Overview
What is Koin Credit Union?
Koin Credit Union, established in Brentwood, Tennessee, is a financial institution dedicated to promoting sound economic management. With a single location in Nashville, it serves 1,943 members and offers a variety of credit and deposit products. These include credit cards, loans for various purposes, and mortgage lending. The credit union employs 11 individuals and manages 2,455 loan accounts and 3,894 deposit accounts as of December 31, 2022. Its primary mission is to issue shares, maintain accounts, lend to members at reasonable rates, invest surplus funds, and conduct operations in accordance with Tennessee's credit union laws.
Official website here: www.koincu.org
What do the Facebook reviews say about Koin Credit Union?
92% of six reviewers on Facebook recommend Koin Credit Union. Here is a summary of their reviews:
Many members express satisfaction with the level of service provided by the staff, noting their dedicated care for each individual. The range of financial options available appears to meet various needs, making it a convenient choice for those seeking reliable banking solutions. Overall, members appreciate the supportive environment fostered by the team at Koin Credit Union, reflecting a positive experience overall.
This AI summary has been generated from reviews found on Facebook.
Is Koin Credit Union legitimate?
Koin Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Koin 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $519,601
For more financial information, click here
Official website here: www.koincu.org
What is the mission statement of Koin Credit Union?
Koin Credit Union is established with the primary objective of promoting sound financial management among its members. It accomplishes this by issuing shares, maintaining member accounts, and providing loans at reasonable interest rates for prudent purposes. Any surplus funds not required for member loans are invested according to the laws governing credit unions in Tennessee. The credit union also carries out the functions as authorized by the Tennessee laws that govern the formation of credit unions, primarily focused on lending and financial management.
Official website here: www.koincu.org
Who is the CEO of Koin Credit Union?
Doug Clinton is the CEO of Koin Credit Union The CEO's salary of Koin Credit Union is $141,819 and their total compensation is $142,277.
Official website here: www.koincu.org
What is the revenue of Koin Credit Union?
Koin Credit Union's revenue in 2023 was $1,445,218.
Official website here: www.koincu.org
Who are the executives of Koin Credit Union and what are their salaries?
The average compensation at Koin Credit Union during 2023 was $57,733. There are 9 employees and 12 volunteers at Koin Credit Union.
Here are 13 key members and their salaries (Koin Credit Union's CEO's salary is $141,819 and their total compensation is $142,277):
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- Compensation: $141,819
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- Other: $458
Official website here: www.koincu.org
Where can I find the form 990 for Koin Credit Union?
Koin Credit Union's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.koincu.org
Learn more at the official website: www.koincu.org
Mission Statement of Koin Credit Union
Koin Credit Union, as a financial institution, is committed to promoting responsible economic management among its members. Its primary functions include issuing shares and maintaining member accounts, offering loans at reasonable interest rates for prudent purposes, and investing any surplus funds not required for member loans in a manner compliant with the laws governing credit unions in Tennessee. The credit union's mission is to exercise these functions, as authorized by the state, with the ultimate goal of serving its members effectively.
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Impact
October, 2024
Koin Credit Union has a significant impact on its community by promoting good economic management and providing financial services that empower its members. With a focus on reasonable lending practices, Koin offers a variety of consumer credit and deposit products, including credit cards, loans, and mortgage options tailored to meet the diverse needs of its members.
As of December 31, 2022, Koin Credit Union serves nearly 2,000 members from its Nashville location, managing approximately 2,455 loan accounts and 3,894 deposit accounts. This participation not only supports individual financial growth but also contributes to the broader economic well-being of the community. By ensuring members can access loans at fair interest rates for prudent purposes, Koin facilitates opportunities for homeownership and personal development.
Additionally, Koin's commitment to investing surplus funds prudently further enhances its capacity to support members and the local economy. Through these efforts, Koin Credit Union plays a vital role in fostering financial stability and growth within its community.
This information is meant to be a general summary of Koin 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 2023.
- Investment Income: $280,083
- Program Service Revenue: $1,030,844
- Gross Receipts: $1,445,218
Assets and Liabilities:
- Total Assets: $42,251,248
- Total Liabilities: $38,237,112
- Net Assets: $4,014,136
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST MEMBER LOAN
Revenue
$962,493
INTEREST CREDIT CARD
Revenue
$42,123
INTEREST PARTICIPATION
Revenue
$26,228
Organization Details
Founding Year
1954
Principal Officer
Erik Hearn
Website
www.koincu.orgNTEE Category
Code: W60 - Public benefit
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