Kingsport Press Cu
- Assets
- $82.0m
- Revenue
- $3.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Kingsport, TN
- Founding
- 06/1952
- Data as of
- 12/2022
- EIN
- 62-6041453
Organization Overview
Kingsport Press Cu 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. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Kingsport Press Cu 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, Kingsport Press Cu generated $3.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $2.7m during the year ending 12/2022. While expenses have increased by 1.5% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL SERVICES TO APPROXIMATELY 6,985 MEMBERS (OWNERS) IN THE FORM OF FINANCIAL COUNSELING, LOANS, IRA'S, DEPOSIT ACCOUNTS, ETC...
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE FORM 990, PAGE 1, PART 1, LINE 1
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Walter Salyers President/ceo | Officer | 40 | $82,753 |
Christine Grant Chairperson | Trustee | 1 | $0 |
Larry Gullion Director | Trustee | 0.5 | $0 |
Hollis Anderson Director | Trustee | 0.5 | $0 |
Mark Taylor Vice-Chairman | Trustee | 0.5 | $0 |
Dianne Morelock Secretary/treasurer | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Visifi-epl Data Processor | 12/30/22 | $222,202 |
Lscu Corporation Atm Processor | 12/30/22 | $230,194 |
United Health Insurance Employee Health Insurance | 12/30/22 | $122,929 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $2,310 |
| 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 | $2,310 |
| Total Program Service Revenue | $3,142,971 |
| Investment income | $238,874 |
| 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 | $3,565,234 |
| 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. | $82,753 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $722,063 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $232,955 |
| Payroll taxes | $0 |
| Fees for services: Management | $19,670 |
| Fees for services: Legal | $50 |
| Fees for services: Accounting | $16,321 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $45,296 |
| Office expenses | $147,014 |
| Information technology | $596,769 |
| Royalties | $0 |
| Occupancy | $80,218 |
| Travel | $4,429 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,382 |
| Interest | $0 |
| Payments to affiliates | $12,634 |
| Depreciation, depletion, and amortization | $112,194 |
| Insurance | $35,054 |
| All other expenses | $0 |
| Total functional expenses | $2,741,572 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $770,657 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $54,822,654 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,481,705 |
| Net Land, buildings, and equipment | $2,337,646 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $21,565,381 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $81,978,043 |
| Accounts payable and accrued expenses | $499,178 |
| 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 | $71,442,192 |
| Total liabilities | $71,941,370 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $2,571,498 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $7,465,175 |
| Total liabilities and net assets/fund balances | $81,978,043 |