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Nonprofiteer
← EASTMAN CREDIT UNION

Form 990 for tax year 2023

Filed by EASTMAN CREDIT UNION.

Totals

Total revenue
$436,090,758
Total expenses
$283,680,095
Contributions and grants received
$0
Grants paid
$672,355
Program service revenue
$395,732,615
Investment income
$40,180,959
Other revenue
$177,184
Total assets, end of year
$8,017,428,459
Total liabilities, end of year
$6,906,350,677
Net assets or fund balances, end of year
$1,111,077,782
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.

  • 2a · Program service revenue: LOAN INTEREST INCOME

    total $320,114,541 · related or exempt $320,114,541

  • 2b · Program service revenue: FEES AND CHARGES

    total $72,673,143 · related or exempt $71,901,691 · unrelated business $771,452

  • 2c · Program service revenue: OTHER INCOME

    total $2,944,931 · related or exempt $2,944,931

  • 3 · Investment income

    total $40,131,711 · excluded $40,131,711

  • 6a · Gross rents

    real property $177,184

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $177,184

  • 6d · Net rental income or loss

    total $177,184 · excluded $177,184

  • 7a · Gross sales of assets other than inventory

    other assets $342,167

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

    other assets $292,919

  • 7c · Gain or loss

    other assets $49,248

  • 7d · Net gain or loss

    total $49,248 · excluded $49,248

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $672,355

  • 5 · Compensation of officers, directors and key employees

    total $4,966,473

  • 7 · Other salaries and wages

    total $59,169,260

  • 8 · Pension plan contributions

    total $6,357,775

  • 9 · Other employee benefits

    total $10,853,664

  • 10 · Payroll taxes

    total $5,186,090

  • 11b · Fees: legal

    total $189,652

  • 11c · Fees: accounting

    total $118,927

  • 11g · Fees: other

    total $783,566

  • 12 · Advertising and promotion

    total $3,878,994

  • 13 · Office expenses

    total $12,289,246

  • 14 · Information technology

    total $12,829,094

  • 16 · Occupancy

    total $5,507,715

  • 17 · Travel

    total $253,687

  • 19 · Conferences, conventions and meetings

    total $840,005

  • 20 · Interest

    total $112,973,305

  • 22 · Depreciation, depletion and amortization

    total $6,988,240

  • 23 · Insurance

    total $428,279

  • 24a · Other expenses: DEPOSIT & LENDING SVCS

    total $24,673,768

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $14,720,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $53,477,148 · end of year $41,331,768

  • 2 · Savings and temporary cash investments

    beginning of year $867,917,238 · end of year $831,112,668

  • 5 · Loans and receivables from officers and key people

    beginning of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0

  • 7 · Other notes and loans receivable

    beginning of year $6,302,508,646 · end of year $6,892,988,026

  • 9 · Prepaid expenses and deferred charges

    beginning of year $9,980,760 · end of year $10,816,113

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

    $168,215,386

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

    $75,418,056

  • 10c · Land, buildings and equipment, net

    beginning of year $93,631,801 · end of year $92,797,330

  • 13 · Investments: program-related

    beginning of year $77,636,982 · end of year $67,105,448

  • 15 · Other assets

    beginning of year $76,652,880 · end of year $81,277,106

  • 17 · Accounts payable and accrued expenses

    beginning of year $85,577,304 · end of year $85,049,725

  • 21 · Escrow or custodial account liability

    beginning of year $8,637,086 · end of year $8,626,137

  • 25 · Other liabilities

    beginning of year $6,423,414,171 · end of year $6,812,674,815

  • 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 $964,176,894 · end of year $1,111,077,782

Mission and programs · 2023

Mission

OPERATED DURING 2023 AS A STATE CHARTERED CREDIT UNION WHOSE PURPOSE IS TO BE THE PREFERRED FINANCIAL INSTITUTION IN THE COMMUNITIES WE SERVE BY PROVIDING FINANCIAL PRODUCTS AND SERVICES WHICH ADD VALUE TO MEMBERS, GUIDED BY CREDIT UNION (CONTINUED ON SCHEDULE O) CO-OPERATIVE VALUES AND SERVICE EXCELLENCE EXPECTATIONS.

