Commonwealth Credit Union
- Assets
- $1.9b
- Revenue
- $88.4m
- Investments
- $48.3m
- Employees
- 394
- Location
- Frankfort, KY
- Founding
- 01/1958
- Data as of
- 12/2021
- EIN
- 61-0671028
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.
Form
990
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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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen Harbin Ceo/president/board Member | OfficerTrustee | 40 | $685,553 |
Alan Davis Cheif Lending Officer | 40 | $398,815 | |
Stephen Bellas CFO | Officer | 40 | $325,766 |
David Young Executive Vice President | Officer | 40 | $321,950 |
Gloria Thomas Chief Operations Officer | 40 | $281,549 | |
Doug Graham Chief Information Officer | 40 | $280,461 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Crosshair Media Placement Llc Radio, Tv, Outdoor&print Mktg | 12/30/21 | $1,383,096 |
K4 Interiors Llc Architecture | 12/30/21 | $1,288,495 |
Bowen V Ccu Settlement Fund Odp Class Action Lawsuit Settlement | 12/30/21 | $2,400,000 |
Jack Henry & Associates Inc System Maintenance Expenses | 12/30/21 | $1,484,631 |
Kelley Construction Construction | 12/30/21 | $4,385,513 |
Jack Henry & Associates Inc System Maintenance Expenses | 12/30/21 | $138,309,571 |
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 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $355,500 |
| 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. | $1,640,979 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $19,065,320 |
| Pension plan accruals and contributions | $2,008,616 |
| Other employee benefits | $4,022,022 |
| Payroll taxes | $1,434,477 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $167,096 |
| Fees for services: Accounting | $151,111 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,566,701 |
| Advertising and promotion | $1,786,657 |
| Office expenses | $5,723,733 |
| Information technology | $3,679,554 |
| Royalties | $0 |
| Occupancy | $4,083,515 |
| Travel | $67,236 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $116,789 |
| Interest | $7,868,269 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,303,197 |
| Insurance | $93,005 |
| All other expenses | $2,140,726 |
| Total functional expenses | $74,247,631 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,268,590 |
| Savings and temporary cash investments | $200,021,821 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,930,926 |
| Loans from Officers, Directors, or Controlling Persons | $17,447,671 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,253,738,357 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,722,048 |
| Net Land, buildings, and equipment | $38,693,514 |
| Investments—publicly traded securities | $245,678,787 |
| Investments—other securities | $48,284,755 |
| Investments—program-related | $0 |
| Intangible assets | $10,399,826 |
| Other assets | $44,904,055 |
| Total assets | $1,891,090,350 |
| Accounts payable and accrued expenses | $26,871,071 |
| 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 | $1,653,550,829 |
| Total liabilities | $1,680,421,900 |
| 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 | $210,668,450 |
| Total liabilities and net assets/fund balances | $1,891,090,350 |
Grants Awarded
Over the last fiscal year, Commonwealth Credit Union has awarded $711,000 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
Louisville, KY PURPOSE: SPONSORSHIP | $176,000 |
Louisville, KY PURPOSE: SPONSORSHIP | $176,000 |
Dallas, TX PURPOSE: GALA AND SPONSORSHIP | $82,000 |
Dallas, TX PURPOSE: GALA AND SPONSORSHIP | $82,000 |
Washington, DC PURPOSE: DISASTER BLASTER, CORPORATE SPONSORSHIP | $37,500 |
Washington, DC PURPOSE: DISASTER BLASTER, CORPORATE SPONSORSHIP | $37,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
1386 General Electric Credit Union Cincinnati, OH | $3,900,460,857 | $159,064,150 |
Consumers Cooperative Credit Union Gurnee, IL | $2,946,745,312 | $132,618,570 |
Knoxville Tva Employees Credit Unio Knoxville, TN | $3,429,893,801 | $162,152,547 |
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 |