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Nonprofiteer
← 27 BUCKEYE STATE CREDIT UNION INC

Form 990 for tax year 2022

Filed by 27 BUCKEYE STATE CREDIT UNION INC.

Totals

Total revenue
$10,887,397
Total expenses
$9,389,132
Contributions and grants received
$1,199,074
Grants paid
$0
Program service revenue
$8,142,602
Investment income
$1,095,217
Other revenue
$450,504
Total assets, end of year
$138,744,646
Total liabilities, end of year
$125,217,891
Net assets or fund balances, end of year
$13,526,755
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.

  • 1e · Government grants (contributions)

    $1,199,074

  • 2a · Program service revenue: MEMBER LOANS-INTEREST

    total $5,478,745 · related or exempt $5,478,745

  • 2b · Program service revenue: CREDIT CARD INTERCHANGE

    total $1,386,349 · related or exempt $1,386,349

  • 2c · Program service revenue: FEES AND CHARGES

    total $1,277,508 · related or exempt $1,260,546 · unrelated business $16,962

  • 3 · Investment income

    total $321,400 · excluded $321,400

  • 7a · Gross sales of assets other than inventory

    other assets $773,817

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

    other assets $0

  • 7c · Gain or loss

    other assets $773,817

  • 7d · Net gain or loss

    total $773,817 · excluded $773,817

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $268,238 · related or exempt $268,238

  • 11b · Other revenue: INSURANCE

    total $182,266 · unrelated business $182,266

  • 11e · Other revenue, total

    $450,504

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $671,607

  • 7 · Other salaries and wages

    total $2,692,566

  • 8 · Pension plan contributions

    total $69,191

  • 9 · Other employee benefits

    total $470,717

  • 10 · Payroll taxes

    total $271,360

  • 11g · Fees: other

    total $949,847

  • 12 · Advertising and promotion

    total $202,759

  • 13 · Office expenses

    total $384,578

  • 16 · Occupancy

    total $306,597

  • 17 · Travel

    total $77,929

  • 20 · Interest

    total $16,891

  • 22 · Depreciation, depletion and amortization

    total $221,917

  • 23 · Insurance

    total $94,222

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $1,678,424

  • 24b · Other expenses: CARD PROCESSING AND BAN

    total $691,875

  • 24c · Other expenses: LOAN SERVICING

    total $378,046

  • 24d · Other expenses: MISCELLANEOUS EXPENSES

    total $192,345

  • 24e · All other expenses

    total $18,261

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $24,236,506 · end of year $27,628,944

  • 4 · Accounts receivable

    beginning of year $70,308,846 · end of year $103,055,143

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,644,338 · end of year $2,083,935

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

    $7,473,633

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

    $3,033,784

  • 10c · Land, buildings and equipment, net

    beginning of year $4,208,843 · end of year $4,439,849

  • 12 · Investments: other securities

    beginning of year $1,397,621 · end of year $0

  • 15 · Other assets

    beginning of year $1,294,425 · end of year $1,536,775

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,828,075 · end of year $2,511,222

  • 25 · Other liabilities

    beginning of year $89,615,807 · end of year $122,706,669

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 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 $10,646,697 · end of year $13,526,755

Mission and programs · 2022

Mission

SEE SCHEDULE O. TO ENCOURAGE SAVINGS AND MAKING LOANS AT COMPETITIVELY LOW INTEREST RATES. THE CREDIT UNION STRIVES TO PROVIDE THE HIGHEST LEVEL OF PERSONAL SERVICE IN A COURTEOUS AND PROFESSIONAL MANNER AND TO TREAT ALL INDIVIDUALS FAIRLY AND WITH DIGNITY. THE CREDIT UNION HOLDS SAFETY AND SOUNDNESS TO BE OF HIGH IMPORTANCE, PLEDGES TO SAFEGUARD THE ASSETS, PLACES A HIGH IMPORTANCE ON CONSUMER EDUCATION AND LOOKS FOR BETTER WAYS TO REACH OUT TO THE UNDER-SERVED IN THE MEMBERSHIP FIELD. IN ADDITION, THE CREDIT UNION PROMISES TO COMMUNICATE ITS SERVICES TO ITS MEMBERS IN A MEANINGFUL WAY SO THAT THEY WILL UNDERSTAND AND APPRECIATE THE UNIQUE ROLL THAT IT PLAYS IN THEIR LIVES. FINALLY, THE CREDIT UNION PLEDGES TO PRESERVE AND PROTECT THE PRIVACY AND CONFIDENTIALITY OF ALL MEMBER FINANCIAL RECORDS AND TRANSACTIONS AND TO PROVIDE THE MEMBERS WITH COMPLETE AND ACCURATE INFORMATION CONCERNING THEIR RIGHTS AS SAVERS AND BORROWERS.

Activities or mission (Part I)

TO ENCOURAGE SAVINGS AND MAKE LOANS AT COMPETITIVELY LOW INTEREST RATES.

  • MEMBER LOANS - THE CREDIT UNION STRIVES TO PROVIDE ITS MEMBERS WITH FINANCIAL FLEXIBILITY AND ENCOURAGE SAVINGS WITH VARIOUS TYPES OF LOANS.

  • DEPOSITORY ACCOUNTS - THE CREDIT UNION STRIVES TO PROVIDE ITS MEMBERS WITH FINANCIAL FLEXIBILITY AND ENCOURAGE SAVINGS WITH VARIOUS TYPES OF DEPOSITORY ACCOUNTS. THE CREDIT UNION ALSO PROVIDES ITS MEMBERS WITH THE ALLOWANCE OF A DEBIT CARD AND LOGGED THOUSANDS OF TRANSACTIONS DURING THE YEAR. MEMBER SERVICES, INCLUDING INTERNET BANKING AND BILL PAY PROVIDE MEMBERS WITH THE FASTEST AND SAFEST WAYS OF TRANSACTING BUSINESS. THIS INCLUDES OVERDRAFT PROTECTION TO ASSIST MEMBERS WITH SERVICES TO AVOID UNWANTED FEES.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • James Hartman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • David Nero

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • John Nelson

    VICE PRESIDENT/TREASURER

    Total calculated
    $0
    Hours/week
    2

  • John Weaver

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Mike Williams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Michael Abernathy

    CEO

    Total calculated
    $279,309
    From this org
    $258,732
    From related orgs
    $0
    Other
    $20,577
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $258,732
    Bonus
    $0
    Other
    $0
    Deferred
    $9,988
    Nontaxable benefits
    $10,589
    Filer's total
    $279,309

  • Carole Anthony

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Deana Allen

    COO

    Total calculated
    $150,768
    From this org
    $137,128
    From related orgs
    $0
    Other
    $13,640
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,128
    Bonus
    $0
    Other
    $0
    Deferred
    $8,777
    Nontaxable benefits
    $4,863
    Filer's total
    $150,768

  • Brad Riley

    CFO

    Total calculated
    $128,462
    From this org
    $116,606
    From related orgs
    $0
    Other
    $11,856
    Hours/week
    40

  • Dan Perry

    CRO

    Total calculated
    $113,068
    From this org
    $104,119
    From related orgs
    $0
    Other
    $8,949
    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

Answered no

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

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
2022
Filed
31 October 2023
IRS schema version
2022v5.0
Source object
202343119349302304

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