Civic Intelligence

Credit Unions Chartered in The

990 • Fiscal year 2023 • EIN 62-0631391

Jan 01, 2023 to Dec 31, 2023 • Filed on May 02, 2024

Organization ProfileWWW.GATEWAYCREDITUNION.COM

View Organization Page

100 Otis Smith DriveClarksville, TN 37043

(931) 551-8271

Siviq Scores

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

Liabilities / Assets

92nd percentile

0.92x

Higher debt load relative to assets than 92% of similar nonprofits.

2023 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

31st percentile

14.60x

Higher debt load relative to revenue than 31% of similar nonprofits.

2023 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2023

Net Margin

20th percentile

2.1%

Higher net margin than 20% of similar nonprofits.

2023 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

42nd percentile

$74,619

Higher top officer pay than 42% of similar nonprofits.

Top officer pay equals 8.7% of source-year revenue.

2023 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2023

Asset Growth

75th percentile

0.8%

Faster asset growth than 75% of similar nonprofits.

2023 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

42nd percentile

17%

Faster revenue growth than 42% of similar nonprofits.

2023 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Up

$13,613,521

Up $111,211 (+0.8%) from 2022

Net Assets

Down

$1,050,828

Down $6,771 (-0.6%) from 2022

Liabilities

Up

$12,562,693

Up $117,982 (+0.9%) from 2022

Revenue And Expenses
Liabilities / Revenue31st percentileNet Margin20th percentile

Revenue

Up

$860,716

Up $127,728 (+17%) from 2022

Expenses

Up

$842,487

Up $188,047 (+29%) from 2022

Net Income

Down

$18,229

Down $60,319 (-77%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth75th percentile

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

$20M$15M$10M$5.0M$0Assets 2015: $11,417,690Liabilities 2015: $10,709,949Net Assets 2015: $707,7412015Assets 2016: $11,348,026Liabilities 2016: $10,592,790Net Assets 2016: $755,2362016Assets 2017: $11,078,284Liabilities 2017: $10,283,627Net Assets 2017: $794,6572017Assets 2018: $11,060,017Liabilities 2018: $10,199,954Net Assets 2018: $860,0632018Assets 2019: $11,712,350Liabilities 2019: $10,805,133Net Assets 2019: $907,2172019Assets 2020: $12,043,351Liabilities 2020: $11,092,449Net Assets 2020: $950,9022020Assets 2021: $13,204,732Liabilities 2021: $12,225,682Net Assets 2021: $979,0502021Assets 2022: $13,502,310Liabilities 2022: $12,444,711Net Assets 2022: $1,057,5992022Assets 2023: $13,613,521Liabilities 2023: $12,562,693Net Assets 2023: $1,050,8282023Assets 2024: $14,550,735Liabilities 2024: $13,026,552Net Assets 2024: $1,524,1832024Assets 2025: $15,675,927Liabilities 2025: $14,345,084Net Assets 2025: $1,330,8432025

Highlighted filing

2023

Assets$13,613,521
Liabilities$12,562,693
Net Assets$1,050,828
Open 2023 Filing

Operations Trend

Revenue Growth42nd percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2015: $722,494Expenses 2015: $675,060Net Income 2015: $47,4342015Revenue 2016: $678,410Expenses 2016: $630,915Net Income 2016: $47,4952016Revenue 2017: $656,684Expenses 2017: $617,262Net Income 2017: $39,4222017Revenue 2018: $711,264Expenses 2018: $645,858Net Income 2018: $65,4062018Revenue 2019: $724,217Expenses 2019: $677,063Net Income 2019: $47,1542019Revenue 2020: $729,441Expenses 2020: $685,756Net Income 2020: $43,6852020Revenue 2021: $684,852Expenses 2021: $656,704Net Income 2021: $28,1482021Revenue 2022: $732,988Expenses 2022: $654,440Net Income 2022: $78,5482022Revenue 2023: $860,716Expenses 2023: $842,487Net Income 2023: $18,2292023Revenue 2024: $1,000,103Expenses 2024: $899,568Net Income 2024: $100,5352024Revenue 2025: $1,049,417Expenses 2025: $1,242,757Net Income 2025: -$193,3402025

Highlighted filing

2023

Revenue$860,716
Expenses$842,487
Net Income$18,229
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
May 2, 2024
Return Version
2023v5.0
Gross Receipts
$860,716
Mission and Program Overview

