Happy Valley Credit Union
- Assets
- $41.2m
- Revenue
- $1.2m
- Investments
- $220.0k
- Employees
- 24
- Location
- Elizabethton, TN
- Founding
- 06/1952
- Data as of
- 12/2022
- EIN
- 62-0225612
Organization Overview
Happy Valley Credit Union is located in Elizabethton, TN. The organization was established in 1952. 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, Happy Valley Credit Union employed 24 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Happy Valley 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, Happy Valley Credit Union generated $1.2m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.4%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.6%) per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CREDIT UNION - TO PROVIDE SERVICES FOR APPROXIMATELY 3,736 MEMBERS IN THE FORM OF LOANS, SAVINGS, AND OTHER FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDED A VARIETY OF LOAN SERVICES FOR ITS MEMBERS.
THE CREDIT UNION PROVIDED A VARIETY OF DEPOSIT SERVICES FOR ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tonya Jeffers Ceo/board Tr | OfficerTrustee | 40 | $69,800 |
Barbara Ballard Vice Preside | Officer | 40 | $40,787 |
Angela Kiser Accountant | Officer | 40 | $42,219 |
Sonja Culler Board Chair | Trustee | 1 | $0 |
David Blackburn Board Co-Cha | Trustee | 1 | $0 |
Harold Dugger Board Secret | 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 | $790,422 |
| Investment income | $402,946 |
| 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 | $1,193,368 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $290,402 |
| Pension plan accruals and contributions | $7,348 |
| Other employee benefits | $85,684 |
| Payroll taxes | $20,355 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $103,617 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $36,827 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $90,079 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $28,779 |
| Total functional expenses | $1,090,448 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,048,857 |
| Savings and temporary cash investments | $15,159,697 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,756,896 |
| 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 | $177,737 |
| Net Land, buildings, and equipment | $483,345 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $219,957 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $401,602 |
| Total assets | $41,248,091 |
| Accounts payable and accrued expenses | $882,089 |
| 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 | $34,827,304 |
| Total liabilities | $35,709,393 |
| 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 | $5,538,698 |
| Total liabilities and net assets/fund balances | $41,248,091 |