Beacon Credit Union
- Assets
- $1.5b
- Revenue
- $52.8m
- Investments
- $0.0
- Employees
- 357
- Location
- Wabash, IN
- Founding
- 07/2019
- Data as of
- 12/2022
- EIN
- 35-6025844
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 12/2022, Beacon Credit Union employed 357 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 12/2022, Beacon Credit Union generated $52.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $47.7m during the year ending 12/2022. While expenses have increased by 4.6% 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
2022
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 10,599 INDIVIDUAL LOANS TOTALING $955,333,058
BEACON CREDIT UNION PROVIDES A SUPERIOR MEMBER SERVICE EXPERIENCE BY OFFERING COMPETITIVE DEPOSIT RATES AND DEPOSIT PRODUCTS TO ITS MEMBERS. IT HAS 99,571 SAVINGS ACCOUNTS TOTALING $1,294,597,735
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 47,000 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Willour President/ceo | Officer | 40 | $818,989 |
Dustin Cuttriss Executive Vice President | Officer | 40 | $323,444 |
Todd Beehler Chief Lending Officer | Officer | 40 | $266,974 |
Tiffany Haupert Investment Services Manager | 40 | $253,391 | |
Ryan Showley Chief Information Officer | Officer | 40 | $224,992 |
Lori Eltzroth Chief Admin Officer | Officer | 40 | $215,185 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Shi International Corp Computer Licenses And Maintenance | 12/30/22 | $333,665 |
Profit Resources Inc Debit Card Professional Fees | 12/30/22 | $378,931 |
Finastra Computer Software And Maintenance | 12/30/22 | $414,207 |
Fiserv Core Computer System Processing And Maintenance | 12/30/22 | $2,101,817 |
Network Solutions Inc Hardware And Software Computer Maintenance | 12/30/22 | $435,909 |
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 | $42,873,914 |
| Investment income | $9,194,152 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $56,035 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $52,771,406 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $100,000 |
| 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. | $2,413,864 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,915,646 |
| Pension plan accruals and contributions | $4,658,096 |
| Other employee benefits | $2,488,063 |
| Payroll taxes | $1,253,711 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $187,876 |
| Fees for services: Accounting | $211,283 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $229,786 |
| Fees for services: Other | $2,546,877 |
| Advertising and promotion | $721,897 |
| Office expenses | $1,456,904 |
| Information technology | $2,842,228 |
| Royalties | $0 |
| Occupancy | $1,485,865 |
| Travel | $220,876 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $251,200 |
| Interest | $366,296 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,466,265 |
| Insurance | $268,305 |
| All other expenses | $0 |
| Total functional expenses | $47,710,753 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,468,724 |
| Savings and temporary cash investments | $37,028,410 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $951,600,520 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $8,314,483 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $396,938,585 |
| Intangible assets | $0 |
| Other assets | $99,705,223 |
| Total assets | $1,501,055,945 |
| Accounts payable and accrued expenses | $12,849,785 |
| 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 | $45,000,000 |
| Other liabilities | $1,294,597,735 |
| Total liabilities | $1,352,447,520 |
| 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 | $148,608,425 |
| Total liabilities and net assets/fund balances | $1,501,055,945 |
Grants Awarded
Over the last fiscal year, Beacon Credit Union has awarded $86,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
BEACON CREDIT UNION FOUNDATION INC PURPOSE: Funding operations and program activities. | $61,500 |
MIAMI COUNTY 4-H CLUB & LIVESTOCK SHOW PURPOSE: Funding operations and program activities. | $25,000 |