State Chartered Credit Unions In Louisiana
- Assets
- $599.4m
- Revenue
- $60.0m
- Investments
- $0.0
- Employees
- 370
- Location
- Baton Rouge, LA
- Founding
- 08/1969
- Data as of
- 12/2021
- EIN
- 72-0498240
Organization Overview
State Chartered Credit Unions In Louisiana is located in Baton Rouge, LA. The organization was established in 1969. 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 Louisiana employed 370 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. State Chartered Credit Unions In Louisiana 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 Louisiana generated $60.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.2% each year . All expenses for the organization totaled $49.8m during the year ending 12/2021. While expenses have increased by 9.6% 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
PROVIDING BANKING RELATED SERVICES TO OVER 64,000 MEMBERS OF WHICH MANY FALL BELOW FEDERAL AND STATE POVERTY LEVELS. MANY DO NOT QUALIFY FOR FINANCIAL SERVICES WITH BANKS, INCLUDING CHECKING ACCOUNTS AND MORTGAGE LOANS DUE TO LOW INCOME OR PRIOR CREDIT HISTORY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOAN PROGRAM WITH COMPETITIVE INTEREST PRICING TO ALL MEMBERS, INCLUDING MEMBERS WITH LITTLE OR POOR CREDIT HISTORY. WIDE SPECTRUM OF LENDING PRODUCTS INCLUDING AUTO LOANS WITH NO DOWN PAYMENT, MORTGAGE LENDING. CREDIT CARDS. UNSECURED LENDING AND PAYDAY ALTERNATIVE LENDING.
DEPOSIT PROGRAM OFFERING A VARIETY OF SAVINGS AND TRANSACTIONAL PRODUCTS, MOST WITH NO MONTHLY FEE AND ABOVE MARKET INTEREST RATES. CHECKING ACCOUNTS GEARED FOR EASY ENTRY REGARDLESS OF PRIOR CHECKING HISTORY.
PARTNERS IN EDUCATION PROFRAMS PROVIDED FREE FINANCIAL EDUCATION PROGRAMS THROUGHOUT THE STATE, INCLUDING CREDIT MANAGEMENT, CREDIT REPAIR, BUDGETING, AND CHECKING ACCOUNT BALANCING. SEMINARS ARE CONDUCTED IN LOCAL K-12 SCHOOLS, COMMUNITY CENTERS, PRISONS, HOMELESS SHELTERS, AND HOSPITALS THROUGHOUT THE STATE. WE PROVIDED A FREE CREDIT COUNSELING PROGRAM TO MEMBERS, HELPING THEM CREATE BUDGETS, REBUILD CREDIT, START SAVING, AND BUUILD ASSETS. 9 EMPLOYEES ARE DEDICATED TO THIS PROGRAM FULL TIME. STAFF CONDUCTED 69 WORKSHOPS THROUGHOUT THE STATE, WITH 2,516 ATTENDEES, OF WHICH 285 WERE MEMBERS AND 2,231 WERE NONMEMBERS. WE ALSO TEACH FINANCIAL EDUCATION TO HIGH SCHOOL STUDENTS AND LAST YEAR WE HELD 14 WORKSHOPS SPEAKING TO 785 STUDENTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey Conrad Presidentceo | Officer | 40 | $478,711 |
Annette Thames COO | Officer | 40 | $247,868 |
Melissa Ott Exec Vpcfo | Officer | 40 | $227,498 |
Charles Morgan Sr VP It | 40 | $216,817 | |
Paige Corcoran VP | 40 | $171,736 | |
Lindsey Richard VP | 40 | $161,693 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry Associates Inc Date Processor | 12/30/20 | $668,246 |
Workplace Communications | 12/30/20 | $2,158,712 |
Labarre Associates Inc Facility Maint | 12/30/20 | $6,857,004 |
Kasasa Ltd Marketingsoftware | 12/30/20 | $419,136 |
Asi-sign Signage | 12/30/20 | $410,516 |
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 | $46,279,561 |
| Investment income | $171,371 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,954,958 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $59,950,337 |
| 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. | $2,231,849 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,631,701 |
| Pension plan accruals and contributions | $1,132,545 |
| Other employee benefits | $2,537,215 |
| Payroll taxes | $1,221,470 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $73,856 |
| Fees for services: Accounting | $137,844 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $608,871 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,024,006 |
| Travel | $437,595 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $45 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,719,668 |
| Insurance | $834,525 |
| All other expenses | $20,180,030 |
| Total functional expenses | $49,771,220 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,555,833 |
| Savings and temporary cash investments | $78,442,510 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,353,704 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $452,054,791 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,618,602 |
| Net Land, buildings, and equipment | $34,278,793 |
| Investments—publicly traded securities | $4,393,572 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $386,867 |
| Other assets | $15,292,394 |
| Total assets | $599,377,066 |
| Accounts payable and accrued expenses | $6,527,197 |
| 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 | $529,806,677 |
| Total liabilities | $536,333,874 |
| 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 | $63,043,192 |
| Total liabilities and net assets/fund balances | $599,377,066 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Credit Union Of Texas Allen, TX | $1,777,913,030 | $114,589,686 |
First Community Credit Union Of Houston Houston, TX | $1,964,514,771 | $83,936,302 |
Texas Trust Credit Union Arlington, TX | $1,797,827,251 | $77,667,084 |
Intouch Credit Union Plano, TX | $1,046,983,946 | $47,406,759 |
State Chartered Credit Unions In Louisiana Baton Rouge, LA | $599,377,066 | $59,950,337 |
Firstmark Credit Union San Antonio, TX | $1,229,967,544 | $50,715,745 |
United Heritage Credit Union Austin, TX | $1,405,950,790 | $55,051,200 |
First Service Credit Union Houston, TX | $855,098,387 | $54,328,304 |
Neighborhood Credit Union Dallas, TX | $1,066,752,639 | $52,511,237 |
Velocity Credit Union Austin, TX | $1,067,927,517 | $65,298,866 |
Texans Credit Union Richardson, TX | $2,114,687,717 | $56,103,692 |
Resource One Credit Union Dallas, TX | $739,668,611 | $42,535,084 |