Corning Cable Systems Credit Union
- Assets
- $34.2m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 10
- Location
- Hickory, NC
- Founding
- Data as of
- 12/2016
- EIN
- 56-0768867
Organization Overview
Corning Cable Systems Credit Union is located in Hickory, NC. As of 12/2016, Corning Cable Systems Credit Union employed 10 individuals. Corning Cable Systems 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 12/2016, Corning Cable Systems Credit Union generated $1.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (3.2%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2016. 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
2016
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL SERVICES TO ITS MEMBERS FOR A REASONABLE COST AND REASONABLE DIVIDENDS TO MEMBER SHARE SAVINGS DEPOSITS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOTAL NUMBER OF LOANS: 1354 TOTAL AMOUNT OF LOANS: 12,176,859 TOTAL NUMBER OF MEMBERS: 3738 TOTAL AMOUNT OF MEMBER SHARES: $30,755,394
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marc Jacobson Ceo/president | Officer | 40 | $96,539 |
Phyllis Starnes Tresurer | Trustee | 0 | $0 |
Paul Martino Board Member | Trustee | 0 | $0 |
Kelli Zych Secretary | Trustee | 0 | $0 |
Tracy Horton Board Member | Trustee | 0 | $0 |
Angela Yoder Supervisory Committee Chairperson | Trustee | 0 | $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 | $893,807 |
| Investment income | $236,064 |
| 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 | $1,129,871 |
| 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. | $96,539 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $551,571 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $1,369 |
| Office expenses | $120,784 |
| 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 | $4,755 |
| Interest | $39,457 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,235,210 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $234,851 |
| Savings and temporary cash investments | $3,644,778 |
| 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 | $12,147,614 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $51 |
| Net Land, buildings, and equipment | $229 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $17,854,521 |
| Intangible assets | $0 |
| Other assets | $321,773 |
| Total assets | $34,203,817 |
| Accounts payable and accrued expenses | $66,524 |
| 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 | $30,755,183 |
| Total liabilities | $30,821,707 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $3,382,110 |
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