Eastman Credit Union
- Assets
- $7.5b
- Revenue
- $342.5m
- Investments
- $0.0
- Employees
- 1,127
- Location
- Kingsport, TN
- Founding
- 06/1952
- Data as of
- 12/2022
- EIN
- 62-6039479
Organization Overview
Eastman Credit Union is located in Kingsport, 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, Eastman Credit Union employed 1,127 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Eastman 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, Eastman Credit Union generated $342.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.4% each year . All expenses for the organization totaled $207.6m during the year ending 12/2022. While expenses have increased by 10.3% 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.
Since 2020, Eastman Credit Union has awarded 101 individual grants totaling $4,039,992. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
OPERATED DURING 2022 AS A STATE CHARTERED CREDIT UNION WHOSE PURPOSE IS (CONTINUED ON SCHEDULE O) TO BE THE PREFERRED FINANCIAL INSTITUTION IN THE COMMUNITIES WE SERVE BY PROVIDING FINANCIAL PRODUCTS AND SERVICES WHICH ADD VALUE TO MEMBERS, GUIDED BY CREDIT UNION CO-OPERATIVE VALUES AND SERVICE EXCELLENCE EXPECTATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATED DURING 2022 AS A STATE CHARTERED MUTUALLY OWNED CREDIT UNION THAT PROMOTED THRIFT BY MAINTAINING ACCOUNTS AND ISSUING SHARES RESULTING IN SUPERIOR VALUE. SERVED 304,455 MEMBERS WITH A VARIETY OF DEPOSIT PRODUCTS TOTALING $6,430,672,055.
OPERATED DURING 2022 AS A STATE CHARTERED MUTUALLY OWNED CREDIT UNION THAT MADE LOANS TO ITS MEMBERS AT REASONABLE RATES OF INTEREST. MAINTAINED A LOAN PORTFOLIO COMPOSED OF CONSUMER, MORTGAGE, HOME EQUITY, VISA AND MEMBER BUSINESS LOANS THAT TOTALED $6,302,508,646.
INVESTED ANY SURPLUS NOT REQUIRED FOR LOANS TO EXERCISE THOSE FUNCTIONS DESCRIBED IN THE LAW OF THE STATE OF TENNESSEE AUTHORIZING THE ORGANIZATION OF CREDIT UNIONS THEREBY FURNISHING OTHER COOPERATIVE FINANCIAL SERVICES TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kelly Price President, CEO | OfficerTrustee | 40 | $1,003,483 |
E Wayne Kirk Chairman Of The Board | OfficerTrustee | 5 | $0 |
Norris Sneed Vice Chairman Of The Board | OfficerTrustee | 5 | $0 |
Jennifer Stewart Secretary/treasurer | OfficerTrustee | 2 | $0 |
Brian K Miller Director | Trustee | 2 | $0 |
Gary Bass Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Idscom - Intelligent Document Solutions Statement Processing/mailing Services | 12/30/22 | $3,381,450 |
Ncr Corporation Online Banking/billpay Services | 12/30/22 | $2,548,444 |
Fiserv Solutions Inc Software Solutions Services | 12/30/22 | $2,361,188 |
Waypoint Solutions It Hardware & Equipment/server Maint | 12/30/22 | $1,720,185 |
Diebold Nixdorf Inc Atm/branch Maintenance Services | 12/30/22 | $1,558,016 |
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 | $321,487,147 |
| Investment income | $20,562,384 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $172,024 |
| Net Gain/Loss on Asset Sales | $247,514 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $342,469,069 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $924,038 |
| 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. | $3,424,782 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $55,697,040 |
| Pension plan accruals and contributions | $5,824,279 |
| Other employee benefits | $10,352,485 |
| Payroll taxes | $4,620,419 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $61,597 |
| Fees for services: Accounting | $157,616 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $779,314 |
| Advertising and promotion | $3,641,122 |
| Office expenses | $10,733,536 |
| Information technology | $11,044,787 |
| Royalties | $0 |
| Occupancy | $5,458,679 |
| Travel | $252,535 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $625,868 |
| Interest | $53,002,068 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,715,071 |
| Insurance | $393,918 |
| All other expenses | $0 |
| Total functional expenses | $207,574,980 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $53,477,148 |
| Savings and temporary cash investments | $867,917,238 |
| 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 | $6,302,508,646 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,980,760 |
| Net Land, buildings, and equipment | $93,631,801 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $77,636,982 |
| Intangible assets | $0 |
| Other assets | $76,652,880 |
| Total assets | $7,481,805,455 |
| Accounts payable and accrued expenses | $86,956,412 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $8,637,086 |
| 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 | $6,422,035,063 |
| Total liabilities | $6,517,628,561 |
| 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 | $964,176,894 |
| Total liabilities and net assets/fund balances | $7,481,805,455 |
Grants Awarded
Over the last fiscal year, Eastman Credit Union has awarded $705,319 in support to 28 organizations.
| Grant Recipient | Amount |
|---|---|
BALLAD HEALTH FOUNDATION PURPOSE: CONTRIBUTION - BLOODMOBILE | $35,714 |
ISAIAH 117 HOUSE PURPOSE: PROJECT ASSISTANCE - TRAINING CENTER | $300,000 |
BARTER THEATRE PURPOSE: ANNUAL SPONSORSHIP | $30,000 |
KINGSPORT CHAMBER OF COMMERCE FOUNDATION PURPOSE: EVENT SPONSORSHIPS AND SCHOLARSHIP | $26,550 |
COALITION FOR KIDS INC PURPOSE: GENERAL CONTRIBUTION | $25,000 |
LONGVIEW CHAMBER OF COMMERCE PURPOSE: EVENT SPONSORSHIP AND GENERAL ASSISTANCE | $25,000 |