Skip to content
Nonprofiteer
← MEMPHIS CITY EMPLOYEES CREDIT UNION

Form 990 for tax year 2024

Filed by MEMPHIS CITY EMPLOYEES CREDIT UNION.

Totals

Total revenue
$28,993,090
Total expenses
$27,188,905
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$25,735,014
Investment income
$3,258,076
Other revenue
$0
Total assets, end of year
$455,354,464
Total liabilities, end of year
$391,539,801
Net assets or fund balances, end of year
$63,814,663
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

    total $15,127,146 · related or exempt $15,127,146

  • 2b · Program service revenue: FEE INCOME

    total $5,423,658 · related or exempt $5,423,658

  • 2c · Program service revenue: OTHER OPERATING INCOME

    total $4,941,185 · related or exempt $4,941,185

  • 2d · Program service revenue: OTHER NON-OPERATING INCOME

    total $166,660 · related or exempt $166,660

  • 2e · Program service revenue: NON-MEMBER ATM FEES

    total $71,325 · unrelated business $71,325

  • 2f · All other program service revenue

    total $5,040 · unrelated business $5,040

  • 3 · Investment income

    total $3,369,166 · related or exempt $3,369,166

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

    securities $111,090

  • 7c · Gain or loss

    securities -$111,090

  • 7d · Net gain or loss

    total -$111,090 · related or exempt -$111,090

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,374,461

  • 7 · Other salaries and wages

    total $5,566,577

  • 9 · Other employee benefits

    total $2,122,760

  • 10 · Payroll taxes

    total $591,127

  • 11b · Fees: legal

    total $43,202

  • 11g · Fees: other

    total $6,713,389

  • 13 · Office expenses

    total $880,737

  • 16 · Occupancy

    total $536,800

  • 19 · Conferences, conventions and meetings

    total $201,929

  • 20 · Interest

    total $4,256,787

  • 22 · Depreciation, depletion and amortization

    total $461,476

  • 23 · Insurance

    total $30,788

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $3,067,000

  • 24b · Other expenses: EDUCATIONAL & PROMOTION

    total $445,480

  • 24c · Other expenses: LOAN SERVICING

    total $377,596

  • 24d · Other expenses: EXAMINATION & SUPERVISI

    total $305,000

  • 24e · All other expenses

    total $213,796

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,699,851 · end of year $4,047,463

  • 2 · Savings and temporary cash investments

    beginning of year $37,971,874 · end of year $44,375,234

  • 7 · Other notes and loans receivable

    beginning of year $256,480,234 · end of year $257,712,351

  • 9 · Prepaid expenses and deferred charges

    beginning of year $644,115 · end of year $572,024

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

    $10,024,521

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

    $7,034,629

  • 10c · Land, buildings and equipment, net

    beginning of year $3,103,229 · end of year $2,989,892

  • 12 · Investments: other securities

    beginning of year $121,777,272 · end of year $130,409,993

  • 15 · Other assets

    beginning of year $19,582,577 · end of year $15,247,507

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,597,244 · end of year $5,192,516

  • 25 · Other liabilities

    beginning of year $376,633,136 · end of year $386,347,285

  • 29 · Capital stock, trust principal or current funds

    beginning of year $15,000,000 · end of year $15,000,000

  • 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 $43,028,772 · end of year $48,814,663

Mission and programs · 2024

Mission

SEE SCHEDULE O

  • STATE CHARTERED CREDIT UNION CREATED TO PROVIDE THE HIGHEST QUALITY OF PERSONAL FINANCIAL SERVICES IN A FRIENDLY, PROFESSIONAL MANNER; TO ENCOURAGE SAVINGS AND THE WISE USE OF CREDIT; TO INCREASE THE KNOWLEDGE AND ABILITY OF OUR MEMBERS TO MANAGE AND CONTROL THEIR FINANCES.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Hettieann Spendlove

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Delphone Hubbard

    FIRST VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Jorge Whitten Ortega

    SECOND VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Darryl Porter

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • J Harvey Herring

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Terri Brown

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Wanda J Corcoran

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • James Van Sturdivant

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kenneth Swann

    PRESIDENT/CEO

    Total calculated
    $714,262
    From this org
    $707,237
    From related orgs
    $0
    Other
    $7,025
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $507,091
    Bonus
    $142,500
    Other
    $57,646
    Deferred
    $0
    Nontaxable benefits
    $7,025
    Filer's total
    $714,262

  • Allen Peterson

    CHIEF OPERATING OFFICER

    Total calculated
    $350,544
    From this org
    $343,444
    From related orgs
    $0
    Other
    $7,100
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $193,692
    Bonus
    $135,000
    Other
    $14,752
    Deferred
    $0
    Nontaxable benefits
    $7,100
    Filer's total
    $350,544

  • Nathan Stevens

    CHIEF FINANCIAL OFFICER

    Total calculated
    $309,654
    From this org
    $302,226
    From related orgs
    $0
    Other
    $7,428
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,693
    Bonus
    $101,067
    Other
    $15,466
    Deferred
    $0
    Nontaxable benefits
    $7,428
    Filer's total
    $309,654

  • Thomas Moates

    CHIEF INFORMATION OFFICER

    Total calculated
    $251,098
    From this org
    $245,811
    From related orgs
    $0
    Other
    $5,287
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $129,811
    Bonus
    $116,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $5,287
    Filer's total
    $251,098

  • Letisha Simmons

    CHIEF RISK OFFICER

    Total calculated
    $210,098
    From this org
    $206,707
    From related orgs
    $0
    Other
    $3,391
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,707
    Bonus
    $75,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $3,391
    Filer's total
    $210,098

  • Donna Brown

    CHIEF LENDING OFFICER

    Total calculated
    $177,909
    From this org
    $174,471
    From related orgs
    $0
    Other
    $3,438
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,770
    Bonus
    $41,000
    Other
    $701
    Deferred
    $0
    Nontaxable benefits
    $3,438
    Filer's total
    $177,909

  • Ralph Gabb

    CONTROLLER

    Total calculated
    $141,496
    From this org
    $137,345
    From related orgs
    $0
    Other
    $4,151
    Hours/week
    40

  • Audrey Pinner

    VP OF MORTGAGE

    Total calculated
    $131,429
    From this org
    $130,064
    From related orgs
    $0
    Other
    $1,365
    Hours/week
    40

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

  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

FORM 990, SCHEDULE J, LINE 4B
KENNETH SWANN, PRESIDENT/CEO, AND ALLEN PETERSON, COO, WERE PARTICIPANTS IN THE CREDIT UNION'S EXECUTIVE DEFINED BENEFIT PLAN AND THE CREDIT UNION'S SPLIT-DOLLAR LIFE INSURANCE PLAN. NO PAYMENTS TO EITHER PARTICIPANT OR THEIR FAMILIES WERE MADE DURING THE YEAR.

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
7 November 2025
IRS schema version
2024v5.2
Source object
202503149349302960

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.