Forum Credit Union

Forum Credit Union Overview

Forum Credit Union is located in Indianapolis, IN. The organization was established in 1969. 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 12/2019, Forum Credit Union employed 443 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Forum 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 12/2019, Forum Credit Union generated $84.0m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $74.3m during the year ending 12/2019. While expenses have increased by 7.5% per year over the past 5 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2019

Describe the Organization's Mission:

Part 3 - Line 1

FORUM CREDIT UNION'S MISSION IS TO BE AN INNOVATIVE, DYNAMIC, RESPONSIVE FINANCIAL SERVICES ORGANIZATION THAT PROVIDES PRODUCTS AND SERVICES THAT CREATE VALUE FOR ITS MEMBERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

PROVIDING LOW COST CREDIT FOR MEMBERS IS THE BASIC FUNCTION OF A CREDIT UNION. THE COOPERATIVE NATURE OF THE CREDIT UNION ALLOWS FOR MARKET LENDING RATES TO BE OFFERED FOR MORTGAGE LOANS, HOME EQUITY LOANS AND PERSONAL LOANS. IN ADDITION, FORUM WORKS CLOSELY WITH THE FHA AND OTHER HOME OWNERSHIP ORGANIZATIONS TO HELP CONSUMERS REALIZE THE DREAM OF OWNING A HOME. FORUM ORIGINATED OVER $774 MILLION IN LOANS THIS YEAR IN ITS EFFORTS TO MEET THE MEMBERS' LENDING NEEDS.


TO PROMOTE THRIFT AND RESPONSIBLE USE OF CREDIT WITHIN THE MEMBERSHIP, FORUM PROVIDES SEVERAL FINANCIAL EDUCATION OPPORTUNITIES INCLUDING FINANCIAL LITERACY CONTENT ON THE WEBSITE, FINANCIAL LITERACY VIDEOS, FINANCIAL SEMINARS, ONLINE BUDGETING TOOLS, IN BRANCH ACTIVITIES AND PROMOTIONS GEARED TO FINANCIAL EDUCATION. IN ADDITION, FORUM PROVIDES A VARIETY OF INNOVATIVE SAVINGS ACCOUNTS DESIGNED TO ENCOURAGE SYSTEMATIC SAVINGS WHICH HAS GENERATED OVER $19 MILLION IN PERSONAL SAVINGS.


FORUM PROVIDES LENDING AND DEPOSITORY SERVICES FOR SMALL BUSINESS OWNERS. FORUM OFFERS SEVERAL TYPES OF COMMERCIAL LOANS INCLUDING SEVERAL OF THE SMALL BUSINESS ADMINISTRATION (SBA) LOANS TO HELP SMALL BUSINESS OWNERS GROW THEIR BUSINESSES. MOST PROMINENT IS THE SBA 504 PROGRAM WHICH IS DESIGNED TO HELP SMALL BUSINESS OWNERS PURCHASE REAL ESTATE FOR THEIR BUSINESS ACTIVITIES. FORUM CURRENTLY WORKS WITH OVER 3,350 SMALL BUSINESS OWNERS PROVIDING A VARIETY OF PRODUCTS AND SERVICES.


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Forum Credit Union Vendors

Vendor Name (Service)Compensation
Avtex Solutions
Technology Services
$431,428
Bradley Company Llc
Property Management
$377,413
Appraiservendorcom Llc
Appraisal Services
$259,650
Office Works Llc
Office Equipment Provider
$236,337
Church Church Hittle & Antrim
Legal Services
$330,754
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$78,372,743
Investment income $3,817,933
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income -$171,825
Net Gain/Loss on Asset Sales $38,992
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $84,015,212

Forum Credit Union Peer Organizations

Organization NameAssets
Ih Mississippi Valley Credit Union
Moline, IL
$95,764,953
Consumers Cooperative Credit Union
Gurnee, IL
$86,644,006
Forum Credit Union
Indianapolis, IN
$84,015,212
Department Of Financial Institution Division Of Credit Unions In Ind
Columbus, IN
$83,495,107
Commonwealth Credit Union
Frankfort, KY
$81,263,726
Scott Credit Union
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$68,652,150
Interra Credit Union
Goshen, IN
$67,652,585
Credit Union 1
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$59,629,366
Park Community Credit Union Inc
Louisville, KY
$55,059,990
Beacon Credit Union
Wabash, IN
$54,449,737
Great Lakes Credit Union
Bannockburn, IL
$47,845,545
Deere Employees Credit Union
Moline, IL
$51,717,341

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