Leaders Credit Union
- Assets
- $643.0m
- Revenue
- $47.5m
- Investments
- $0.0
- Employees
- 201
- Location
- Jackson, TN
- Founding
- 06/1952
- Data as of
- 12/2021
- EIN
- 62-0681671
Organization Overview
Leaders Credit Union is located in Jackson, 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, Leaders Credit Union employed 201 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Leaders 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, Leaders Credit Union generated $47.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.3% each year . All expenses for the organization totaled $35.0m during the year ending 12/2021. While expenses have increased by 12.3% 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
PROVISION OF FINANCIAL SERVICES TO MEMBERS IN THE FORM OF LOANS, SHARE ACCOUNTS AND OTHER FINANCIAL INSTITUTIONAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF FINANCIAL SERVICES TO MEMBERS IN THE FORM OF LOANS, SHARE ACCOUNTS AND OTHER FINANCIAL INSTITUTIONAL SERVICES (54,249 MEMBERS).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd Swims Manager/ceo | Officer | 40 | $734,811 |
Spencer Pratt Executive VP | Officer | 40 | $337,280 |
Tim Sikes Mortgage Loan Originator | 40 | $329,022 | |
Seth Rudd Chief Financial Officer | Officer | 40 | $294,820 |
Ross Priddy Mortgage Lending | 40 | $279,173 | |
Chris Gray VP Mortgage | 40 | $242,124 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Debit And Credit Card Services | 12/30/21 | $1,982,859 |
Qsi Inc Bank Equipment And Servicing | 12/30/21 | $695,993 |
Ncr Home Banking Services | 12/30/21 | $957,628 |
Pentecost And Glenn Real Estate Purchase | 12/30/21 | $799,403 |
Fiserv Data Processing | 12/30/21 | $1,013,207 |
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 | $22,743,418 |
| Investment income | $399,209 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $87,563 |
| Net Gain/Loss on Asset Sales | $675 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $47,507,703 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $159,723 |
| 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. | $1,508,672 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,737,745 |
| Pension plan accruals and contributions | $798,669 |
| Other employee benefits | $955,697 |
| Payroll taxes | $891,449 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,168 |
| Fees for services: Accounting | $109,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $541,710 |
| Advertising and promotion | $556,517 |
| Office expenses | $1,094,206 |
| Information technology | $1,529,244 |
| Royalties | $0 |
| Occupancy | $762,410 |
| Travel | $162,243 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $52,314 |
| Interest | $2,743,997 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,035,729 |
| Insurance | $173,647 |
| All other expenses | $498,939 |
| Total functional expenses | $34,969,738 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,608,201 |
| Savings and temporary cash investments | $23,768,397 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $539,478,956 |
| Loans from Officers, Directors, or Controlling Persons | $6,797,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,802 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,147,985 |
| Net Land, buildings, and equipment | $15,122,189 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $32,086,034 |
| Intangible assets | $0 |
| Other assets | $16,971,331 |
| Total assets | $642,989,895 |
| Accounts payable and accrued expenses | $4,966,372 |
| Grants payable | $0 |
| Deferred revenue | $253,078 |
| 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 | $7,957,340 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $557,392,417 |
| Total liabilities | $570,569,207 |
| 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 | $32,819,779 |
| Retained earnings, endowment, accumulated income, or other funds | $39,600,909 |
| Total liabilities and net assets/fund balances | $642,989,895 |
Grants Awarded
Over the last fiscal year, Leaders Credit Union has awarded $159,723 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Jackson, TN PURPOSE: Provides educational grants, scholarships, and resources to our community that supports lifelong learning, workforce development, and educational opportunities. | $143,723 |
JACKSON-MADISON COUNTY SCHOOL SYSTEM PURPOSE: Annual teacher in-service and general funds. | $10,000 |
Jackson, TN PURPOSE: Forward Jackson campaign to improve Jackson. Economic development capital campaign funded by local investors and focused on four initiatives: region and local economic development, tourism, workforce development and small businesses. | $6,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Georgia's Own Credit Union Atlanta, GA | $3,419,402,865 | $147,500,350 |
Knoxville Tva Employees Credit Unio Knoxville, TN | $3,429,893,801 | $162,152,547 |
Robins Financial Credit Union Warner Robins, GA | $3,880,052,195 | $147,788,018 |
Atlanta Postal Credit Union Atlanta, GA | $2,565,202,791 | $86,141,254 |
Commonwealth Credit Union Frankfort, KY | $1,891,090,350 | $88,350,902 |
Georgia United Credit Union Duluth, GA | $1,880,574,240 | $80,835,681 |
Lge Community Credit Union Atlanta, GA | $1,989,595,139 | $81,568,561 |
Associated Credit Union Norcross, GA | $2,094,343,004 | $74,274,351 |
Max Credit Union Montgomery, AL | $2,021,706,470 | $76,797,432 |
Vizo Financial Corporate Credit Union Greensboro, NC | $5,382,501,749 | $155,341,145 |
Credit Unions In The State Of Alabama Birmingham, AL | $3,681,543,052 | $74,996,749 |
Park Community Credit Union Inc Louisville, KY | $1,121,794,262 | $53,014,034 |