Elevator Federal Credit Union
- Assets
- $14.5m
- Revenue
- $505.0k
- Investments
- $0.0
- Employees
- 3
- Location
- Olive Branch, MS
- Founding
- 10/2017
- Data as of
- 12/2016
- EIN
- 62-0514070
Organization Overview
Elevator Federal Credit Union is located in Olive Branch, MS. The organization was established in 2017. 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 12/2016, Elevator Federal Credit Union employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Elevator Federal 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 12/2016, Elevator Federal Credit Union generated $505.0k in total revenue. This represents relatively stable growth, over the past 2 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $411.9k during the year ending 12/2016. While expenses have increased by 10.9% per year over the past 2 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
2016
Describe the Organization's Mission:
Part 3 - Line 1
THIS CREDIT UNION IS A MEMBER-OWNED NOT FOR PROFIT FINANCIAL COOPERATIVE
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Pam Collier Office Manager | 40 | $61,738 | |
Ray Ginn Board Treasuer | OfficerTrustee | 8 | $5,500 |
Sue Poff Board Secretary | OfficerTrustee | 6 | $0 |
Jeremy Prather Board Member-At-Large | OfficerTrustee | 2 | $0 |
Charles Cunning Ham Board Vice President | OfficerTrustee | 2 | $0 |
Kaleb Lord Board President | OfficerTrustee | 2 | $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 | $505,046 |
| Investment income | $0 |
| 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 | $505,046 |
| 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. | $67,238 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $30,938 |
| Pension plan accruals and contributions | $9,394 |
| Other employee benefits | $15,426 |
| Payroll taxes | $7,694 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,325 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,333 |
| Office expenses | $83,063 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $24,257 |
| Travel | $7,054 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $56,023 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,131 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $411,923 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $196,481 |
| Savings and temporary cash investments | $9,150,502 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,932,224 |
| 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 | $20,555 |
| Net Land, buildings, and equipment | $12,478 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $151,681 |
| Total assets | $14,463,921 |
| Accounts payable and accrued expenses | $10,848 |
| 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 | $12,281,663 |
| Total liabilities | $12,292,511 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $63,909 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $2,171,410 |
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