Credit Union Of Georgia
- Assets
- $568.5m
- Revenue
- $21.1m
- Investments
- $91.3m
- Employees
- 138
- Location
- Kennesaw, GA
- Founding
- 11/2001
- Data as of
- 12/2021
- EIN
- 58-6034116
Organization Overview
Credit Union Of Georgia is located in Kennesaw, 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, Credit Union Of Georgia employed 138 individuals. Credit Union Of Georgia 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, Credit Union Of Georgia generated $21.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.4% each year. All expenses for the organization totaled $17.1m during the year ending 12/2021. While expenses have increased by 8.3% 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
SEE SCHEDULE O FOR COMPLETE DESCRIPTION. THE CREDIT UNION IS A COOPERATIVE ORGANIZED TO PROVIDE MEMBERS THRIFT SAVINGS AND BORROWINGS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNION OF GEORGIA IS A COOPERATIVE (OWNED BY ITS MEMBERS), NOT-FOR-PROFIT FINANCIAL INSTITUTION ORGANIZED TO PROVIDE THRIFT SAVINGS AND BORROWINGS TO ITS MEMBERS. THERE ARE APPROXIMATELY 35,889 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Menna Senior Mortgage Originator | Officer | 40 | $349,763 |
Brian Albrecht President/ceo | Officer | 40 | $277,364 |
Katheryn Day Executive Vice President | Officer | 40 | $233,124 |
Jason Walker Clo | Officer | 40 | $191,921 |
Lynn Ross Mortgage Operations Officer | Officer | 40 | $190,701 |
Brian Hawkins CFO | Officer | 40 | $178,846 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Visa Network Fees | 12/30/21 | $361,200 |
National Credit Union Administration Regulatory Fees | 12/30/21 | $591,729 |
Sts Group Security Hardware And Installation | 12/30/21 | $580,998 |
Rycon Construction Inc Construction For New Branches | 12/30/21 | $1,726,410 |
Jack Henry & Associates Symitar S/w & Maintanence | 12/30/21 | $1,684,394 |
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 | $17,883,403 |
| Investment income | $1,609,161 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,642,532 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,135,096 |
| 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. | $1,778,667 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,259,976 |
| Pension plan accruals and contributions | $275,837 |
| Other employee benefits | $620,900 |
| Payroll taxes | $495,861 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,204 |
| Fees for services: Accounting | $65,216 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,697,562 |
| Advertising and promotion | $468,942 |
| Office expenses | $1,474,017 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $800,143 |
| Travel | $65,165 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $821,238 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $901,798 |
| Insurance | $94,935 |
| All other expenses | $275,894 |
| Total functional expenses | $17,108,292 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,514,483 |
| Savings and temporary cash investments | $125,334,856 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $325,945,234 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $611,430 |
| Net Land, buildings, and equipment | $14,940,502 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $91,340,327 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,763,388 |
| Total assets | $568,450,220 |
| Accounts payable and accrued expenses | $3,225,761 |
| 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 | $521,934,834 |
| Total liabilities | $525,160,595 |
| 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 | $43,289,625 |
| Total liabilities and net assets/fund balances | $568,450,220 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Credit Unions Of Alabama Tuscaloosa, AL | $1,400,922,106 | $57,798,045 |
Guardian Credit Union Montgomery, AL | $763,618,487 | $55,701,810 |
Avadian Credit Union Birmingham, AL | $1,107,599,442 | $50,956,352 |
Self Help Credit Union Durham, NC | $1,341,389,804 | $52,319,101 |
State Chartered Credit Unions In Florida Tallahassee, FL | $809,997,626 | $45,725,908 |
First Commerce Credit Union Tallahassee, FL | $972,658,522 | $46,857,921 |
Gulf Winds Credit Union Pensacola, FL | $1,014,783,334 | $45,342,070 |
Credit Unions In The State Of Alabama Rainbow City, AL | $666,462,536 | $43,280,897 |
State Chartered Credit Unions In Florida Jacksonville, FL | $1,319,070,045 | $41,838,326 |
Leaders Credit Union Jackson, TN | $642,989,895 | $47,507,703 |
State Chartered Credit Unions In Florida Miramar, FL | $964,049,184 | $39,741,302 |
State Chartered Credit Unions In Florida Rockledge, FL | $1,021,969,331 | $43,006,441 |