Family Savings Credit Union
- Assets
- $756.8m
- Revenue
- $50.9m
- Investments
- $0.0
- Employees
- 312
- Location
- Rainbow City, AL
- Founding
- 06/1971
- Data as of
- 12/2022
- EIN
- 63-0355713
Organization Overview
Family Savings Credit Union is located in Rainbow City, 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 12/2022, Family Savings Credit Union employed 312 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Family Savings 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, Family Savings Credit Union generated $50.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.5% each year. All expenses for the organization totaled $41.4m during the year ending 12/2022. While expenses have increased by 7.3% per year over the past 8 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 THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
71,980 MEMBERS SERVED TO PROMOTE THRIFT OPPORTUNITIES AND LOW COST LOANS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lp Williamson Board Chair | Trustee | 2 | $0 |
Bill Willard Vice Chairman | Trustee | 2 | $0 |
Hacky Jaggers Secretary | Trustee | 2 | $1,706 |
Wally Burns Director | Trustee | 2 | $0 |
Randel Mountain Director | Trustee | 2 | $0 |
Ronnie Reed Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fsi Professional Services | 12/30/22 | $1,686,035 |
Visa Debit Card Processing Debit Card Processor | 12/30/22 | $1,318,835 |
Jack Henry & Associates Core Processing System | 12/30/22 | $736,197 |
Bankcard Management Consulting Llc Consulting | 12/30/22 | $630,679 |
Diamond Communication Solutions Communications | 12/30/22 | $450,313 |
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 | $29,254,177 |
| Investment income | $945,597 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $152,970 |
| 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 | $50,899,243 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $15,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,867,006 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,777,006 |
| Pension plan accruals and contributions | $864,241 |
| Other employee benefits | $3,444,603 |
| Payroll taxes | $947,693 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $46,090 |
| Fees for services: Accounting | $151,220 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,038,862 |
| Office expenses | $1,795,772 |
| Information technology | $708,354 |
| Royalties | $0 |
| Occupancy | $693,686 |
| Travel | $164,503 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $599,053 |
| Interest | $3,028,138 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,663,324 |
| Insurance | $355,322 |
| All other expenses | $387,091 |
| Total functional expenses | $41,445,214 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,867,660 |
| Savings and temporary cash investments | $25,984,929 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $2,554,161 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $657,788,238 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,613,407 |
| Net Land, buildings, and equipment | $21,183,392 |
| Investments—publicly traded securities | $6,085,836 |
| Investments—other securities | $0 |
| Investments—program-related | $292,054 |
| Intangible assets | $0 |
| Other assets | $22,391,931 |
| Total assets | $756,761,608 |
| Accounts payable and accrued expenses | $43,883,180 |
| 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 | $637,516,743 |
| Total liabilities | $681,399,923 |
| 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 | $75,361,685 |
| Total liabilities and net assets/fund balances | $756,761,608 |