Red Oak Credit Union
- Assets
- $40.9m
- Revenue
- $2.2m
- Investments
- $18.5m
- Employees
- 14
- Location
- Tuscaloosa, AL
- Founding
- 06/1971
- Data as of
- 12/2022
- EIN
- 63-0476332
Organization Overview
Red Oak Credit Union is located in Tuscaloosa, 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, Red Oak Credit Union employed 14 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Red Oak 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, Red Oak Credit Union generated $2.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $2.2m during the year ending 12/2022. While expenses have increased by 3.2% 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
CREDIT UNION - TO PROVIDE FINANCIAL SERVICES FOR ITS 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 |
|---|---|---|---|
Shep Lowery President/ce | Officer | 40 | $116,750 |
Tamatha Anthony Sc Mem | Trustee | 1 | $0 |
Susan Dowdle Board Treasu | Trustee | 1 | $0 |
Linda Forte Board Secret | Trustee | 1 | $0 |
Bobbie Garner Board Mem | Trustee | 1 | $0 |
Ben Horton Board Vice C | 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 | $1,358,733 |
| Investment income | $311,743 |
| 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 | $2,234,656 |
| 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 | $569,917 |
| Pension plan accruals and contributions | $19,963 |
| Other employee benefits | $42,459 |
| Payroll taxes | $52,873 |
| 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 | $752,460 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $162,250 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $39,215 |
| Interest | $67,480 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $57,058 |
| Total functional expenses | $2,156,522 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $804,432 |
| Savings and temporary cash investments | $1,395,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,827,219 |
| 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 | $18,043 |
| Net Land, buildings, and equipment | $1,794,535 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $18,485,675 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $570,370 |
| Total assets | $40,895,274 |
| Accounts payable and accrued expenses | -$80,750 |
| 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 | $689,000 |
| Other liabilities | $38,388,436 |
| Total liabilities | $38,996,686 |
| 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 | $1,898,588 |
| Total liabilities and net assets/fund balances | $40,895,274 |