Beacon Credit Union

Organization Overview

Beacon Credit Union is located in Wabash, IN. The organization was established in 2019. 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, Beacon Credit Union employed 362 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Beacon 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, Beacon Credit Union generated $47.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $41.8m during the year ending 12/2021. While expenses have increased by 3.3% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

THIS ORGANIZATION IS A CREDIT UNION EXEMPT UNDER IRS CODE 501(C) (14) (A). IT IS A COOPERATIVE FINANCIAL INSTITUTION.

Describe the Organization's Program Activity:

Part 3 - Line 4a

BEACON PROVIDES MULTIPLE TYPES OF LOAN PRODUCTS RESPONSIVE TO THE NEEDS OF ITS MEMBERS INCLUDING AGRICULTURE LOANS, MORTGAGE LOANS, AND CONSUMER LOANS. IT HAS 10,260 INDIVIDUAL LOANS TOTALING $909,476,208


BEACON CREDIT UNION PROVIDES A SUPERIOR MEMBER SERVICE EXPERIENCE BY OFFERING COMPETITIVE DEPOSIT RATES AND DEPOSIT PRODUCTS TO ITS MEMBERS. IT HAS 99,652 SAVINGS ACCOUNTS TOTALING $1,304,569,570


BEACON CREDIT UNION PROVIDES 19 FULL SERVICE BRANCHES, 2 DRIVE-THROUGH ONLY BRANCHES, 7 LOAN PRODUCTION OFFICES AND 3 BACK OFFICE FACILITIES TO MEET THE OPERATIONAL DEMANDS OF OVER 46,000 MEMBERS.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Network Solutions Inc
Hardware And Software Computer Maintenance
$572,074
Fiserv
Core Computer System Processing And Maintenance
$2,024,847
Finastra
Computer Software And Maintenance
$298,035
Qsi Inc
Atm And Video Equipment Maintenance
$295,175
Shi International Corp
Computer Licenses And Maintenance
$235,842
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$40,654,289
Investment income $5,750,640
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$10,064
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $47,143,377

Grants Awarded

Over the last fiscal year, Beacon Credit Union has awarded $86,500 in support to 2 organizations.

Grant RecipientAmount

BEACON CREDIT UNION FOUNDATION INC

Org PageRecipient Profile

Wabash, IN

PURPOSE: Funding operations and program activities.

$61,500

MIAMI COUNTY 4-H CLUB & LIVESTOCK SHOW

Org PageRecipient Profile

Peru, IN

PURPOSE: Funding operations and program activities.

$25,000
View Grant Profile

Peer Organizations

Organization NameAssets
Consumers Cooperative Credit Union
Gurnee, IL
$132,618,570
Ih Mississippi Valley Credit Union
Moline, IL
$105,810,576
Commonwealth Credit Union
Frankfort, KY
$88,350,902
Department Of Financial Institution Division Of Credit Unions In Ind
Columbus, IN
$88,438,069
Forum Credit Union
Indianapolis, IN
$93,129,055
Scott Credit Union
Edwardsville, IL
$74,654,217
Deere Employees Credit Union
Moline, IL
$82,112,773
Credit Union 1
Rantoul, IL
$72,991,911
Interra Credit Union
Goshen, IN
$68,430,398
Park Community Credit Union Inc
Louisville, KY
$53,014,034
Beacon Credit Union
Wabash, IN
$47,143,377
Vibrant Credit Union
Moline, IL
$50,336,419

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