Memorial Credit Union
- Assets
- $8.2m
- Revenue
- $326.7k
- Investments
- $0.0
- Employees
- 6
- Location
- Chattanooga, TN
- Founding
- 06/1952
- Data as of
- 12/2022
- EIN
- 62-0695369
Organization Overview
Memorial 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, Memorial Credit Union employed 6 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Memorial 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, Memorial Credit Union generated $326.7k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.9%) each year. All expenses for the organization totaled $427.7k during the year ending 12/2022. 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
PROVIDE SERVICES FOR APPROXIMATELY 2500 MEMBERS IN FORM OF LOANS TERM CERTIFICATES SHARE DRAFT ACCOUNTS AND SAVINGS ACCOUNTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PAGE 2 PART III LINE 4A - MEMORIAL CU CONFORMS TO TRADITIONAL CU PHILOSOPHY BY ASSISTING MEMBERS IN MAKING WISE FINANCIAL DECISIONS AND STABLE SAVINGS DECISIONS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Ferris CEO | Officer | 40 | $75,000 |
Buffy Davis Assistant Manager | Officer | 40 | $50,000 |
Gregory Boots Vice Chairperson | OfficerTrustee | 1 | $0 |
David Diercks Secretary | OfficerTrustee | 2 | $0 |
Terry Taggart Chairman | OfficerTrustee | 2 | $0 |
Kathryn Davis Treasurer | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $69,368 |
| 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 | $69,368 |
| Total Program Service Revenue | $0 |
| Investment income | $39,712 |
| 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 | $326,694 |
| 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 | $255,202 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,185 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $538 |
| Office expenses | $50,693 |
| Information technology | $59,188 |
| Royalties | $0 |
| Occupancy | $17,991 |
| Travel | $2,207 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $427,706 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $353,661 |
| Savings and temporary cash investments | $0 |
| 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 | $4,574,308 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $399,844 |
| Investments—publicly traded securities | $2,812,817 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $73,941 |
| Other assets | $0 |
| Total assets | $8,214,571 |
| Accounts payable and accrued expenses | $47,924 |
| 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 | $7,098,817 |
| Other liabilities | $0 |
| Total liabilities | $7,146,741 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $413,825 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $654,005 |
| Total liabilities and net assets/fund balances | $8,214,571 |
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