The Tennessee Credit Union
- Assets
- $408.8m
- Revenue
- $12.0m
- Investments
- $0.0
- Employees
- 125
- Location
- Nashville, TN
- Founding
- 06/1952
- Data as of
- 12/2021
- EIN
- 62-0526770
Organization Overview
The Tennessee Credit Union is located in Nashville, TN. The organization was established in 1952. 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, Tennessee Credit Union employed 125 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Tennessee 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, Tennessee Credit Union generated $12.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $12.1m during the year ending 12/2021. While expenses have increased by 2.2% 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.
Since 2014, Tennessee Credit Union has awarded 14 individual grants totaling $378,186. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SERVICES TO ITS MEMBERS, INCLUDING LOAN, CHECKING, AND SAVING SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
AT 12/31/21, THE TENNESSEE CREDIT UNION (TTCU) HAS 9 LOCATIONS COVERING A WIDE GEOGRAPHIC AREA OF MIDDLE AND EAST TENNESEE. TTCU OFFERS A WIDE RANGE OF CONSUMER CREDIT AND DEPOSIT PRODUCTS & SERVICES. THESE INCLUDE CREDIT CARDS, SECURED AND UNSECURED TERM AND REVOLVING LOANS, RESIDENTIAL CONSTRUCTION AND PERMANENT MORTGAGE LENDING. TTCU RETAINS MOST MORTGAGE LOANS BUT OCCASIONALLY SELL MORTGAGES TO FNMA AND FHLMC AND RETAINS SERVICING. TTCU PROVIDES VALUE SERVICES AS "SUMMER PAY" PROGRAMS, AND SEASONAL SAVINGS ACCOUNTS SUCH AS CHRISTMAS AND VACATION CLUB SAVINGS TO AID OUR CONSUMER MEMBERS IN MANAGING THEIR BUDGETS AND ACHIEVING THEIR FINANCIAL THRIFT OBJECTIVES. KEY DATA AS OF DECEMBER 31, 2021 INCLUDE 9 LOCATIONS, 85 EMPLOYEES, 24,688 MEMBERS, 21,028 LOAN ACCOUNTS AND 42,526 DEPOSIT ACCOUNTS.
THE TENNESSEE CREDIT UNION ENTERED INTO A COMMITMENT WITH METRO NASHVILLE BOARD OF EDUCATION TO ESTABLISH, PROVIDE EQUIPMENT, FURNISHINGS, EDUCATIONAL TRAINING, AND OPERATIONAL SUPPORT FOR THE ANTIOCH HIGH SCHOOL'S "THE TENNESSEE CREDIT UNION ACADEMY OF BUSINESS AND FINANCE". ADDITIONALLY, TTCU PROVIDES PAID SUMMER INTERNSHIPS TO WORTHY STUDENTS, TRAINING THEM IN OPERATING A LIMITED SERVICE CREDIT UNION AT THE SCHOOL. DURING 2021, TTCU PROVIDED $47,904 IN RESOURCES SUCH AS INTERNSHIPS, TRAINING, AND EQUIPMENT FOR THE PROGRAM.
THE TENNESSEE CREDIT UNION IS THE SOLE FINANCIAL SPONSOR FOR THE MIDDLE TENNESSEE SCHOLASTIC ART COMPETITION HELD ANNUALLY AT CHEEKWOOD ART AND GARDENS. IN 2021, THE TENNESSEE CREDIT UNION CONTRIBUTED $10,000 IN FUNDS TO FINANCE THE COMPETITION AND MAKE ENTRY FEES AFFORDABLE FOR ALL YOUNG COMPETITORS IN THE MIDDLE TENNESSEE AREA.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Martin President & CEO | Officer | 40 | $279,174 |
Jonathan E Chilson Avp Accounting/cfo | Officer | 40 | $70,059 |
James Mcbride Executive Vice President | Officer | 40 | $45,085 |
Chris Henson Director | Trustee | 3 | $0 |
Harvy Hoskins Audit Committee | Trustee | 3 | $0 |
Taronda Frierson Audit Committee | Trustee | 3 | $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 | $10,032,458 |
| Investment income | $876,579 |
| 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 | $12,031,552 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $57,904 |
| 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. | $394,318 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $3,512,630 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $657,848 |
| Other employee benefits | $526,511 |
| Payroll taxes | $263,060 |
| Fees for services: Management | $186,968 |
| Fees for services: Legal | $83,875 |
| 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 | $204,398 |
| Office expenses | $252,143 |
| Information technology | $682,937 |
| Royalties | $0 |
| Occupancy | $926,584 |
| Travel | $45,459 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $959,298 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $232,325 |
| Insurance | $127,700 |
| All other expenses | $1,063,934 |
| Total functional expenses | $12,127,904 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $41,238,832 |
| Savings and temporary cash investments | $0 |
| 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 | $205,460,937 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,364,183 |
| Net Land, buildings, and equipment | $8,006,688 |
| Investments—publicly traded securities | $42,596,341 |
| Investments—other securities | $0 |
| Investments—program-related | $104,257,754 |
| Intangible assets | $0 |
| Other assets | $5,853,166 |
| Total assets | $408,777,901 |
| Accounts payable and accrued expenses | $380,826,051 |
| 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 | $346,472 |
| Total liabilities | $381,172,523 |
| 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 | $27,605,378 |
| Total liabilities and net assets/fund balances | $408,777,901 |
Grants Awarded
Over the last fiscal year, The Tennessee Credit Union has awarded $57,904 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ANTIOCH HIGH SCHOOL PURPOSE: SPONSOR CU | $47,904 |
Nashville, TN PURPOSE: GENERAL SUPPORT | $10,000 |
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 |
Credit Unions In The State Of Alabama Rainbow City, AL | $666,462,536 | $43,280,897 |
Leaders Credit Union Jackson, TN | $642,989,895 | $47,507,703 |
State Chartered Credit Unions In North Carolina Durham, NC | $720,522,330 | $47,882,386 |
Five Star Credit Union Dothan, AL | $661,046,497 | $37,991,386 |
First South Financial Credit Union Bartlett, TN | $775,898,594 | $36,735,546 |
Credit Unions In The State Of Alabama Decatur, AL | $941,244,457 | $37,679,526 |
Corporate America Credit Union Irondale, AL | $4,460,889,725 | $54,551,160 |
Southeast Financial Credit Union Franklin, TN | $457,364,506 | $24,675,556 |