen Peeler Director | Trustee | 1 | $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 | $132,197 |
| Investment income | $32,838 |
| 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 | $192,794 |
| 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. | $88,472 |
| Compensation of current officers, directors, key employees. | $88,472 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,880 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $29,959 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,274 |
| Fees for services: Accounting | $0 |
| 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 | $10,624 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $15,109 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,162 |
| Payments to affiliates | $5,352 |
| Depreciation, depletion, and amortization | $4,136 |
| Insurance | $5,421 |
| All other expenses | $0 |
| Total functional expenses | $201,547 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $448,383 |
| 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 | $3,472,526 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $18,312 |
| Net Land, buildings, and equipment | $629 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,762,064 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,837 |
| Total assets | $7,710,751 |
| Accounts payable and accrued expenses | $12,990 |
| 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 | $5,389,658 |
| Total liabilities | $5,402,648 |
| 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 | $2,308,103 |
| Total liabilities and net assets/fund balances | $7,710,751 |