Prime Care Credit Union
- Assets
- $24.9m
- Revenue
- $757.3k
- Investments
- $0.0
- Employees
- 12
- Location
- Norfolk, VA
- Founding
- Data as of
- 12/2021
- EIN
- 23-7204161
Organization Overview
Prime Care Credit Union is located in Norfolk, VA. As of 12/2021, Prime Care Credit Union employed 12 individuals. Prime Care 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, Prime Care Credit Union generated $757.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (3.7%) each year. All expenses for the organization totaled $748.6k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.4%) per year over the past 6 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
THE CREDIT UNION PROVIDED AFFORDABLE LOANS TO 408 MEMBERS DURING THE YEAR. MANY OF THESE INDIVIDUALS WOULD NOT HAVE BEEN ABLE TO OBTAIN SUCH LOANS FROM OTHER FINANCIAL INSTITUTIONS. IN ADDITION, THE CREDIT UNION PROVIDED MEMBERS WITH DEPOSITORY AND OTHER SERVICES. THE CREDIT UNION MEMBERSHIP INCLUDES MANY INDIVIDUALS GENERALLY NOT RECRUITED FOR SERVICES AT LARGER FINANCIAL INSTITUTIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDED LOANS TO 271 MEMBERS DURING 2021. MANY OF THESE INDIVIDUALS WOULD NOT HAVE BEEN ABLE TO OBTAIN SUCH LOANS FROM OTHER FINANCIAL INSTITUTIONS. IN ADDITION, THE CREDIT UNION PROVIDED MEMBERS WITH DEPOSITORY AND OTHER SERVICES. THE CREDIT UNION MEMBERSHIP CONSISTS PRIMARILY OF MEDICAL EMPLOYEES AND AFFILIATES, AND THEIR FAMILIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terry Lambert Treasurer | Officer | 40 | $70,512 |
Jim Maccord Chairman | Officer | 2 | $0 |
Larry Smith Secretary | Officer | 2 | $0 |
Raymond Anderson Vice Chairman | Officer | 2 | $0 |
Trisha Arnel Director | Trustee | 2 | $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 | $577,758 |
| Investment income | $128,416 |
| 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 | $757,254 |
| 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. | $70,512 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $199,709 |
| Pension plan accruals and contributions | $17,881 |
| Other employee benefits | $55,289 |
| Payroll taxes | $18,609 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $15,817 |
| Total functional expenses | $748,584 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $436,756 |
| Savings and temporary cash investments | $17,536,772 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $29,544 |
| Net Land, buildings, and equipment | $7,763 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,906,892 |
| Total assets | $24,917,727 |
| Accounts payable and accrued expenses | $127,867 |
| 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 | $21,935,098 |
| Total liabilities | $22,062,965 |
| 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 | $2,854,762 |
| Total liabilities and net assets/fund balances | $24,917,727 |
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