Skip to content
Nonprofiteer
← EDUCATION CREDIT UNION

Form 990 for tax year 2023

Filed by EDUCATION CREDIT UNION.

Totals

Total revenue
$37,228,551
Total expenses
$36,435,953
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$23,268,948
Investment income
$1,592,085
Other revenue
$12,367,518
Total assets, end of year
$477,792,609
Total liabilities, end of year
$423,165,340
Net assets or fund balances, end of year
$54,627,269
Program services expenses (Part IX)
$36,435,953
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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 from Members

    total $23,268,948 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $1,592,085 · unrelated business $0 · excluded $0

  • 11a · Other revenue: Fee Income

    total $8,758,877 · related or exempt $8,758,877 · unrelated business $0 · excluded $0

  • 11b · Other revenue: Other Revenue

    total $3,608,641 · related or exempt $3,521,024 · unrelated business $87,617 · excluded $0

  • 11e · Other revenue, total

    $12,367,518

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $2,279,568 · program services $2,279,568 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $7,760,995 · program services $7,760,995 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $779,889 · program services $779,889 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $1,574,733 · program services $1,574,733 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $740,908 · program services $740,908 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $24,719 · program services $24,719 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $63,177 · program services $63,177 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $1,615,719 · program services $1,615,719 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $1,223,196 · program services $1,223,196 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $5,370,940 · program services $5,370,940 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $798,909 · program services $798,909 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $378,764 · program services $378,764 · management and general $0 · fundraising $0

  • 20 · Interest

    total $497,552 · program services $497,552 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $1,571,186 · program services $1,571,186 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $148,548 · program services $148,548 · management and general $0 · fundraising $0

  • 24a · Other expenses: Dues

    total $169,160 · program services $169,160 · management and general $0 · fundraising $0

  • 24b · Other expenses: Loan Servicing

    total $1,282,516 · program services $1,282,516 · management and general $0 · fundraising $0

  • 24c · Other expenses: Provision for Loan Loss

    total $3,181,861 · program services $3,181,861 · management and general $0 · fundraising $0

  • 24d · Other expenses: Dividends Paid

    total $6,636,200 · program services $6,636,200 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $337,413 · program services $337,413 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,806,355 · end of year $4,102,945

  • 2 · Savings and temporary cash investments

    beginning of year $28,473,107 · end of year $25,397,647

  • 5 · Loans and receivables from officers and key people

    beginning of year $505,158 · end of year $1,196,590

  • 7 · Other notes and loans receivable

    beginning of year $337,310,845 · end of year $376,032,597

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,320,505 · end of year $1,807,176

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

    $35,643,590

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

    $11,606,686

  • 10c · Land, buildings and equipment, net

    beginning of year $21,894,020 · end of year $24,036,904

  • 11 · Investments: publicly traded securities

    beginning of year $11,728,132 · end of year $17,510,155

  • 12 · Investments: other securities

    beginning of year $1,254,000 · end of year $5,977,600

  • 15 · Other assets

    beginning of year $15,485,736 · end of year $21,730,995

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,549,958 · end of year $9,588,773

  • 24 · Unsecured notes and loans payable

    beginning of year $20,000,000 · end of year $25,000,000

  • 25 · Other liabilities

    beginning of year $350,382,052 · end of year $388,576,567

  • 31 · Retained earnings, endowment or other funds

    beginning of year $46,845,848 · end of year $54,627,269

Mission and programs · 2023

Mission

To be the preferred financial services provider for our membership

  • ECU offers its members federally isured certificates of deposit at competitive rates.

  • ECU offers share and deposit products that include savings, checking, health savings, and money market accounts.

  • ECU offers IRA products that are federally insured up to $250,000 per depositor, at competitive rates

As filed on the 2023 return.

