Mutual Savings Credit Union
- Assets
- $84.9m
- Revenue
- $2.6m
- Investments
- $13.9m
- Employees
- 11
- Location
- Atlanta, GA
- Founding
- 00/0000
- Data as of
- 12/2021
- EIN
- 58-6035870
Organization Overview
Mutual Savings Credit Union is located in Atlanta, GA. The organization was established in 0000. 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, Mutual Savings Credit Union employed 11 individuals. Mutual Savings 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, Mutual Savings Credit Union generated $2.6m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.8%) each year. All expenses for the organization totaled $2.4m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.5%) per year over the past 7 years. 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 THRIFT SAVINGS AND LENDING ACTIVITIES TO A MEMBER OWNED COOPERATIVE
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE THRIFT SAVINGS AND LENDING ACTIVITIES TO 5,625 MEMBERS OF A MEMBER OWNED COOPERATIVE
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Fiorenza Retiring CEO | Officer | 20 | $207,077 |
Tracy Serrero VP & Controller | Officer | 40 | $139,320 |
Elliott C Moon Jr CEO | Officer | 40 | $122,250 |
James Anderson Director | Trustee | 1 | $0 |
James Bray Chairman | Trustee | 1 | $0 |
Ron Forster Director | Trustee | 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 | $2,144,130 |
| Investment income | $454,627 |
| 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 | $2,598,757 |
| 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. | $585,808 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $777,561 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $85,617 |
| Advertising and promotion | $5,042 |
| Office expenses | $491,985 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,869 |
| 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 | $0 |
| Total functional expenses | $2,398,273 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $247,992 |
| Savings and temporary cash investments | $9,213,534 |
| 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 | $41,259,625 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $52,344 |
| Net Land, buildings, and equipment | $2,013 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $13,933,152 |
| Investments—program-related | $19,357,000 |
| Intangible assets | $0 |
| Other assets | $881,084 |
| Total assets | $84,946,744 |
| Accounts payable and accrued expenses | $777,324 |
| Grants payable | $0 |
| Deferred revenue | $31,997 |
| 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 | $74,082,151 |
| Total liabilities | $74,891,472 |
| 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 | $10,055,272 |
| Total liabilities and net assets/fund balances | $84,946,744 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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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 |
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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 |