Totals
- Total revenue
- $54,522,507
- Total expenses
- $41,532,904
- Contributions and grants received
- $0
- Grants paid
- $415,200
- Program service revenue
- $32,700,085
- Investment income
- -$1,236,453
- Other revenue
- $23,058,875
- Total assets, end of year
- $872,463,960
- Total liabilities, end of year
- $779,921,415
- Net assets or fund balances, end of year
- $92,542,545
- Program services expenses (Part IX)
- $0
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $0
Program services were 0.0% 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 $32,700,085 · related or exempt $32,700,085 · unrelated business $0 · excluded $0
-
2f · All other program service revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
3 · Investment income
total $386,858 · related or exempt $386,858 · unrelated business $0 · excluded $0
-
4 · Income from investment of tax-exempt bond proceeds
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
5 · Royalties
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
6a · Gross rents
real property $212,772 · personal property $0
-
6b · Less rental expenses
real property $68,996 · personal property $0
-
6c · Rental income or loss
real property $143,776 · personal property $0
-
6d · Net rental income or loss
total $143,776 · related or exempt $0 · unrelated business $0 · excluded $143,776
-
7a · Gross sales of assets other than inventory
securities $22,427,371 · other assets $16,200
-
7b · Less cost or other basis and sales expenses
securities $24,057,378 · other assets $9,504
-
7c · Gain or loss
securities -$1,630,007 · other assets $6,696
-
7d · Net gain or loss
total -$1,623,311 · related or exempt -$1,623,311 · unrelated business $0 · excluded $0
-
11a · Other revenue: FEE INCOME
total $16,959,973 · related or exempt $16,914,928 · unrelated business $45,045 · excluded $0
-
11d · All other revenue
total $5,955,126 · related or exempt $5,176,816 · unrelated business $778,310 · excluded $0
-
11e · Other revenue, total
$22,915,099
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $415,200
-
5 · Compensation of officers, directors and key employees
total $1,561,623
-
7 · Other salaries and wages
total $12,526,409
-
8 · Pension plan contributions
total $840,995
-
9 · Other employee benefits
total $1,119,514
-
10 · Payroll taxes
total $972,005
-
11b · Fees: legal
total $29,348
-
11c · Fees: accounting
total $109,477
-
11g · Fees: other
total $596,623
-
12 · Advertising and promotion
total $918,772
-
13 · Office expenses
total $1,217,698
-
14 · Information technology
total $1,730,527
-
16 · Occupancy
total $798,075
-
17 · Travel
total $292,900
-
19 · Conferences, conventions and meetings
total $94,472
-
20 · Interest
total $6,179,615
-
22 · Depreciation, depletion and amortization
total $1,320,735
-
23 · Insurance
total $201,712
-
24a · Other expenses: LOAN SERVICING
total $3,360,163
-
24b · Other expenses: ATM/DEBIT CARD EXPENSE
total $3,006,798
-
24c · Other expenses: PROVISION- LOAN AND OVERDRAFT
total $2,505,000
-
24d · Other expenses: HOME BANKING EXPENSE
total $1,143,733
-
24e · All other expenses
total $591,510
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $7,608,201 · end of year $7,860,227
-
2 · Savings and temporary cash investments
beginning of year $23,768,397 · end of year $34,133,734
-
4 · Accounts receivable
beginning of year $539,478,956 · end of year $754,860,456
-
5 · Loans and receivables from officers and key people
beginning of year $6,797,000 · end of year $6,797,000
-
7 · Other notes and loans receivable
beginning of year $9,802 · end of year $19,203
-
9 · Prepaid expenses and deferred charges
beginning of year $1,147,985 · end of year $1,272,035
-
10a · Land, buildings and equipment: cost or other basis
$26,713,636
-
10b · Land, buildings and equipment: accumulated depreciation
$8,270,932
-
10c · Land, buildings and equipment, net
beginning of year $15,122,189 · end of year $18,442,704
-
13 · Investments: program-related
beginning of year $32,086,034 · end of year $28,633,259
-
15 · Other assets
beginning of year $16,971,331 · end of year $20,445,342
-
17 · Accounts payable and accrued expenses
beginning of year $4,966,372 · end of year $5,112,825
-
19 · Deferred revenue
beginning of year $253,078 · end of year $180,229
-
23 · Secured mortgages and notes payable
beginning of year $7,957,340 · end of year $41,109,082
-
25 · Other liabilities
beginning of year $557,392,417 · end of year $733,519,279
-
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 $32,819,779 · end of year $45,641,491
-
31 · Retained earnings, endowment or other funds
beginning of year $39,600,909 · end of year $46,901,054
Mission and programs · 2022
Mission
State chartered credit union that provides financial services to members in the form of loans, share accounts and other financial institutional services.
Activities or mission (Part I)
Provision of financial services to members in the form of loans, share accounts and other financial institutional services.
-
Provision of financial services to members in the form of loans, share accounts and other financial institutional services (70,131 members).
As filed on the 2022 return.
