In the last week, two large credit unions have announced major expansion plans.
According to the San Antonio Express News, Security Service Federal Credit Union (San Antonio, TX) announced plans to build a $120 million headquarters campus near its current main office. The credit union will build 250,000 square feet of space on 66 acres beginning in early 2015. On an initial 27-acre site, the credit union will construct an operations building, an amenities facility with food service, a gym and a 500-seat meeting center, and a parking structure.
Florida Today is reporting that Space Coast Credit Union (Melbourne, FL) is proposing a $30 million expansion of its Baytree corporate office complex. The credit union wants to build three new three-story office buildings totaling 144,344 square feet, as well as a four-story, 500-vehicle employee parking garage. Space Coast Credit Union currently has an 80,268-square-foot office building and a 5,189-square-foot bank branch at the Baytree site.
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Surely these locations are in areas to ensure the CU can meet thier core mission?
ReplyDeleteSurely, a gym and food service will also help meet the core mission....especially on the back of tax-payer subsidy
Employees of credit unions are supposed to be treated as second class employees? Not able to receive the same perks as any company of its size and scope just because of its tax status? Then Sub S banks better not provide any of the same benefits to its employees since those banks do not pay federal corporate taxes.
ReplyDeleteGuess folks that work without a gym are considered 2nd class. Hmmm,
DeleteOr, is it just that we seem to be past the original mission nut still enjoy the tax exemption?
Another confused Cuna voice heard from that doesn't understand the difference between tax paying sub s bank owners and cu "owners in name only".
You are a master at working CUNA into any conversation, despite the lack of topicality, but that's beside the point. Please show me where a company's tax status is tied to the benefits they can offer their employees. I'll save you some time, THEY'RE NOT. There are many non profit organizations, hospitals for example, that have onsite gym facilities and cafeterias. I even know of a few that sponsor events. Where's the outrage? Again, if you think YOUR credit union is past the original mission, please give up your tax exemption and convert to a bank.
Deletemaybe the cu with gym will open it up to all the modest means members
DeleteWhen the benefits to employees are elaborate and the entity that provides such benefits pays no taxes--the tax exempt status should be questioned by tax payers....and I as a tax payer thinks it needs to be addressed
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