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Nonprofiteer
← EASTMAN CREDIT UNION

Form 990 for tax year 2022

Filed by EASTMAN CREDIT UNION.

Totals

Total revenue
$342,469,069
Total expenses
$207,574,980
Contributions and grants received
$0
Grants paid
$924,038
Program service revenue
$321,487,147
Investment income
$20,809,898
Other revenue
$172,024
Total assets, end of year
$7,481,805,455
Total liabilities, end of year
$6,517,628,561
Net assets or fund balances, end of year
$964,176,894
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: LOAN INTEREST INCOME

    total $253,343,508 · related or exempt $253,343,508

  • 2b · Program service revenue: FEES AND CHARGES

    total $65,488,171 · related or exempt $64,697,253 · unrelated business $790,918

  • 2c · Program service revenue: OTHER INCOME

    total $2,655,468 · related or exempt $2,655,468

  • 3 · Investment income

    total $20,562,384 · excluded $20,562,384

  • 6a · Gross rents

    real property $172,024

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $172,024

  • 6d · Net rental income or loss

    total $172,024 · excluded $172,024

  • 7a · Gross sales of assets other than inventory

    securities $400,000 · other assets $1,105,686

  • 7b · Less cost or other basis and sales expenses

    securities $285,406 · other assets $972,766

  • 7c · Gain or loss

    securities $114,594 · other assets $132,920

  • 7d · Net gain or loss

    total $247,514 · excluded $247,514

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $924,038

  • 5 · Compensation of officers, directors and key employees

    total $3,424,782

  • 7 · Other salaries and wages

    total $55,697,040

  • 8 · Pension plan contributions

    total $5,824,279

  • 9 · Other employee benefits

    total $10,352,485

  • 10 · Payroll taxes

    total $4,620,419

  • 11b · Fees: legal

    total $61,597

  • 11c · Fees: accounting

    total $157,616

  • 11g · Fees: other

    total $779,314

  • 12 · Advertising and promotion

    total $3,641,122

  • 13 · Office expenses

    total $10,733,536

  • 14 · Information technology

    total $11,044,787

  • 16 · Occupancy

    total $5,458,679

  • 17 · Travel

    total $252,535

  • 19 · Conferences, conventions and meetings

    total $625,868

  • 20 · Interest

    total $53,002,068

  • 22 · Depreciation, depletion and amortization

    total $7,715,071

  • 23 · Insurance

    total $393,918

  • 24a · Other expenses: DEPOSIT & LENDING SVCS

    total $22,165,826

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $10,700,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $44,232,301 · end of year $53,477,148

  • 2 · Savings and temporary cash investments

    beginning of year $1,372,143,929 · end of year $867,917,238

  • 7 · Other notes and loans receivable

    beginning of year $5,515,171,591 · end of year $6,302,508,646

  • 9 · Prepaid expenses and deferred charges

    beginning of year $8,918,278 · end of year $9,980,760

  • 10a · Land, buildings and equipment: cost or other basis

    $162,249,288

  • 10b · Land, buildings and equipment: accumulated depreciation

    $68,617,487

  • 10c · Land, buildings and equipment, net

    beginning of year $91,820,746 · end of year $93,631,801

  • 13 · Investments: program-related

    beginning of year $24,490,502 · end of year $77,636,982

  • 15 · Other assets

    beginning of year $66,826,028 · end of year $76,652,880

  • 17 · Accounts payable and accrued expenses

    beginning of year $71,519,417 · end of year $86,956,412

  • 21 · Escrow or custodial account liability

    beginning of year $8,547,202 · end of year $8,637,086

  • 25 · Other liabilities

    beginning of year $6,212,311,809 · end of year $6,422,035,063

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $831,224,947 · end of year $964,176,894

Mission and programs · 2022

Mission

OPERATED DURING 2022 AS A STATE CHARTERED CREDIT UNION WHOSE PURPOSE IS TO BE THE PREFERRED FINANCIAL INSTITUTION IN THE COMMUNITIES WE SERVE BY PROVIDING FINANCIAL PRODUCTS AND SERVICES WHICH ADD VALUE TO MEMBERS, GUIDED BY CREDIT UNION (CONTINUED ON SCHEDULE O) CO-OPERATIVE VALUES AND SERVICE EXCELLENCE EXPECTATIONS.

