Ashland Credit Union

Organization Overview

Ashland Credit Union is located in Ashland, KY. The organization was established in 1945. 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. Ashland 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, Ashland Credit Union generated $16.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.8% each year. All expenses for the organization totaled $11.8m during the year ending 12/2021. While expenses have increased by 8.3% per year over the past 7 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

THE PRIMARY FUNCTION OF THE CREDIT UNION IS TO PROVIDE LOANS TO ITS MEMBERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE PURPOSE OF THE CREDIT UNION IS TO PROMOTE THRIFT, MAKE INTEREST BEARING LOANS TO ITS MEMBERS, AND TO PROVIDE ITS MEMBERS SUCH OTHER FINANCIAL SERVICES IN THE BEST INTEREST OF THE CREDIT UNION AND OF ITS MEMBERS.


THE PURPOSE OF THE CREDIT UNION IS TO PROMOTE THRIFT, MAKE INTEREST BEARING LOANS TO ITS MEMBERS, AND TO PROVIDE ITS MEMBERS SUCH OTHER FINANCIAL SERVICES IN THE BEST INTEREST OF THE CREDIT UNION AND OF ITS MEMBERS.


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Board, Officers & Key Employees

Name (title)Compensation
Larry J Lucas
President
$252,555
Kelly Carter
Director
$0
Michael E Curry
Director
$0
Tom Dearing
Director
$0
Joseph F Hsu
Director
$0
Michael A Garlinger
Director
$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$11,911,738
Investment income $508,692
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 $16,258,598

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