Armco Credit Union
- Assets
- $532.2m
- Revenue
- $25.1m
- Investments
- $2.3m
- Employees
- 101
- Location
- Butler, PA
- Founding
- Data as of
- 12/2023
- EIN
- 25-1113410
Organization Overview
Armco Credit Union is located in Butler, PA. As of 12/2023, Armco Credit Union employed 101 individuals. Armco 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 12/2023, Armco Credit Union generated $25.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.7% each year . All expenses for the organization totaled $19.7m during the year ending 12/2023. While expenses have increased by 11.7% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CREDIT UNION IS AN ASSOCIATION OF MEMBERS DEDICATED TO SERVICING MEMBERS'FINANCIAL NEEDS THROUGH THE PROVISION OF SAVINGS ACCOUNTS, LOANS, AND OTHER FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS ACHIEVED STEADY GROWTH IN ASSETS AND MEMBERSHIP THROUGH OFFERING VARIOUS FINANCIAL VEHICLES AND OPPORTUNTITIES TO ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sarah Rattigan Board Member | Trustee | 1 | $0 |
David E Hilliard Board Member | Trustee | 1 | $0 |
Victoria Hinterberger Board Member | Trustee | 1 | $0 |
Matthew J Stewart Board Member | Trustee | 1 | $0 |
Ian D Ferguson Board Member | Trustee | 1 | $0 |
Lori E Altman Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates Inc Computer Software | 12/30/23 | $315,085 |
Financial Dimensions Inc Appraisal Services | 12/30/23 | $143,925 |
Diebold Atm Services | 12/30/23 | $132,880 |
Nature's Reflection Landscape Landscaping | 12/30/23 | $102,431 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $16 |
| 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 | $16 |
| Total Program Service Revenue | $23,955,040 |
| Investment income | $1,177,454 |
| 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 | $25,147,926 |
| 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. | $612,218 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,738,904 |
| Pension plan accruals and contributions | $146,596 |
| Other employee benefits | $1,394,460 |
| Payroll taxes | $420,323 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $65,521 |
| Fees for services: Accounting | $50,424 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,699,097 |
| Advertising and promotion | $214,988 |
| Office expenses | $207,899 |
| Information technology | $706,189 |
| Royalties | $0 |
| Occupancy | $446,597 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,783 |
| Interest | $5,105,086 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $498,206 |
| Insurance | $77,685 |
| All other expenses | $283,344 |
| Total functional expenses | $19,737,356 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,362,652 |
| Savings and temporary cash investments | $47,036,373 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $928,924 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $451,427,439 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $489,859 |
| Net Land, buildings, and equipment | $12,257,748 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,323,453 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,422,705 |
| Total assets | $532,249,153 |
| Accounts payable and accrued expenses | $973,221 |
| Grants payable | $0 |
| Deferred revenue | $545,750 |
| 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 | $456,829,130 |
| Total liabilities | $458,348,101 |
| 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 | $73,901,052 |
| Total liabilities and net assets/fund balances | $532,249,153 |