Avadian Credit Union
- Assets
- $1.1b
- Revenue
- $51.0m
- Investments
- $0.0
- Employees
- 325
- Location
- Birmingham, AL
- Founding
- 06/1971
- Data as of
- 12/2021
- EIN
- 63-0207315
Organization Overview
Avadian Credit Union is located in Birmingham, AL. The organization was established in 1971. 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, Avadian Credit Union employed 325 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Avadian 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, Avadian Credit Union generated $51.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $43.5m during the year ending 12/2021. While expenses have increased by 5.6% 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
TO PROVIDE THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
86,080 MEMBERS SERVED TO PROMOTE THRIFT OPPORTUNITIES AND LOW COST LOANS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Linda Cencula CEO | Officer | 48 | $432,264 |
Steven Thrasher VP Mortgage Lending | Officer | 48 | $365,342 |
Joseph Sutton Mortgage Loan Officer | 48 | $269,424 | |
Brett Tompkins Mortgage Loan Officer | 48 | $253,844 | |
James Dismukes Afs Program Manager | 48 | $247,908 | |
Stanton Davis Chief Experience & Innovat | Officer | 48 | $213,357 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Q2 Software Inc Digital Banking Solution | 12/30/21 | $1,340,651 |
Jack Henry & Associates Inc Data Processor | 12/30/21 | $475,197 |
Lending Solutions Inc 24/7 Call Center - 3rd Party | 12/30/21 | $438,080 |
Quality Data Systems Inc Business Supplies And Equipment | 12/30/21 | $386,115 |
Cennox Reactive Field Services Atm Services | 12/30/21 | $530,994 |
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 | $28,283,460 |
| Investment income | $3,608,736 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $104,184 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $255,174 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $50,956,352 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $24,500 |
| 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. | $2,465,604 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,195,512 |
| Pension plan accruals and contributions | $924,433 |
| Other employee benefits | $1,947,489 |
| Payroll taxes | $1,252,939 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $61,479 |
| Fees for services: Accounting | $223,769 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $203,136 |
| Advertising and promotion | $1,079,076 |
| Office expenses | $4,173,697 |
| Information technology | $2,747,667 |
| Royalties | $0 |
| Occupancy | $1,327,733 |
| Travel | $138,224 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $100,080 |
| Interest | $4,851,589 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,622,321 |
| Insurance | $242,712 |
| All other expenses | -$720,382 |
| Total functional expenses | $43,481,121 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $51,704,356 |
| Savings and temporary cash investments | $53,958,028 |
| 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 | $719,288,360 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,035,146 |
| Net Land, buildings, and equipment | $32,807,772 |
| Investments—publicly traded securities | $228,888,545 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $2,379,513 |
| Other assets | $14,537,722 |
| Total assets | $1,107,599,442 |
| Accounts payable and accrued expenses | $3,431,769 |
| Grants payable | $0 |
| Deferred revenue | $1,101,339 |
| 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 | $10,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,005,912,083 |
| Total liabilities | $1,020,445,191 |
| 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 | $87,154,251 |
| Total liabilities and net assets/fund balances | $1,107,599,442 |
Grants Awarded
Over the last fiscal year, Avadian Credit Union has awarded $52,321 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Birmingham, AL PURPOSE: GENERAL SUPPORT | $28,571 |
Birmingham, AL PURPOSE: GENERAL SUPPORT | $23,750 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Georgia's Own Credit Union Atlanta, GA | $3,419,402,865 | $147,500,350 |
Knoxville Tva Employees Credit Unio Knoxville, TN | $3,429,893,801 | $162,152,547 |
Fairwinds Credit Union Orlando, FL | $4,043,048,917 | $164,616,807 |
Robins Financial Credit Union Warner Robins, GA | $3,880,052,195 | $147,788,018 |
State Chartered Credit Unions In Florida Jonesville, FL | $2,692,290,378 | $122,435,815 |
Florida Credit Union Gainesville, FL | $1,449,934,229 | $94,300,981 |
Atlanta Postal Credit Union Atlanta, GA | $2,565,202,791 | $86,141,254 |
Georgia United Credit Union Duluth, GA | $1,880,574,240 | $80,835,681 |
State Chartered Credit Unions In Florida Dunedin, FL | $2,485,154,200 | $95,219,795 |
State Chartered Credit Unions In Florida Jacksonville, FL | $2,430,634,345 | $94,716,587 |
Lge Community Credit Union Atlanta, GA | $1,989,595,139 | $81,568,561 |
Associated Credit Union Norcross, GA | $2,094,343,004 | $74,274,351 |