Mission

Credit union-to provide services for approximately 2,172 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$9,243,509$9,130,414▼ $113,095
Savings and Temporary Cash Investments-$1,575,000-
Cash and Non-Interest-Bearing Accounts$626,992$1,401,232▲ $774,240
Land, Buildings, and Equipment, Net$912,417$917,051▲ $4,634
Cap Stk Tr Prin Current Funds$623,752$623,752→ $0
Rtn Earn Endowment Incm Other Fnds$433,847$427,076▼ $6,771
Investments Other Securities$2,469,603$85,603▼ $2,384,000
Prepaid Expenses and Deferred Charges$98,201$74,747▼ $23,454
Total Assets$13,502,310$13,613,521▲ $111,211
Other Assets Total$151,588$429,474▲ $277,886
Liabilities
Other Liabilities$12,292,031$12,402,082▲ $110,051
Accounts Payable and Accrued Expenses$152,680$160,611▲ $7,931
Total Liabilities$12,444,711$12,562,693▲ $117,982
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,057,599$1,050,828▼ $6,771
Total Liabilities and Net Assets / Fund Balance$13,502,310$13,613,521▲ $111,211

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$438,012$226,547$664,559
Land$410,000-$410,000
Equipment$69,039$331,688$400,727
Compensation and Service Providers
Top Officer Pay42nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Annette PasseCEOFT$71,927$2,692$74,619

Board Members and Trustees

NameTitle
James Corey WattsBoard Chairm
Diana MaxsonBoard Member
James Duncan WilliamsBoard Member
Robert MillerBoard Member
Sandra WallaceBoard Secret
Deanna AkinBoard Treasu
Michael LongBoard Vice C
Barbara HallSupervisory
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$727,540
Investment Income
$103,570
Other Revenue
$29,606
Change in Net Assets
$18,229
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$542,741
Salaries, Compensation, and Employee Benefits$299,746
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$269,239-$269,239
Office Expenses-$171,176-$171,176
Interest-$60,567-$60,567
Occupancy-$55,926-$55,926
Payroll Taxes-$20,645-$20,645
All Other Expenses-$11,246-$11,246
Other Expenses-$10,278-$10,278
Other Employee Benefits-$9,862-$9,862
Conferences and Meetings-$4,030-$4,030
Total Functional Expenses$0$842,487$0$842,487
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$5,592,518
All Other Shares$4,057,044
Share Drafts$2,752,520
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
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 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 manager reviews the form 990. 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
Gateway Credit Union
EIN
62-0631391
Phone
9315518271
Address
100 OTIS SMITH DRIVE, CLARKSVILLE, TN 37043

Signing Officer

Name
Annette Passe
Title
CEO
Phone
9315518271
Signed
2024-05-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Annette Passe
Formed
1959
Legal Domicile
Tn
Voting Board Members
7
Independent Board Members
7
Employees
8
Volunteers
8

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 supervisory committee without compensation.”

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

“The credit union had no unrelated income.”

Form 990, Part XI, Line 9

“Due to rounding 0 due to rounding 0 acct adj - cecl -25,000 total -25,000”

Form 990, Part XII

“Annual agreed upon procedures are performed by an independent auditor.”

