Civic Intelligence

Marshland Credit Union

990 • Fiscal year 2021 • EIN 58-0872500

Jan 01, 2021 to Dec 31, 2021 • Filed on Apr 04, 2022

PO Box 1957Brunswick, GA 31524

(912) 279-2000

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

62nd percentile

0.91x

Higher debt load relative to assets than 62% of similar nonprofits.

2021 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2021

Liabilities / Revenue

32nd percentile

19.07x

Higher debt load relative to revenue than 32% of similar nonprofits.

2021 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2021

Net Margin

37th percentile

11%

Higher net margin than 37% of similar nonprofits.

2021 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2021

Top Officer Pay

97th percentile

$486,139

Higher top officer pay than 97% of similar nonprofits.

Top officer pay equals 5.0% of source-year revenue.

2021 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2021

Asset Growth

69th percentile

13%

Faster asset growth than 69% of similar nonprofits.

2021 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2020 to 2021

Revenue Growth

67th percentile

5.2%

Faster revenue growth than 67% of similar nonprofits.

2021 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2020 to 2021

Assets

Up

$202,229,939

Up $23,024,644 (+13%) from 2020

Net Assets

Up

$18,373,706

Up $1,797 (+0.0%) from 2020

Liabilities

Up

$183,856,233

Up $23,022,847 (+14%) from 2020

Revenue

Up

$9,638,703

Up $473,334 (+5.2%) from 2020

Expenses

Down

$8,584,782

Down $355,511 (-4.0%) from 2020

Net Income

Up

$1,053,921

Up $828,845 (+368%) from 2020

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$300M$200M$100M$0Assets 2020: $179,205,295Liabilities 2020: $160,833,386Net Assets 2020: $18,371,9092020Assets 2021: $202,229,939Liabilities 2021: $183,856,233Net Assets 2021: $18,373,7062021Assets 2022: $202,763,566Liabilities 2022: $189,253,469Net Assets 2022: $13,510,0972022Assets 2023: $222,618,305Liabilities 2023: $206,808,128Net Assets 2023: $15,810,1772023Assets 2024: $246,722,957Liabilities 2024: $229,578,395Net Assets 2024: $17,144,5622024

Highlighted filing

2021

Assets$202,229,939
Liabilities$183,856,233
Net Assets$18,373,706

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15M$10M$5.0M$0Revenue 2020: $9,165,369Expenses 2020: $8,940,293Net Income 2020: $225,0762020Revenue 2021: $9,638,703Expenses 2021: $8,584,782Net Income 2021: $1,053,9212021Revenue 2022: $10,375,545Expenses 2022: $10,001,804Net Income 2022: $373,7412022Revenue 2023: $12,935,803Expenses 2023: $11,584,465Net Income 2023: $1,351,3382023Revenue 2024: $14,991,816Expenses 2024: $13,810,805Net Income 2024: $1,181,0112024

Highlighted filing

2021

Revenue$9,638,703
Expenses$8,584,782
Net Income$1,053,921
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Apr 4, 2022
Return Version
2021v4.0
Gross Receipts
$9,638,703
Mission and Program Overview

Mission

Credit union - to provide services for approximately 17,256 members in the form of loans, savings, and other financial services.

Credit union - to provide financial services for its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$99,078,515$103,597,351▲ $4,518,836
Cash and Non-Interest-Bearing Accounts$25,476,356$38,280,092▲ $12,803,736
Investments Other Securities$36,929,184$37,299,371▲ $370,187
Savings and Temporary Cash Investments$11,229,884$16,700,253▲ $5,470,369
Rtn Earn Endowment Incm Other Fnds$15,593,485$15,595,282▲ $1,797
Land, Buildings, and Equipment, Net$4,145,728$3,972,151▼ $173,577
Cap Stk Tr Prin Current Funds$2,778,424$2,778,424→ $0
Prepaid Expenses and Deferred Charges$380,850$334,686▼ $46,164
Total Assets$179,205,295$202,229,939▲ $23,024,644
Other Assets Total$1,964,778$2,046,035▲ $81,257
Liabilities
Other Liabilities$147,236,717$176,515,446▲ $29,278,729
Accounts Payable and Accrued Expenses$13,596,669$7,340,787▼ $6,255,882
Total Liabilities$160,833,386$183,856,233▲ $23,022,847
Net Assets / Fund Balance
Total Net Assets Fund Balance$18,371,909$18,373,706▲ $1,797
Total Liabilities and Net Assets / Fund Balance$179,205,295$202,229,939▲ $23,024,644

