Memorial Credit Union
EIN: 620695369 · Chattanooga, TN
| Metric | Value |
|---|---|
| Total Revenue | $407K |
| Total Expenses | $432K |
| Net Assets | $1.0M |
Is Memorial Credit Union Legit?
Insufficient Data
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
About Memorial Credit Union
Memorial Credit Union (EIN: 620695369) is a nonprofit organization based in Chattanooga, TN. The organization reported total revenue of $407K and total assets of $7.0M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Memorial Credit Union's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Memorial Credit Union is a small nonprofit that has been operating for 74 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -2.8%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $383K |
| Total Expenses | $432K |
| Surplus / Deficit | $-49,059 |
| Total Assets | $8.1M |
| Total Liabilities | $7.0M |
| Net Assets | $1.0M |
| Operating Margin | -12.8% |
| Debt-to-Asset Ratio | 87.4% |
| Months of Reserves | 223.8 months |
Financial Health Grade: C
In 2023, Memorial Credit Union reported a deficit of $49K with expenses exceeding revenue, holds 223.8 months of operating reserves (strong position), has a debt-to-asset ratio of 87.4% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Memorial Credit Union's revenue has declined at a compound annual growth rate (CAGR) of -2.8%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +17.1% | +0.9% | -2.0% |
| 2022 | +3.4% | -0.6% | -6.3% |
| 2021 | -13.9% | +3.4% | +7.9% |
| 2020 | -10.1% | +8.0% | +8.9% |
| 2019 | +2.5% | -0.1% | +1.7% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1952 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Analysis Pending
AI enrichment for Memorial Credit Union has not yet been completed. Basic IRS 990 data is shown below. Check back later for a full transparency report including a Mission Score, spending breakdown, executive compensation analysis, and red flags assessment.
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Memorial Credit Union with a Mission Score of 0 out of 100 (Very Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $49K, with expenses exceeding revenue.
- Debt-to-asset ratio: 87.4%.
Frequently Asked Questions about Memorial Credit Union
Is Memorial Credit Union a legitimate charity?
Memorial Credit Union (EIN: 620695369) is a registered tax-exempt nonprofit based in Tennessee. It has 13 years of IRS 990 filings on record. Total revenue: $407K. No red flags identified. Financial health grade: C.
How does Memorial Credit Union spend its money?
Memorial Credit Union reported $407K in total revenue in IRS 990 filings. 13 years of filing data available. Expenses exceeded revenue in the most recent year. Review the full spending breakdown on NonprofitSpending.
Are donations to Memorial Credit Union tax-deductible?
Memorial Credit Union is registered as a tax-exempt nonprofit (EIN: 620695369). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Where is Memorial Credit Union located?
Memorial Credit Union is headquartered in Chattanooga, Tennessee and files with the IRS under EIN 620695369.
How many years of IRS 990 filings does Memorial Credit Union have?
Memorial Credit Union has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $407K in total revenue.
Filing History
IRS 990 filing history for Memorial Credit Union showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Memorial Credit Union's revenue has declined by 29.3%, moving from $541K to $383K. Total assets decreased by 0.1% over the same period, from $8.1M to $8.1M. Total functional expenses fell by 16%, from $514K to $432K. In its most recent filing year (2023), Memorial Credit Union reported a deficit of $49K, with expenses exceeding revenue. The organization holds $7.0M in liabilities against $8.1M in assets (debt-to-asset ratio: 87.4%), resulting in net assets of $1.0M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $383K | $432K | $8.1M | $7.0M | — | View 990 |
| 2022 | $327K | $428K | $8.2M | $7.1M | — | View 990 |
| 2021 | $316K | $430K | $8.8M | $7.6M | — | — |
| 2020 | $367K | $416K | $8.1M | $6.9M | — | — |
| 2019 | $408K | $385K | $7.5M | $6.1M | — | View 990 |
| 2018 | $398K | $385K | $7.3M | $6.0M | — | View 990 |
| 2017 | $388K | $381K | $7.7M | $6.4M | — | View 990 |
| 2016 | $384K | $382K | $7.5M | $6.2M | — | View 990 |
| 2015 | $380K | $375K | $7.8M | $6.5M | — | View 990 |
| 2014 | $383K | $396K | $7.6M | $6.3M | — | View 990 |
| 2013 | $409K | $434K | $7.5M | $6.2M | — | View 990 |
| 2012 | $493K | $468K | $7.9M | $6.6M | — | View 990 |
| 2011 | $541K | $514K | $8.1M | $6.7M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $383K, expenses of $432K, and assets of $8.1M (revenue +17.1% year-over-year).
- 2022: Revenue of $327K, expenses of $428K, and assets of $8.2M (revenue +3.4% year-over-year).
- 2021: Revenue of $316K, expenses of $430K, and assets of $8.8M (revenue -13.9% year-over-year).
- 2020: Revenue of $367K, expenses of $416K, and assets of $8.1M (revenue -10.1% year-over-year).
- 2019: Revenue of $408K, expenses of $385K, and assets of $7.5M (revenue +2.5% year-over-year).
- 2018: Revenue of $398K, expenses of $385K, and assets of $7.3M (revenue +2.5% year-over-year).
- 2017: Revenue of $388K, expenses of $381K, and assets of $7.7M (revenue +1.1% year-over-year).
- 2016: Revenue of $384K, expenses of $382K, and assets of $7.5M (revenue +1.0% year-over-year).
- 2015: Revenue of $380K, expenses of $375K, and assets of $7.8M (revenue -0.7% year-over-year).
- 2014: Revenue of $383K, expenses of $396K, and assets of $7.6M (revenue -6.4% year-over-year).
- 2013: Revenue of $409K, expenses of $434K, and assets of $7.5M (revenue -17.0% year-over-year).
- 2012: Revenue of $493K, expenses of $468K, and assets of $7.9M (revenue -8.9% year-over-year).
- 2011: Revenue of $541K, expenses of $514K, and assets of $8.1M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Memorial Credit Union:
Data Sources and Methodology
This transparency report for Memorial Credit Union is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.