North Main Credit Union is located in Cornelia, 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, North Main Credit Union employed 10 individuals. North Main 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, North Main Credit Union generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 11.8% each year . All expenses for the organization totaled $1.1m during the year ending 12/2021. While expenses have increased by 10.3% per year over the past 6 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 THE VARIOUS MEMBERS OF THE FINANCIAL INSTITUTION INCLUDING LOAN AND DEPOSIT ACCOUNTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
COST TO PROVIDE SAVINGS AND LOANS TO CREDIT UNION MEMBERSHIP
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Melany Ward President/ceo | OfficerTrustee | 50 | $140,000 |
Ray Mcalister Board Chair | Trustee | 1 | $0 |
Lawrence Bridges Director & Vice Chair | Trustee | 1 | $0 |
Deborah Beam Director & Supervisory Chair | Trustee | 3 | $0 |
Barbara Strain Director & Board Secretary | Trustee | 1 | $0 |
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 | $1,288,119 |
Investment income | $9,119 |
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 | $1,297,238 |
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. | $140,000 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $328,327 |
Pension plan accruals and contributions | $22,737 |
Other employee benefits | $68,112 |
Payroll taxes | $35,827 |
Fees for services: Management | $23,425 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $317,457 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $22,000 |
Office expenses | $40,785 |
Information technology | $23,723 |
Royalties | $0 |
Occupancy | $38,731 |
Travel | $1,556 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $22,634 |
Interest | $0 |
Payments to affiliates | $15,287 |
Depreciation, depletion, and amortization | $8,329 |
Insurance | $17,697 |
All other expenses | $17,165 |
Total functional expenses | $1,143,792 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $657,914 |
Savings and temporary cash investments | $2,107,916 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $43,604 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $16,005,647 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $17,917 |
Net Land, buildings, and equipment | $461,390 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $846,932 |
Total assets | $20,141,320 |
Accounts payable and accrued expenses | $87,191 |
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 | $17,353,700 |
Total liabilities | $17,440,891 |
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 | $338,407 |
Retained earnings, endowment, accumulated income, or other funds | $2,362,022 |
Total liabilities and net assets/fund balances | $20,141,320 |
Organization Name | Assets | Revenue |
---|---|---|
State Chartered Credit Unions In Florida Tampa, FL | $620,353,009 | $19,516,716 |
Memphis City Employees Credit Union Memphis, TN | $441,662,639 | $21,190,840 |
Alabama State Employees Credit Union Montgomery, AL | $434,037,642 | $19,973,256 |
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 |
Alabama Teachers Credit Union Gadsden, AL | $477,477,278 | $19,350,763 |
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 |
Credit Unions In The State Of Alabama Gadsden, AL | $384,172,678 | $21,033,823 |
State Chartered Credit Unions In North Carolina Greensboro, NC | $337,571,406 | $18,300,511 |
State Chartered Credit Unions In North Carolina Winston Salem, NC | $454,901,827 | $18,489,124 |
State Chartered Credit Unions In Florida Tallahassee, FL | $332,444,116 | $17,853,427 |