Patriot Equity Credit Union
- Assets
- $33.0m
- Revenue
- $1.7m
- Investments
- $3.2m
- Employees
- 15
- Location
- Jackson, TN
- Founding
- 06/1952
- Data as of
- 12/2021
- 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 12/2021, Patriot Equity Credit Union employed 15 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 12/2021, Patriot Equity Credit Union generated $1.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $1.4m during the year ending 12/2021. While expenses have increased by 4.0% 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
2021
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 | $93,266 |
Holly Fisher Branch Manag | Officer | 40 | $59,007 |
Stephanie Stallings Accounting M | Officer | 40 | $55,085 |
Brad Denton Board Presid | Trustee | 1 | $0 |
Danny Crossett Board Vice-P | Trustee | 1 | $0 |
Matthew Denton Board Treasu | 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 | $1,480,888 |
| Investment income | $62,211 |
| 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 | $1,670,795 |
| 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 | $481,243 |
| Pension plan accruals and contributions | $12,447 |
| Other employee benefits | $35,646 |
| Payroll taxes | $36,760 |
| 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 | $131,745 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $106,251 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,823 |
| Interest | $104,741 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $35,662 |
| Total functional expenses | $1,400,668 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,447,634 |
| Savings and temporary cash investments | $2,500,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $23,916,894 |
| 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 | $167,869 |
| Net Land, buildings, and equipment | $1,435,991 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,203,194 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $374,481 |
| Total assets | $33,046,063 |
| Accounts payable and accrued expenses | $229,401 |
| 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 | $28,632,785 |
| Total liabilities | $28,862,186 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,235,445 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $2,948,432 |
| Total liabilities and net assets/fund balances | $33,046,063 |
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