Associated Credit Union
- Assets
- $2.1b
- Revenue
- $74.3m
- Investments
- $238.8m
- Employees
- 400
- Location
- Norcross, GA
- Founding
- 11/2001
- Data as of
- 12/2021
- EIN
- 58-0240950
Organization Overview
Associated Credit Union is located in Norcross, GA. The organization was established in 2001. 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, Associated Credit Union employed 400 individuals. Associated 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, Associated Credit Union generated $74.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $61.3m during the year ending 12/2021. While expenses have increased by 2.2% 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
STATE-CHARTERED CREDIT UNION THAT OFFERS MEMBERS FINANCIAL PRODUCTS THAT FULFILL THEIR NEEDS, SERVICES THAT EXCEED THEIR EXPECTATIONS, AND RELATIONSHIPS THAT INSPIRE THEIR TRUST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ASSOCIATED CREDIT UNION IS A FULL-SERVICE FINANCIAL INSTITUTION OFFERING A WIDE VARIETY OF PRODUCTS AND SERVICES TO OVER 150,000 MEMBERS IN THE STATE OF GEORGIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
C Lin Hodges Pres, Ceo, Director | OfficerTrustee | 40 | $663,200 |
Tim Bridges Executive Vp/cfo | Officer | 40 | $364,159 |
Mark Waller Evp/coo | Officer | 40 | $363,555 |
Karl Mann Vp/cio | Officer | 40 | $255,958 |
Chad Evans Svp/lending | Officer | 40 | $243,112 |
Heiwote Tadesse Svp, Member Relations | Officer | 40 | $221,614 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry And Associates Core Data Processing | 12/30/21 | $1,237,676 |
Ncr Home Banking Vendor | 12/30/21 | $2,307,439 |
At&t Communications Services | 12/30/21 | $787,853 |
Xpress Data Printing, Statement, Mailers | 12/30/21 | $618,895 |
Csw Direct Hardware And Services | 12/30/21 | $465,762 |
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 | $71,847,430 |
| Investment income | $2,426,171 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $750 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $74,274,351 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $60,000 |
| 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. | $2,658,050 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $16,193,311 |
| Pension plan accruals and contributions | $1,203,000 |
| Other employee benefits | $7,954,507 |
| Payroll taxes | $1,561,104 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,483 |
| Fees for services: Accounting | $87,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,284,097 |
| Advertising and promotion | $847,078 |
| Office expenses | $1,973,339 |
| Information technology | $2,622,837 |
| Royalties | $0 |
| Occupancy | $1,563,656 |
| Travel | $165,957 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $375,154 |
| Interest | $4,768,352 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,974,748 |
| Insurance | $297,556 |
| All other expenses | $1,070,576 |
| Total functional expenses | $61,307,339 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,633,237 |
| Savings and temporary cash investments | $617,349,440 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $9,815,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,145,549,179 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $16,814,957 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $238,793,931 |
| Investments—program-related | $10,384,098 |
| Intangible assets | $0 |
| Other assets | $40,003,162 |
| Total assets | $2,094,343,004 |
| Accounts payable and accrued expenses | $18,829,886 |
| 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 | $1,843,829,333 |
| Total liabilities | $1,862,659,219 |
| 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 | $231,683,785 |
| Total liabilities and net assets/fund balances | $2,094,343,004 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Georgia's Own Credit Union Atlanta, GA | $3,419,402,865 | $147,500,350 |
Knoxville Tva Employees Credit Unio Knoxville, TN | $3,429,893,801 | $162,152,547 |
Fairwinds Credit Union Orlando, FL | $4,043,048,917 | $164,616,807 |
Robins Financial Credit Union Warner Robins, GA | $3,880,052,195 | $147,788,018 |
State Chartered Credit Unions In Florida Jonesville, FL | $2,692,290,378 | $122,435,815 |
Florida Credit Union Gainesville, FL | $1,449,934,229 | $94,300,981 |
Atlanta Postal Credit Union Atlanta, GA | $2,565,202,791 | $86,141,254 |
Georgia United Credit Union Duluth, GA | $1,880,574,240 | $80,835,681 |
State Chartered Credit Unions In Florida Dunedin, FL | $2,485,154,200 | $95,219,795 |
State Chartered Credit Unions In Florida Jacksonville, FL | $2,430,634,345 | $94,716,587 |
Lge Community Credit Union Atlanta, GA | $1,989,595,139 | $81,568,561 |
Associated Credit Union Norcross, GA | $2,094,343,004 | $74,274,351 |