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$800,012$3,605,502$4,405,514
Buildings$2,376,330$1,622,343$3,998,673
Land$744,375-$744,375
Other Land Buildings$51,432$82,136$133,568
Leasehold Improvements$2$7,428$7,430
Other Securities$296,859--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Matthew GriffinVP/CFOFT$467,411$33,978$486,139
Jeff HolcombePresident/ceFT$189,550$25,178$214,728
Jeff HolcombePresident/CEO-$174,300$25,278$214,728
Eric CroftVP of LendinFT$194,343$13,548$207,891
Eric CroftVP of Lending-$194,243$28,948$207,891
Charlie LoveringVP/COO-$143,492$20,992$179,884
Mary JenrettePresident/ce-$103,300$5,839$109,139
Millie RayCFO-$37,027$3,741$40,768

Board Members and Trustees

NameTitle
Larry RountreeBoard Chairm
John CatronBoard Member
Paul MckenzieBoard Vice C
Kathy StrattonBoard/audit
Mark HamilBoard/audit
Jim AndersenBod Sec/tres
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$6,913,524
Investment Income
$518,457
Other Revenue
$2,206,722
Change in Net Assets
$1,053,921
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$4,422,062
Other Expenses$4,162,720
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$3,381,682-$3,381,682
Office Expenses-$1,868,501-$1,868,501
Interest-$748,001-$748,001
Other Employee Benefits-$461,845-$461,845
Occupancy-$439,105-$439,105
Pension Plan Contributions-$335,581-$335,581
Payroll Taxes-$242,954-$242,954
All Other Expenses-$129,472-$129,472
Other Expenses-$116,896-$116,896
Travel-$13,314-$13,314
Total Functional Expenses$0$8,584,782$0$8,584,782
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Regular Drafts$75,174,465
All Other Shares$57,423,379
Share Drafts$43,917,602
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

The credit union is owned by the members.

Form 990, Page 6, Part VI, Line 7A

The board of directors is elected by the membership (one member, one vote). All duties, powers, and responsibilities are controlled by the board of directors. The members elect the board of directors at the annual meeting each year.

Form 990, Page 6, Part VI, Line 7B

Some decisions made by the board of directors are affirmed by the members.

Form 990, Page 6, Part VI, Line 11B

The form 990 is reviewed by the manager. The form 990 is available for review by the board of directors upon request.

Form 990, Page 6, Part VI, Line 12C

The board of directors monitor and enforce the conflict of interest policy.

Form 990, Page 6, Part VI, Line 19

Financial documents are posted in the credit union lobby by the 15th of the subsequent month.

Filing and Contact Details

Filer

Filer Name
Marshland Credit Union
EIN
58-0872500
Phone
9122792000
Address
PO BOX 1957, BRUNSWICK, GA 31524

Signing Officer

Name
Millie Ray
Title
CFO
Phone
9122792000
Signed
2022-04-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mary Jenrette
Formed
1953
Legal Domicile
Ga
Voting Board Members
6
Independent Board Members
6
Employees
68
Volunteers
6

Preparer

Firm
Cu Audit & Compliance Group
Address
3692 COOLIDGE CT, TALLAHASSEE, FL 32311-7890
Preparer
Amanda Onkst
Phone
2054372176
Supplemental Narrative

Additional Explanations

Form 990, Page 5, Part V, Line 3B

The credit union had no unrealted business income.

