Life Credit Union
- Assets
- $41.0m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 13
- Location
- Nashville, TN
- Founding
- 06/1952
- Data as of
- 12/2020
- EIN
- 62-0607232
Organization Overview
Life 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 12/2020, Life Credit Union employed 13 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Life 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 12/2020, Life Credit Union generated $2.2m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.1%) each year. All expenses for the organization totaled $2.4m during the year ending 12/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
LIFE CREDIT UNION EXISTS TO CREATE PERSONALIZED, LIFELONG FINANCIAL RELATIONSHIPS WITH EVERY MEMBER WE SERVE. WE OFFER AN EXTENSIVE LINE OF LOAN SERVICES, AND SAVINGS AND CHECKING ACCOUNTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING FINANCIAL SERVICES FOR APPROXIMATELY 4000 MEMBERS INCLUDING SAVINGS, CHECKING, LOANS, CONSUMER RESEARCH AND FINANCIAL COUNSELING
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 |
|---|---|---|---|
Pam Nolen President/ceo | Officer | 40 | $170,339 |
Bubba Mcintosh Chair Person | Trustee | 1 | $0 |
Jim Drew Secretary | Trustee | 1 | $0 |
Alex Whitley Treasurer | Trustee | 1 | $0 |
Jennifer Causey Board Member | Trustee | 1 | $0 |
Robert Fitters Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $626,456 |
| 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 | $626,456 |
| Total Program Service Revenue | $1,491,269 |
| Investment income | $41,647 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $150 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,184,095 |
| 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. | $170,339 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $577,181 |
| Pension plan accruals and contributions | $33,972 |
| Other employee benefits | $122,257 |
| Payroll taxes | $58,609 |
| Fees for services: Management | $0 |
| Fees for services: Legal | -$2,200 |
| Fees for services: Accounting | $245,141 |
| 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 | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $142,543 |
| Travel | -$1,000 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | -$250 |
| Interest | $205,492 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $21,764 |
| Insurance | $0 |
| All other expenses | $342,609 |
| Total functional expenses | $2,393,473 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $379,387 |
| Savings and temporary cash investments | $14,923,907 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $159,062 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $24,920,872 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $41,075 |
| Net Land, buildings, and equipment | $16,380 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $604,158 |
| Total assets | $41,044,841 |
| Accounts payable and accrued expenses | $126,154 |
| 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 | $37,043,184 |
| Total liabilities | $37,169,338 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $780,000 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $3,095,503 |
| Total liabilities and net assets/fund balances | $41,044,841 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Navigator Credit Union Pascagoula, MS | $437,761,691 | $21,926,267 |
Memphis City Employees Credit Union Memphis, TN | $441,662,639 | $21,190,840 |
Alabama State Employees Credit Union Montgomery, AL | $434,037,642 | $19,973,256 |
Credit Union Of Georgia Kennesaw, GA | $568,450,220 | $21,135,096 |
State Chartered Credit Unions In North Carolina Winston Salem, NC | $450,735,683 | $18,534,745 |
Alabama Teachers Credit Union Gadsden, AL | $477,477,278 | $19,350,763 |
State Chartered Credit Unions In Canton, NC | $412,728,875 | $18,530,317 |
Cornerstone Financial Credit Union Nashville, TN | $522,943,459 | $21,028,853 |
Credit Unions In The State Of Alabama Gadsden, AL | $384,172,678 | $21,033,823 |
State Chartered Credit Unions In North Carolina Greensboro, NC | $337,571,406 | $18,300,511 |
State Chartered Credit Unions In North Carolina Winston Salem, NC | $454,901,827 | $18,489,124 |
Arsenal Credit Union Arnold, MO | $349,876,786 | $18,878,245 |