North Georgia Credit Union
- Assets
- $91.5m
- Revenue
- $5.5m
- Investments
- $0.0
- Employees
- 40
- Location
- Toccoa, GA
- Founding
- 09/2001
- Data as of
- 12/2022
- EIN
- 58-0677211
Organization Overview
North Georgia Credit Union is located in Toccoa, 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 12/2022, North Georgia Credit Union employed 40 individuals. North Georgia 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, North Georgia Credit Union generated $5.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $4.5m during the year ending 12/2022. While expenses have increased by 4.6% per year over the past 8 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
NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING THRIFT SAVINGS AND BORROWING TO MEMBER-OWNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE THRIFT SAVINGS AND BORROWING AS A FINANCIAL COOPERATIVE TO 11,435 MEMBER-OWNERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian K Akin President/ceo | Officer | 50 | $360,031 |
Laura J Williams Vice President | Officer | 50 | $105,648 |
Harold Harbin Director & Audit/supv Committee Chairman | Trustee | 2 | $0 |
Michael Herron Treasurer | Trustee | 2 | $0 |
Juanita Worley Board Secretary | Trustee | 2 | $0 |
Deborah Gibby Board Chairman | Trustee | 2 | $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 | $5,272,001 |
| Investment income | $253,028 |
| 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 | $5,525,029 |
| 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. | $465,679 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,207,011 |
| Pension plan accruals and contributions | $176,433 |
| Other employee benefits | $352,034 |
| Payroll taxes | $119,143 |
| 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 | $143,275 |
| Office expenses | $480,232 |
| Information technology | $817,258 |
| Royalties | $0 |
| Occupancy | $136,160 |
| Travel | $31,687 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $21,274 |
| Total functional expenses | $4,516,142 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,725,325 |
| Savings and temporary cash investments | $16,285,680 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $66,137,654 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $540,095 |
| Net Land, buildings, and equipment | $2,694,894 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,147,412 |
| Total assets | $91,531,060 |
| Accounts payable and accrued expenses | $585,264 |
| 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 | $81,256,569 |
| Total liabilities | $81,841,833 |
| 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 | $9,689,227 |
| Total liabilities and net assets/fund balances | $91,531,060 |