Overview
What is Bowater Employees Credit Union?
Bowater Employees Credit Union is a state-chartered financial institution, headquartered in Calhoun, Tennessee. With a membership base of 19,047 individuals, it operates as a mutually owned cooperative where members pool their resources to promote savings, maintain accounts, and extend loans to one another. The credit union's surplus funds are temporarily invested instead of being used for liquidity or lending purposes. The organization, with a workforce of 81 employees, serves its members by managing their financial well-being while upholding the principles of a credit union.
Is Bowater Employees Credit Union legitimate?
Bowater Employees Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Bowater Employees Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $158,939
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,761,557
For more financial information, click here
What is the mission statement of Bowater Employees Credit Union?
The Bowater Employees Credit Union operates as a member-owned financial institution, with a membership base of 19,047 individuals. Its primary purpose is to encourage savings among its members by issuing shares and maintaining accounts. Furthermore, the credit union extends loans to its members using the accumulated funds. The funds that are not required for immediate loan or liquidity purposes are temporarily invested. The credit union's activities during 2022 were solely dedicated to this mission, generating revenues and incurring expenses related to the promotion of thrift, maintenance of accounts, and making loans to its members.
Who is the CEO of Bowater Employees Credit Union?
Matthew Holden is the Ceo of Bowater Employees Credit Union. The CEO's salary of Bowater Employees Credit Union is $155,701 and their total compensation is $190,441.
What is the revenue of Bowater Employees Credit Union?
Bowater Employees Credit Union's revenue in 2022 was $12,161,157.
Who are the executives of Bowater Employees Credit Union and what are their salaries?
The average compensation at Bowater Employees Credit Union during 2022 was $36,056. There are 81 employees and 12 volunteers at Bowater Employees Credit Union.
Here are 8 key members and their salaries (Bowater Employees Credit Union's CEO's salary is $155,701 and their total compensation is $190,441):
- Compensation: $155,701
- Related: $0
- Other: $34,740
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $3,238
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Bowater Employees Credit Union?
Bowater Employees Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Bowater Employees Credit Union
Bowater Employees Credit Union, a state-chartered financial institution, is collectively owned by its 19,047 members. The Credit Union's primary mission is to encourage savings among its members by issuing shares and managing accounts. Additionally, it provides loans to its member-owners. Any excess funds not required for immediate liquidity or lending purposes are temporarily invested.
In essence, Bowater Employees Credit Union functions as a cooperative financial entity. It operates with a focus on promoting thrift, maintaining accounts, and making loans to its members. The Credit Union's activities revolve around these core objectives, generating revenues and incurring expenses in the pursuit of its mission. The unity and shared ownership among its members create a strong bond, making the Credit Union an essential part of their financial lives.
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Impact
October, 2024
Bowater Employees Credit Union serves a vital role in the financial well-being of its 19,047 members by promoting thrift and providing essential financial services such as savings accounts and loans. By being mutually owned, it aligns its operations closely with the interests of its members, ensuring that profits are reinvested into the credit union to better serve its community.
In 2022, Bowater Employees Credit Union was actively involved in fostering a culture of saving and financial responsibility among its members. The credit union focuses on empowering individuals by offering competitive interest rates on savings and loans, facilitating access to funds for important life events, such as education, home purchases, and other personal financing needs.
Moreover, the credit union operates with a commitment to prudent financial management, ensuring that any excess funds are temporarily invested to maintain liquidity while also contributing to the local economy. Through these efforts, Bowater Employees Credit Union not only strengthens the financial stability of its members but also reinforces community ties and supports local development initiatives in Calhoun, TN, and beyond.
This information is meant to be a general summary of Bowater Employees Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $30,906
- Program Service Revenue: $12,130,251
- Gross Receipts: $12,295,251
Assets and Liabilities:
- Total Assets: $258,960,499
- Total Liabilities: $238,909,479
- Net Assets: $20,051,020
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$8,127,021
INVESTMENT INTEREST
Revenue
$711,049
FEE INCOME
Revenue
$1,443,792
OTHER OPERATING INCOME
Revenue
$1,843,177
LOSS ON DISPOSITION OF ASSETS
Revenue
-$167
Organization Details
Founding Year
1954
Phone
(423) 336-7268Principal Officer
Matthew Holden
Main Address
PO BOX 359, CALHOUN, TN, 373090359
NTEE Category
Code: W60 - Public benefit
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