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Ecusta Credit Union

Pisgah Forest, NCUnknown exempt organization EIN 56-1139784Revenue $2.6M in FY2023

On file with the IRSecustacu.comPo Box 910 · Pisgah Forest, NC

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To provide financial services to its members at a reasonable rate and to be able to pay reasonable dividends on member share accounts

Run by 7 volunteers and 19 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

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FY2023 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2023
latest Form 990
Fine: the latest return is for FY2023, 3 tax years back; within 3 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 4
filings with a surplus
Average surplus $197K a year · 7% of revenue · last 4 filings
Fine: a surplus in 3 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Pay to officers and key staff
$113K
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
Liabilities
$0
total owed
No data yet: the filing does not give total assets.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.6M
-15% vs prior year
Spent
$2.4M
Net assets
$0
By yearFY2020–FY2023
Revenue
$2.6M
FY2023▼ -15%
Tap a bar for its year
Revenue by fiscal year
FY2020$2.7M
FY2021$2.9M
FY2022$3.0M
FY2023$2.6M
Expenses
$2.4M
FY2023▼ -21%
Tap a bar for its year
Expenses by fiscal year
FY2020$2.4M
FY2021$2.5M
FY2022$3.1M
FY2023$2.4M
Net assets
$0
FY2023▼ -100%
Tap a bar for its year
Net assets by fiscal year
FY2020$7.3M
FY2021$7.7M
FY2022$7.7M
FY2023$0

From the FY2023 Form 990 (year ending October 2023) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2023.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

10 people listed on the 990; $113K paid to officers and key staff.

Part VII, Section A · reportable compensation
$39,763Pt VII · Sec A
$37,368Pt VII · Sec A
Elvira Adame-Tapia
Accounting Clerk
$35,767Pt VII · Sec A
Michael G Wood
Board Tressurer
$0Pt VII · Sec A
Helen Young
Board Member
$0Pt VII · Sec A
Martha M McCrary
Board Chairperson
$0Pt VII · Sec A
Diane Landreth
Board Member
$0Pt VII · Sec A
William Garber
Board Member
$0Pt VII · Sec A
See Ecusta Credit Union executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Offers members affordable financial services and pays reasonable dividends on savings.

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Provided by the organization

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1 program · in their own filed words · FY2023
01

Ecusta credit union provides deposit and loan services to its members. Effective november 1, 2023, ecusta credit union merged its assets into champion credit union. Credit union deposit and lending services for the former members will continue under champion credit union.

Pt IX · col B

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.6M
Ln 12
Fees for servicesLn 2g$1.6M
Investment incomeLn 3$935K
Money outPt IX
$2.4M
Ln 25
Owns and owesPt X
$0
net assets · Ln 32
Total assetsLn 16$0
LiabilitiesLn 26$0
PeoplePt VI, VII
10
listed · VII A
PaidVII A3
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$1.6M
Investment incomeLn 3$935K
Total revenueLn 12$2.6M
Assets in detailPt X, end of year
CashLn 1$0
SavingsLn 2$0
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$0
Total assetsLn 16$0
LiabilitiesLn 26$0
Net assetsLn 32$0
OperationsPt I, VI
EmployeesI 519
VolunteersI 67
Fiscal year endsHeaderOctober
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$19.5M$0
InvestmentsLn 11–13$36.9M$0
Land, buildings, equipmentLn 10c$484K$0
Total assetsLn 16$79.7M$0
LiabilitiesLn 26$72.0M$0
Net assetsLn 32$7.7M$0
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$1K
Pay of current officers, directors and key staffLn 5$133K
Other salaries and wagesLn 7$301K
Other employee benefitsLn 9$84K
Accounting feesLn 11c$10K
Other fees for servicesLn 11g$98K
Advertising and promotionLn 12$92K
Office expensesLn 13$364K
Information technologyLn 14$679K
OccupancyLn 16$68K
Conferences, conventions and meetingsLn 19$292
InterestLn 20$111K
Depreciation, depletion and amortizationLn 22$88K
Other expenses (24a–d)Ln 24$412K
Total functional expensesLn 25$2.4M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2023 Latest Viewing $2.6M$2.4M$136K$0 990 PDF
FY2022 $3.0M$3.1M−$52K$7.7M 990 PDF
FY2021 $2.9M$2.5M$386K$7.7M 990 PDF
FY2020 $2.7M$2.4M$317K$7.3M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $2,577,274 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $2,143,068$1,642,174
I-10 Investment incomePrior year $733,783$935,100
I-11 Other revenuePrior year $142,608$0
I-12 Total revenuePrior year $3,019,459$2,577,274
I-13 Grants and similar amounts paidPrior year $0$1,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $656,345$517,622
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,415,107$1,922,283
I-18 Total expensesPrior year $3,071,452$2,440,905
I-19 Revenue less expensesPrior year −$51,993$136,369
Part VI · Governance 7 of 7 board members independent, no flags
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $2,577,274 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,642,174$1,642,174
VIII-3 Investment incomeRelated to mission $935,100$935,100
VIII-12 Total revenueRelated to mission $2,577,274 · Unrelated business $0 · Excluded from tax $0$2,577,274
Part IX · Statement of functional expenses $2,440,905 across 14 lines filed
IX-2 Grants to domestic individuals$1,000
IX-5 Pay of current officers, directors and key staff$132,562
IX-7 Other salaries and wages$301,315
IX-9 Other employee benefits$83,745
IX-11c Accounting fees$10,268
IX-11g Other fees for services$97,526
IX-12 Advertising and promotion$91,664
IX-13 Office expenses$364,074
IX-14 Information technology$679,422
IX-16 Occupancy$68,499
IX-19 Conferences, conventions and meetings$292
IX-20 Interest$111,191
IX-22 Depreciation, depletion and amortization$87,749
IX-24 Other expenses (24a–d)$411,598
IX-25 Total functional expenses$2,440,905
Part X · Balance sheet $0 assets, 18 lines filed
X-1 Cash, non-interest-bearingStart of year $749,487$0
X-2 Savings and temporary cash investmentsStart of year $18,734,342$0
X-3 Pledges and grants receivable$0
X-4 Accounts receivable$0
X-8 Inventories for sale or use$0
X-9 Prepaid expenses and deferred chargesStart of year $107,625$0
X-10c Land, buildings and equipment, netStart of year $484,061$0
X-11 Publicly traded securities$0
X-12 Other securities$0
X-13 Program-related investmentsStart of year $36,871,083$0
X-14 Intangible assets$0
X-15 Other assetsStart of year $1,048,669$0
X-16 Total assetsStart of year $79,720,628$0
X-17 Accounts payable and accrued expensesStart of year $282,780$0
X-25 Other liabilitiesStart of year $71,711,521$0
X-26 Total liabilitiesStart of year $71,994,301$0
X-32 Total net assets or fund balancesStart of year $7,726,327$0
X-33 Total liabilities and net assetsStart of year $79,720,628$0
Part XI · Reconciliation of net assets $0 net assets at year end
XI-1 Total revenue$2,577,274
XI-2 Total expenses$2,440,905
XI-3 Revenue less expenses$136,369
XI-4 Net assets at start of year$7,726,327
XI-9 Other changes in net assets−$7,862,696
XI-10 Net assets at end of year$0

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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