Southern Credit Union
- Assets
- $26.4m
- Revenue
- $750.6k
- Investments
- $10.1m
- Employees
- 7
- Location
- Chattanooga, TN
- Founding
- 06/1952
- Data as of
- 12/2021
- EIN
- 62-0365265
Organization Overview
Southern Credit Union is located in Chattanooga, 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, Southern Credit Union employed 7 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Southern 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, Southern Credit Union generated $750.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.0%) each year. All expenses for the organization totaled $744.9k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.8%) 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
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 MEMBERES.
THE CREDIT UNION PROVIDED A VARIETY OF DEPOSIT SERVICES FOR ITS MEMBERS.
CUNA PROGRAM GRANT MADE IN 2017 FOR 2,500.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Born Board Mem | OfficerTrustee | $0 | |
Cindy D Beale CEO | Officer | $0 | |
Charles Young Operations/l | Officer | $0 | |
Theodore Jackson Supervisory | Officer | $0 | |
Danny E Holmes Vice-Preside | Trustee | $0 | |
Clifford L Lowrance Board Mem/su | Trustee | $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 | $492,363 |
| Investment income | $67,741 |
| 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 | $750,608 |
| 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 | $303,924 |
| Pension plan accruals and contributions | $9,606 |
| Other employee benefits | $64,406 |
| Payroll taxes | $18,115 |
| 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 | $113,775 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $52,493 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,250 |
| Interest | $52,810 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $4,337 |
| Total functional expenses | $744,924 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,438,366 |
| Savings and temporary cash investments | $2,178,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,261,286 |
| 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 | $56,754 |
| Net Land, buildings, and equipment | $140,300 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,098,696 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $238,553 |
| Total assets | $26,411,955 |
| Accounts payable and accrued expenses | $59,411 |
| 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 | $23,499,153 |
| Total liabilities | $23,558,564 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $787,874 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $2,065,517 |
| Total liabilities and net assets/fund balances | $26,411,955 |
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|---|---|---|
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