Riverfall Credit Union
- Assets
- $162.4m
- Revenue
- $8.2m
- Investments
- $37.5m
- Employees
- 47
- Location
- Tuscaloosa, AL
- Founding
- 12/1941
- Data as of
- 12/2023
- 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 12/2023, Riverfall Credit Union employed 47 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 12/2023, Riverfall Credit Union generated $8.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $7.5m during the year ending 12/2023. While expenses have increased by 7.7% per year over the past 8 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
2023
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
13,883 MEMBERS SERVED TO PROMOTE THRIFT OPPORTUNITIES AND LOW COST LOANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Neal Guy Chairman | Trustee | 1 | $0 |
Greg Hurst Board Treasurer | Trustee | 1 | $0 |
Marlon Murray Director | Trustee | 1 | $0 |
Don Kelly Director | Trustee | 1 | $0 |
Andrea Fannin Secretary | Trustee | 1 | $0 |
Nancy Terry Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates Inc Data Processing | 12/30/23 | $263,159 |
Kasasa Rewards Accounts/online Account Opening | 12/30/23 | $178,206 |
Fedcorp Bank Equipment, Atms, Cameras | 12/30/23 | $151,195 |
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 | $4,808,805 |
| Investment income | $1,338,564 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $14,427 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$137,237 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,173,855 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $7,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $344,934 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,433,565 |
| Pension plan accruals and contributions | $41,547 |
| Other employee benefits | $194,301 |
| Payroll taxes | $148,512 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,678 |
| Fees for services: Accounting | $74,527 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $179,181 |
| Office expenses | $326,988 |
| Information technology | $762,152 |
| Royalties | $0 |
| Occupancy | $477,492 |
| Travel | $62,400 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,719 |
| Interest | $1,613,508 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $329,653 |
| Insurance | $62,896 |
| All other expenses | $0 |
| Total functional expenses | $7,505,001 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,473,092 |
| Savings and temporary cash investments | $15,836,579 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $82,278 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $93,078,062 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,407,003 |
| Net Land, buildings, and equipment | $6,773,967 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $37,475,653 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,227,626 |
| Total assets | $162,354,260 |
| Accounts payable and accrued expenses | $729,048 |
| 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 | $147,214,643 |
| Total liabilities | $147,943,691 |
| 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 | $14,410,569 |
| Total liabilities and net assets/fund balances | $162,354,260 |