Civic Intelligence

Hallco Community Credit Union

990 • Fiscal year 2022 • EIN 58-1232957

Jan 01, 2022 to Dec 31, 2022 • Filed on Mar 30, 2023

Organization ProfileWWW.MYGACU.COM

View Organization Page

2601 Limestone ParkwayGainesville, GA 30501

(770) 534-4255

Siviq Scores

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

Liabilities / Assets

65th percentile

0.92x

Higher debt load relative to assets than 65% of similar nonprofits.

2022 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2022

Liabilities / Revenue

44th percentile

19.65x

Higher debt load relative to revenue than 44% of similar nonprofits.

2022 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2022

Net Margin

88th percentile

26%

Higher net margin than 88% of similar nonprofits.

2022 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2022

Top Officer Pay

77th percentile

$275,514

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 2.7% of source-year revenue.

2022 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2022

Asset Growth

83rd percentile

6.7%

Faster asset growth than 83% of similar nonprofits.

2022 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Revenue Growth

98th percentile

35%

Faster revenue growth than 98% of similar nonprofits.

2022 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets65th percentile

Assets

Up

$216,783,084

Up $13,666,173 (+6.7%) from 2021

Net Assets

Up

$18,370,860

Up $2,629,601 (+17%) from 2021

Liabilities

Up

$198,412,224

Up $11,036,572 (+5.9%) from 2021

Revenue And Expenses
Liabilities / Revenue44th percentileNet Margin88th percentile

Revenue

Up

$10,094,883

Up $2,642,734 (+35%) from 2021

Expenses

Up

$7,465,282

Up $1,102,094 (+17%) from 2021

Net Income

Up

$2,629,601

Up $1,540,640 (+141%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth83rd percentile

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

$300M$200M$100M$0Assets 2011: $46,126,206Liabilities 2011: $42,489,670Net Assets 2011: $3,636,5362011Assets 2012: $48,756,658Liabilities 2012: $44,851,139Net Assets 2012: $3,905,5192012Assets 2013: $52,463,197Liabilities 2013: $48,273,542Net Assets 2013: $4,189,6552013Assets 2014: $59,046,156Liabilities 2014: $54,283,890Net Assets 2014: $4,762,2662014Assets 2015: $69,069,699Liabilities 2015: $63,504,703Net Assets 2015: $5,564,9962015Assets 2016: $76,180,408Liabilities 2016: $69,796,555Net Assets 2016: $6,383,8532016Assets 2017: $83,118,156Liabilities 2017: $75,970,587Net Assets 2017: $7,147,5692017Assets 2018: $86,164,588Liabilities 2018: $78,052,155Net Assets 2018: $8,112,4332018Assets 2020: $145,514,683Liabilities 2020: $132,421,594Net Assets 2020: $13,093,0892020Assets 2021: $203,116,911Liabilities 2021: $187,375,652Net Assets 2021: $15,741,2592021Assets 2022: $216,783,084Liabilities 2022: $198,412,224Net Assets 2022: $18,370,8602022Assets 2023: $208,508,556Liabilities 2023: $186,432,700Net Assets 2023: $22,075,8562023Assets 2024: $217,199,392Liabilities 2024: $192,633,825Net Assets 2024: $24,565,5672024

Highlighted filing

2022

Assets$216,783,084
Liabilities$198,412,224
Net Assets$18,370,860
Open 2022 Filing

Operations Trend

Revenue Growth98th percentile

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

$20M$15M$10M$5.0M$0Expenses 2011: $2,754,5992011Expenses 2012: $2,735,0052012Revenue 2013: $3,062,955Expenses 2013: $2,778,819Net Income 2013: $284,1362013Revenue 2014: $3,463,776Expenses 2014: $2,891,165Net Income 2014: $572,6112014Revenue 2015: $3,889,821Expenses 2015: $3,087,091Net Income 2015: $802,7302015Revenue 2016: $4,119,340Expenses 2016: $3,300,483Net Income 2016: $818,8572016Revenue 2017: $4,315,315Expenses 2017: $3,551,601Net Income 2017: $763,7142017Revenue 2018: $4,927,158Expenses 2018: $3,962,294Net Income 2018: $964,8642018Revenue 2020: $6,645,965Expenses 2020: $6,110,173Net Income 2020: $535,7922020Revenue 2021: $7,452,149Expenses 2021: $6,363,188Net Income 2021: $1,088,9612021Revenue 2022: $10,094,883Expenses 2022: $7,465,282Net Income 2022: $2,629,6012022Revenue 2023: $13,588,268Expenses 2023: $9,796,563Net Income 2023: $3,791,7052023Revenue 2024: $15,003,309Expenses 2024: $12,208,649Net Income 2024: $2,794,6602024

Highlighted filing

2022

Revenue$10,094,883
Expenses$7,465,282
Net Income$2,629,601
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Mar 30, 2023
Return Version
2022v5.0
Gross Receipts
$10,094,883
Mission and Program Overview

Mission

Credit union - to provide services to approximately 20,399 members int he form of loans, savings, and other financial services.

