Diamond Credit Union
- Assets
- $950.6m
- Revenue
- $46.6m
- Investments
- $244.4m
- Employees
- 221
- Location
- Pottstown, PA
- Founding
- Data as of
- 12/2022
- EIN
- 23-1320654
Organization Overview
Diamond Credit Union is located in Pottstown, PA. As of 12/2022, Diamond Credit Union employed 221 individuals. Diamond 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 12/2022, Diamond Credit Union generated $46.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $41.0m during the year ending 12/2022. While expenses have increased by 5.8% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THIS CREDIT UNION IS TO PROMOTE THRIFT AMONG ITS MEMBERS BY AFFORDING THEM AN OPPORTUNITY TO ACCUMULATE THEIR SAVINGS, AND TO CREATE FOR THEM A SOURCE OF CREDIT FOR PROVIDENT OR PRODUCTIVE PURPOSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNIONS ARE COOPERATIVE SAVINGS AND CREDIT ASSOCIATIONS INCORPORATED FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS 65,417 MEMBERS, CREATING A SOURCE OF CREDIT FOR SUCH MEMBERS AT REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Faust President/ceo | Officer | 50 | $1,433,451 |
Rick Patel President/ceo | Officer | 50 | $480,035 |
Lori Levengood Sr Vp/clo | 45 | $448,430 | |
Todd Rothenberger Sr Vp/chief Marketing Offi | 45 | $436,410 | |
Adam Hartzell Financial Advisor | 45 | $390,998 | |
James Daly III Vp/cio | 45 | $251,825 |
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 | $32,788,164 |
| Investment income | $3,342,744 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$409,892 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $46,587,819 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,528 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,989,555 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,569,068 |
| Pension plan accruals and contributions | $1,583,779 |
| Other employee benefits | $1,988,040 |
| Payroll taxes | $1,087,248 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $182,482 |
| Fees for services: Accounting | $64,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,283,679 |
| Advertising and promotion | $724,136 |
| Office expenses | $4,095,631 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,608,361 |
| Travel | $113,718 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,259,334 |
| Insurance | $180,562 |
| All other expenses | $371,106 |
| Total functional expenses | $41,003,562 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,990,831 |
| Savings and temporary cash investments | $77,426,141 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $558,278,820 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,857,280 |
| Net Land, buildings, and equipment | $20,278,613 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $244,419,249 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $40,381,245 |
| Total assets | $950,632,179 |
| Accounts payable and accrued expenses | $12,280,519 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $859,013,834 |
| Total liabilities | $871,294,353 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $79,337,826 |
| Total liabilities and net assets/fund balances | $950,632,179 |