Riverfall Credit Union
- Assets
- $164.7m
- Revenue
- $6.5m
- Investments
- $46.5m
- Employees
- 46
- Location
- Tuscaloosa, AL
- Founding
- 12/1941
- Data as of
- 12/2021
- EIN
- 63-0436631
Organization Overview
Riverfall Credit Union is located in Tuscaloosa, AL. The organization was established in 1941. 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, Riverfall Credit Union employed 46 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Riverfall 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, Riverfall Credit Union generated $6.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $5.5m during the year ending 12/2021. While expenses have increased by 5.5% 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 THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
13,697 MEMBERS SERVED TO PROMOTE THRIFT OPPORTUNITIES AND LOW COST LOANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Ryan CEO | Officer | 40 | $121,061 |
Chad Davis COO | Officer | 40 | $80,474 |
Susan Hannah Vice President Marketing | Officer | 40 | $73,340 |
Kay Lackey Vice President Lending | Officer | 40 | $64,582 |
Marlon Murray Director | Trustee | 1 | $0 |
Jack Gibson Vice Chairman | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
K&a Builders Inc Construction | 12/30/21 | $366,842 |
Kasasa Rewards Accounts/online Account Opening | 12/30/21 | $225,920 |
Jack Henry & Associates Inc Data Processing | 12/30/21 | $278,893 |
At&t Business Services | 12/30/21 | $109,247 |
Fedcorp Bank Equipment | 12/30/21 | $158,448 |
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 | $4,011,261 |
| Investment income | $574,208 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $14,709 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$24,491 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,496,831 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $5,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $366,704 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $844,721 |
| Pension plan accruals and contributions | $45,542 |
| Other employee benefits | $145,331 |
| Payroll taxes | $113,422 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,769 |
| Fees for services: Accounting | $80,462 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $177,734 |
| Office expenses | $318,242 |
| Information technology | $460,828 |
| Royalties | $0 |
| Occupancy | $315,653 |
| Travel | $50,738 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,020 |
| Interest | $932,485 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $499,577 |
| Insurance | $58,860 |
| All other expenses | $95,172 |
| Total functional expenses | $5,504,255 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,979,067 |
| Savings and temporary cash investments | $9,362,925 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $94,022 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $92,174,402 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,454,576 |
| Net Land, buildings, and equipment | $7,257,640 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $46,536,492 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,878,383 |
| Total assets | $164,737,507 |
| Accounts payable and accrued expenses | $965,050 |
| 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 | $144,642,366 |
| Total liabilities | $145,607,416 |
| 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 | $19,130,091 |
| Total liabilities and net assets/fund balances | $164,737,507 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
State Chartered Credit Unions In Florida Tampa, FL | $620,353,009 | $19,516,716 |
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 |
Alabama Teachers Credit Union Gadsden, AL | $477,477,278 | $19,350,763 |
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 Florida Tallahassee, FL | $332,444,116 | $17,853,427 |
U S Community Credit Union Nashville, TN | $215,456,515 | $14,802,772 |
Interstate Paper Federal Credit Union Jesup, GA | $308,641,899 | $18,616,471 |
State Chartered Credit Unions In Mississippi Vicksburg, MS | $302,589,951 | $14,982,675 |