Lancaster Red Rose Credit Union
- Assets
- $62.9m
- Revenue
- $1.4m
- Investments
- $17.4m
- Employees
- 15
- Location
- Leola, PA
- Founding
- 09/1945
- Data as of
- 12/2021
- 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 12/2021, Lancaster Red Rose Credit Union employed 15 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 12/2021, Lancaster Red Rose Credit Union generated $1.4m 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 (7.9%) each year. All expenses for the organization totaled $1.8m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.2%) 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE CREDIT UNION IS ORGANIZED AND OPERATED TO PROMOTE THRIFT AMONG ITS MEMBERS AND TO CREATE A SOURCE OF LOW COST CREDIT
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LOANS TO MORE THAN 5,537 MEMBERS.
PROVIDE FINANCIAL STATEMENTS TO MORE THAN 5,537 MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kara E Vincent CEO | Officer | 45 | $95,000 |
C Michael Wetzel Chairman | Trustee | 1 | $0 |
James T O'brien Vice-Chairman | Trustee | 1 | $0 |
Lois M Murse Director | Trustee | 1 | $0 |
Ernest Doerschuk III Secretary & Tresurer | Trustee | 1 | $0 |
Myles Chasser Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Atm/debit/credit Card Services | 12/30/21 | $315,101 |
Bradford-scott Data Processing | 12/30/21 | $105,485 |
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 | $1,089,741 |
| Investment income | $320,062 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$5,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,412,692 |
| 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. | $115,300 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $366,012 |
| Pension plan accruals and contributions | $6,765 |
| Other employee benefits | $47,719 |
| Payroll taxes | $41,351 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,700 |
| Fees for services: Accounting | $10,932 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $13,165 |
| Office expenses | $421,513 |
| Information technology | $254,830 |
| Royalties | $0 |
| Occupancy | $84,004 |
| Travel | $8 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $132,285 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $35,099 |
| Insurance | $38,383 |
| All other expenses | $0 |
| Total functional expenses | $1,761,716 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $564,985 |
| Savings and temporary cash investments | $30,876,671 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $89,893 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,288,781 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $149,018 |
| Net Land, buildings, and equipment | $1,490,206 |
| Investments—publicly traded securities | $2,321,778 |
| Investments—other securities | $17,389,622 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $691,123 |
| Total assets | $62,862,077 |
| Accounts payable and accrued expenses | $129,852 |
| 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 | $57,346,734 |
| Total liabilities | $57,476,586 |
| 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 | $5,385,491 |
| Total liabilities and net assets/fund balances | $62,862,077 |
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