Rural Cooperatives Credit Union Inc
- Assets
- $35.2m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Louisville, KY
- Founding
- 02/1965
- Data as of
- 12/2023
- EIN
- 61-0647852
Organization Overview
Rural Cooperatives Credit Union Inc is located in Louisville, KY. The organization was established in 1965. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rural Cooperatives Credit Union Inc 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, Rural Cooperatives Credit Union Inc generated $1.4m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $1.6m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (0.9%) per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
MISSION STATEMENT: TO ASSIST MEMBER-OWNERS IN REALIZING PERSONAL FINANCIAL SUCCESS BY PROVIDING COMPETITIVE, VALUE-ORIENTED PRODUCTS AND SERVICES DELIVERED WITH EXCELLENT MEMBER SERVICE AND CONVENIENCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RURAL COOPERATIVES CREDIT UNION PROVIDES FINANCIAL SERVICES TO 3,492 MEMBERS IN THE RURAL ELECTRIC COOPERATIVE FIELD IN KENTUCKY AND OHIO.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Bischoff CEO | Officer | 50 | $0 |
Anna Swanson Secretarytreasurer | OfficerTrustee | 2 | $0 |
Chuck Williamson Vice Chairperson | OfficerTrustee | 2 | $0 |
Jennie Phelps Chairperson | OfficerTrustee | 2 | $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 | $1,417,885 |
| Investment income | $0 |
| 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 | $1,417,885 |
| 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 | $169,380 |
| Compensation of current officers, directors, key employees. | $115,076 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $413,679 |
| Pension plan accruals and contributions | $139,200 |
| Other employee benefits | $126,828 |
| Payroll taxes | $50,977 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $16,097 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $421 |
| Advertising and promotion | $11,840 |
| Office expenses | $50,397 |
| Information technology | $232,911 |
| Royalties | $0 |
| Occupancy | $55,200 |
| Travel | $3,330 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,149 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,580 |
| Insurance | $24,536 |
| All other expenses | $0 |
| Total functional expenses | $1,580,897 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $196,498 |
| Savings and temporary cash investments | $21,360,221 |
| 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 | $12,941,555 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $23,573 |
| Net Land, buildings, and equipment | $140,427 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $506,149 |
| Total assets | $35,168,423 |
| Accounts payable and accrued expenses | $296,243 |
| 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 | $30,439,235 |
| Total liabilities | $30,735,478 |
| 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 | $1,051,407 |
| Retained earnings, endowment, accumulated income, or other funds | $3,381,538 |
| Total liabilities and net assets/fund balances | $35,168,423 |