Telco Community Credit Union
- Assets
- $337.6m
- Revenue
- $13.7m
- Investments
- $0.0
- Employees
- 100
- Location
- Candler, NC
- Founding
- 08/1969
- Data as of
- 12/2021
- EIN
- 56-6047874
Organization Overview
Telco Community Credit Union is located in Candler, NC. 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. As of 12/2021, Telco Community Credit Union employed 100 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Telco 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 12/2021, Telco Community Credit Union generated $13.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $10.5m during the year ending 12/2021. While expenses have increased by 4.1% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL SERVICES TO 32,314 MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES TO 32,314 MEMBERS
PROVIDE FINANCIAL SERVICES TO 32,314 MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Burnette President Ce | 45 | $197,827 | |
Brandy Ponder Mortgages | $132,499 | ||
David Smith Mortgages | $119,724 | ||
Sharon Carter Sup Comm Cha | $0 | ||
Stan Livingston Board Direct | Trustee | $0 | |
Ralph Long Board Direct | Trustee | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Davie Construction General Contrac | 12/30/21 | $2,575,998 |
Visa Inc Signature Based | 12/30/21 | $342,817 |
Jack Henry Associates Data Processing | 12/30/21 | $493,870 |
Thales Card Manufactur | 12/30/21 | $364,986 |
Entrust Instant Issurer | 12/30/21 | $148,067 |
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 | $13,290,126 |
| Investment income | $410,465 |
| 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 | $13,700,591 |
| 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 | $4,081,039 |
| 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 | $110,301 |
| Advertising and promotion | $200,359 |
| Office expenses | $3,648,820 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $670,803 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $26,393 |
| Interest | $906,975 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | -$50,023 |
| Total functional expenses | $10,459,084 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,686,109 |
| Savings and temporary cash investments | $122,564,877 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $157,086,253 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $684,042 |
| Net Land, buildings, and equipment | $7,233,060 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $31,469,688 |
| Intangible assets | $0 |
| Other assets | $14,819,616 |
| Total assets | $337,573,645 |
| Accounts payable and accrued expenses | $1,009,733 |
| 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 | $307,439,361 |
| Total liabilities | $308,449,094 |
| 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 | $29,124,551 |
| Total liabilities and net assets/fund balances | $337,573,645 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Self Help Credit Union Durham, NC | $1,341,389,804 | $52,319,101 |
Leaders Credit Union Jackson, TN | $642,989,895 | $47,507,703 |
State Chartered Credit Unions In North Carolina Durham, NC | $720,522,330 | $47,882,386 |
First South Financial Credit Union Bartlett, TN | $775,898,594 | $36,735,546 |
Southeast Financial Credit Union Franklin, TN | $457,364,506 | $24,675,556 |
Volunteer Corporate Credit Union Nashville, TN | $2,404,399,500 | $49,925,746 |
Memphis City Employees Credit Union Memphis, TN | $441,662,639 | $21,190,840 |
Credit Union Of Georgia Kennesaw, GA | $568,450,220 | $21,135,096 |
State Chartered Credit Unions In North Carolina Winston Salem, NC | $450,735,683 | $18,534,745 |
State Chartered Credit Unions In Canton, NC | $412,728,875 | $18,530,317 |
Cornerstone Financial Credit Union Nashville, TN | $522,943,459 | $21,028,853 |
State Chartered Credit Unions In North Carolina Greensboro, NC | $337,571,406 | $18,300,511 |