Civic Intelligence

Transcend Credit Union

EIN 61-0360420 • 501(c)14 • Louisville, KY

Profile

The purpose of this credit union shall be to promote thrift and to provide credit for its members.

Refreshing map…

3740 Bardstown RoadLouisville, KY 40218

www.transcendcu.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

21st percentile

0.87x

Higher debt load relative to assets than 21% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

50th percentile

15.31x

Higher debt load relative to revenue than 50% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Source year 2024

Net Margin

66th percentile

14%

Higher net margin than 66% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

76th percentile

$1,227,505

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 4.0% of source-year revenue.

$250M-$1B nonprofits • Source year 2024

Asset Growth

51st percentile

2.9%

Faster asset growth than 51% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Annualized from 2022 to 2024

Revenue Growth

83rd percentile

25%

Faster revenue growth than 83% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Annualized from 2022 to 2024

Assets

Up

$540,184,102

Up $30,063,053 (+5.9%) from 2022

Liabilities

Up

$471,607,795

Up $20,715,518 (+4.6%) from 2022

Net Assets

Up

$68,576,307

Up $9,347,535 (+16%) from 2022

Revenue

Up

$30,810,736

Up $11,000,425 (+56%) from 2022

Expenses

Up

$26,570,337

Up $9,792,038 (+58%) from 2022

Net Income

Up

$4,240,399

Up $1,208,387 (+40%) from 2022

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$600M$400M$200M$0Assets 2016: $387,192,991Liabilities 2016: $343,558,721Net Assets 2016: $43,634,2702016Assets 2017: $393,266,738Liabilities 2017: $346,879,702Net Assets 2017: $46,387,0362017Assets 2018: $412,896,962Liabilities 2018: $363,412,905Net Assets 2018: $49,484,0572018Assets 2020: $462,595,964Liabilities 2020: $406,988,342Net Assets 2020: $55,607,6222020Assets 2021: $487,024,180Liabilities 2021: $428,490,495Net Assets 2021: $58,533,6852021Assets 2022: $510,121,049Liabilities 2022: $450,892,277Net Assets 2022: $59,228,7722022Assets 2024: $540,184,102Liabilities 2024: $471,607,795Net Assets 2024: $68,576,3072024

Highlighted filing

2024

Assets$540,184,102
Liabilities$471,607,795
Net Assets$68,576,307

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$40M$30M$20M$10M$0Revenue 2016: $19,073,242Expenses 2016: $16,757,032Net Income 2016: $2,316,2102016Revenue 2017: $19,725,523Expenses 2017: $16,954,330Net Income 2017: $2,771,1932017Revenue 2018: $20,958,735Expenses 2018: $17,848,003Net Income 2018: $3,110,7322018Revenue 2020: $20,170,536Expenses 2020: $17,896,615Net Income 2020: $2,273,9212020Revenue 2021: $18,903,367Expenses 2021: $16,251,679Net Income 2021: $2,651,6882021Revenue 2022: $19,810,311Expenses 2022: $16,778,299Net Income 2022: $3,032,0122022Revenue 2024: $30,810,736Expenses 2024: $26,570,337Net Income 2024: $4,240,3992024

Highlighted filing

2024

Revenue$30,810,736
Expenses$26,570,337
Net Income$4,240,399

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 7, 2025
Return Version
2024v5.1
Gross Receipts
$30,810,736
Mission and Program Overview

Mission

The purose of this credit union shall be to promote thrift and to provide credit for its members.

