Patriot Equity Credit Union
- Assets
- $38.3m
- Revenue
- $2.0m
- Investments
- $203.2k
- Employees
- 22
- Location
- Jackson, TN
- Founding
- 06/1952
- Data as of
- 12/2022
- EIN
- 62-0328550
Organization Overview
Patriot Equity Credit Union is located in Jackson, 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, Patriot Equity Credit Union employed 22 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Patriot Equity 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, Patriot Equity Credit Union generated $2.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.9% each year. All expenses for the organization totaled $1.6m during the year ending 12/2022. While expenses have increased by 5.0% 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.
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 FINANCIAL SERVICES FOR ITS MEMBERS.
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 |
|---|---|---|---|
Fara Hall CEO | Officer | 40 | $98,797 |
Janine Dunlap Board Secret | Trustee | 1 | $0 |
Brad Denton Board Presid | Trustee | 1 | $0 |
Angela Snider Board Member | Trustee | 1 | $0 |
Kent Moore Board Member | Trustee | 1 | $0 |
Danny Crossett Board Vice-P | 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 | $1,794,954 |
| Investment income | $85,834 |
| 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 | $1,990,607 |
| 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 | $514,577 |
| Pension plan accruals and contributions | $8,874 |
| Other employee benefits | $27,428 |
| Payroll taxes | $39,023 |
| 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 | $140,395 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $99,516 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,441 |
| Interest | $133,624 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $37,572 |
| Total functional expenses | $1,607,758 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,044,690 |
| Savings and temporary cash investments | $4,248,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,024,058 |
| 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 | $273,992 |
| Net Land, buildings, and equipment | $2,067,650 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $203,194 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $393,916 |
| Total assets | $38,255,500 |
| Accounts payable and accrued expenses | $214,385 |
| 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 | $33,474,394 |
| Total liabilities | $33,688,779 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,700,000 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $2,866,721 |
| Total liabilities and net assets/fund balances | $38,255,500 |