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Nonprofiteer
← CREDIT UNIONS CHARTERED IN THE STATE OF TENNESSEE

Form 990 for tax year 2024

Filed by CREDIT UNIONS CHARTERED IN THE STATE OF TENNESSEE.

Totals

Total revenue
$36,684,425
Total expenses
$32,238,685
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$28,989,299
Investment income
$768,699
Other revenue
$6,926,427
Total assets, end of year
$623,866,119
Total liabilities, end of year
$566,141,738
Net assets or fund balances, end of year
$57,724,381
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$23,011,077

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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: Interest income loans

    total $28,989,299 · related or exempt $28,989,299

  • 3 · Investment income

    total $1,535,465 · related or exempt $1,535,465

  • 6a · Gross rents

    real property $101,790

  • 6c · Rental income or loss

    real property $101,790

  • 6d · Net rental income or loss

    total $101,790 · related or exempt $101,790

  • 7a · Gross sales of assets other than inventory

    securities $18,301,197

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

    securities $19,066,523 · other assets $1,440

  • 7c · Gain or loss

    securities -$765,326 · other assets -$1,440

  • 7d · Net gain or loss

    total -$766,766 · related or exempt -$766,766

  • 8c · Net income from fundraising events

    total $0

  • 11a · Other revenue: Interchange revenue

    total $2,949,012 · related or exempt $2,949,012

  • 11b · Other revenue: Loan services fees

    total $1,904,456 · related or exempt $1,904,456

  • 11c · Other revenue: Deposit services fees

    total $1,183,494 · related or exempt $1,166,143 · unrelated business $17,351

  • 11d · All other revenue

    total $787,675 · related or exempt $691,724 · unrelated business $95,951

  • 11e · Other revenue, total

    $6,824,637

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,931,099

  • 7 · Other salaries and wages

    total $6,528,604

  • 8 · Pension plan contributions

    total $518,556

  • 9 · Other employee benefits

    total $1,020,711

  • 10 · Payroll taxes

    total $564,513

  • 11b · Fees: legal

    total $67,619

  • 11c · Fees: accounting

    total $50,421

  • 12 · Advertising and promotion

    total $490,505

  • 13 · Office expenses

    total $832,910

  • 14 · Information technology

    total $1,469,526

  • 16 · Occupancy

    total $740,045

  • 19 · Conferences, conventions and meetings

    total $75,499

  • 20 · Interest

    total $9,422,593

  • 22 · Depreciation, depletion and amortization

    total $867,766

  • 23 · Insurance

    total $137,054

  • 24a · Other expenses: Provision for credit loss

    total $3,025,000

  • 24b · Other expenses: Debitcredit card process

    total $1,762,369

  • 24c · Other expenses: Loan related expenses

    total $1,410,560

  • 24d · Other expenses: Deposit services expenses

    total $884,758

  • 24e · All other expenses

    total $438,577

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,420,108 · end of year $2,180,288

  • 2 · Savings and temporary cash investments

    beginning of year $36,973,568 · end of year $30,125,980

  • 5 · Loans and receivables from officers and key people

    beginning of year $641,885 · end of year $665,557

  • 7 · Other notes and loans receivable

    beginning of year $481,649,709 · end of year $516,670,920

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,783,008 · end of year $5,884,434

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

    $26,247,670

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

    $12,888,685

  • 10c · Land, buildings and equipment, net

    beginning of year $14,069,366 · end of year $13,358,985

  • 11 · Investments: publicly traded securities

    beginning of year $31,466,872 · end of year $26,523,067

  • 13 · Investments: program-related

    beginning of year $2,117,384 · end of year $3,039,051

  • 15 · Other assets

    beginning of year $23,839,700 · end of year $25,417,837

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,506,703 · end of year $8,310,164

  • 19 · Deferred revenue

    beginning of year $360,000 · end of year $1,011,033

  • 25 · Other liabilities

    beginning of year $537,189,353 · end of year $556,820,541

  • 29 · Capital stock, trust principal or current funds

    beginning of year $25,000,000 · end of year $26,000,000

  • 31 · Retained earnings, endowment or other funds

    beginning of year $25,905,544 · end of year $31,724,381

Mission and programs · 2024

Mission

State chartered credit union offering full range of financial services

Activities or mission (Part I)

State chartered credit union providing full range of financial services

  • Employee salaries and benefits

    Expenses $10,563,484

  • Interest expense

    Expenses $9,422,593

  • Provision for credit losses

    Expenses $3,025,000

As filed on the 2024 return.

