Southern Credit Union
- Assets
- $22.6m
- Revenue
- $762.2k
- Investments
- $151.7k
- Employees
- 9
- Location
- Chattanooga, TN
- Founding
- 06/1952
- Data as of
- 12/2022
- 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 12/2022, Southern Credit Union employed 9 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 12/2022, Southern Credit Union generated $762.2k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.2%) each year. All expenses for the organization totaled $809.8k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.2%) 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 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.
CUNA PROGRAM GRANT MADE IN 2017 FOR 2,500.
THE CREDIT UNION PROVIDED A VARIETY OF DEPOSIT SERVICES FOR ITS MEMBERS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cindy D Beale CEO | Officer | 40 | $68,495 |
Danny E Holmes Vice-Preside | Trustee | 1 | $0 |
Clifford L Lowrance Board Mem/su | Trustee | 1 | $0 |
Sandy Wallis Board Mem/su | Trustee | 1 | $0 |
Donna Cunningham Board Sec/tr | Trustee | 1 | $1,200 |
Stephen L Evans Board Presid | 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 | $465,488 |
| Investment income | $143,577 |
| 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 | $762,172 |
| 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 | $273,153 |
| Pension plan accruals and contributions | $6,789 |
| Other employee benefits | $67,173 |
| Payroll taxes | $20,753 |
| 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 | $122,590 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $48,027 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,349 |
| Interest | $73,350 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $15,287 |
| Total functional expenses | $809,766 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,093,362 |
| Savings and temporary cash investments | $12,803,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,071,491 |
| 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 | $78,150 |
| Net Land, buildings, and equipment | $117,089 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $151,696 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $251,835 |
| Total assets | $22,566,623 |
| Accounts payable and accrued expenses | $65,613 |
| 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 | $2,057,913 |
| Other liabilities | $17,597,304 |
| Total liabilities | $19,720,830 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $785,052 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $2,060,741 |
| Total liabilities and net assets/fund balances | $22,566,623 |