Alabama Rural Electric Credit Union
- Assets
- $34.5m
- Revenue
- $1.8m
- Investments
- $5.1m
- Employees
- 10
- Location
- Montgomery, AL
- Founding
- 06/1971
- Data as of
- 12/2019
- EIN
- 63-0595918
Organization Overview
Alabama Rural Electric Credit Union is located in Montgomery, 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 12/2019, Alabama Rural Electric Credit Union employed 10 individuals. Alabama Rural Electric 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 12/2019, Alabama Rural Electric Credit Union generated $1.8m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $1.6m during the year ending 12/2019. While expenses have increased by 6.8% per year over the past 5 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
2019
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 |
|---|---|---|---|
Jane J Boysen President/ce | Officer | 40 | $33,061 |
Cecilia Waits Vice Preside | Officer | 40 | $15,742 |
Mike Barlow Supervisory | Officer | 1 | $0 |
Kim Lyles Maye Supervisory | Officer | 1 | $0 |
Kim Carter Supervisory | Officer | 1 | $0 |
Jeff Hodges Board Chairm | 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 | $1,375,567 |
| Investment income | $204,518 |
| 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 | $1,845,551 |
| 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 | $495,516 |
| Pension plan accruals and contributions | $83,091 |
| Other employee benefits | $56,356 |
| Payroll taxes | $37,937 |
| 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 | $153,294 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $16,225 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $32,791 |
| Interest | $275,603 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $30,692 |
| Total functional expenses | $1,639,344 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,765,253 |
| Savings and temporary cash investments | $2,746,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,384,010 |
| 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 | $78,892 |
| Net Land, buildings, and equipment | $50,602 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,133,020 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $361,686 |
| Total assets | $34,519,463 |
| Accounts payable and accrued expenses | $8,761 |
| 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 | $30,229,037 |
| Total liabilities | $30,237,798 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,620,365 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $2,661,300 |
| Total liabilities and net assets/fund balances | $34,519,463 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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Navigator Credit Union Pascagoula, MS | $437,761,691 | $21,926,267 |
Memphis City Employees Credit Union Memphis, TN | $441,662,639 | $21,190,840 |
Alabama State Employees Credit Union Montgomery, AL | $434,037,642 | $19,973,256 |
Credit Union Of Georgia Kennesaw, GA | $568,450,220 | $21,135,096 |
Alabama Teachers Credit Union Gadsden, AL | $477,477,278 | $19,350,763 |
Cornerstone Financial Credit Union Nashville, TN | $522,943,459 | $21,028,853 |
Credit Unions In The State Of Alabama Gadsden, AL | $384,172,678 | $21,033,823 |
State Chartered Credit Unions In Florida Tallahassee, FL | $332,444,116 | $17,853,427 |
U S Community Credit Union Nashville, TN | $215,456,515 | $14,802,772 |
Interstate Paper Federal Credit Union Jesup, GA | $308,641,899 | $18,616,471 |
State Chartered Credit Unions In Mississippi Vicksburg, MS | $302,589,951 | $14,982,675 |