State Chartered Credit Unions In Mississippi
- Assets
- $11.5m
- Revenue
- $476.7k
- Investments
- $0.0
- Employees
- 5
- Location
- Vicksburg, MS
- Founding
- 09/1970
- Data as of
- 12/2021
- EIN
- 64-0304718
Organization Overview
State Chartered Credit Unions In Mississippi is located in Vicksburg, MS. The organization was established in 1970. 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 12/2021, State Chartered Credit Unions In Mississippi employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. State Chartered Credit Unions In Mississippi 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 12/2021, State Chartered Credit Unions In Mississippi generated $476.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $496.2k during the year ending 12/2021. While expenses have increased by 0.8% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THRIFT BY AFFORDING AN OPPORTUNITY TO ACCUMLATE SAVINGS AND TO CREATE A SOURCE OF CREDIT FOR PROVIDENT OR PRODUCTIVE PURPOSE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION CONTINUED ITS OPERATION OF THE CREDIT UNION. IT RECEIVED DEPOSITS AND INVESTMENTS ALONG WITH MAKING SOME ADDITIONAL LOANS DURING YEAR 2017.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hugh Freeman President | Officer | 1 | $0 |
Lee Musgrove Vice President | Officer | 1 | $0 |
Amanda Davis Secretary | Officer | 1 | $0 |
Remy Massey Treasurer | Officer | 1 | $0 |
David Bell CEO | Officer | 40 | $0 |
Mike Tanner Member | Officer | 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 | $396,315 |
| Investment income | $19,931 |
| 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 | $476,693 |
| 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. | $87,008 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $119,308 |
| Pension plan accruals and contributions | $11,028 |
| Other employee benefits | $20,673 |
| Payroll taxes | $16,324 |
| Fees for services: Management | $39,318 |
| Fees for services: Legal | $2,077 |
| Fees for services: Accounting | $8,204 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,202 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,005 |
| Office expenses | $7,770 |
| Information technology | $15,418 |
| Royalties | $0 |
| Occupancy | $32,120 |
| Travel | $922 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,137 |
| Insurance | $15,238 |
| All other expenses | $2,473 |
| Total functional expenses | $496,192 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $256,406 |
| Savings and temporary cash investments | $3,746,830 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,200,712 |
| 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 | $33,774 |
| Net Land, buildings, and equipment | $153,995 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $101,519 |
| Total assets | $11,493,236 |
| Accounts payable and accrued expenses | $16,669 |
| 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 | $7,729,983 |
| Total liabilities | $7,746,652 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $469,730 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $3,276,854 |
| Total liabilities and net assets/fund balances | $11,493,236 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Max Credit Union Montgomery, AL | $2,021,706,470 | $76,797,432 |
Credit Unions In The State Of Alabama Birmingham, AL | $3,681,543,052 | $74,996,749 |
Credit Unions In The State Of Alabama Sheffield, AL | $1,142,398,865 | $57,547,152 |
State Chartered Credit Unions In Louisiana Baton Rouge, LA | $599,377,066 | $59,950,337 |
Credit Unions Of Alabama Tuscaloosa, AL | $1,400,922,106 | $57,798,045 |
Guardian Credit Union Montgomery, AL | $763,618,487 | $55,701,810 |
Avadian Credit Union Birmingham, AL | $1,107,599,442 | $50,956,352 |
Credit Unions In The State Of Alabama Rainbow City, AL | $666,462,536 | $43,280,897 |
Leaders Credit Union Jackson, TN | $642,989,895 | $47,507,703 |
Five Star Credit Union Dothan, AL | $661,046,497 | $37,991,386 |
First South Financial Credit Union Bartlett, TN | $775,898,594 | $36,735,546 |
Credit Unions In The State Of Alabama Decatur, AL | $941,244,457 | $37,679,526 |