Leaders Credit Union
- Assets
- $988.7m
- Revenue
- $75.4m
- Investments
- $0.0
- Employees
- 227
- Location
- Jackson, TN
- Founding
- 06/1952
- Data as of
- 12/2023
- EIN
- 62-0681671
Organization Overview
Leaders Credit Union is located in Jackson, 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, Leaders Credit Union employed 227 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Leaders 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, Leaders Credit Union generated $75.4m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 16.8% each year . All expenses for the organization totaled $60.5m during the year ending 12/2023. While expenses have increased by 16.3% 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 2018, Leaders Credit Union has awarded 18 individual grants totaling $880,672. 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
STATE CHARTERED CREDIT UNION THAT PROVIDES FINANCIAL SERVICES TO MEMBERS IN THE FORM OF LOANS, SHARE ACCOUNTS, AND OTHER FINANCIAL INSTITUTIONAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF FINANCIAL SERVICES TO MEMBERS IN THE FORM OF LOANS, SHARE ACCOUNTS, AND OTHER FINANCIAL INSTITUTIONAL SERVICES (74,455 MEMBERS).
PROVISION OF FINANCIAL SERVICES TO MEMBERS IN THE FORM OF LOANS, SHARE ACCOUNTS, AND OTHER FINANCIAL INSTITUTIONAL SERVICES (74,455 MEMBERS).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd Swims Manager/ceo | Officer | 40 | $843,895 |
Spencer Pratt Executive VP | Officer | 40 | $344,626 |
Seth Rudd CFO | Officer | 40 | $323,532 |
Ryan Platt Cio | 40 | $246,289 | |
Chris Gray VP Mortgage | 40 | $241,847 | |
Kevin Smith VP Investmen | 40 | $223,792 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Debit/credit Ca | 12/30/23 | $2,784,497 |
Fiserv Data Processing | 12/30/23 | $1,358,926 |
Pentecost And Glenn Pllc Real Estate | 12/30/23 | $3,588,472 |
Ncr Corporation Home Banking | 12/30/23 | $1,061,367 |
Watlington Brothers Inc Construction | 12/30/23 | $603,484 |
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 | $47,823,510 |
| Investment income | $2,404,206 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $156,682 |
| Net Gain/Loss on Asset Sales | $22,479 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $75,354,463 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $250,200 |
| 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. | $1,512,054 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,208,293 |
| Pension plan accruals and contributions | $1,614,126 |
| Other employee benefits | $1,192,281 |
| Payroll taxes | $1,036,586 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $28,568 |
| Fees for services: Accounting | $117,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $726,773 |
| Advertising and promotion | $1,020,060 |
| Office expenses | $1,150,480 |
| Information technology | $2,009,182 |
| Royalties | $0 |
| Occupancy | $866,532 |
| Travel | $282,511 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $100,578 |
| Interest | $18,720,991 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,307,349 |
| Insurance | $232,950 |
| All other expenses | $709,285 |
| Total functional expenses | $60,458,045 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,018,263 |
| Savings and temporary cash investments | $66,843,341 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $850,535,114 |
| Loans from Officers, Directors, or Controlling Persons | $6,797,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,345 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,003,094 |
| Net Land, buildings, and equipment | $22,519,425 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $5,439,663 |
| Intangible assets | $0 |
| Other assets | $27,547,960 |
| Total assets | $988,714,205 |
| Accounts payable and accrued expenses | $6,079,903 |
| Grants payable | $0 |
| Deferred revenue | $191,341 |
| 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 | $31,366,600 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $843,696,437 |
| Total liabilities | $881,334,281 |
| 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 | $51,278,546 |
| Retained earnings, endowment, accumulated income, or other funds | $56,101,378 |
| Total liabilities and net assets/fund balances | $988,714,205 |
Grants Awarded
Over the last fiscal year, Leaders Credit Union has awarded $250,200 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
LEADERS EDUCATION FOUNDATION PURPOSE: SCHOLARSHIPS/GRANTS | $200,000 |
JACKSON-MADISON CO SCHOOL SYSTEM PURPOSE: TEACHER INSERVICE | $10,000 |
GREATER JACKSON AREA CHAMBER PURPOSE: FORWARD JACKSON | $7,200 |
WEST TENNESSEE HEALTHCARE FOUNDATIO PURPOSE: HEALTH OUTREACH | $33,000 |