Employee Resources Credit Union
- Assets
- $131.3m
- Revenue
- $6.3m
- Investments
- $194.3k
- Employees
- 45
- Location
- Lawrenceburg, TN
- Founding
- 06/1952
- Data as of
- 12/2021
- EIN
- 62-0714058
Organization Overview
Employee Resources Credit Union is located in Lawrenceburg, 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 12/2021, Employee Resources Credit Union employed 45 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Employee Resources 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 12/2021, Employee Resources Credit Union generated $6.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $5.3m during the year ending 12/2021. While expenses have increased by 1.0% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
CREDIT UNION - TO PROVIDE FINANCIAL SERVICES FOR ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDED A VARIETY OF LOAN SERVICES FOR ITS MEMBERS.
THE CREDIT UNION PROVIDED A VARIETY OF DEPOSIT SERVICES FOR ITS MEMBERS.
GRANT RECEIVED FROM COMMUNITY DEVELOPMENT FINANICAL INSTITUTIONS FUND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Konda Bowling President/ce | Officer | 40 | $140,035 |
Joan Knowis Supervisoryc | Officer | 1 | $0 |
Vicki Engelhardt Board Member | Trustee | 1 | $0 |
Marie Hurren Board Chair | Trustee | 1 | $0 |
Danny Lucy Board Vice-C | Trustee | 1 | $0 |
David Johnson Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cuna Mutual Group Forms, Insurance, Pension | 12/30/19 | $269,679 |
Ait Inc It Services, Equip, & Sw | 12/30/19 | $106,116 |
Jack Henry & Associates Data Processing | 12/30/19 | $176,533 |
Mrs Mail Express Statement/newsletter | 12/30/19 | $100,070 |
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 | $5,914,264 |
| Investment income | $72,614 |
| 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 | $6,303,073 |
| 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 | $1,593,054 |
| Pension plan accruals and contributions | $184,434 |
| Other employee benefits | $741,480 |
| Payroll taxes | $113,320 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,032,801 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $313,457 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $30,336 |
| Interest | $518,878 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $77,934 |
| Total functional expenses | $5,325,362 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,136,736 |
| Savings and temporary cash investments | $1,540,620 |
| 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 | $96,137,636 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,519,991 |
| Net Land, buildings, and equipment | $3,414,354 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $194,251 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,404,172 |
| Total assets | $131,347,760 |
| Accounts payable and accrued expenses | $666,329 |
| 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 | $119,492,541 |
| Total liabilities | $120,158,870 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $4,754,686 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $6,434,204 |
| Total liabilities and net assets/fund balances | $131,347,760 |
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 |