Greater Kentucky Credit Union Inc
- Assets
- $95.1m
- Revenue
- $5.1m
- Investments
- $0.0
- Employees
- 28
- Location
- Lexington, KY
- Founding
- 05/1959
- Data as of
- 12/2022
- EIN
- 61-6026508
Organization Overview
Greater Kentucky Credit Union Inc is located in Lexington, KY. The organization was established in 1959. 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, Greater Kentucky Credit Union Inc employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Kentucky Credit Union Inc 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, Greater Kentucky Credit Union Inc generated $5.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $4.6m during the year ending 12/2022. While expenses have increased by 3.3% 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
WE ARE A TAX EXEMPT CREDIT UNION PROVIDING SHARE AND LOAN SERVICES TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE ARE A CO-OP FINANCIAL INSTITUTION THAT PROMOTES THRIFT AND GOOD USE OF CREDIT. WE PAID $623,731 IN DIVIDENDS AND COLLECTED $4,546,175 IN INTEREST INCOME, INVESTMENT INCOME AND FEES.
ALL OTHER OPERATING EXPENSES
CREDIT UNION HAS BRANCHES THAT ARE NECESSARY TO OPERATE AND CONDUCT BUSINESS.
PROVISION FOR LOAN AND LEASE LOSS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Debbie Pyle Exec Director/ceo | Officer | 40 | $260,211 |
Julie Logan Vice President | Officer | 40 | $92,669 |
Devon Adams Vice President | Officer | 40 | $80,921 |
Michael Little Cfo/controller | Officer | 40 | $81,890 |
Ken Hadley Chairman | Trustee | 2 | $0 |
Bill Spears Board Member | 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 | $4,254,948 |
| Investment income | $291,227 |
| 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 | $5,100,885 |
| 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. | $515,691 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $815,190 |
| Pension plan accruals and contributions | $145,951 |
| Other employee benefits | $183,933 |
| Payroll taxes | $105,014 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,234 |
| Fees for services: Accounting | $12,477 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,318,942 |
| Advertising and promotion | $37,640 |
| Office expenses | $82,096 |
| Information technology | $8,923 |
| Royalties | $0 |
| Occupancy | $150,733 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,563 |
| Interest | $694,061 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $70,819 |
| Insurance | $41,550 |
| All other expenses | $101,100 |
| Total functional expenses | $4,577,527 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $567,995 |
| Savings and temporary cash investments | $11,149,351 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $189,945 |
| Loans from Officers, Directors, or Controlling Persons | $388,491 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $78,311,756 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $879,919 |
| Net Land, buildings, and equipment | $792,356 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,785,979 |
| Total assets | $95,065,792 |
| Accounts payable and accrued expenses | $3,586,980 |
| 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 | $81,802,279 |
| Total liabilities | $85,389,259 |
| 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 | $4,047,985 |
| Retained earnings, endowment, accumulated income, or other funds | $5,628,548 |
| Total liabilities and net assets/fund balances | $95,065,792 |