Form 990, Part XI, Line 9

OTHER CHANGES 0

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IRS990/ProgSrvcAccomActy2Grp/Desc0THE CREDIT UNION PROVIDED A VARIETY OF DEPOSIT SERVICES FOR ITS MEMBERS.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0748001
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYInvestmentIncomeAmt0770046
IRS990/PYOtherExpensesAmt04554474
IRS990/PYOtherRevenueAmt01480874
IRS990/PYProgramServiceRevenueAmt06914449
IRS990/PYRevenuesLessExpensesAmt0225076
IRS990/PYSalariesCompEmpBnftPaidAmt04385819
IRS990/PYTotalExpensesAmt08940293
IRS990/PYTotalRevenueAmt09165369
IRS990/ReconcilationRevenueExpnssAmt01053921
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0true
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt015593485
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt015595282
IRS990/SavingsAndTempCashInvstGrp/BOYAmt011229884
IRS990/SavingsAndTempCashInvstGrp/EOYAmt016700253
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt02376330
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01622343
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt03998673
IRS990ScheduleD/EquipmentGrp/BookValueAmt0800012
IRS990ScheduleD/EquipmentGrp/DepreciationAmt03605502
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt04405514
IRS990ScheduleD/LandGrp/BookValueAmt0744375
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0744375
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt02
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt07428
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt07430
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt051432
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt082136
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0133568
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt075174465
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt157423379
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt243917602
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0REGULAR DRAFTS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1ALL OTHER SHARES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2SHARE DRAFTS
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt037002512
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt1296859
IRS990ScheduleD/OtherSecuritiesGrp/Desc0ALL OTHER INVESTMENTS
IRS990ScheduleD/OtherSecuritiesGrp/Desc1PERPETUAL CONTRIBUTED CAPITAL
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03972151
IRS990ScheduleD/TotalBookValueSecuritiesAmt037299371
IRS990ScheduleD/TotalLiabilityAmt0176515446
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0467411
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1174300
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt2194243
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt3143492
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount015250
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount1100
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount215400
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt018728
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt125178
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt213548
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt320992
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0MATTHEW GRIFFIN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1JEFF HOLCOMBE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2ERIC CROFT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm3CHARLIE LOVERING
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0VP/CFO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1PRESIDENT/CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2VP OF LENDING
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt3VP/COO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0486139
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt1214728
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt2207891
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt3179884
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION HAD NO UNREALTED BUSINESS INCOME.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CREDIT UNION IS OWNED BY THE MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD OF DIRECTORS IS ELECTED BY THE MEMBERSHIP (ONE MEMBER, ONE VOTE). ALL DUTIES, POWERS, AND RESPONSIBILITIES ARE CONTROLLED BY THE BOARD OF DIRECTORS. THE MEMBERS ELECT THE BOARD OF DIRECTORS AT THE ANNUAL MEETING EACH YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3SOME DECISIONS MADE BY THE BOARD OF DIRECTORS ARE AFFIRMED BY THE MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE FORM 990 IS REVIEWED BY THE MANAGER. THE FORM 990 IS AVAILABLE FOR REVIEW BY THE BOARD OF DIRECTORS UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE BOARD OF DIRECTORS MONITOR AND ENFORCE THE CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6FINANCIAL DOCUMENTS ARE POSTED IN THE CREDIT UNION LOBBY BY THE 15TH OF THE SUBSEQUENT MONTH.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7OTHER CHANGES 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 5, PART V, LINE 3B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0GA
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0179205295
IRS990/TotalAssetsEOYAmt0202229939
IRS990/TotalAssetsGrp/BOYAmt0179205295
IRS990/TotalAssetsGrp/EOYAmt0202229939
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalEmployeeCnt068
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt08584782
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt08584782
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0160833386
IRS990/TotalLiabilitiesEOYAmt0183856233
IRS990/TotalLiabilitiesGrp/BOYAmt0160833386
IRS990/TotalLiabilitiesGrp/EOYAmt0183856233
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt018371909
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt018373706
IRS990/TotalOtherCompensationAmt088026
IRS990/TotalProgramServiceExpensesAmt08584782
IRS990/TotalProgramServiceRevenueAmt06913524
IRS990/TotalReportableCompFromOrgAmt01150523
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt09638703
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt09638703
IRS990/TotalVolunteersCnt06
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0179205295
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0202229939
IRS990/TravelGrp/ManagementAndGeneralAmt013314
IRS990/TravelGrp/TotalAmt013314
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 1957
IRS990/USAddress/CityNm0BRUNSWICK
IRS990/USAddress/StateAbbreviationCd0GA
IRS990/USAddress/ZIPCd031521
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0MARSHLANDCU.COM
IRS990/WhistleblowerPolicyInd0true

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