Kingsport Press Cu
- Assets
- $84.2m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Kingsport, TN
- Founding
- 06/1952
- Data as of
- 12/2021
- EIN
- 62-6041453
Organization Overview
Kingsport Press Cu is located in Kingsport, 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. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Kingsport Press Cu 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, Kingsport Press Cu generated $3.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $2.9m during the year ending 12/2021. While expenses have increased by 2.4% 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
TO PROVIDE FINANCIAL SERVICES TO APPROXIMATELY 6,985 MEMBERS (OWNERS) IN THE FORM OF FINANCIAL COUNSELING, LOANS, IRA'S, DEPOSIT ACCOUNTS, ETC...
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE FORM 990, PAGE 1, PART 1, LINE 1
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Walter Salyers President/ceo (august - December 2021) | Officer | 40 | $72,557 |
Deborah Salyer President/ceo (january - July 2021) | Officer | 40 | $65,101 |
Bryce Castle Director | Trustee | 2 | $0 |
Mark Taylor Vice-Chairman | Trustee | 0.5 | $0 |
Jack Parsons Director | Trustee | 0.5 | $0 |
Christine Grant Chairperson | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
United Health Insurance Employee Health Insurance | 12/30/21 | $111,200 |
Visifi-epl Data Processor | 12/30/21 | $236,037 |
Lscu Corporation Atm Processor | 12/30/21 | $230,006 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $2,740 |
| 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 | $2,740 |
| Total Program Service Revenue | $2,781,428 |
| Investment income | $93,221 |
| 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 | $2,996,726 |
| 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. | $137,658 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $669,231 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $231,272 |
| Payroll taxes | $0 |
| Fees for services: Management | $18,688 |
| Fees for services: Legal | $2,291 |
| Fees for services: Accounting | $12,321 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $49,253 |
| Office expenses | $143,947 |
| Information technology | $590,914 |
| Royalties | $0 |
| Occupancy | $86,630 |
| Travel | $3,258 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,311 |
| Interest | $0 |
| Payments to affiliates | $12,128 |
| Depreciation, depletion, and amortization | $124,839 |
| Insurance | $34,644 |
| All other expenses | $0 |
| Total functional expenses | $2,902,463 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $995,696 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $49,596,633 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,340,075 |
| Net Land, buildings, and equipment | $2,604,516 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $28,649,944 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $84,186,864 |
| Accounts payable and accrued expenses | $491,361 |
| 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 | $73,954,615 |
| Total liabilities | $74,445,976 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $2,805,610 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $6,935,278 |
| Total liabilities and net assets/fund balances | $84,186,864 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Navigator Credit Union Pascagoula, MS | $437,761,691 | $21,926,267 |
Memphis City Employees Credit Union Memphis, TN | $441,662,639 | $21,190,840 |
Alabama State Employees Credit Union Montgomery, AL | $434,037,642 | $19,973,256 |
Credit Union Of Georgia Kennesaw, GA | $568,450,220 | $21,135,096 |
State Chartered Credit Unions In North Carolina Winston Salem, NC | $450,735,683 | $18,534,745 |
Alabama Teachers Credit Union Gadsden, AL | $477,477,278 | $19,350,763 |
State Chartered Credit Unions In Canton, NC | $412,728,875 | $18,530,317 |
Cornerstone Financial Credit Union Nashville, TN | $522,943,459 | $21,028,853 |
Credit Unions In The State Of Alabama Gadsden, AL | $384,172,678 | $21,033,823 |
State Chartered Credit Unions In North Carolina Greensboro, NC | $337,571,406 | $18,300,511 |
State Chartered Credit Unions In North Carolina Winston Salem, NC | $454,901,827 | $18,489,124 |
Arsenal Credit Union Arnold, MO | $349,876,786 | $18,878,245 |