Harvard University Employees Credit Union

Organization Overview

Harvard University Employees Credit Union is located in Cambridge, MA. The organization was established in 1950. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Harvard University Employees Credit Union employed 155 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Harvard University Employees Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.

For the year ending 12/2021, Harvard University Employees Credit Union generated $42.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.5% each year. All expenses for the organization totaled $33.6m during the year ending 12/2021. While expenses have increased by 7.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Since 2020, Harvard University Employees Credit Union has awarded 31 individual grants totaling $437,150. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

PROVIDE CONVENIENT FINANCIAL AND PERSONAL SERVICES IN THE BEST INTEREST OF OUR MEMBERS, AS WELL AS EDUCATING OUR COMMUNITY ABOUT FINANCES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

HARVARD UNIVERSITY EMPLOYEES CREDIT UNION (THE "CREDIT UNION") IS A STATE-CHARTERED CREDIT UNION ORGANIZED UNDER THE PROVISIONS OF THE MASSACHUSETTS CREDIT UNION ACT. PARTICIPATION IN THE CREDIT UNION IS LIMITED TO THOSE INDIVIDUALS WHO QUALIFY FOR MEMBERSHIP. THE FIELD OF MEMBERSHIP IS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THE CREDIT UNION PROVIDES A VARIETY OF FINANCIAL SERVICES TO MEMBERS. ITS PRIMARY LENDING PRODUCTS ARE RESIDENTIAL REAL ESTATE AND CONSUMER LOANS AND ITS PRIMARY SHARE PRODUCTS ARE CHECKING, SAVINGS AND TERM CERTIFICATE ACCOUNTS. THE CREDIT UNION HAS OVER 50,000 MEMBERS. THE MEMBERSHIP IS PRIMARILY LIMITED TO THOSE EMPLOYEES, FACULTY, STUDENTS, AND ALUMNI OF HARVARD UNIVERSITY AND ITS AFFILIATED HOSPITALS.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Fiserv
Data Processing
$1,301,764
Pscu
Data Processing
$3,158,797
National Credit Union Administration
Deposit Insurance Premiums
$880,106
Alkamni Technology
Data Processing
$618,011
Diebold Nixdorf Incorporated
Atm Servicing
$383,630
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$36,887,045
Investment income $1,153,154
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $4,655,402
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $42,695,601

Grants Awarded

Over the last fiscal year, Harvard University Employees Credit Union has awarded $151,150 in support to 11 organizations.

Grant RecipientAmount

PHILLIPS BROOKS HOUSE ASSOCIATION

Org PageRecipient Profile

Cambridge, MA

PURPOSE: DONATION

$41,000

GREATER BOSTON FOOD BANK

Org PageRecipient Profile

Boston, MA

PURPOSE: DONATION

$17,500

Cambridge, MA

PURPOSE: DONATION

$16,000

SOMERVILLE HOMELESS COALITION

Org PageRecipient Profile

Somerville, MA

PURPOSE: DONATION

$12,900

CAMBRIDGE FAMILY & CHILDREN'S SERVICE

Org PageRecipient Profile

Cambridge, MA

PURPOSE: DONATION

$12,750

COALITION FOR THE HOMELESS

Org PageRecipient Profile

Lynn, MA

PURPOSE: DONATION

$11,500
View Grant Profile

Peer Organizations

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