Credit union - to provide financial services for its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$95,098,816$116,110,349▲ $21,011,533
Savings and Temporary Cash Investments$28,601,000$54,223,448▲ $25,622,448
Investments Other Securities$1,844,632$23,957,057▲ $22,112,425
Rtn Earn Endowment Incm Other Fnds$14,303,980$18,370,860▲ $4,066,880
Cash and Non-Interest-Bearing Accounts$70,892,219$14,804,531▼ $56,087,688
Land, Buildings, and Equipment, Net$3,934,482$3,930,557▼ $3,925
Cap Stk Tr Prin Current Funds$1,437,279--
Prepaid Expenses and Deferred Charges$784,652$1,102,876▲ $318,224
Total Assets$203,116,911$216,783,084▲ $13,666,173
Other Assets Total$1,961,110$2,654,266▲ $693,156
Liabilities
Other Liabilities$185,418,409$195,365,986▲ $9,947,577
Accounts Payable and Accrued Expenses$1,957,243$3,046,238▲ $1,088,995
Total Liabilities$187,375,652$198,412,224▲ $11,036,572
Net Assets / Fund Balance
Total Net Assets Fund Balance$15,741,259$18,370,860▲ $2,629,601
Total Liabilities and Net Assets / Fund Balance$203,116,911$216,783,084▲ $13,666,173

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,410,516$1,484,758$3,895,274
Land$904,463-$904,463
Other Securities$108,632--
Compensation and Service Providers
Top Officer Pay77th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joe FosterPresidentFT$200,000$75,514$275,514
Lorie McgovernEvpFT$135,000$51,631$186,631
David DanielVP LendingFT$107,500$15,734$123,234
Jessica RothellVP Mem ServiFT$107,500$6,613$114,113
Dina ThomasVP Acct ServFT$107,500$6,110$113,610

Board Members and Trustees

NameTitle
Lamar GaileyBoard Chairm
Bobby WhitlockBoard Member
Brian BatsonBoard Member
Dustin HulseyBoard Member
Garry McglaunBoard Member
Glenn JonesBoard Member
Randall TownleyBoard Member
Dianne GaddyBoard Secret
Linda NicholsonBoard Vice C
Anne MoonAudit COM Me
Eric WalesAudit COM Me
Jerome YarborughAudit COM Me
Willie JohnsonAudit COM Me
Jean FainAudit Comm M
Ravonne GreenBod Mem/aud
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$8,101,041
Investment Income
$1,640,019
Other Revenue
$353,823
Change in Net Assets
$2,629,601
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,992,434
Salaries, Compensation, and Employee Benefits$3,472,848
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$2,623,753-$2,623,753
Office Expenses-$1,467,162-$1,467,162
Occupancy-$461,141-$461,141
Other Employee Benefits-$421,186-$421,186
Interest-$229,532-$229,532
Pension Plan Contributions-$229,196-$229,196
Other Expenses-$211,136-$211,136
Payroll Taxes-$198,713-$198,713
All Other Expenses-$94,579-$94,579
Travel-$28,255-$28,255
Total Functional Expenses$0$7,465,282$0$7,465,282
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 Shares$108,916,892
Share Drafts$44,009,753
All Other Shares$42,439,341
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
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
Yes
Other officer compensation reviewed
Yes
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 every 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 15A

“The board of directors uses comparable data from credit union national association salary review.”

Form 990, Page 6, Part VI, Line 15B

“The board of directors uses comparable data from credit union national association salary review.”

Form 990, Page 6, Part VI, Line 19

“Finanical documents are posted in the credit union lobby by the 15th of the subsequent month.”

Filing and Contact Details

Filer

Filer Name
Mygeorgia Credit Union
EIN
58-1232957
Phone
7705344255
Address
2601 LIMESTONE PARKWAY, GAINESVILLE, GA 30501

Signing Officer

Name
Joe Foster
Title
President
Phone
7705344255
Signed
2023-03-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joe Foster
Formed
1971
Legal Domicile
Ga
Voting Board Members
11
Independent Board Members
10
Employees
63
Volunteers
15

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 1, Part I, Line 6

“Hours of service are related to duties of the board of directors and audit committee without compensation.”

Form 990, Part XI, Line 9

“Equity acquired in merger 0 due to rounding 0”

