Emblem Credit Union
- Assets
- $531.4m
- Revenue
- $28.3m
- Investments
- $0.0
- Employees
- 109
- Location
- Gadsden, AL
- Founding
- 06/1971
- Data as of
- 12/2023
- EIN
- 63-6046132
Organization Overview
Emblem Credit Union is located in Gadsden, 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 12/2023, Emblem Credit Union employed 109 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Emblem 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 12/2023, Emblem Credit Union generated $28.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 9.2% each year. All expenses for the organization totaled $24.1m during the year ending 12/2023. While expenses have increased by 8.7% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
COOPERATIVE CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALABAMA BANKING CODE, SECTION 5-17-1, STATES THAT 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. ALABAMA TEACHERS CREDIT UNION, AN ALABAMA STATE CHARTERED CREDIT UNION, WAS ESTABLISHED TO PROVIDE THESE SERVICES TO ITS MEMBERS WHO ARE EMPLOYEES, AND THEIR RELATIVES, OF THE PUBLIC SCHOOLS LOCATED IN ETOWAH, DEKALB, MARSHALL, CHEROKEE, AND CALHOUN COUNTIES. THE CREDIT UNION'S FIELD OF MEMBERSHIP ALSO INCLUDES SELECTED EMPLOYEE GROUPS AND INDIVIDUALS THAT RESIDE IN THESE COUNTIES. AS OF DECEMBER 31, 2023, THE CREDIT UNION PROVIDED SERVICES TO APPROXIMATELY 32,620 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Martha Lavender Board Chairperson | Trustee | 1 | $0 |
Chuck Roden Board Member Thru Feb 2023 | Trustee | 1 | $0 |
Sonny Kirby Board Vice Chairperson | Trustee | 1 | $0 |
Dr Tony J Catanzaro Board Member | Trustee | 1 | $0 |
Joseph Sawyer Board Secretary/treasurer | Trustee | 1 | $0 |
Joan Lee Supervisory Committee Thru Feb 2023 | 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 | $28,308,124 |
| Investment income | $0 |
| 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 | $28,308,124 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $110,865 |
| Grants and other assistance to domestic individuals. | $24,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,681,953 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,689,979 |
| Pension plan accruals and contributions | $512,857 |
| Other employee benefits | $1,350,995 |
| Payroll taxes | $439,960 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $135,793 |
| Fees for services: Accounting | $226,758 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $512,366 |
| Office expenses | $41,687 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $705,612 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $180,549 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $539,433 |
| Insurance | $0 |
| All other expenses | $674,830 |
| Total functional expenses | $24,087,717 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,603,939 |
| Savings and temporary cash investments | $30,188,108 |
| 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 | $401,322,143 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $9,756,075 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $79,763,469 |
| Intangible assets | $0 |
| Other assets | $7,736,140 |
| Total assets | $531,369,874 |
| Accounts payable and accrued expenses | $4,674,998 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $171,578 |
| 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 | $477,515,018 |
| Total liabilities | $482,361,594 |
| 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 | $49,008,280 |
| Total liabilities and net assets/fund balances | $531,369,874 |
Grants Awarded
Over the last fiscal year, Emblem Credit Union has awarded $55,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
RYKERS RAINDBOW PURPOSE: GENERAL SUPPORT | $25,500 |
COMMUNITY FOUNDATION OF NORTHEAST ALABAMA PURPOSE: GENERAL SUPPORT | $30,000 |