Activities or mission (Part I)

OPERATED DURING 2023 AS A STATE CHARTERED CREDIT UNION WHOSE PURPOSE IS (CONTINUED ON SCHEDULE O) TO BE THE PREFERRED FINANCIAL INSTITUTION IN THE COMMUNITIES WE SERVE BY PROVIDING FINANCIAL PRODUCTS AND SERVICES WHICH ADD VALUE TO MEMBERS, GUIDED BY CREDIT UNION CO-OPERATIVE VALUES AND SERVICE EXCELLENCE EXPECTATIONS.

  • OPERATED DURING 2023 AS A STATE CHARTERED MUTUALLY OWNED CREDIT UNION THAT PROMOTED THRIFT BY MAINTAINING ACCOUNTS AND ISSUING SHARES RESULTING IN SUPERIOR VALUE. SERVED 324,672 MEMBERS WITH A VARIETY OF DEPOSIT PRODUCTS TOTALING $6,820,127,690.

  • OPERATED DURING 2023 AS A STATE CHARTERED MUTUALLY OWNED CREDIT UNION THAT MADE LOANS TO ITS MEMBERS AT REASONABLE RATES OF INTEREST. MAINTAINED A LOAN PORTFOLIO COMPOSED OF CONSUMER, MORTGAGE, HOME EQUITY, VISA AND MEMBER BUSINESS LOANS THAT TOTALED $6,892,988,026.

  • INVESTED ANY SURPLUS NOT REQUIRED FOR LOANS TO EXERCISE THOSE FUNCTIONS DESCRIBED IN THE LAW OF THE STATE OF TENNESSEE AUTHORIZING THE ORGANIZATION OF CREDIT UNIONS THEREBY FURNISHING OTHER COOPERATIVE FINANCIAL SERVICES TO MEMBERS.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Kelly Price

    PRESIDENT/CEO, DIRECTOR

    Total calculated
    $1,337,309
    From this org
    $1,217,681
    From related orgs
    $0
    Other
    $119,628
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $756,910
    Bonus
    $424,125
    Other
    $36,646
    Deferred
    $99,800
    Nontaxable benefits
    $19,828
    Filer's total
    $1,337,309

  • E Wayne Kirk

    CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    5

  • Norris Sneed

    VICE CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    5

  • Jennifer Stewart

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Brian K Miller

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Gary Bass

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • J Andrew Hatfield Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jeff Anderson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Kyle Macione

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Kristie J Hammonds

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jennifer Wolfe

    DIRECTOR (THRU 2/23)

    Total calculated
    $0
    Hours/week
    1

  • Matt Wimberley

    VP, CHIEF LEGAL OFFICER GENERAL COUNSEL

    Total calculated
    $400,217
    From this org
    $344,561
    From related orgs
    $0
    Other
    $55,656
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $264,278
    Bonus
    $76,878
    Other
    $3,405
    Deferred
    $29,874
    Nontaxable benefits
    $25,782
    Filer's total
    $400,217

  • Jeremiah Lounds

    VP, CHIEF OPERATING OFFICER

    Total calculated
    $433,733
    From this org
    $378,077
    From related orgs
    $0
    Other
    $55,656
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $292,896
    Bonus
    $79,788
    Other
    $5,393
    Deferred
    $29,874
    Nontaxable benefits
    $25,782
    Filer's total
    $433,733

  • Russell Ayscue

    VP, CHIEF INFORMATION OFFICER

    Total calculated
    $416,632
    From this org
    $360,234
    From related orgs
    $0
    Other
    $56,398
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $277,994
    Bonus
    $74,256
    Other
    $7,984
    Deferred
    $31,916
    Nontaxable benefits
    $24,482
    Filer's total
    $416,632

  • Mark Millwood

    VP, CHIEF HUMAN RESOURCES OFFICER

    Total calculated
    $383,571
    From this org
    $328,685
    From related orgs
    $0
    Other
    $54,886
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $252,134
    Bonus
    $71,936
    Other
    $4,615
    Deferred
    $31,704
    Nontaxable benefits
    $23,182
    Filer's total
    $383,571

  • Darrell Dinsmore

    EVP, CHIEF ADMINISTRATIVE OFFICER

    Total calculated
    $542,277
    From this org
    $465,747
    From related orgs
    $0
    Other
    $76,530
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $351,519
    Bonus
    $101,080
    Other
    $13,148
    Deferred
    $56,800
    Nontaxable benefits
    $19,730
    Filer's total
    $542,277

