Family Security Credit Union
- Assets
- $965.0m
- Revenue
- $43.3m
- Investments
- $246.3m
- Employees
- 318
- Location
- Decatur, AL
- Founding
- 08/1958
- Data as of
- 12/2022
- EIN
- 63-0757453
Organization Overview
Family Security Credit Union is located in Decatur, AL. The organization was established in 1958. 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 Security Credit Union employed 318 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Family Security 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 Security Credit Union generated $43.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $28.2m during the year ending 12/2022. While expenses have increased by 3.9% 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
88,250 MEMBERS SERVED TO PROMOTE THRIFT OPPORTUNITIES AND LOW COST LOANS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Jeffreys Board Chairman | Trustee | 1 | $0 |
Tommie Smith Board Vice-Chairman | Trustee | 1 | $0 |
Ray Durham Board Treasurer | Trustee | 1 | $0 |
Albert Bush Board Secretary | Trustee | 1 | $0 |
Thomas Johnson Board Member | Trustee | 1 | $0 |
Bruce Garrison Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates Software Provider | 12/30/22 | $790,954 |
At&t Phone Service/computer Line | 12/30/22 | $439,164 |
Woodward Construction & Design Inc Building/renovations | 12/30/22 | $1,497,651 |
Dell Marketing Lp Computer Services | 12/30/22 | $227,195 |
Diebold Nixdorf Incorporated Transaction Systems | 12/30/22 | $217,314 |
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 | $17,866,651 |
| Investment income | $7,897,630 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $194,642 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$28,107 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $43,290,857 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $5,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,640,453 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,094,190 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,009,885 |
| Payroll taxes | $785,583 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $58,620 |
| Fees for services: Accounting | $101,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,357,461 |
| Advertising and promotion | $108,285 |
| Office expenses | $1,834,825 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,712,216 |
| Travel | $133,033 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $134,838 |
| Interest | $2,761,568 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,245,233 |
| Insurance | $205,244 |
| All other expenses | $458,717 |
| Total functional expenses | $28,244,815 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,948,676 |
| Savings and temporary cash investments | $211,390,624 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,444,049 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $434,186,116 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $845,981 |
| Net Land, buildings, and equipment | $29,749,501 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $246,347,178 |
| Investments—program-related | $121,300 |
| Intangible assets | $0 |
| Other assets | $20,958,861 |
| Total assets | $964,992,286 |
| Accounts payable and accrued expenses | $15,771,045 |
| 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 | $833,368,937 |
| Total liabilities | $849,139,982 |
| 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 | $115,852,304 |
| Total liabilities and net assets/fund balances | $964,992,286 |