The Tennessee Credit Union
- Assets
- $430.8m
- Revenue
- $19.5m
- Investments
- $0.0
- Employees
- 162
- Location
- Nashville, TN
- Founding
- 06/1952
- Data as of
- 12/2023
- EIN
- 62-0526770
Organization Overview
The Tennessee Credit Union is located in Nashville, 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 12/2023, Tennessee Credit Union employed 162 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Tennessee 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 12/2023, Tennessee Credit Union generated $19.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $19.2m during the year ending 12/2023. While expenses have increased by 7.1% per year over the past 9 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.
Since 2014, Tennessee Credit Union has awarded 18 individual grants totaling $509,397. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SERVICES TO ITS MEMBERS INCLUDING LOAN, CHECKING AND SAVING SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS OF 12/31/23, TEN CREDIT UNION (TENCU) HAS 9 LOCATIONS COVERING A WIDE GEOGRAPHIC AREA OF MIDDLE AND EAST TENNESEE. TTCU OFFERS A WIDE RANGE OF CONSUMER CREDIT AND DEPOSIT PRODUCTS & SERVICES. THESE INCLUDE CREDIT CARDS, SECURED AND UNSECURED TERM AND REVOLVING LOANS, RESIDENTIAL CONSTRUCTION AND PERMANENT MORTGAGE LENDING. TTCU RETAINS MOST MORTGAGE LOANS BUT OCCASIONALLY SELL MORTGAGES TO FNMA AND FHLMC TENCU ENTERED INTO A COMMITMENT WITH METRO AND RETAINS SERVICING. TTCU PROVIDES VALUE SERVICES AS "SUMMER PAY"PROGRAMS, AND SEASONAL SAVINGS ACCOUNTS SUCH AS CHRISTMAS AND VACATION CLUB SAVINGS TO AID OUR CONSUMER MEMBERS IN MANAGING THEIR BUDGETS AND ACHIEVING THEIR FINANCIAL THRIFT OBJECTIVES. KEY DATA AS OF DECEMBER 31, 2023 INCLUDE 9 LOCATIONS, 94 EMPLOYEES, 21,670 MEMBERS, 16,836 LOAN ACCOUNTS AND 39,391 DEPOSIT ACCOUNTS.
TENCU ENTERED INTO A COMMITMENT WITH METRO NASHVILLE BOARD OF EDUCATION TO ESTABLISH, PROVIDE EQUIPMENT, FURNISHINGS, EDUCATIONAL TRAINING, AND OPERATIONAL SUPPORT FOR THE ANTIOCH HIGH SCHOOL'S "TEN CREDIT UNION ACADEMY OF BUSINESS AND FINANCE". ADDITIONALLY, TENCU PROVIDES PAID SUMMER INTERNSHIPS TO WORTHY STUDENTS, TRAINING THEM IN OPERATING A LIMITED-SERVICE CREDIT UNION AT THE SCHOOL. DURING 2023, TTCU PROVIDED $48,629 IN RESOURCES SUCH AS INTERNSHIPS, TRAINING, AND EQUIPMENT FOR THE PROGRAM.
TENNESSEE SCHOLASTIC ART COMPETITION IS HELD ANNUALLY AT CHEEKWOOD ART AND GARDENS. IN 2023, TENCU CONTRIBUTED $10,000 IN FUNDS TO FINANCE THE COMPETITION AND MAKE ENTRY FEES AFFORDABLE FOR ALL YOUNG COMPETITORS IN THE MIDDLE TENNESSEE AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gerald Martin Chairperson | Trustee | 3 | $0 |
Chris Henson Vice Chairperson | Trustee | 3 | $0 |
Robert Nelson Treasurer | Trustee | 3 | $0 |
Robert Churchwell Secretary | Trustee | 3 | $0 |
Alicia Frierson Supervisory Committee | Trustee | 2 | $0 |
James Redwine Supervisory Committee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Finastra Usa Data Processing | 12/30/23 | $1,353,210 |
Samaha & Associates Inc Consultant | 12/30/23 | $244,900 |
Davenport Group Inc It Data Equipment | 12/30/23 | $129,529 |
Fis Data Processing | 12/30/23 | $419,957 |
Mad Security It Security | 12/30/23 | $123,969 |
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 | $15,833,077 |
| Investment income | $3,644,481 |
| 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 | $19,477,558 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $58,629 |
| 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. | $622,547 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,261,874 |
| Pension plan accruals and contributions | $550,803 |
| Other employee benefits | $786,860 |
| Payroll taxes | $428,154 |
| Fees for services: Management | $338,213 |
| Fees for services: Legal | $47,489 |
| 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 | $93,378 |
| Advertising and promotion | $180,871 |
| Office expenses | $904,234 |
| Information technology | $585,277 |
| Royalties | $0 |
| Occupancy | $1,167,443 |
| Travel | $67,201 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $139,657 |
| Interest | $3,990,522 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $691,357 |
| Insurance | $114,100 |
| All other expenses | $203,619 |
| Total functional expenses | $19,244,298 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,404,841 |
| Savings and temporary cash investments | $18,812,932 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $270,516,287 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,189,739 |
| Net Land, buildings, and equipment | $10,840,997 |
| Investments—publicly traded securities | $115,058,075 |
| Investments—other securities | $0 |
| Investments—program-related | $5,379,622 |
| Intangible assets | $0 |
| Other assets | $7,576,257 |
| Total assets | $430,778,750 |
| Accounts payable and accrued expenses | $4,127,193 |
| 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 | $397,619,804 |
| Total liabilities | $401,746,997 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $29,031,753 |
| Total liabilities and net assets/fund balances | $430,778,750 |
Grants Awarded
Over the last fiscal year, The Tennessee Credit Union has awarded $58,629 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ANTIOCH HIGH SCHOOL PURPOSE: SPONSORSHIP | $48,629 |
CHECKWOOOD MUSEUM PURPOSE: CHARITABLE CONTRIBUTION | $10,000 |