Mygeorgia Credit Union
- Assets
- $216.8m
- Revenue
- $10.1m
- Investments
- $24.0m
- Employees
- 63
- Location
- Gainesville, GA
- Founding
- 11/2001
- Data as of
- 12/2022
- EIN
- 58-1232957
Organization Overview
Mygeorgia Credit Union is located in Gainesville, 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, Mygeorgia Credit Union employed 63 individuals. Mygeorgia 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, Mygeorgia Credit Union generated $10.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.6% each year . All expenses for the organization totaled $7.5m during the year ending 12/2022. While expenses have increased by 13.4% 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
CREDIT UNION - TO PROVIDE FINANCIAL SERVICES FOR ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDED A VARIETY OF LOAN SERVICES FOR ITS MEMBERS.
THE CREDIT UNION PROVIDED A VARIETY OF DEPOSIT SERVICES FOR ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe Foster President | OfficerTrustee | 40 | $215,000 |
Lorie Mcgovern Evp | Officer | 40 | $145,000 |
David Daniel VP Lending | Officer | 40 | $107,500 |
Dina Thomas VP Acct Serv | Officer | 40 | $107,500 |
Jessica Rothell VP Mem Servi | Officer | 40 | $107,500 |
Ravonne Green Bod Mem/aud | OfficerTrustee | 1 | $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 | $8,101,041 |
| Investment income | $1,640,019 |
| 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 | $10,094,883 |
| 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 | $2,623,753 |
| Pension plan accruals and contributions | $229,196 |
| Other employee benefits | $421,186 |
| Payroll taxes | $198,713 |
| 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 | $0 |
| Office expenses | $1,467,162 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $461,141 |
| Travel | $28,255 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $229,532 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $94,579 |
| Total functional expenses | $7,465,282 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,804,531 |
| Savings and temporary cash investments | $54,223,448 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $116,110,349 |
| 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 | $1,102,876 |
| Net Land, buildings, and equipment | $3,930,557 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $23,957,057 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,654,266 |
| Total assets | $216,783,084 |
| Accounts payable and accrued expenses | $3,046,238 |
| 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 | $195,365,986 |
| Total liabilities | $198,412,224 |
| 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 | $18,370,860 |
| Total liabilities and net assets/fund balances | $216,783,084 |
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