Skip to content
Nonprofiteer
← LOUISIANA CORP CREDIT UNION

Form 990 for tax year 2024

Filed by LOUISIANA CORP CREDIT UNION.

Totals

Total revenue
$9,811,108
Total expenses
$9,397,713
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,086,090
Investment income
$8,725,018
Other revenue
$0
Total assets, end of year
$182,564,313
Total liabilities, end of year
$166,918,058
Net assets or fund balances, end of year
$15,646,255
Program services expenses (Part IX)
$9,397,713
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$9,397,713

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: Interest on Loans

    total $287,009 · related or exempt $287,009

  • 2b · Program service revenue: Service Fees

    total $798,009 · related or exempt $798,009

  • 2c · Program service revenue: Miscellaneous

    total $1,072 · related or exempt $1,072

  • 3 · Investment income

    total $8,725,018 · related or exempt $8,725,018

  • 8c · Net income from fundraising events

    total $0

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $439,622 · program services $439,622

  • 7 · Other salaries and wages

    total $281,340 · program services $281,340

  • 8 · Pension plan contributions

    total $64,230 · program services $64,230

  • 9 · Other employee benefits

    total $113,121 · program services $113,121

  • 10 · Payroll taxes

    total $52,792 · program services $52,792

  • 11a · Fees: management

    total $82,977 · program services $82,977

  • 11b · Fees: legal

    total $8,000 · program services $8,000

  • 11c · Fees: accounting

    total $11,950 · program services $11,950

  • 12 · Advertising and promotion

    total $32,713 · program services $32,713

  • 13 · Office expenses

    total $59,482 · program services $59,482

  • 16 · Occupancy

    total $63,249 · program services $63,249

  • 19 · Conferences, conventions and meetings

    total $28,440 · program services $28,440

  • 20 · Interest

    total $7,067,080 · program services $7,067,080

  • 22 · Depreciation, depletion and amortization

    total $6,493 · program services $6,493

  • 23 · Insurance

    total $36,756 · program services $36,756

  • 24a · Other expenses: Service Fees

    total $547,804 · program services $547,804

  • 24b · Other expenses: Other

    total $501,664 · program services $501,664

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $26,863,441 · end of year $57,352,592

  • 2 · Savings and temporary cash investments

    beginning of year $3,317,203 · end of year $6,191,521

  • 4 · Accounts receivable

    beginning of year $274,351 · end of year $213,936

  • 7 · Other notes and loans receivable

    beginning of year $9,617,065 · end of year $1,082,247

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

    $145,304

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

    $141,789

  • 10c · Land, buildings and equipment, net

    beginning of year $8,103 · end of year $3,515

  • 11 · Investments: publicly traded securities

    beginning of year $99,063,529 · end of year $111,241,101

  • 15 · Other assets

    beginning of year $2,908,439 · end of year $6,479,401

  • 17 · Accounts payable and accrued expenses

    beginning of year $38,571,522 · end of year $20,638,427

  • 25 · Other liabilities

    beginning of year $89,565,806 · end of year $146,279,631

  • 29 · Capital stock, trust principal or current funds

    beginning of year $7,546,354 · end of year $7,546,354

  • 31 · Retained earnings, endowment or other funds

    beginning of year $6,368,449 · end of year $8,099,901

Mission and programs · 2024

Mission

Louisiana Corporate Credit Union is a cooperative association organized in accordance with the provisions of the Louisiana Credit Union Act for the purpose of serving credit union accounts through money management and creating a source of credit for its members.

  • Louisiana Corporate Credit Union provides financial and financially related services for the benefit of its member credit unions.

    Expenses $9,397,713

  • Lousiana Corporate provides low interest or interest free loans to member credit unions when impacted by declared natural disasters.

  • Louisiana Corporate issues a monthly economic and financial digest at no charge to its members which includes current economic and financial analysis of their operating environment.

As filed on the 2024 return.

Listed in Part VII

  • David A Savoie

    CEO

    Total calculated
    $346,063
    From this org
    $279,314
    From related orgs
    $0
    Other
    $66,749
    Hours/week
    40

    Schedule J breakdown matched by us · ignoring case and punctuation

    Base
    $209,203
    Bonus
    $64,315
    Other
    $5,796
    Deferred
    $22,345
    Nontaxable benefits
    $44,404
    Filer's total
    $346,063

  • Sherrie Klotz

    CAO

    Total calculated
    $145,209
    From this org
    $114,597
    From related orgs
    $0
    Other
    $30,612
    Hours/week
    40

  • Erin Byrd

    VP of Operations

    Total calculated
    $126,162
    From this org
    $116,097
    From related orgs
    $0
    Other
    $10,065
    Hours/week
    40

  • Melissa Matherne

    Board SecretaryTreasurer

    Total calculated
    $0
    Hours/week
    1

  • Mark Rosa

    Board Chair

    Total calculated
    $0
    Hours/week
    1

  • Mary Vedros

    Board Vice Chair

    Total calculated
    $0
    Hours/week
    1

  • Matt Koch

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Gary Funderburk

    Board Member

    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

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

The filer's explanations (Part III)

Benefit information (Part I, line 1a)

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
29 May 2025
IRS schema version
2024v5.2
Source object
202512969349300121

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.