Volunteer Corporate Credit Union
- Assets
- $2.4b
- Revenue
- $49.9m
- Investments
- $1.0b
- Employees
- 61
- Location
- Nashville, TN
- Founding
- 06/1952
- Data as of
- 12/2021
- EIN
- 62-1120233
Organization Overview
Volunteer Corporate 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, Volunteer Corporate Credit Union employed 61 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Volunteer Corporate 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, Volunteer Corporate Credit Union generated $49.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.6% each year . All expenses for the organization totaled $20.0m during the year ending 12/2021. While expenses have increased by 8.2% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
INSPIRING CREDIT UNIONS TO REACH NEW HEIGHTS BY PROVIDING DYNAMIC PAYMENT SOLUTIONS, CUSTOM INVESTMENT SERVICES, AND UNPARALLELED MEMBER SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VOLUNTEER CORPORATE CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE THAT SERVES NATURAL PERSON CREDIT UNIONS NATIONALLY. IT WAS ORGANIZED FOR THE EXPRESS PURPOSE OF PROVIDING LOW-COST FINANCIAL SERVICES AND COMPETITIVE INVESTMENT AND LENDING RATES TO ITS MEMBER/OWNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey Merry President/ceo | Officer | 40 | $514,685 |
Phillip Cochran Svp/chief Investment Offic | Officer | 40 | $468,297 |
Jeffrey Dato Evp/coo | Officer | 40 | $253,248 |
Ben Williams VP Information Technology | Officer | 40 | $207,262 |
Christina Adkison Chief Experience Officer | Officer | 40 | $174,676 |
Justin Holt Chief Financial Officer | 40 | $157,253 |
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 | $0 |
| Investment income | $9,176,707 |
| 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 | $49,925,746 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,086,537 |
| Pension plan accruals and contributions | $430,475 |
| Other employee benefits | $1,783,558 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $46,039 |
| Fees for services: Accounting | $107,574 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $797,517 |
| Advertising and promotion | $257,530 |
| Office expenses | $26,094 |
| Information technology | $356,780 |
| Royalties | $0 |
| Occupancy | $44,825 |
| Travel | $28,605 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $89,213 |
| Interest | $6,206,790 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $552,667 |
| Insurance | $154,610 |
| All other expenses | $732,267 |
| Total functional expenses | $20,016,290 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $113,066,426 |
| Savings and temporary cash investments | $1,266,494,978 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,245,732 |
| Loans from Officers, Directors, or Controlling Persons | $5,910,730 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,454,084 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $793,081 |
| Net Land, buildings, and equipment | $3,314,544 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,007,433,799 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $686,126 |
| Total assets | $2,404,399,500 |
| Accounts payable and accrued expenses | $45,277,971 |
| 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 | $2,229,615,548 |
| Total liabilities | $2,274,893,519 |
| 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 | $129,505,981 |
| Total liabilities and net assets/fund balances | $2,404,399,500 |
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|---|---|---|
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Five Star Credit Union Dothan, AL | $661,046,497 | $37,991,386 |
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