Opp-Micolas Credit Union
- Assets
- $12.5m
- Revenue
- $323.2k
- Investments
- $8.8m
- Employees
- 4
- Location
- Opp, AL
- Founding
- 12/1972
- Data as of
- 12/2022
- EIN
- 63-0337813
Organization Overview
Opp-Micolas Credit Union is located in Opp, AL. The organization was established in 1972. 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, Opp-Micolas Credit Union employed 4 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Opp-Micolas 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, Opp-Micolas Credit Union generated $323.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (4.4%) each year. All expenses for the organization totaled $502.3k during the year ending 12/2022. 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
CODE OF ALABAMA, SEC. 5-17-1. A CREDIT UNION IS A COOPERATIVE SOCIETY INCORPORATED FOR THE TWOFOLD PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS AND CREATING A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CODE OF ALABAMA, SEC. 5-17-1, A CREDIT UNION IS A COOPERATIVE SOCIETY INCORPORATED FOR THE TWOFOLD PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS AND CREATING A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Deborah Dean Asst Manager | Officer | 40 | $106,426 |
Kyler Frazier Manager/board Treasurer | Officer | 40 | $75,165 |
Danny F Faulk Board President | Officer | 0 | $0 |
Chris Lawrence Vice President | Officer | 0 | $0 |
Jeffery Boutwell Secretary | Officer | 0 | $0 |
Nathan Stoudmire Board Member | Officer | 0 | $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 | $190,504 |
| Investment income | $118,139 |
| 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 | $323,153 |
| 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 | $10,487 |
| 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 | $261,564 |
| Pension plan accruals and contributions | $38,745 |
| Other employee benefits | $28,932 |
| Payroll taxes | $20,689 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,442 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,330 |
| Office expenses | $54,376 |
| Information technology | $33,403 |
| Royalties | $0 |
| Occupancy | $8,872 |
| Travel | $1,125 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,490 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,430 |
| Insurance | $14,511 |
| All other expenses | $6,889 |
| Total functional expenses | $502,285 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $277,194 |
| Savings and temporary cash investments | $485,518 |
| 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 | $2,674,273 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $26,654 |
| Net Land, buildings, and equipment | $211,443 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $8,822,047 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $12,497,129 |
| Accounts payable and accrued expenses | $9,187 |
| 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 | $9,742,985 |
| Total liabilities | $9,752,172 |
| 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 | $2,744,957 |
| Total liabilities and net assets/fund balances | $12,497,129 |