The purpose of this credit union shall be to promote thrift and to provide credit to its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$366,619,821$383,789,775▲ $17,169,954
Rtn Earn Endowment Incm Other Fnds$63,832,473$68,576,307▲ $4,743,834
Cash and Non-Interest-Bearing Accounts$39,123,018$44,589,335▲ $5,466,317
Savings and Temporary Cash Investments$32,736,000$43,888,000▲ $11,152,000
Investments in Publicly Traded Securities$51,487,581$37,105,973▼ $14,381,608
Land, Buildings, and Equipment, Net$13,513,177$13,340,062▼ $173,115
Accounts Receivable$3,357,249$5,160,641▲ $1,803,392
Prepaid Expenses and Deferred Charges$4,314,401$3,998,329▼ $316,072
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Loans From Officers Directors$0$0→ $0
Total Assets$519,269,898$540,184,102▲ $20,914,204
Other Assets Total$8,118,651$8,311,987▲ $193,336
Liabilities
Other Liabilities$420,628,610$438,301,910▲ $17,673,300
Mortgage Notes Payable Secured by Investment Property$30,111,636$28,111,710▼ $1,999,926
Accounts Payable and Accrued Expenses$4,697,179$5,194,175▲ $496,996
Total Liabilities$455,437,425$471,607,795▲ $16,170,370
Net Assets / Fund Balance
Total Net Assets Fund Balance$63,832,473$68,576,307▲ $4,743,834
Total Liabilities and Net Assets / Fund Balance$519,269,898$540,184,102▲ $20,914,204

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$7,716,043$3,381,526$11,097,569
Equipment$1,178,068$5,873,731$7,051,799
Land$4,347,162-$4,347,162
Leasehold Improvements$98,789$105,290$204,079
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Richard ReesePresident/CEOFT$630,308$597,197$1,227,505
Vickie ShellenbergExecutive Vice PresidentFT$260,965$171,041$432,006
Branden BledsoeSVP/OperationsFT$217,138$85,072$302,210
Matthew LancasterVP/finance and ControllerFT$178,260$74,812$253,072
Matthew HolbrookChief Lending OfficerFT$181,112$46,265$227,377
James StopherChief Retail Banking OfficerFT$135,586$54,833$190,419
Charles NewmanDirector of ItFT$140,378$37,250$177,628
Melissa EskewChief Administration OfficerFT$127,094$34,784$161,878
Paula JacksonDirector of Human ResourcesFT$127,948$16,351$144,299

Board Members and Trustees

NameTitle
Mark BookerChair
Richard DowdellVice Chair
Cindy HallBoard Member
Cora BrownBoard Member
DOUG O'CONNELLBoard Member
Kevin RobertsBoard Member
Vanessa HaulkBoard Member
Jackie WhiteSecretary
Sheryl DistlerTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Jack Henry & Associates INCSoftware Core ProcessorPO BOX 609, Monett, MO 65708$638,414
Qsi INCCash Recyclers & Atm107 SCHULER DR, Bardstown, KY 40004$328,916
Matrix Integration LLCComputer Network Maintenance417 MAIN ST, Jasper, IN 47546$199,287
Level 3 CommunicationsCommunications Service ProviderPO BOX 910182, Denver, CO 80291-0182$154,407
Matly Digital Solutions LLCPrint Marketing3432 PRESTON HWY, Louisville, KY 40213$129,728
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$25,104,934
Investment Income
$5,305,905
Other Revenue
$399,897
Change in Net Assets
$4,240,399

Audited Revenue Reconciliation

Revenue per Audited Statements
$30,810,736
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$32,687
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$30,843,423
Total Revenue per Form 990
$30,810,736
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$18,770,072
Salaries, Compensation, and Employee Benefits$7,785,067
Grants and Similar Amounts Paid$15,198
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest---$11,100,671
Other Salaries and Wages---$4,463,593
Current Officers, Directors, Trustees, and Key Employees---$1,883,133
Occupancy---$852,469
Information Technology---$745,748
Pension Plan Contributions---$608,275
Depreciation Depletion---$582,444
Office Expenses---$569,719
Advertising---$529,138
Other Employee Benefits---$437,793
Payroll Taxes---$392,273
Fees for Services Other---$210,909
Conferences and Meetings---$96,362
Fees for Services Accounting---$87,000
Fees for Services Legal---$60,733
Travel---$37,954
Other Expenses---$28,707
Grants to Domestic Orgs---$15,198
Total Functional Expenses$0$0$0$26,570,337