Activities or mission (Part I)

OPERATED DURING 2022 AS A STATE CHARTERED CREDIT UNION WHOSE PURPOSE IS (CONTINUED ON SCHEDULE O) TO BE THE PREFERRED FINANCIAL INSTITUTION IN THE COMMUNITIES WE SERVE BY PROVIDING FINANCIAL PRODUCTS AND SERVICES WHICH ADD VALUE TO MEMBERS, GUIDED BY CREDIT UNION CO-OPERATIVE VALUES AND SERVICE EXCELLENCE EXPECTATIONS.

  • OPERATED DURING 2022 AS A STATE CHARTERED MUTUALLY OWNED CREDIT UNION THAT PROMOTED THRIFT BY MAINTAINING ACCOUNTS AND ISSUING SHARES RESULTING IN SUPERIOR VALUE. SERVED 304,455 MEMBERS WITH A VARIETY OF DEPOSIT PRODUCTS TOTALING $6,430,672,055.

  • OPERATED DURING 2022 AS A STATE CHARTERED MUTUALLY OWNED CREDIT UNION THAT MADE LOANS TO ITS MEMBERS AT REASONABLE RATES OF INTEREST. MAINTAINED A LOAN PORTFOLIO COMPOSED OF CONSUMER, MORTGAGE, HOME EQUITY, VISA AND MEMBER BUSINESS LOANS THAT TOTALED $6,302,508,646.

  • INVESTED ANY SURPLUS NOT REQUIRED FOR LOANS TO EXERCISE THOSE FUNCTIONS DESCRIBED IN THE LAW OF THE STATE OF TENNESSEE AUTHORIZING THE ORGANIZATION OF CREDIT UNIONS THEREBY FURNISHING OTHER COOPERATIVE FINANCIAL SERVICES TO MEMBERS.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • KELLY PRICE

    PRESIDENT, CEO

    Total calculated
    $755,332
    From this org
    $1,003,483
    From related orgs
    $0
    Other
    -$248,151
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $690,932
    Bonus
    $299,589
    Other
    $12,962
    Deferred
    -$261,700
    Nontaxable benefits
    $13,549
    Filer's total
    $755,332

  • E WAYNE KIRK

    CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    5

  • NORRIS SNEED

    VICE CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    5

  • JENNIFER STEWART

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    2

  • BRIAN K MILLER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • GARY BASS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • J ANDREW HATFIELD JR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JEFF ANDERSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • JENNIFER WOLFE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • KYLE MACIONE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • STEVE CRAWFORD THRU 322

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • MATT WIMBERLEY

    VP, CHIEF LEGAL OFFICER

    Total calculated
    $359,636
    From this org
    $306,425
    From related orgs
    $0
    Other
    $53,211
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $246,673
    Bonus
    $58,227
    Other
    $1,525
    Deferred
    $27,879
    Nontaxable benefits
    $25,332
    Filer's total
    $359,636

  • JEREMIAH LOUNDS

    VP, CHIEF OPERATING OFFICER

    Total calculated
    $357,459
    From this org
    $304,248
    From related orgs
    $0
    Other
    $53,211
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $245,688
    Bonus
    $57,255
    Other
    $1,305
    Deferred
    $27,879
    Nontaxable benefits
    $25,332
    Filer's total
    $357,459

  • RUSSELL AYSCUE

    VP, CHIEF INFORMATION OFFICER

    Total calculated
    $336,280
    From this org
    $287,474
    From related orgs
    $0
    Other
    $48,806
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $228,361
    Bonus
    $53,304
    Other
    $5,809
    Deferred
    $24,324
    Nontaxable benefits
    $24,482
    Filer's total
    $336,280

  • MARK MILLWOOD

    VP, CHIEF HUMAN RESOURCE OFFICER

    Total calculated
    $331,347
    From this org
    $282,001
    From related orgs
    $0
    Other
    $49,346
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $225,294
    Bonus
    $52,564
    Other
    $4,143
    Deferred
    $26,164
    Nontaxable benefits
    $23,182
    Filer's total
    $331,347

  • DARRELL DINSMORE

    SVP, CHIEF ADMINISTRATIVE OFFICER

    Total calculated
    $317,689
    From this org
    $414,109
    From related orgs
    $0
    Other
    -$96,420
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $333,173
    Bonus
    $76,479
    Other
    $4,457
    Deferred
    -$115,700
    Nontaxable benefits
    $19,280
    Filer's total
    $317,689