  • Tonja Fish

    EVP, CHIEF FINANCIAL OFFICER

    Total calculated
    $559,064
    From this org
    $489,131
    From related orgs
    $0
    Other
    $69,933
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $370,714
    Bonus
    $104,038
    Other
    $14,379
    Deferred
    $58,800
    Nontaxable benefits
    $11,133
    Filer's total
    $559,064

  • Dolly Linkous

    VP, CHIEF LENDING OFFICER

    Total calculated
    $450,879
    From this org
    $389,330
    From related orgs
    $0
    Other
    $61,549
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $296,458
    Bonus
    $83,862
    Other
    $9,010
    Deferred
    $50,800
    Nontaxable benefits
    $10,749
    Filer's total
    $450,879

  • Kevin Hill

    VP CHIEF BRAND OFFICER (THRU 6/23)

    Total calculated
    $208,057
    From this org
    $170,337
    From related orgs
    $0
    Other
    $37,720
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $91,132
    Bonus
    $57,701
    Other
    $21,504
    Deferred
    $16,201
    Nontaxable benefits
    $21,519
    Filer's total
    $208,057

  • Matthew Smith

    VP,CHIEF MARKETING ANALYTICS OFFICER

    Total calculated
    $234,733
    From this org
    $192,920
    From related orgs
    $0
    Other
    $41,813
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,126
    Bonus
    $26,794
    Other
    $1,000
    Deferred
    $17,331
    Nontaxable benefits
    $24,482
    Filer's total
    $234,733

  • Thomas Kennedy

    VP, BUSINESS SERVICES

    Total calculated
    $382,345
    From this org
    $321,213
    From related orgs
    $0
    Other
    $61,132
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,479
    Bonus
    $61,923
    Other
    $5,811
    Deferred
    $34,350
    Nontaxable benefits
    $26,782
    Filer's total
    $382,345

  • Chuck Perry

    VP, BRANCH OPERATIONS

    Total calculated
    $295,927
    From this org
    $259,116
    From related orgs
    $0
    Other
    $36,811
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $206,555
    Bonus
    $46,977
    Other
    $5,584
    Deferred
    $26,062
    Nontaxable benefits
    $10,749
    Filer's total
    $295,927

  • Jill Alley

    REGIONAL DIRECTOR

    Total calculated
    $284,865
    From this org
    $232,699
    From related orgs
    $0
    Other
    $52,166
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,837
    Bonus
    $63,560
    Other
    $8,302
    Deferred
    $31,088
    Nontaxable benefits
    $21,078
    Filer's total
    $284,865

  • Cathy Byers

    FACILITIES STAFF ASSISTANT

    Total calculated
    $266,992
    From this org
    $215,701
    From related orgs
    $0
    Other
    $51,291
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,496
    Bonus
    $34,316
    Other
    $5,889
    Deferred
    $30,213
    Nontaxable benefits
    $21,078
    Filer's total
    $266,992

  • Michelle Clark

    DIRECTOR, INTERNAL AUDIT

    Total calculated
    $261,499
    From this org
    $214,698
    From related orgs
    $0
    Other
    $46,801
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $177,979
    Bonus
    $33,205
    Other
    $3,514
    Deferred
    $31,923
    Nontaxable benefits
    $14,878
    Filer's total
    $261,499

  • Olan Jones

    FORMER PRESIDENT/CEO

    Total calculated
    $104,931
    From this org
    $104,931
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $104,931
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $104,931

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 · Travel for companions
  • 1a · Tax indemnification and gross-up payments
  • 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

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)

PART I, LINE 1A
THE CREDIT UNION'S EXPENSE POLICY INCLUDES AN ACCOUNTABLE PLAN WHEREBY BUSINESS EXPENSES ARE PAID BY THE CREDIT UNION AND WHEREBY ANY PERMISSIBLE TRAVEL FOR COMPANIONS PERMITTED BY STATE AND FEDERAL CREDIT UNION REGULATIONS ARE INCLUDED AS INCOME TO THE OFFICIAL.

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

  • ECU TITLE SERVICES LLC

    TITLE AND ESCROW SERVICES · TN · income -$148,715 · assets $3,642,063

    Directly controlled by EASTMAN CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
3 May 2024
IRS schema version
2023v5.0
Source object
202441249349302859

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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