Overview
What is New Horizons Credit Union?
New Horizons Credit Union is a member-focused financial institution based in Mobile, Alabama. With a location at 622 Azalea Road, this nonprofit organization aims to foster savings among its members. They offer a variety of competitive savings products such as savings, checking, money market, and certificate of deposit accounts, as well as IRAs and certificate of deposit accounts. The credit union's primary mission is to promote thrift among its members and serve as a reliable source of credit for them at reasonable interest rates. New Horizons Credit Union caters to residents of Mobile, Baldwin, and Clark Counties in Alabama, boasting an impressive membership base of over 23,000 individuals. The credit union's operations are overseen by a dedicated team of 90 employees.
Official website here: www.newhcu.org
Is New Horizons Credit Union legitimate?
New Horizons Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. New Horizons 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: $497,720
Professional Fundraising Fees: $0
Other Salaries and Wages: $3,035,134
For more financial information, click here
Official website here: www.newhcu.org
What is the mission statement of New Horizons Credit Union?
New Horizons Credit Union's mission is centered around encouraging savings among its members and serving as a reliable source of credit for them at reasonable interest rates. By providing competitive savings products, such as savings, checking, money market, certificate of deposit accounts, and IRA savings and certificate of deposit accounts, the credit union aims to foster thrift among its members. With a membership exceeding 23,000, New Horizons Credit Union operates in a commitment to provide financial services, including various types of consumer loans, to its members.
Official website here: www.newhcu.org
Who is the CEO of New Horizons Credit Union?
Edith G Franklin is the Chairperson of New Horizons Credit Union. The CEO's salary of New Horizons Credit Union is $198,895 and their total compensation is $497,721.
Official website here: www.newhcu.org
What is the revenue of New Horizons Credit Union?
New Horizons Credit Union's revenue in 2022 was $11,191,194.
Official website here: www.newhcu.org
Who are the executives of New Horizons Credit Union and what are their salaries?
The average compensation at New Horizons Credit Union during 2022 was $39,254. There are 90 employees and 10 volunteers at New Horizons Credit Union.
Here are 8 key members and their salaries (New Horizons Credit Union's CEO's salary is $198,895 and their total compensation is $497,721):
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- Other: $0
- Compensation: $198,895
- Related: $0
- Other: $298,826
Official website here: www.newhcu.org
Where can I find the form 990 for New Horizons Credit Union?
New Horizons Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.newhcu.org
Learn more at the official website: www.newhcu.org
Mission Statement of New Horizons Credit Union
New Horizons Credit Union is committed to promoting financial prudence among its members. Their mission is twofold: firstly, they aim to create a reliable source of credit for their members, offering loans at reasonable rates. Secondly, they strive to promote savings among their members, providing a range of competitive savings products such as savings accounts, checking accounts, money market accounts, certificate of deposit accounts, and even IRA and certificate of deposit accounts for retirement savings. By doing so, New Horizons Credit Union serves as a financial partner to its over 23,000 members in Alabama, contributing to their financial well-being.
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Impact
October, 2024
New Horizons Credit Union significantly impacts its community by providing essential financial services tailored to the needs of its members. Serving over 23,000 individuals across Mobile, Baldwin, and Clark Counties in Alabama, the credit union facilitates financial stability and growth through a variety of offerings, including savings and checking accounts, as well as diverse consumer loans.
By promoting thrift, New Horizons Credit Union supports its members in building savings through competitive products such as money market accounts, certificates of deposit, and IRA accounts. This commitment not only aids individuals in managing their finances but also fosters a culture of economic responsibility within the community.
Moreover, the credit union's mission emphasizes creating access to credit at legitimate interest rates, ensuring that members can secure loans for personal and familial needs without falling prey to exploitative financial practices. This dedication to ethical lending strengthens the financial health of households and, in turn, the broader community, contributing to overall economic development in the region.
This information is meant to be a general summary of New Horizons 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: $1,397,393
- Program Service Revenue: $9,793,801
- Gross Receipts: $11,866,723
Assets and Liabilities:
- Total Assets: $254,296,343
- Total Liabilities: $236,470,773
- Net Assets: $17,825,570
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON LOANS
Revenue
$5,439,740
FEES AND OTHER OPERATING INCOME
Revenue
$4,354,061
Organization Details
Founding Year
1950
Phone
(251) 316-3240Principal Officer
Edith G Franklin
Main Address
622 AZALEA ROAD, MOBILE, AL, 36609
Website
www.newhcu.orgNTEE Category
Code: W60 - Public benefit
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