  • TONJA FISH

    VP, CHIEF FINANCIAL OFFICER

    Total calculated
    $315,879
    From this org
    $423,646
    From related orgs
    $0
    Other
    -$107,767
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $342,454
    Bonus
    $76,935
    Other
    $4,257
    Deferred
    -$118,700
    Nontaxable benefits
    $10,933
    Filer's total
    $315,879

  • DOLLY LINKOUS

    VP, CHIEF LENDING OFFICER

    Total calculated
    $262,446
    From this org
    $336,924
    From related orgs
    $0
    Other
    -$74,478
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $269,036
    Bonus
    $62,344
    Other
    $5,544
    Deferred
    -$92,700
    Nontaxable benefits
    $18,222
    Filer's total
    $262,446

  • KEVIN HILL

    VP CHIEF BRAND OFFICER

    Total calculated
    $203,955
    From this org
    $163,451
    From related orgs
    $0
    Other
    $40,504
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,918
    Bonus
    $16,597
    Other
    $936
    Deferred
    $15,172
    Nontaxable benefits
    $25,332
    Filer's total
    $203,955

  • DEBRA BRIDWELL THRU 322

    SVP, CHIEF MARKETING OFFICER

    Total calculated
    $184,756
    From this org
    $172,445
    From related orgs
    $0
    Other
    $12,311
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $101,634
    Bonus
    $68,349
    Other
    $2,462
    Deferred
    $10,240
    Nontaxable benefits
    $2,071
    Filer's total
    $184,756

  • THOMAS KENNEDY

    VP, BUSINESS SERVICES

    Total calculated
    $329,938
    From this org
    $273,434
    From related orgs
    $0
    Other
    $56,504
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $235,438
    Bonus
    $33,974
    Other
    $4,022
    Deferred
    $30,172
    Nontaxable benefits
    $26,332
    Filer's total
    $329,938

  • ROBIN WILKERSON

    ENTERPRISE PROJECT MANAGER

    Total calculated
    $273,170
    From this org
    $227,333
    From related orgs
    $0
    Other
    $45,837
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $188,454
    Bonus
    $28,210
    Other
    $10,669
    Deferred
    $25,209
    Nontaxable benefits
    $20,628
    Filer's total
    $273,170

  • CHUCK PERRY

    VICE PRESIDENT, BRANCH OPERATIONS

    Total calculated
    $229,628
    From this org
    $198,468
    From related orgs
    $0
    Other
    $31,160
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $174,263
    Bonus
    $20,811
    Other
    $3,394
    Deferred
    $20,611
    Nontaxable benefits
    $10,549
    Filer's total
    $229,628

  • JILL ALLEY

    REGIONAL DIRECTOR

    Total calculated
    $172,903
    From this org
    $207,265
    From related orgs
    $0
    Other
    -$34,362
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,970
    Bonus
    $53,109
    Other
    $3,186
    Deferred
    -$54,990
    Nontaxable benefits
    $20,628
    Filer's total
    $172,903

  • CATHY BYERS

    REGIONAL DIRECTOR

    Total calculated
    $164,149
    From this org
    $200,558
    From related orgs
    $0
    Other
    -$36,409
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,488
    Bonus
    $27,388
    Other
    $5,682
    Deferred
    -$56,712
    Nontaxable benefits
    $20,303
    Filer's total
    $164,149

  • OLAN JONES

    FORMER PRESIDENT/CEO

    Total calculated
    $104,931
    From this org
    $104,931
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $104,931
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $104,931

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
THE CREDIT UNION'S EXPENSE POLICY INCLUDES AN ACCOUNTABLE PLAN WHEREBY BUSINESS EXPENSES ARE PAID BY THE CREDIT UNION AND WHEREBY ANY PERMISSIBLE TRAVEL FOR COMPANIONS PERMITTED BY STATE AND FEDERAL CREDIT UNION REGULATIONS ARE INCLUDED AS INCOME TO THE OFFICIAL.
PART II, COLUMN (C):
SCHEDULE J PART II, COLUMN (C) SHOWS NEGATIVE AMOUNTS DUE TO ACTUARIAL DECREASES IN VALUES AS REQUIRED TO BE REPORTED PER IRS INSTRUCTIONS FOR FORM 990, PART VII.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • ECU TITLE SERVICES LLC

    TITLE AND ESCROW SERVICES · TN · income -$292,206 · assets $2,972,481

    Directly controlled by EASTMAN CREDIT UNION

Provenance

Return type
form_990
Tax year
2022
Filed
2 May 2023
IRS schema version
2022v5.0
Source object
202331249349302718

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