C & O United Credit Union
- Assets
- $19.3m
- Revenue
- $604.6k
- Investments
- $10.6m
- Employees
- 7
- Location
- Florence, KY
- Founding
- 02/1936
- Data as of
- 12/2020
- EIN
- 61-0925915
Organization Overview
C & O United Credit Union is located in Florence, KY. The organization was established in 1936. 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, C & O United Credit Union employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. C & O United 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, C & O United Credit Union generated $604.6k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.8%) each year. All expenses for the organization totaled $589.5k during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (1.2%) 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
C & O UNITED CREDIT UNION IS A NON-PROFIT, MEMBER OWNED FINANCIAL INSTITUTION. OUR MISSION IS TO PROVIDE FINANCIAL SERVICES AT A REASONABLE COST. SIGNIFICANT ACTIVITIES ARE MAKING LOANS TO AND HOLD DEPOSIT ACCOUNT FOR OUR MEMBERS. WE OFFER COMMONLY REQUESTED SERVICES TOO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SIGNIFICANT ACTIVITIES ARE MAKING LOANS TO, AND HOLDING DEPOSIT ACCOUNTS FOR OUR MEMBERS. WE OFFER COMMONLY REQUESTED SERVICES TO MEET THE NEEDS OF MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Cooper CEO | Officer | 50 | $51,243 |
Jeff Pohlman Chairperson | Trustee | 2.5 | $0 |
William Neu Vice Chairperson | Trustee | 1.5 | $0 |
Mary Alexander Secretary | Trustee | 1.5 | $0 |
Steve Montgomery Treasurer | Trustee | 1.5 | $0 |
Chris Bryant Director | Trustee | 0.75 | $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 | $411,292 |
| Investment income | $193,277 |
| 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 | $604,569 |
| 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. | $51,243 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $152,178 |
| Pension plan accruals and contributions | $5,889 |
| Other employee benefits | $30,740 |
| Payroll taxes | $16,122 |
| Fees for services: Management | $0 |
| Fees for services: Legal | -$1,677 |
| Fees for services: Accounting | $8,312 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $16,779 |
| Office expenses | $39,972 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $39,336 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,612 |
| Insurance | $0 |
| All other expenses | $14,159 |
| Total functional expenses | $589,487 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,823,669 |
| Savings and temporary cash investments | $1,391,249 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,158,541 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $24,948 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,622,617 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $304,896 |
| Total assets | $19,325,920 |
| Accounts payable and accrued expenses | $60,404 |
| 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 | $17,359,568 |
| Total liabilities | $17,419,972 |
| 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 | $1,905,948 |
| Total liabilities and net assets/fund balances | $19,325,920 |