Commonwealth Credit Union

Organization Overview

Commonwealth Credit Union is located in Frankfort, KY. The organization was established in 1958. 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, Commonwealth Credit Union employed 394 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Commonwealth 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, Commonwealth Credit Union generated $88.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $74.2m during the year ending 12/2021. While expenses have increased by 6.7% 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.

Since 2019, Commonwealth Credit Union has awarded 22 individual grants totaling $1,169,474. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

VISION: GROWTH INSPIRED BY ENGAGEMENT, EMPOWERMENT, AND EXTRAORDINARY SERVICE. MISSION: "WE BETTER LIVES THROUGH OUR PASSION TO SERVE."

Describe the Organization's Program Activity:

Part 3 - Line 4a

SHARES:THE CREDIT UNION HAS 271,669 SHARE ACCOUNTS AGGREGATING OVER $1.7 BILLION. COMMONWEALTH CREDIT UNION HAS A MYRIAD OF SAVINGS OPTIONS FROM WHICH MEMBERS CAN SELECT FROM TO GROW THEIR FUTURES.


LOANS:COMMONWEALTH CREDIT UNION'S LOAN PORTFOLIO EXCEEDS $1.27 BILLION. THE CREDIT UNION HAS 88,273 LOAN ACCOUNTS. LOANS ARE PROVIDED TO 81,092 MEMBERS. COMMONWEALTH OFFERS ITS MEMBERS AN ARRAY OF LOAN PRODUCTS TO MEET THEIR CREDIT NEEDS.


MISCELLANEOUS FINANCIAL SERVICES:COMMONWEALTH CREDIT UNION OFFERS A VARIETY OF SERVICES TO ITS 113,227 MEMBERS. THESE INCLUDE ONLINE BANKING, MOBILE BANKING, BILL PAYMENT, REMOTE AND MOBILE DEPOSIT AND OTHER ELECTRONIC SERVICES.


SHARES:THE CREDIT UNION HAS 271,669 SHARE ACCOUNTS AGGREGATING OVER $1.7 BILLION. COMMONWEALTH CREDIT UNION HAS A MYRIAD OF SAVINGS OPTIONS FROM WHICH MEMBERS CAN SELECT FROM TO GROW THEIR FUTURES.


LOANS:COMMONWEALTH CREDIT UNION'S LOAN PORTFOLIO EXCEEDS $1.27 BILLION. THE CREDIT UNION HAS 88,273 LOAN ACCOUNTS. LOANS ARE PROVIDED TO 81,092 MEMBERS. COMMONWEALTH OFFERS ITS MEMBERS AN ARRAY OF LOAN PRODUCTS TO MEET THEIR CREDIT NEEDS.


MISCELLANEOUS FINANCIAL SERVICES:COMMONWEALTH CREDIT UNION OFFERS A VARIETY OF SERVICES TO ITS 113,227 MEMBERS. THESE INCLUDE ONLINE BANKING, MOBILE BANKING, BILL PAYMENT, REMOTE AND MOBILE DEPOSIT AND OTHER ELECTRONIC SERVICES.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Kelley Construction
Construction
$4,385,513
Visa Usa Inc
Visa Processing Services
$2,091,157
Crosshair Media Placement Llc
Radio, Tv, Outdoor&print Mktg
$1,383,096
K4 Interiors Llc
Architecture
$1,288,495
Jack Henry & Associates Inc
System Maintenance Expenses
$1,484,631
Kelley Construction
Construction
$4,385,513
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$81,152,276
Investment income $4,473,534
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 $88,350,902

Grants Awarded

Over the last fiscal year, Commonwealth Credit Union has awarded $711,000 in support to 12 organizations.

Grant RecipientAmount

UNIVERSITY OF LOUISVILLE FOUNDATION INC

Org PageRecipient Profile

Louisville, KY

PURPOSE: SPONSORSHIP

$176,000

UNIVERSITY OF LOUISVILLE FOUNDATION INC

Org PageRecipient Profile

Louisville, KY

PURPOSE: SPONSORSHIP

$176,000

AMERICAN HEART ASSOCIATION GREAT RIVERS AFFILIATE

Org PageRecipient Profile

Dallas, TX

PURPOSE: GALA AND SPONSORSHIP

$82,000

AMERICAN HEART ASSOCIATION GREAT RIVERS AFFILIATE

Org PageRecipient Profile

Dallas, TX

PURPOSE: GALA AND SPONSORSHIP

$82,000

AMERICAN RED CROSS

Org PageRecipient Profile

Washington, DC

PURPOSE: DISASTER BLASTER, CORPORATE SPONSORSHIP

$37,500

AMERICAN RED CROSS

Org PageRecipient Profile

Washington, DC

PURPOSE: DISASTER BLASTER, CORPORATE SPONSORSHIP

$37,500
View Grant Profile

Peer Organizations

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