Listed in Part VII
-
Todd Swims
Manager/CEO
- Total calculated
- $871,157
- From this org
- $813,259
- From related orgs
- $0
- Other
- $57,898
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $396,439
- Bonus
- $137,552
- Other
- $279,269
- Deferred
- $40,500
- Nontaxable benefits
- $17,398
- Filer's total
- $871,158
-
Spencer Pratt
Executive VP
- Total calculated
- $457,243
- From this org
- $364,090
- From related orgs
- $0
- Other
- $93,153
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $239,859
- Bonus
- $100,755
- Other
- $23,476
- Deferred
- $69,300
- Nontaxable benefits
- $23,853
- Filer's total
- $457,243
-
Seth Rudd
Chief Financial Officer
- Total calculated
- $441,605
- From this org
- $349,863
- From related orgs
- $0
- Other
- $91,742
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $226,963
- Bonus
- $93,962
- Other
- $28,938
- Deferred
- $71,161
- Nontaxable benefits
- $20,581
- Filer's total
- $441,605
-
Ryan Platt
Chief Information Officer
- Total calculated
- $281,127
- From this org
- $226,630
- From related orgs
- $0
- Other
- $54,497
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $177,521
- Bonus
- $28,446
- Other
- $20,663
- Deferred
- $33,916
- Nontaxable benefits
- $20,581
- Filer's total
- $281,127
-
Chris Gray
VP Mortgage
- Total calculated
- $270,309
- From this org
- $230,883
- From related orgs
- $0
- Other
- $39,426
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $193,123
- Bonus
- $36,619
- Other
- $1,141
- Deferred
- $25,076
- Nontaxable benefits
- $14,350
- Filer's total
- $270,309
-
Tim Sikes
Mortgage Loan Originator
- Total calculated
- $235,433
- From this org
- $202,213
- From related orgs
- $0
- Other
- $33,220
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $39,193
- Bonus
- $162,610
- Other
- $409
- Deferred
- $14,227
- Nontaxable benefits
- $18,993
- Filer's total
- $235,432
-
Leigh Anne
VP Marketing
- Total calculated
- $234,713
- From this org
- $191,907
- From related orgs
- $0
- Other
- $42,806
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $145,209
- Bonus
- $23,268
- Other
- $23,430
- Deferred
- $28,704
- Nontaxable benefits
- $14,102
- Filer's total
- $234,713
-
Ross Priddy
Mortgage Lending
- Total calculated
- $231,442
- From this org
- $197,607
- From related orgs
- $0
- Other
- $33,835
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $38,322
- Bonus
- $158,374
- Other
- $911
- Deferred
- $13,971
- Nontaxable benefits
- $19,865
- Filer's total
- $231,443
-
Ron Hill
Board Chairperson
- Total calculated
- $0
- Hours/week
- 2
-
Diane Kelley
Board Secretary
- Total calculated
- $0
- Hours/week
- 2
-
Kirk Newcom
Board Member
- Total calculated
- $0
- Hours/week
- 2
-
Eddie Hays
Board Member
- Total calculated
- $0
- Hours/week
- 2
-
Currie Higgs
Board Member
- Total calculated
- $0
- Hours/week
- 2
-
Rusty Butcher
Board Treasurer
- Total calculated
- $0
- Hours/week
- 2
-
Dave Bratcher
Board Member
- Total calculated
- $0
- Hours/week
- 2
-
Bart Teague
Board Vice-Chairperson
- Total calculated
- $0
- Hours/week
- 2
-
Carolyn Hill
Board Member
- Total calculated
- $0
- Hours/week
- 2
-
Ricky Catlett
Board Member
- Total calculated
- $0
- Hours/week
- 2
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
- 1a · First-class or charter travel
- 1a · Travel for companions
- 1a · Tax indemnification and gross-up payments
- 1a · Health or social club dues or initiation fees
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation committee
- 3 · Independent compensation consultant
- 3 · Compensation survey or study
- 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)
- Schedule J, Part I, Line 1a
- Directors of the Credit Union and executives attended certain seminars and events that were for the business purposes of the Credit Union. Spouses of certain directors and executives also went on these trips and certain travel expenses were paid for by the Credit Union. The Credit Union was reimbursed by the directors, the expense was offset by mileage expense owed to the directors, and/or the spouses expense was reported to the spouse on a 1099-MISC. The executive's spouse travel expense was grossed up and reported as compensation on the executive's W-2. Country Club dues were paid on behalf of the CEO and were grossed up and reported as compensation on the CEO's W-2.
- Schedule J, Part I, Line 3
- Human resource manager uses Compease salary administration program to determine responsibilities and compensation for employees at all levels. Compease uses industry specific job descriptions, evaluation system and geographic salary ranges to develop compensation ranges. A compensation committee approves overall salary budget and CEO compensation based on Compease research.
- Schedule J, Part I, Line 4
- The Executive VP and CFO of the Credit Union participated in a 457(f) 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
-
$350,000
Provides educational grants, scholarships, and resources to our community that supports lifelong learning, workforce development, and educational opportunities.
-
Education and outreach to support the ministry of health and healing throughout west Tennessee.
-
Jackson-Madison County School System
$10,000
Annual teacher inservice and general funds.
-
Forward Jackson campaign to improve Jackson. Economic development capital campaign funded by local investors and focused on four initiatives: region and local economic development, tourism, workforce development and small businesses.
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Disregarded entities
Part I: entities that legally are the filer and file no return of their own.
-
Leaders Edge LLC
Indirect Lending · TN · income $515,984 · assets $93,404
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 14 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202313179349311011
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.