Volunteer Corporate Credit Union
- Assets
- $1.8b
- Revenue
- $118.8m
- Investments
- $776.3m
- Employees
- 70
- Location
- Nashville, TN
- Founding
- 06/1952
- Data as of
- 12/2023
- EIN
- 62-1120233
Organization Overview
Volunteer Corporate 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, Volunteer Corporate Credit Union employed 70 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Volunteer Corporate 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, Volunteer Corporate Credit Union generated $118.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 26.5% each year . All expenses for the organization totaled $98.2m during the year ending 12/2023. While expenses have increased by 28.9% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
INSPIRING CREDIT UNIONS TO REACH NEW HEIGHTS BY PROVIDING DYNAMIC PAYMENT SOLUTIONS, CUSTOM INVESTMENT SERVICES, AND UNPARALLELED MEMBER SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VOLUNTEER CORPORATE CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE THAT SERVES NATURAL PERSON CREDIT UNIONS NATIONALLY. IT WAS ORGANIZED FOR THE EXPRESS PURPOSE OF PROVIDING LOW-COST FINANCIAL SERVICES AND COMPETITIVE INVESTMENT AND LENDING RATES TO ITS MEMBER/OWNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bradley Arant Boult Cummings Llp General Counsel | Trustee | 1 | $0 |
Debbie Jones Director | Trustee | 1 | $0 |
Judy Hester Director | Trustee | 1 | $0 |
Brian Trotter Director | Trustee | 1 | $0 |
Erin Walter Director | Trustee | 1 | $0 |
Mike Cooper Secretary | Trustee | 1 | $0 |
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 | $0 |
| Investment income | $101,009,331 |
| 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 | $118,810,831 |
| 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 | $6,916,156 |
| Pension plan accruals and contributions | $607,126 |
| Other employee benefits | $2,094,565 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $76,717 |
| Fees for services: Accounting | $113,435 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,311,584 |
| Advertising and promotion | $385,330 |
| Office expenses | $22,831 |
| Information technology | $390,476 |
| Royalties | $0 |
| Occupancy | $49,728 |
| Travel | $101,802 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $140,072 |
| Interest | $80,579,348 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $657,603 |
| Insurance | $209,438 |
| All other expenses | $1,110,360 |
| Total functional expenses | $98,234,687 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $155,042,013 |
| Savings and temporary cash investments | $844,928,965 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,680,596 |
| Loans from Officers, Directors, or Controlling Persons | $6,059,422 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $32,980,599 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $452,032 |
| Net Land, buildings, and equipment | $3,379,571 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $776,346,217 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $650,301 |
| Total assets | $1,830,519,716 |
| Accounts payable and accrued expenses | $121,972,194 |
| 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 | $303,051,268 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,246,879,741 |
| Total liabilities | $1,671,903,203 |
| 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 | $158,616,513 |
| Total liabilities and net assets/fund balances | $1,830,519,716 |