City Credit Union
- Assets
- $55.1m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 14
- Location
- Independence, MO
- Founding
- Data as of
- 12/2023
- EIN
- 43-0822402
Organization Overview
City Credit Union is located in Independence, MO. As of 12/2023, City Credit Union employed 14 individuals. City 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, City Credit Union generated $3.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.5% each year. All expenses for the organization totaled $2.5m during the year ending 12/2023. While expenses have increased by 4.4% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO SERVE OUR MEMBERS' FINANCIAL NEEDS IN A FRIENDLY AND RESPONSIBLE WAY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 4,271 MEMBERS.
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2023, LOANS OUTSTANDING TOTALED $36,277,260, INCLUDING PARTICIPATION LOANS.
PAID DIVIDENDS AND INTEREST ON MEMBER SHARES AND DEPOSITS TOTALING $254,087 FOR THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Horne Chairman | Trustee | 1 | $0 |
Dayla Bishop Schwartz Vice Chairman | Trustee | 1 | $0 |
Mary Thompson Secretary / Treasurer | Trustee | 1 | $0 |
Robert West Director | Trustee | 1 | $0 |
Jerry Hunter Director | Trustee | 1 | $0 |
Sean Titus Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $52,810 |
| All other contributions, gifts, grants, and similar amounts not included above | $800 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $53,610 |
| Total Program Service Revenue | $2,620,486 |
| Investment income | $547,073 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $6,148 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$23,886 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,203,431 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $261,950 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $371,269 |
| Pension plan accruals and contributions | $25,017 |
| Other employee benefits | $72,560 |
| Payroll taxes | $44,191 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $26,728 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,254 |
| Advertising and promotion | $45,173 |
| Office expenses | $423,457 |
| Information technology | $284,442 |
| Royalties | $0 |
| Occupancy | $81,735 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,213 |
| Interest | $9 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $32,286 |
| Insurance | $29,566 |
| All other expenses | $29,641 |
| Total functional expenses | $2,539,967 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $669,042 |
| Savings and temporary cash investments | $15,550,725 |
| 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 | $35,775,915 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $318,465 |
| Net Land, buildings, and equipment | $682,693 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,133,858 |
| Total assets | $55,130,698 |
| Accounts payable and accrued expenses | $996,532 |
| 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 | $47,949,413 |
| Total liabilities | $48,945,945 |
| 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 | $6,184,753 |
| Total liabilities and net assets/fund balances | $55,130,698 |