Listed in Part VII

  • Linda Purdy

    Chairman

    Total calculated
    $0
    Hours/week
    1

  • Leonida Cleveland

    Vice Chair

    Total calculated
    $0
    Hours/week
    1

  • Kel Spradling

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Steve West

    Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Jimmy Marrs

    Director

    Total calculated
    $0
    Hours/week
    1

  • Buddy Stephens

    Director

    Total calculated
    $0
    Hours/week
    1

  • Cody Myers

    Director

    Total calculated
    $0
    Hours/week
    1

  • Duane Chapman

    Director

    Total calculated
    $0
    Hours/week
    1

  • Daniel Coward

    Director

    Total calculated
    $0
    Hours/week
    1

  • Marcus Smith

    President/CEO

    Total calculated
    $671,799
    From this org
    $600,818
    From related orgs
    $0
    Other
    $70,981
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $530,574
    Bonus
    $70,244
    Other
    $0
    Deferred
    $33,000
    Nontaxable benefits
    $30,232
    Filer's total
    $664,050

  • Claudia Burkett

    Executive VP

    Total calculated
    $548,617
    From this org
    $502,460
    From related orgs
    $0
    Other
    $46,157
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $416,202
    Bonus
    $86,258
    Other
    $0
    Deferred
    $33,000
    Nontaxable benefits
    $10,002
    Filer's total
    $545,462

  • Jen Ufford

    Compliance Officer

    Total calculated
    $165,945
    From this org
    $136,359
    From related orgs
    $0
    Other
    $29,586
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,891
    Bonus
    $11,468
    Other
    $0
    Deferred
    $12,447
    Nontaxable benefits
    $10,860
    Filer's total
    $159,666

  • Mark Snyder

    Director

    Total calculated
    $0
    Hours/week
    1

  • Melissa Durling

    VP of Lending

    Total calculated
    $191,762
    From this org
    $173,947
    From related orgs
    $0
    Other
    $17,815
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,623
    Bonus
    $17,324
    Other
    $0
    Deferred
    $15,662
    Nontaxable benefits
    $2,154
    Filer's total
    $191,763

  • Amy Hamilton

    VP Lending

    Total calculated
    $195,945
    From this org
    $171,464
    From related orgs
    $0
    Other
    $24,481
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,720
    Bonus
    $17,744
    Other
    $0
    Deferred
    $15,330
    Nontaxable benefits
    $9,151
    Filer's total
    $195,945

  • Johnny Harris

    VP Branch Operations

    Total calculated
    $174,441
    From this org
    $151,583
    From related orgs
    $0
    Other
    $22,858
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,063
    Bonus
    $19,520
    Other
    $0
    Deferred
    $13,164
    Nontaxable benefits
    $9,694
    Filer's total
    $174,441

  • Adrian Aleandre

    VP Mortgage Lending

    Total calculated
    $213,880
    From this org
    $188,129
    From related orgs
    $0
    Other
    $25,751
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,146
    Bonus
    $23,983
    Other
    $0
    Deferred
    $16,415
    Nontaxable benefits
    $9,337
    Filer's total
    $213,881

  • Beth Ashe

    VP Member Exp.

    Total calculated
    $156,520
    From this org
    $135,424
    From related orgs
    $0
    Other
    $21,096
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $121,079
    Bonus
    $14,345
    Other
    $0
    Deferred
    $12,108
    Nontaxable benefits
    $8,989
    Filer's total
    $156,521

  • William Glass

    VP of Operations

    Total calculated
    $248,327
    From this org
    $219,384
    From related orgs
    $0
    Other
    $28,943
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,282
    Bonus
    $24,102
    Other
    $0
    Deferred
    $19,528
    Nontaxable benefits
    $9,414
    Filer's total
    $248,326

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)

Pt I Line 4b
Eric Jenkins,Claudia Burkett, and Marcus Smith participate in a SERP retirement plan

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
2023
Filed
22 April 2024
IRS schema version
2023v5.0
Source object
202421179349301312

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.