Pinnacle Credit Union

Atlanta, GAUnknown exempt organizationEIN 58-0147125Revenue $2.5M in FY2024

On file with the IRSpinnaclecu.orgPo Box 17649 · Atlanta, GA

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Pinnacle Credit Union is a cooperatve association organized for the purpose of promoting thrift among, and creating a source of Credit for, its members.

Run by 6 volunteers and 32 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average deficit $50K a year · 1% of revenue · last 5 filings
Concern: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$734K
to officers and key staff · 18% of spending
Fine: pay to officers and key staff is 18% of spending; 15% to 20%.
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
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.5M
-39% vs prior year
Spent
$4.1M
To programs
0%
Net assets
$0
By yearFY2020–FY2024
Revenue
$2.5M
FY2024▼ -39%
Tap a bar for its year
Revenue by fiscal year
FY2020$3.4M
FY2021$3.5M
FY2022$5.9M
FY2023$4.2M
FY2024$2.5M
Expenses
$4.1M
FY2024▼ -3%
Tap a bar for its year
Expenses by fiscal year
FY2020$3.6M
FY2021$3.5M
FY2022$4.5M
FY2023$4.2M
FY2024$4.1M
Net assets
$0
FY2024▼ -100%
Tap a bar for its year
Net assets by fiscal year
FY2020$6.6M
FY2021$6.2M
FY2022$4.4M
FY2023$5.0M
FY2024$0

From the FY2024 Form 990 (year ending September 2024) · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024.

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

Who runs it and what they're paid

9 people listed on the 990; $734K paid to officers and key staff.

Part VII, Section A · reportable compensation
President/CEO
$484,690Pt VII · Sec A
Chief Information Officer
$134,262Pt VII · Sec A
Chief Finance Officer
$115,389Pt VII · Sec A
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Matthew Selke$484,690$193,952$191,089$368,160$171,918
Linnette Padin—$157,547$145,704$170,497$114,307
Gonzalo Gomez$134,262$138,987$116,356$115,019$114,716
David R Rees$115,389$117,347$107,333$87,680$72,147
Amanda Knodel—$56,070$111,974$93,338$84,816
Monica Finley—$102,130———
Alan Weeks—$1,200$825$1,350$900
Dennis K White—$1,125$750$1,350$900

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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

Promotes saving and provides loans for its members.

Questions for Pinnacle Credit Union

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Provided by the organization

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1 program · in their own filed words · FY2024
01

Pinnacle is a state chartered cooperative association organized for the purpose of promoting thrift among, and creating a source of credit for its members. The credit union provides mortgage, vehicle and other consumer loans to its membership.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$2.5M
Ln 12
Fees for servicesLn 2g$2.1M
Investment incomeLn 3$422K
Money outPt IX
$4.1M
Ln 25
Owns and owesPt X
$0
net assets · Ln 32
Total assetsLn 16$0
LiabilitiesLn 26$0
PeoplePt VI, VII
9
listed · VII A
PaidVII A3
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$2.1M
Investment incomeLn 3$422K
Total revenueLn 12$2.5M
Assets in detailPt X, end of year
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$0
Total assetsLn 16$0
LiabilitiesLn 26$0
Net assetsLn 32$0
OperationsPt I, VI
EmployeesI 532
VolunteersI 66
Fiscal year endsHeaderSeptember
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 FY24End FY24
Land, buildings, equipmentLn 10c$4.1M$0
Total assetsLn 16$87.1M$0
LiabilitiesLn 26$82.1M$0
Net assetsLn 32$5.0M$0
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$720K
Other salaries and wagesLn 7$847K
Pension plan contributionsLn 8$33K
Other employee benefitsLn 9$157K
Payroll taxesLn 10$119K
Legal feesLn 11b$15K
Accounting feesLn 11c$40K
Other fees for servicesLn 11g$716K
Advertising and promotionLn 12$20K
Office expensesLn 13$55K
Information technologyLn 14$33K
OccupancyLn 16$227K
Conferences, conventions and meetingsLn 19$13K
InterestLn 20$275K
Depreciation, depletion and amortizationLn 22$98K
Other expenses (24a–d)Ln 24$673K
All other expensesLn 24e$15K
Total functional expensesLn 25$4.1M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $2.5M$4.1M−$1.5M$0 990 PDF
FY2023 $4.2M$4.2M−$12K$5.0M 990 PDF
FY2022 $5.9M$4.5M$1.4M$4.4M 990 PDF
FY2021 $3.5M$3.5M$61K$6.2M 990 PDF
FY2020 $3.4M$3.6M−$194K$6.6M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $2,544,785 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $3,907,769$2,122,420
I-10 Investment incomePrior year $243,435$422,365
I-11 Other revenue$0
I-12 Total revenuePrior year $4,151,204$2,544,785
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $2,118,943$1,877,284
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $2,044,362$2,180,883
I-18 Total expensesPrior year $4,163,305$4,058,167
I-19 Revenue less expensesPrior year −$12,101−$1,513,382
Part VI · Governance 6 of 6 board members independent, no flags
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
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 $2,544,785 across 5 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,122,420$2,122,420
VIII-3 Investment incomeExcluded from tax $422,365$422,365
VIII-8 Net income from fundraising events$0
VIII-12 Total revenueRelated to mission $2,122,420 · Unrelated business $0 · Excluded from tax $422,365$2,544,785
Part IX · Statement of functional expenses $4,058,167 across 17 lines filed
IX-5 Pay of current officers, directors and key staff$720,362
IX-7 Other salaries and wages$847,383
IX-8 Pension plan contributions$33,392
IX-9 Other employee benefits$157,115
IX-10 Payroll taxes$119,032
IX-11b Legal fees$15,105
IX-11c Accounting fees$40,491
IX-11g Other fees for services$715,788
IX-12 Advertising and promotion$19,657
IX-13 Office expenses$55,082
IX-14 Information technology$33,100
IX-16 Occupancy$227,426
IX-19 Conferences, conventions and meetings$13,189
IX-20 Interest$275,035
IX-22 Depreciation, depletion and amortization$97,930
IX-24 Other expenses (24a–d)$673,145
IX-24e All other expenses$14,935
IX-25 Total functional expenses$4,058,167
Part X · Balance sheet $0 assets, 7 lines filed
X-10c Land, buildings and equipment, netStart of year $4,057,467$0
X-15 Other assetsStart of year $1,404,791$0
X-16 Total assetsStart of year $87,063,480$0
X-25 Other liabilitiesStart of year $81,410,048$0
X-26 Total liabilitiesStart of year $82,100,225$0
X-32 Total net assets or fund balancesStart of year $4,963,255$0
X-33 Total liabilities and net assetsStart of year $87,063,480$0
Part XI · Reconciliation of net assets $0 net assets at year end
XI-1 Total revenue$2,544,785
XI-2 Total expenses$4,058,167
XI-3 Revenue less expenses−$1,513,382
XI-4 Net assets at start of year$4,963,255
XI-9 Other changes in net assets−$3,449,873
XI-10 Net assets at end of year$0

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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