Louisiana Central Credit Union
- Assets
- $13.8m
- Revenue
- $897.5k
- Investments
- $4.9m
- Employees
- 0
- Location
- Harahan, LA
- Founding
- 08/1969
- Data as of
- 12/2021
- EIN
- 72-0502575
Organization Overview
Louisiana Central Credit Union is located in Harahan, 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. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Louisiana Central 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 12/2021, Louisiana Central Credit Union generated $897.5k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $645.6k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.5%) per year over the past 7 years. 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
MISSION: TO PROVIDE AN ATMOSPHERE OF CARING BY MAKING AVAILABLE TO ALL MEMBERS,OF ALL WALKS OF LIFE, CONSUMER LENDING SERVICES, FINANCIAL TRANSACTIONS, PARTICIPATION AND ACCESS TO A WIDE RANGE OF INSURANCE BENEFITS AND COVERAGES;AND TO CONDUCT A WELL- MANAGED, WELL RESPECTED AND FINANCIALLY SOUND CREDIT UNION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INTEREST-GIVES MEMBERS THE HIGHEST RETURN AFFORDABLE ON THEIR DEPOSITS.MEMBERSHIP AS OF 12/31/2021:3060NUMBER OF DEPOSIT ACCOUNTS AS OF 12/31/2021:4098
LENDING SERVICES- MAKE AVAILABLE THE ABILITY TO OFFER LOW INTEREST LOANS;404 LOANS AND/OR CREDIT CARDS WERE ADDED TO PORTFOLIO IN 2021.
INFORMATION TECHNOLOGY:A. INCLUDES THE FINANCIAL OPERATING SYSTEM WHICH ALLOWS FOR THE ACCOUNTING OF LOANS AND SAVINGS ACCOUNTS ALONG WITH THE FINANCIAL TRANSACTIONS INVOLVED. ACCOUNTS AS OF 12/31/21: REGULAR SHARES=3060;CHRISTMAS CLUB ACCOUNTS=106; VACATION CLUB ACCOUNTS=89;B. INCLUDES A WEBSITE WHICH ALLOWS INTERNET LOAN APPLICATIONS AND VARIOUS INTERNET FINANCIAL TRANSACTIONS;ALSO PROVIDES MEMBERS ACCESS TO FUNDS DURING DISASTERS. AS OF 12/31/21 THERE WERE 634 ENROLLED ACCOUNTS ON OUR IN-HOUSE INTERACTIVE, TRANSACTIONAL WEBSITE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Effie Chaisson Director | Trustee | 0.3 | $0 |
Henry Orgeron Chairman Of The Board | Officer | 0.3 | $0 |
Connie Kennely Vice-Chairwoman Of The B | Officer | 0.3 | $0 |
Stephanie Prunty Financial Officer Of The B | Officer | 0.3 | $0 |
Gregory Rupport Secretary Of The Board | Officer | 0.3 | $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 | $0 |
| Investment income | $52,106 |
| 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 | $897,508 |
| 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 | $256,363 |
| Pension plan accruals and contributions | $8,472 |
| Other employee benefits | $49,189 |
| Payroll taxes | $19,016 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,977 |
| Fees for services: Accounting | $19,894 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,024 |
| Fees for services: Other | $8,014 |
| Advertising and promotion | $4,484 |
| Office expenses | $25,068 |
| Information technology | $82,444 |
| Royalties | $0 |
| Occupancy | $52,515 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $397 |
| Interest | $24,779 |
| Payments to affiliates | $14,811 |
| Depreciation, depletion, and amortization | $7,994 |
| Insurance | $19,174 |
| All other expenses | $0 |
| Total functional expenses | $645,612 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $199,232 |
| Savings and temporary cash investments | $124,578 |
| 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 | $8,364,910 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $21,781 |
| Net Land, buildings, and equipment | $13,503 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,850,913 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $208,157 |
| Total assets | $13,783,074 |
| Accounts payable and accrued expenses | $382,203 |
| 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 | $12,487,241 |
| Total liabilities | $12,869,444 |
| 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 | $913,630 |
| Total liabilities and net assets/fund balances | $13,783,074 |