Transcend Credit Union
- Assets
- $487.0m
- Revenue
- $18.9m
- Investments
- $136.0k
- Employees
- 84
- Location
- Louisville, KY
- Founding
- Data as of
- 12/2021
- EIN
- 61-0360420
Organization Overview
Transcend Credit Union is located in Louisville, KY. As of 12/2021, Transcend Credit Union employed 84 individuals. Transcend 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, Transcend Credit Union generated $18.9m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.1%) each year. All expenses for the organization totaled $16.3m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.5%) per year over the past 6 years. 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
THE PURPOSE OF THIS CREDIT UNION SHALL BE TO PROMOTE THRIFT AND TO PROVIDE CREDIT TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TRANSCEND CREDIT UNION (THE "CREDIT UNION") IS A STATE CHARTERED COOPERATIVE ASSOCIATION ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AMONG AND CREATING A SOURCE OF CREDIT FOR ITS MEMBERS. THE CREDIT UNION PROVIDES MORTGAGE, VEHICLE AND OTHER CONSUMER LOANS TO ITS MEMBERS. THE CREDIT UNION ALSO OFFERS A VARIETY OF ACCOUNTS FOR MEMBERS TO TRANSACT AND SAVE, INCLUDING SHARE DRAFT ACCOUNTS AND SHARE CERTIFICATES. AS A MEMBER-OWNED ORGANIZATION, THE CREDIT UNION STRIVES TO PROVIDE COMPETITIVE INTEREST AND DIVIDEND RATES TO ITS MEMBERS AND CONVENIENT WAYS FOR MEMBERS TO ACCESS THEIR ACCOUNTS, INCLUDING ONLINE AND MOBILE BANKING AND SHARED BRANCHING SERVICES.
THE CREDIT UNION OFFERS CREDIT LIFE AND DISABILITY INSURANCE TO ITS MEMBERS WHEN THEY FINANCE A VEHICLE OR OPEN A CREDIT CARD. THIS INSURANCE WOULD PAY OFF THE LOAN IN THE CASE OF A DEATH OR DISABILITY.
THE CREDIT UNION OFFERS AUTO WARRANTIES AT FAIR PRICES TO ITS MEMBERS. THESE WARRANTIES ARE COMPREHENSIVE AND HELP WITH THE COSTS OF REPAIR OF THE VEHICLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates Inc Software Core Processor | 12/30/21 | $365,810 |
Matrix Integration Llc Computer Network Maintenance | 12/30/21 | $137,373 |
Qsi Inc Cash Recyclers & Atm | 12/30/21 | $133,183 |
Level 3 Communications Communications Service Provider | 12/30/21 | $117,190 |
My Cu Mortgage Mortgage Loan App Processing | 12/30/21 | $111,674 |
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 | $17,768,861 |
| Investment income | $935,456 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5,748 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,903,367 |
| 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. | $2,177,246 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,679,189 |
| Pension plan accruals and contributions | $790,560 |
| Other employee benefits | $382,451 |
| Payroll taxes | $367,155 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $103,668 |
| Fees for services: Accounting | $58,020 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $122,821 |
| Advertising and promotion | $432,055 |
| Office expenses | $387,314 |
| Information technology | $527,338 |
| Royalties | $0 |
| Occupancy | $806,833 |
| Travel | $7,387 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,733,309 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $656,194 |
| Insurance | $0 |
| All other expenses | $49,297 |
| Total functional expenses | $16,251,679 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $52,776,433 |
| Savings and temporary cash investments | $34,828,637 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,901,723 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $338,141,260 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $433,869 |
| Net Land, buildings, and equipment | $14,085,972 |
| Investments—publicly traded securities | $34,625,633 |
| Investments—other securities | $136,043 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,094,610 |
| Total assets | $487,024,180 |
| Accounts payable and accrued expenses | $4,511,444 |
| 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 | $10,107,125 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $413,871,926 |
| Total liabilities | $428,490,495 |
| 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 | $58,533,685 |
| Total liabilities and net assets/fund balances | $487,024,180 |
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