Instep Credit Union
- Assets
- $49.6m
- Revenue
- $4.3m
- Investments
- $0.0
- Employees
- 33
- Location
- New Orleans, LA
- Founding
- 08/1969
- Data as of
- 12/2022
- EIN
- 72-0456989
Organization Overview
Instep Credit Union is located in New Orleans, LA. The organization was established in 1969. 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, Instep Credit Union employed 33 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Instep 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, Instep Credit Union generated $4.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $3.9m during the year ending 12/2022. While expenses have increased by 6.5% 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
TO ENCOURAGE THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, PROVIDING OTHER FINANCIAL SERVICES, AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ENCOURAGE THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, PROVIDING OTHER FINANCIAL SERVICES, AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Helen Delin President & CEO | Officer | 45 | $145,282 |
Joyce Kelley Chief Financial Officer | Officer | 40 | $75,874 |
Tami Prine Secretary | Trustee | 3 | $0 |
Jesse Hasemkampf Director | Trustee | 3 | $0 |
Sasha Sanders Director | Trustee | 3 | $0 |
Ronald Melnyk Treasurer | 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 | $0 |
| Investment income | $92,368 |
| 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 | $4,296,522 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,055,950 |
| Pension plan accruals and contributions | $55,042 |
| Other employee benefits | $153,266 |
| Payroll taxes | $95,474 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $138,843 |
| Fees for services: Accounting | $44,918 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $41,071 |
| Advertising and promotion | $194,729 |
| Office expenses | $41,001 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $30,750 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $95,115 |
| Interest | $65,789 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $93,922 |
| Insurance | $0 |
| All other expenses | $595,082 |
| Total functional expenses | $3,923,876 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $775,249 |
| Savings and temporary cash investments | $8,893,301 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $161,182 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $34,534,393 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $202,068 |
| Net Land, buildings, and equipment | $4,528,310 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $521,887 |
| Total assets | $49,616,390 |
| Accounts payable and accrued expenses | $13,932 |
| 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 | $41,782,779 |
| Total liabilities | $41,796,711 |
| Net assets without donor restrictions | $7,819,679 |
| 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 | $49,616,390 |