Raw XML AppendixShowing 400 of 492 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt4VP ACCT SERV
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IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13BOARD VICE C
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IRS990/Form990PartVIISectionAGrp/TitleTxt17AUDIT COM ME
IRS990/Form990PartVIISectionAGrp/TitleTxt18AUDIT COM ME
IRS990/Form990PartVIISectionAGrp/TitleTxt19AUDIT COM ME
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IRS990/LocalChaptersInd0true
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0true
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MiscellaneousRevenueGrp/RelatedOrExemptFuncIncomeAmt0-12739
IRS990/MiscellaneousRevenueGrp/TotalRevenueColumnAmt0-12739
IRS990/MissionDesc0CREDIT UNION - TO PROVIDE SERVICES TO APPROXIMATELY 21,252 MEMBERS INT HE FORM OF LOANS, SAVINGS, AND OTHER FINANCIAL SERVICES.
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetAssetsOrFundBalancesEOYAmt018370860
IRS990/NondeductibleContributionsInd0false
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IRS990/OccupancyGrp/TotalAmt0461141
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt01467162
IRS990/OfficeExpensesGrp/TotalAmt01467162
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt01961110
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IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt0421186
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IRS990/OtherExpensesGrp/Desc0PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc1PROFESSIONAL & OUTSIDE SE
IRS990/OtherExpensesGrp/Desc2LOAN SERVICING EXP
IRS990/OtherExpensesGrp/Desc3EDUCATION & PROMOTIONAL E
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0669500
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1444580
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2386549
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt3211136
IRS990/OtherExpensesGrp/TotalAmt0669500
IRS990/OtherExpensesGrp/TotalAmt1444580
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IRS990/OtherOrganizationDsc0CREDIT UNION
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IRS990/OtherRevenueMiscGrp/Desc1UBIT
IRS990/OtherRevenueMiscGrp/Desc2LOSS ON DISPOSITION OF FA
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IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt1-4986
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt117992
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt2-4986
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt017992
IRS990/OtherRevenueTotalAmt0353823
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt02623753
IRS990/OtherSalariesAndWagesGrp/TotalAmt02623753
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt0198713
IRS990/PayrollTaxesGrp/TotalAmt0198713
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt0229196
IRS990/PensionPlanContributionsGrp/TotalAmt0229196
IRS990/PoliciesReferenceChaptersInd0true
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0784652
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt01102876
IRS990/PrincipalOfficerNm0JOE FOSTER
IRS990/ProfessionalFundraisingInd0false
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IRS990/ProgramServiceRevenueGrp/Desc1FEE INCOME
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt12429465
IRS990/ProgSrvcAccomActy2Grp/Desc0THE CREDIT UNION PROVIDED A VARIETY OF DEPOSIT SERVICES FOR ITS MEMBERS.
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IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYInvestmentIncomeAmt0208723
IRS990/PYOtherExpensesAmt03257195
IRS990/PYOtherRevenueAmt0276164
IRS990/PYProgramServiceRevenueAmt06967262
IRS990/PYRevenuesLessExpensesAmt01088961
IRS990/PYSalariesCompEmpBnftPaidAmt03105993
IRS990/PYTotalExpensesAmt06363188
IRS990/PYTotalRevenueAmt07452149
IRS990/ReconcilationRevenueExpnssAmt02629601
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IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0true
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
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IRS990ScheduleD/LandGrp/BookValueAmt0904463
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0904463
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IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt1108632
IRS990ScheduleD/OtherSecuritiesGrp/Desc0ALL OTHER INVESTMENTS
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IRS990ScheduleD/TotalBookValueSecuritiesAmt023957057
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt141631
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1LORIE MCGOVERN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1EVP
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0HOURS OF SERVICE ARE RELATED TO DUTIES OF THE BOARD OF DIRECTORS AND AUDIT COMMITTEE WITHOUT COMPENSATION.
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 EVERY 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/ExplanationTxt6THE BOARD OF DIRECTORS USES COMPARABLE DATA FROM CREDIT UNION NATIONAL ASSOCIATION SALARY REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE BOARD OF DIRECTORS USES COMPARABLE DATA FROM CREDIT UNION NATIONAL ASSOCIATION SALARY REVIEW.

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$216,783,084
Liabilities
$198,412,224
Net assets
$18,370,860
Revenue
$10,094,883
Expenses
$7,465,282
Net income
$2,629,601
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$217$193$24.6$15.0$12.2$2.79
2023Detailed filing. Detailed filing data is available for this year.$209$186$22.1$13.6$9.80$3.79
2022Detailed filing. Detailed filing data is available for this year.$217$198$18.4$10.1$7.47$2.63
2021Detailed filing. Detailed filing data is available for this year.$203$187$15.7$7.45$6.36$1.09
2020Detailed filing. Detailed filing data is available for this year.$146$132$13.1$6.65$6.11$0.54
2018Summary only. Only limited summary data is available for this year.$86.2$78.1$8.11$4.93$3.96$0.96
2017Summary only. Only limited summary data is available for this year.$83.1$76.0$7.15$4.32$3.55$0.76
2016Detailed filing. Detailed filing data is available for this year.$76.2$69.8$6.38$4.12$3.30$0.82
2015Detailed filing. Detailed filing data is available for this year.$69.1$63.5$5.56$3.89$3.09$0.80
2014Detailed filing. Detailed filing data is available for this year.$59.0$54.3$4.76$3.46$2.89$0.57
2013Detailed filing. Detailed filing data is available for this year.$52.5$48.3$4.19$3.06$2.78$0.28
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$48.8$44.9$3.91$2.74
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$46.1$42.5$3.64$2.75