Louisville Federal Credit Union
- Assets
- $35.0m
- Revenue
- $954.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Louisville, KY
- Founding
- 03/1955
- Data as of
- 12/2021
- EIN
- 61-0264070
Organization Overview
Louisville Federal Credit Union is located in Louisville, KY. The organization was established in 1955. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Louisville Federal 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, Louisville Federal Credit Union generated $954.3k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.9%) each year. All expenses for the organization totaled $779.3k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.9%) 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
CREDIT UNION PROVIDES & PROMOTES THE USE OF A VARIETY OF FINANCIAL SRVCS WHICH FEATURE PARTICULAR BENEFITS & ADVANTAGES OVER THOSE GENERALLY AVAILABLE FROM OTHER SOURCES, WITH THE SPECIFIC INTENT OF HELPING MEMBERS GAIN SOME PARTICULAR MEASURE OF PERSONAL FINANCIAL SUCCESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNION PROVIDES FINANCIAL SERVICES (LOAN AND SHARE DEPOSIT SERVICES) TO ITS MEMBERS. LOANS PROVIDE INTEREST INCOME AND DIVIDENDS ARE PAID OUT TO SHARE DEPOSITORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Hovekamp CEO | Officer | 40 | $102,000 |
Deborah Riley Manager | Trustee | 40 | $67,320 |
James S Wick Sec/treasurer | OfficerTrustee | 2 | $3,750 |
Kenny Kiefer Vice Chairman | OfficerTrustee | 0 | $0 |
Donna M Peak Chairman | OfficerTrustee | 0 | $0 |
John J Flaherty III Director | Trustee | 0 | $0 |
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 | $525,517 |
| Investment income | $345,049 |
| 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 | $954,283 |
| 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. | $173,070 |
| Compensation of current officers, directors, key employees. | $29,250 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $144,397 |
| Pension plan accruals and contributions | $20,568 |
| Other employee benefits | $27,212 |
| Payroll taxes | $26,345 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $14,450 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,671 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,961 |
| Insurance | $13,328 |
| All other expenses | $64,569 |
| Total functional expenses | $779,263 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,803,505 |
| Savings and temporary cash investments | $22,007,161 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,024,582 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $52,983 |
| Net Land, buildings, and equipment | $21,757 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $48,636 |
| Total assets | $34,958,624 |
| Accounts payable and accrued expenses | $26,008 |
| 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 | $28,231,239 |
| Total liabilities | $28,257,247 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,020,000 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $5,681,377 |
| Total liabilities and net assets/fund balances | $34,958,624 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ih Mississippi Valley Credit Union Moline, IL | $1,832,277,197 | $105,810,576 |
Commonwealth Credit Union Frankfort, KY | $1,891,090,350 | $88,350,902 |
Department Of Financial Institution Division Of Credit Unions In Ind Columbus, IN | $1,964,165,275 | $88,438,069 |
Forum Credit Union Indianapolis, IN | $1,879,317,913 | $93,129,055 |
Scott Credit Union Edwardsville, IL | $1,647,347,103 | $74,654,217 |
Deere Employees Credit Union Moline, IL | $1,799,657,083 | $82,112,773 |
Credit Union 1 Rantoul, IL | $1,226,789,437 | $72,991,911 |
37 Kemba Financial Credit Union Gahanna, OH | $1,889,723,616 | $82,675,194 |
Interra Credit Union Goshen, IN | $1,620,181,637 | $68,430,398 |
810 Seven Seventeen Credit Union Inc Warren, OH | $1,389,210,526 | $71,202,563 |
Park Community Credit Union Inc Louisville, KY | $1,121,794,262 | $53,014,034 |
64 Telhio Credit Union Inc Columbus, OH | $1,270,587,920 | $63,287,965 |