Lancaster Red Rose Credit Union
- Assets
- $59.8m
- Revenue
- $1.7m
- Investments
- $19.1m
- Employees
- 14
- Location
- Leola, PA
- Founding
- 09/1945
- Data as of
- 12/2022
- EIN
- 23-1343877
Organization Overview
Lancaster Red Rose Credit Union is located in Leola, PA. The organization was established in 1945. 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 12/2022, Lancaster Red Rose Credit Union employed 14 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Lancaster Red Rose 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, Lancaster Red Rose Credit Union generated $1.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.6%) each year. All expenses for the organization totaled $1.9m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.9%) per year over the past 7 years. 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
ORGANIZED AND OPERATED TO PROMOTE THRIFT AMONG ITS MEMBERS AND A SOURCE OF LOW COST CREDIT
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LOANS TO MORE THAN 5,104 MEMBERS.
PROVIDE FINANCIAL STATEMENTS TO MORE THAN 5,104 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
C Michael Wetzel Chairman | Trustee | 1 | $0 |
James T O'brien Vice-Chairman | Trustee | 1 | $0 |
Ernest Doerschuk III Secretary & Tresurer | Trustee | 1 | $0 |
Lois M Murse Director | Trustee | 1 | $0 |
Myles Chasser Till December 2022 Director | Trustee | 1 | $0 |
Kara E Vincent CEO | Officer | 45 | $95,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Atm/debit/credit Card Services | 12/30/22 | $335,727 |
Omega Systems It Network Support | 12/30/22 | $154,869 |
Bradford-scott Data Processing | 12/30/22 | $101,872 |
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 | $1,063,778 |
| Investment income | $652,042 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,715,820 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $117,966 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $313,694 |
| Pension plan accruals and contributions | $10,974 |
| Other employee benefits | $40,694 |
| Payroll taxes | $39,224 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,206 |
| Fees for services: Accounting | $15,968 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $19,355 |
| Office expenses | $389,472 |
| Information technology | $293,101 |
| Royalties | $0 |
| Occupancy | $20,080 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $118,105 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $64,322 |
| Insurance | $42,733 |
| All other expenses | $11,207 |
| Total functional expenses | $1,884,788 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $445,141 |
| Savings and temporary cash investments | $25,267,021 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $63,936 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $11,142,005 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $103,944 |
| Net Land, buildings, and equipment | $1,427,525 |
| Investments—publicly traded securities | $1,507,162 |
| Investments—other securities | $19,131,622 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $676,494 |
| Total assets | $59,764,850 |
| Accounts payable and accrued expenses | $185,245 |
| 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 | $54,514,046 |
| Total liabilities | $54,699,291 |
| 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 | $5,065,559 |
| Total liabilities and net assets/fund balances | $59,764,850 |