Form 990 for tax year 2023
Filed by 532 FAITH COMMUNITY UNITED CREDIT UNION INC.
Totals
- Total revenue
- $1,364,415
- Total expenses
- $1,362,889
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $1,201,099
- Investment income
- $163,316
- Other revenue
- $0
- Total assets, end of year
- $15,600,686
- Total liabilities, end of year
- $675,044
- Net assets or fund balances, end of year
- $14,925,642
- Program services expenses (Part IX)
- $1,362,889
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $1,362,889
Program services were 100.0% 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: Loan Income
total $721,979 · related or exempt $721,979
-
2b · Program service revenue: Loan Fee Income
total $125,634 · related or exempt $125,634
-
2c · Program service revenue: Members Service Fee Inc
total $120,738 · related or exempt $120,738
-
2d · Program service revenue: Share Service Fee Incom
total $232,748 · related or exempt $232,748
-
3 · Investment income
total $163,316 · related or exempt $163,316
Functional expenses
Part IX, the statement of functional expenses.
-
4 · Benefits paid to or for members
total $32,191 · program services $32,191
-
7 · Other salaries and wages
total $350,930 · program services $350,930
-
8 · Pension plan contributions
total $33,161 · program services $33,161
-
10 · Payroll taxes
total $42,429 · program services $42,429
-
11b · Fees: legal
total $150,682 · program services $150,682
-
12 · Advertising and promotion
total $4,660 · program services $4,660
-
13 · Office expenses
total $324,121 · program services $324,121
-
14 · Information technology
total $96,713 · program services $96,713
-
16 · Occupancy
total $118,407 · program services $118,407
-
17 · Travel
total $10,557 · program services $10,557
-
19 · Conferences, conventions and meetings
total $7,417 · program services $7,417
-
20 · Interest
total $2,389 · program services $2,389
-
23 · Insurance
total $16,245 · program services $16,245
-
24a · Other expenses: Provision for Loan Loss
total $165,000 · program services $165,000
-
24b · Other expenses: MiscCash overShort
total $579 · program services $579
-
24c · Other expenses: Annual Meeting
total $7,408 · program services $7,408
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $209,980 · end of year $132,602
-
2 · Savings and temporary cash investments
beginning of year $274,405 · end of year $368,966
-
4 · Accounts receivable
beginning of year $26,872 · end of year $2,912
-
5 · Loans and receivables from officers and key people
beginning of year $638,038
-
7 · Other notes and loans receivable
beginning of year $7,087,603 · end of year $7,433,382
-
9 · Prepaid expenses and deferred charges
beginning of year $20,650 · end of year $30,000
-
10a · Land, buildings and equipment: cost or other basis
$545,178
-
10b · Land, buildings and equipment: accumulated depreciation
$467,702
-
10c · Land, buildings and equipment, net
beginning of year $77,476 · end of year $77,476
-
13 · Investments: program-related
beginning of year $9,937,266 · end of year $7,341,103
-
15 · Other assets
beginning of year $214,245 · end of year $214,245
-
17 · Accounts payable and accrued expenses
beginning of year $108,859 · end of year $173,022
-
18 · Grants payable
beginning of year $550
-
24 · Unsecured notes and loans payable
beginning of year $500,000 · end of year $502,022
-
27 · Net assets without donor restrictions
beginning of year $17,877,126 · end of year $14,925,642
Mission and programs · 2023
Mission
Provide lending, savings,and other financial services to its qualifying members at terms better than available in the marketplace with a service based emphasis that recognizes the members as owners.
-
Granted $853,074 high risk loans to credit union members impacted by the Pandemic utilizing the CDFI RRP Grant Funds. The costs incurred consisted of credit union staff processing loans. In addition the credit union had to increase the Allowance for Loan Losses by $73,920 to cover the additional risk. The loans were granted during the period January through August 2022. Faith Community United Credit Unionis a full service Community Development Financial Institution serving the under served community. The credit union provides consumer, mortgages, SBA and non SBA business loans. The credit union also provides home banking, debit cards, credit cards,cash advances, certified checks, automatic clearing house deposits and loan payments, and money orders. The credit pays dividends on deposits.
Expenses $1,362,889
As filed on the 2023 return.
Listed in Part VII
-
Rana Brown
Director
- Total calculated
- $0
- Hours/week
- 1
-
Phyllis Cleveland
Director
- Total calculated
- $0
- Hours/week
- 1
-
Alicea Graves
Second Vice Chair
- Total calculated
- $0
- Hours/week
- 1
-
Kenetha Sims
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
Carl Kirkland
Director
- Total calculated
- $0
- Hours/week
- 1
-
Everette Mitchell Jr
First Vice Chairman of the Bo
- Total calculated
- $0
- Hours/week
- 1
-
Tyrone McGuinea
Chairman of the Board
- Total calculated
- $0
- Hours/week
- 2
-
Cynthia Sullivan
Secretary of the Board
- Total calculated
- $0
- Hours/week
- 1
-
Ronaye Steele
Director
- Total calculated
- $0
- Hours/week
- 1
-
Jacqueline Y Moore
Chief Executive Officer
- Total calculated
- $0
- Hours/week
- 0
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.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 7 May 2024
- IRS schema version
- 2023v5.1
- Source object
- 202403099349302885
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