Alabama River Credit Union
- Assets
- $23.0m
- Revenue
- $769.7k
- Investments
- $0.0
- Employees
- 7
- Location
- Monroeville, AL
- Founding
- 06/1971
- Data as of
- 12/2021
- EIN
- 63-0779069
Organization Overview
Alabama River Credit Union is located in Monroeville, AL. The organization was established in 1971. 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, Alabama River Credit Union employed 7 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Alabama River 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, Alabama River Credit Union generated $769.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $756.3k during the year ending 12/2021. While expenses have increased by 1.2% 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
TO PROVIDE THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
2,085 MEMBERS SERVED TO PROMOTE THRIFT OPPORTUNITIES AND LOW COST LOANS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sharon Downing President/ceo | Officer | 40 | $90,535 |
Michael Hornady Vice-President | Trustee | 3 | $0 |
Johnny House President | Trustee | 3 | $0 |
Shannon Casey Director | Trustee | 3 | $0 |
Anthony Thomas Director | Trustee | 3 | $0 |
Victor Sawyer Director | Trustee | 3 | $0 |
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 | $308,307 |
| Investment income | $184,817 |
| 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 | $769,711 |
| 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. | $104,895 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $171,760 |
| Pension plan accruals and contributions | $3,491 |
| Other employee benefits | $25,955 |
| Payroll taxes | $27,972 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,550 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,415 |
| Advertising and promotion | $0 |
| Office expenses | $41,831 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $12,104 |
| Travel | $1,954 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,794 |
| Interest | $27,777 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $38,705 |
| Insurance | $22,839 |
| All other expenses | $17,933 |
| Total functional expenses | $756,326 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $397,738 |
| Savings and temporary cash investments | $15,463,647 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,716,956 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,007 |
| Net Land, buildings, and equipment | $1,171,964 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $282,121 |
| Total assets | $23,037,433 |
| Accounts payable and accrued expenses | $20,765 |
| 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 | $20,837,504 |
| Total liabilities | $20,858,269 |
| 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 | $2,179,164 |
| Total liabilities and net assets/fund balances | $23,037,433 |
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| Organization Name | Assets | Revenue |
|---|---|---|
State Chartered Credit Unions In Florida Jonesville, FL | $2,692,290,378 | $122,435,815 |
Florida Credit Union Gainesville, FL | $1,449,934,229 | $94,300,981 |
Atlanta Postal Credit Union Atlanta, GA | $2,565,202,791 | $86,141,254 |
Georgia United Credit Union Duluth, GA | $1,880,574,240 | $80,835,681 |
State Chartered Credit Unions In Florida Dunedin, FL | $2,485,154,200 | $95,219,795 |
State Chartered Credit Unions In Florida Jacksonville, FL | $2,430,634,345 | $94,716,587 |
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 |
Credit Unions In The State Of Alabama Birmingham, AL | $3,681,543,052 | $74,996,749 |
Credit Unions In The State Of Alabama Sheffield, AL | $1,142,398,865 | $57,547,152 |
Credit Unions Of Alabama Tuscaloosa, AL | $1,400,922,106 | $57,798,045 |