Credit Unions In The State Of Alabama
- Assets
- $43.9m
- Revenue
- $3.1m
- Investments
- $0.0
- Employees
- 8
- Location
- Birmingham, AL
- Founding
- 12/1941
- Data as of
- 12/2022
- EIN
- 63-6045677
Organization Overview
Credit Unions In The State Of Alabama, operating under the name 1st Resource Credit Union, is located in Birmingham, 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 12/2022, 1st Resource Credit Union employed 8 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 1st Resource 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 12/2022, 1st Resource Credit Union generated $3.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $2.7m during the year ending 12/2022. While expenses have increased by 7.9% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
STATE OF ALABAMA CHARTERED CREDIT UNION THAT IS AN INDEPENDENT FULL SERVICE FINANCIAL INSTITUTION THAT PROVIDES CREDIT UNION SERVICES TO INDIVIDUALS AND BUSINESSES IN JEFFERSON AND MONTGOMERY COUNTIES IN THE STATE OF ALABAMA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION DID NOT COMPLETE ONE.
STATE OF ALABAMA CHARTERED CREDIT UNION THAT SERVES ALL PEOPLE THAT LIVE, WORK, WORSHIP, OR ATTEND SCHOOL IN JEFFERSON COUNTY, ALABAMA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rick Miller CEO | Officer | 40 | $127,930 |
Beverly Cox Secretary | Officer | 1 | $0 |
Kipp Tohill Board Member | Trustee | 1 | $0 |
Phillip Heard Board Member | Trustee | 1 | $0 |
Reggie Johnson President | Trustee | 1 | $0 |
Kim Caddell Supervisory Committee | Trustee | 1 | $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 | $0 |
| Investment income | $183,044 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $2,110,789 |
| 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 | $3,087,715 |
| 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. | $127,930 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $285,367 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $36,690 |
| Payroll taxes | $32,646 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,900 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $61,974 |
| Office expenses | $149,495 |
| Information technology | $172,986 |
| Royalties | $0 |
| Occupancy | $35,159 |
| Travel | $114 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $25,582 |
| Insurance | $28,391 |
| All other expenses | $0 |
| Total functional expenses | $2,653,656 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $107,398 |
| Savings and temporary cash investments | $8,922,153 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | -$515,604 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $34,209,421 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $708,561 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $429,275 |
| Total assets | $43,861,204 |
| Accounts payable and accrued expenses | $317,348 |
| 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 | $38,149,357 |
| Total liabilities | $38,466,705 |
| Net assets without donor restrictions | $5,394,499 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $43,861,204 |
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 |