Tva Community Credit Union
- Assets
- $406.3m
- Revenue
- $15.8m
- Investments
- $222.2m
- Employees
- 108
- Location
- Muscle Shoals, AL
- Founding
- 06/1971
- Data as of
- 12/2023
- EIN
- 63-0306291
Organization Overview
Tva Community Credit Union is located in Muscle Shoals, AL. The organization was established in 1971. According to its NTEE Classification (A32) the organization is classified as: Television, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2023, Tva Community Credit Union employed 108 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Tva Community 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, Tva Community Credit Union generated $15.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $9.8m during the year ending 12/2023. While expenses have increased by 2.6% per year over the past 9 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
CREDIT UNION - TO PROVIDE FINANCIAL SERVICES TO 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sammy Clements CEO | Officer | 40 | $219,354 |
Sherry Vaughn CFO | Officer | 40 | $91,683 |
John Allgood Board Vice C | Trustee | 1 | $0 |
Timothy Cornelius Board Member | Trustee | 1 | $0 |
Claude Eubanks Jr Board Member | Trustee | 1 | $0 |
Joan Marsh Board Member | 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 | $8,651,127 |
| Investment income | $6,553,578 |
| 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 | $15,805,515 |
| 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 | $2,871,600 |
| Pension plan accruals and contributions | $397,910 |
| Other employee benefits | $578,869 |
| Payroll taxes | -$1,091,357 |
| 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 | $800,278 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $536,709 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $22,279 |
| Interest | $3,348,462 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $158,504 |
| All other expenses | $141,793 |
| Total functional expenses | $9,821,796 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $34,743,379 |
| Savings and temporary cash investments | $1,998,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $134,602,705 |
| 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 | $551,183 |
| Net Land, buildings, and equipment | $7,141,427 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $222,181,104 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,114,980 |
| Total assets | $406,332,778 |
| Accounts payable and accrued expenses | $622,624 |
| 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 | $369,578,986 |
| Total liabilities | $370,201,610 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $44,657,549 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | -$8,526,381 |
| Total liabilities and net assets/fund balances | $406,332,778 |