Educational Community Credit Union
- Assets
- $82.6m
- Revenue
- $3.7m
- Investments
- $7.8m
- Employees
- 29
- Location
- Springfield, MO
- Founding
- Data as of
- 12/2022
- EIN
- 43-6041095
Organization Overview
Educational Community Credit Union is located in Springfield, MO. As of 12/2022, Educational Community Credit Union employed 29 individuals. Educational Community 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 12/2022, Educational Community Credit Union generated $3.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $3.3m during the year ending 12/2022. While expenses have increased by 7.1% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ACTIVITY: A NOT-FOR-PROFIT COOPERATIVE INCORPORATED AND OPERATING UNDER MISSOURI STATUTES. MISSION: TO PROMOTE THRIFT WITH MEMBER'S INTEREST IN MIND AND LOAN TO MEMBERS FOR ONLY PROVIDENT AND PRODUCTIVE PURPOSES. WE ACCOMPLISH THIS BY PROVIDING FINANCIAL EDUCATION AND TRAINING TO ALL CURRENT AND POTENTIAL MEMBERS. FINANCIAL SERVICES OFFERED ARE COMPETITIVELY PRICED WITH AN EMPHASIS ON LOW FEES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBER BENEFITS INCLUDING DIVIDEND ON MEMBER SAVINGS, INTEREST ON MEMBER CERTIFICATES OF DEPOSIT, AND NCUSIF SHARE GUARANTEE INSURANCE BACKED BY THE U.S. TREASURY, SAME AS FDIC INSURANCE FOR BANKS. TOTAL MEMBERS SERVED IS 10,022. PRESENTED CREDIT UNION IDEALS OF SAVING FOR A RAINY DAY AND LOANS FOR ONLY PROVIDENT AND PRODUCTIVE PURPOSES TO CURRENT AND POTENTIAL MEMBERS AT BACK-TO-SCHOOL TEACHER'S TRAINING MEETINGS, SCHOOL FUNCTIONS, AND THROUGH OTHER ADVERTISING CAMPAIGNS. SIGNED UP 1545 NEW MEMBERS IN 2022 AS A RESULT OF THESE VARIOUS CAMPAIGNS.
MEMBER LOAN SERVICING COSTS INCLUDE REVIEWING LOAN APPLICATIONS FOR COMPLETENESS THROUGH CREDIT BUREAU CHECKS, VERIFYING INCOME THROUGH CURRENT EMPLOYER, RETIREMENT, DISABILITY, OR DIVORCE BENEFITS. PERFORM DEBT RATIO CALCULATION AND ADVISE MEMBERS ON POTENTIAL OF OVER-EXTENDING THEIR DEBT, WHICH COULD LEAD TO POSSIBLE REPOSESSION OR BANKRUPTCY. ADDITIONALLY, THERE IS THE COST OF MAKING THE LOAN, (LOAN OFFICER TIME, LABOR, & SUPPLIES), AND COLLECTING THE LOAN, (COLLECTOR'S LABOR, COLLECTION/REPO AGENTS, & ATTORNEY FEES).
EDUCATE MEMBERS THROUGH VARIOUS ADVERTISING THAT PROMOTES OUR MISSION OF ALWAYS SAVING FOR A RAINY DAY, AND BORROWING FOR PRODUCTIVE PURPOSES.INCLUDES EXPENSE FOR QUARTERLY NEWSLETTERS, TV ADS, ANNUAL MEMBERSHIP MEETING, MEMBER RECOGNITION/AWARDS (STUDENT SCHOLARSHIP, TEACHER RECOGNITION AWARDS), AND MEMBERSHIP PROMOTIONAL MATERIALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Herren President | Officer | 40 | $145,809 |
Joel D Kauflin Officer | Officer | 40 | $126,858 |
Eric Lumley Officer | Officer | 40 | $116,324 |
Joshua D Dolen Officer | Officer | 40 | $112,733 |
Anita H Cooke Vice Preside | Officer | 40 | $81,539 |
Brad Akers Director | Trustee | 0.5 | $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 | $3,400,158 |
| Investment income | $198,814 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $97,598 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,696,570 |
| 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 | $1,031,801 |
| Pension plan accruals and contributions | $72,239 |
| Other employee benefits | $291,942 |
| Payroll taxes | $92,841 |
| Fees for services: Management | $23,997 |
| Fees for services: Legal | $6,545 |
| Fees for services: Accounting | $19,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $265,342 |
| Office expenses | $240,202 |
| Information technology | $356,811 |
| Royalties | $0 |
| Occupancy | $82,523 |
| Travel | $3,236 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $663 |
| Interest | $96,580 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $94,401 |
| Insurance | $38,499 |
| All other expenses | $122,911 |
| Total functional expenses | $3,285,359 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $859,961 |
| Savings and temporary cash investments | $2,168,151 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $589,285 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $65,390,172 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $169,075 |
| Net Land, buildings, and equipment | $1,991,955 |
| Investments—publicly traded securities | $2,909,383 |
| Investments—other securities | $7,750,299 |
| Investments—program-related | $724,834 |
| Intangible assets | $0 |
| Other assets | $88,399 |
| Total assets | $82,641,514 |
| Accounts payable and accrued expenses | $1,118,282 |
| 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 | $76,214,128 |
| Total liabilities | $77,332,410 |
| 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 | $5,309,104 |
| Total liabilities and net assets/fund balances | $82,641,514 |