Listed in Part VII

  • Donna Young

    President

    Total calculated
    $858,697
    From this org
    $589,821
    From related orgs
    $0
    Other
    $268,876
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $504,137
    Bonus
    $85,684
    Other
    not reported
    Deferred
    $250,610
    Nontaxable benefits
    $18,266
    Filer's total
    $858,697

  • Laura Williamson

    Executive VP

    Total calculated
    $588,272
    From this org
    $372,555
    From related orgs
    $0
    Other
    $215,717
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $318,047
    Bonus
    $54,508
    Other
    not reported
    Deferred
    $200,106
    Nontaxable benefits
    $15,611
    Filer's total
    $588,272

  • Rob Byrd

    CFO

    Total calculated
    $266,995
    From this org
    $230,123
    From related orgs
    $0
    Other
    $36,872
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $196,339
    Bonus
    $33,784
    Other
    not reported
    Deferred
    $15,952
    Nontaxable benefits
    $20,920
    Filer's total
    $266,995

  • Stacie Rawls

    VP Lending

    Total calculated
    $255,517
    From this org
    $191,556
    From related orgs
    $0
    Other
    $63,961
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $163,398
    Bonus
    $28,158
    Other
    not reported
    Deferred
    $55,510
    Nontaxable benefits
    $8,451
    Filer's total
    $255,517

  • William Frye

    VP Marketing

    Total calculated
    $228,637
    From this org
    $170,716
    From related orgs
    $0
    Other
    $57,921
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,624
    Bonus
    $25,092
    Other
    not reported
    Deferred
    $37,001
    Nontaxable benefits
    $20,920
    Filer's total
    $228,637

  • Matt Mielke

    VP Inf Technology

    Total calculated
    $224,851
    From this org
    $199,651
    From related orgs
    $0
    Other
    $25,200
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,070
    Bonus
    $30,581
    Other
    not reported
    Deferred
    $4,280
    Nontaxable benefits
    $20,920
    Filer's total
    $224,851

  • Kallar McCown

    VP Branch Operations

    Total calculated
    $186,052
    From this org
    $176,677
    From related orgs
    $0
    Other
    $9,375
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,555
    Bonus
    $25,122
    Other
    not reported
    Deferred
    $9,273
    Nontaxable benefits
    $102
    Filer's total
    $186,052

  • Scott Unland

    IT Network Admin

    Total calculated
    $146,597
    From this org
    $109,469
    From related orgs
    $0
    Other
    $37,128
    Hours/week
    40

  • Kraig Van Dyke

    IT Manager

    Total calculated
    $138,168
    From this org
    $109,197
    From related orgs
    $0
    Other
    $28,971
    Hours/week
    40

  • Marck Parris

    AVP Risk Manager

    Total calculated
    $133,567
    From this org
    $106,602
    From related orgs
    $0
    Other
    $26,965
    Hours/week
    40

  • Susan Manor

    AVP HR Training

    Total calculated
    $119,829
    From this org
    $105,705
    From related orgs
    $0
    Other
    $14,124
    Hours/week
    40

  • Katherine Morley

    AVP Consumer Lending

    Total calculated
    $119,071
    From this org
    $112,696
    From related orgs
    $0
    Other
    $6,375
    Hours/week
    40

  • Gary Cowan

    Director

    Total calculated
    $0
    Hours/week
    2

  • Roberta Hill

    Director

    Total calculated
    $0
    Hours/week
    1

  • Lelan Statom

    Director

    Total calculated
    $0
    Hours/week
    1

  • Karen Clabough

    Director

    Total calculated
    $0
    Hours/week
    1

  • Aaron Jewell

    Director

    Total calculated
    $0
    Hours/week
    1

  • Andy Graham

    Director

    Total calculated
    $0
    Hours/week
    1

  • Spencer Smith

    Director

    Total calculated
    $0
    Hours/week
    1

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

None.

Answered no

None.

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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
14 May 2025
IRS schema version
2024v5.1
Source object
202511349349309616

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