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$26,570,337
Total Expenses per Audited Statements$26,570,337
Total Expenses per Form 990$26,570,337
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
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
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Miscellaneous Liabilities$437,747,624
Members Share and Deposits$448,781
Federal Income Taxes$105,505
Lease Liability-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 1A Delegate broad authority to A committee

The Board may appoint an executive committee consisting of not less than three (3) directors. Subject to any limitations or conditions prescribed by the Board or otherwise set forth in KRS Chapter 286.6 and applicable laws governing nonprofit corporations, the executive committee may be authorized to act for the Board in any capacity the Board may otherwise act. The Board may authorize other committees to transact specified business on their behalf; this authority is limited to the scope and parameters set by the Board and must be clearly stated at the onset of the assignment.

Form 990, Part VI, Line 6 Classes of members or stockholders

The credit union shall have members. A person shall not be eligible for membership unless they satisfy the field of membership requirements set forth herein. The field of membership of this credit union is limited to: Bullitt, Henry, Jefferson, Oldham, Shelby, Spencer, Trimble, Daviess, Anderson, Franklin, Woodford, Mercer, Boyle, Lincoln, Garrard, Jessamine, Fayette, Scott, Harrison, Bourbon, Nicholas, Clark, Madison, Powell, and Estill Counties, in Kentucky.

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

The initial board of directors shall be selected by the subscribers to the Articles of Incorporation of the credit union and shall serve until the first annual meeting of members or until the election of their successors, whichever is later. All subsequent directors shall be elected by the members at the annual meeting.

Form 990, Part VI, Line 11B Review of form 990 by governing body

The form 990 is prepared by an outside accounting firm and reviewed by the vp/cfo prior to providing a copy to the remainder of the board. After review and discussion &/or questions and corrections, the complete and final form 990 is efiled.

Form 990, Part VI, Line 12C Conflict of interest policy

The organization has an annual form to disclose all conflicts of interest for each board member to complete. The organization also has a form to complete throughout the year as applicable.

Form 990, Part VI, Line 15A Process to establish compensation of top management official

The compensation of the president/ceo is determined on an annual basis. The compensation was reviewed and approved by the board of directors. Prior to making its determination, the board of directors obtained and relied upon a study conducted by d. Hilton associates, inc. , which is determined to be appropriate data as to comparability. The basis for determination was adequately documented in the minutes.

Form 990, Part VI, Line 19 Required documents available to the public

The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Transcend Credit Union
EIN
61-0360420
Phone
5024593000
Address
3740 Bardstown Road, Louisville, KY 40218

Signing Officer

Name
Matthew Lancaster
Title
VP/CFO
Phone
5024593000
Signed
2025-10-07
Discuss with paid preparer
Yes

Organization Details

Formed
1934
Legal Domicile
Ky
Voting Board Members
9
Independent Board Members
9
Employees
83
Volunteers
15

Preparer

Firm
Crowe Llp
Address
4801 Olympia Park Plaza Suite 4000, Louisville, KY 40241-2098
Preparer
Rachel Spurlock
Phone
5023263996
Supplemental Narrative

Additional Explanations

Form 990, Part IV, Line 9 CREDIT COUNSELING (FREE)

The filing organization provides free credit counseling to all members.

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

Cumulative effect of change in accounting principles - 470748;

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

The Credit Union is exempt from most federal, state, and local taxes under the provisions of the Internal Revenue Code and state tax laws. However, the Credit Union is subject to unrelated business income tax. The Income Taxes Topic of the FASB ASC clarifies accounting for uncertainty in income taxes reported in the financial statements. The interpretation provides criteria for assessment of individual tax positions and a process for recognition and measurement of uncertain tax positions. Tax positions are evaluated on whether they meet the "more likely than not" standard for sustainability on examination by tax authorities. Management has determined there are no material uncertain tax positions.

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