Raw XML Appendix368 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/TitleTxt0CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt1BOARD CHAIRM
IRS990/Form990PartVIISectionAGrp/TitleTxt2BOARD SECRET
IRS990/Form990PartVIISectionAGrp/TitleTxt3BOARD TREASU
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD VICE C
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
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IRS990ScheduleD/BuildingsGrp/BookValueAmt0438012
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0226547
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0664559
IRS990ScheduleD/EquipmentGrp/BookValueAmt069039
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0331688
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0400727
IRS990ScheduleD/LandGrp/BookValueAmt0410000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0410000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt05592518
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt14057044
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt22752520
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0REGULAR SHARES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1ALL OTHER SHARES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2SHARE DRAFTS
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0917051
IRS990ScheduleD/TotalLiabilityAmt012402082
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0HOURS OF SERVICE ARE RELATED TO DUTIES OF THE BOARD OF DIRECTORS AND SUPERVISORY COMMITTEE WITHOUT COMPENSATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CREDIT UNION HAD NO UNRELATED INCOME.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE CREDIT UNION IS OWNED BY THE MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE 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/ExplanationTxt4SOME DECISIONS MADE BY THE BOARD OF DIRECTORS ARE AFFIRMED BY THE MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE MANAGER REVIEWS THE FORM 990. THE FORM 990 IS AVAILABLE FOR REVIEW BY THE BOARD OF DIRECTORS UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE BOARD OF DIRECTORS MONITOR AND ENFORCE THE CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7FINANCIAL DOCUMENTS ARE POSTED IN THE CREDIT UNION LOBBY BY THE 15TH OF THE SUBSEQUENT MONTH.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8DUE TO ROUNDING 0 DUE TO ROUNDING 0 ACCT ADJ - CECL -25,000 TOTAL -25,000
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9ANNUAL AGREED UPON PROCEDURES ARE PERFORMED BY AN INDEPENDENT AUDITOR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 1, PART I, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 5, PART V, LINE 3B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART XI, LINE 9
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9FORM 990, PART XII
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt013502310
IRS990/TotalAssetsEOYAmt013613521
IRS990/TotalAssetsGrp/BOYAmt013502310
IRS990/TotalAssetsGrp/EOYAmt013613521
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IRS990/TotalEmployeeCnt08
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0842487
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0842487
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt012444711
IRS990/TotalLiabilitiesEOYAmt012562693
IRS990/TotalLiabilitiesGrp/BOYAmt012444711
IRS990/TotalLiabilitiesGrp/EOYAmt012562693
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01057599
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01050828
IRS990/TotalOtherCompensationAmt02692
IRS990/TotalProgramServiceExpensesAmt0842487
IRS990/TotalProgramServiceRevenueAmt0727540
IRS990/TotalReportableCompFromOrgAmt071927
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0860716
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0860716
IRS990/TotalVolunteersCnt08
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt013502310
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt013613521
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0100 OTIS SMITH DRIVE
IRS990/USAddress/CityNm0CLARKSVILLE
IRS990/USAddress/StateAbbreviationCd0TN
IRS990/USAddress/ZIPCd0370438939
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.GATEWAYCREDITUNION.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0ANNETTE PASSE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum09315518271
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-05-02
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0GATEWAY CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0GATE
ReturnHeader/Filer/EIN0620631391
ReturnHeader/Filer/PhoneNum09315518271
ReturnHeader/Filer/USAddress/AddressLine1Txt0100 OTIS SMITH DRIVE
ReturnHeader/Filer/USAddress/CityNm0CLARKSVILLE
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ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0202711127
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CU AUDIT & COMPLIANCE GROUP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt03692 COOLIDGE CT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0TALLAHASSEE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0323117890
ReturnHeader/PreparerPersonGrp/PhoneNum02054372176
ReturnHeader/PreparerPersonGrp/PreparationDt02024-05-06
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0AMANDA ONKST
ReturnHeader/ReturnTs02024-05-06T11:14:53-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0ANNETTE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0PASSE
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$13,613,521
Liabilities
$12,562,693
Net assets
$1,050,828
Revenue
$860,716
Expenses
$842,487
Net income
$18,229
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$15.7$14.3$1.33$1.05$1.24$0.19
2024Detailed filing. Detailed filing data is available for this year.$14.6$13.0$1.52$1.00$0.90$0.10
2023Detailed filing. Detailed filing data is available for this year.$13.6$12.6$1.05$0.86$0.84$0.02
2022Detailed filing. Detailed filing data is available for this year.$13.5$12.4$1.06$0.73$0.65$0.08
2021Detailed filing. Detailed filing data is available for this year.$13.2$12.2$0.98$0.68$0.66$0.03
2020Detailed filing. Detailed filing data is available for this year.$12.0$11.1$0.95$0.73$0.69$0.04
2019Detailed filing. Detailed filing data is available for this year.$11.7$10.8$0.91$0.72$0.68$0.05
2018Detailed filing. Detailed filing data is available for this year.$11.1$10.2$0.86$0.71$0.65$0.07
2017Detailed filing. Detailed filing data is available for this year.$11.1$10.3$0.79$0.66$0.62$0.04
2016Detailed filing. Detailed filing data is available for this year.$11.3$10.6$0.76$0.68$0.63$0.05
2015Summary only. Only limited summary data is available for this year.$11.4$10.7$0.71$0.72$0.68$0.05