Memphis City Employees Credit Union
- Assets
- $441.7m
- Revenue
- $21.2m
- Investments
- $127.4m
- Employees
- 108
- Location
- Memphis, TN
- Founding
- 06/1952
- Data as of
- 12/2021
- EIN
- 62-0630690
Organization Overview
Memphis City Employees Credit Union is located in Memphis, 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, Memphis City Employees Credit Union employed 108 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Memphis City Employees 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, Memphis City Employees Credit Union generated $21.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.8% each year. All expenses for the organization totaled $18.2m during the year ending 12/2021. While expenses have increased by 8.1% 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
Describe the Organization's Program Activity:
Part 3 - Line 4a
STATE CHARTERED CREDIT UNION CREATED TO PROVIDE THE HIGHEST QUALITY OF PERSONAL FINANCIAL SERVICES IN A FRIENDLY, PROFESSIONAL MANNER; TO ENCOURAGE SAVINGS AND THE WISE USE OF CREDIT; TO INCREASE THE KNOWLEDGE AND ABILITY OF OUR MEMBERS TO MANAGE AND CONTROL THEIR FINANCES.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Swann President/ceo | Officer | 40 | $723,750 |
Allen Peterson Chief Operating Officer | Officer | 40 | $274,589 |
Nathan Stevens Chief Financial Officer | Officer | 40 | $252,889 |
Thomas Moates Chief Information Officer | 40 | $150,435 | |
Letisha Simmons Chief Risk Officer | 40 | $148,009 | |
Donna Brown Chief Lending Officer | 40 | $145,412 |
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 | $20,279,122 |
| Investment income | $950,079 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$38,361 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,190,840 |
| 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. | $1,270,970 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,904,921 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,874,844 |
| Payroll taxes | $400,898 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,931 |
| 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 | $4,357,082 |
| Advertising and promotion | $0 |
| Office expenses | $1,098,536 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $579,896 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $151,284 |
| Interest | $877,040 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $505,663 |
| Insurance | $49,726 |
| All other expenses | $226,698 |
| Total functional expenses | $18,182,571 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,998,551 |
| Savings and temporary cash investments | $53,299,092 |
| 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 | $233,718,326 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $611,082 |
| Net Land, buildings, and equipment | $3,326,423 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $127,435,952 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $19,273,213 |
| Total assets | $441,662,639 |
| Accounts payable and accrued expenses | $3,300,828 |
| 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 | $381,805,508 |
| Total liabilities | $385,106,336 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $15,000,000 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $41,556,303 |
| Total liabilities and net assets/fund balances | $441,662,639 |
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 |