Harvard University Employees Credit Union
- Assets
- $1.0b
- Revenue
- $42.7m
- Investments
- $16.5m
- Employees
- 155
- Location
- Cambridge, MA
- Founding
- 08/1950
- Data as of
- 12/2021
- EIN
- 04-6017806
Organization Overview
Harvard University Employees Credit Union is located in Cambridge, MA. The organization was established in 1950. 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, Harvard University Employees Credit Union employed 155 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Harvard University Employees 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, Harvard University Employees Credit Union generated $42.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.5% each year. All expenses for the organization totaled $33.6m during the year ending 12/2021. While expenses have increased by 7.9% 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 2020, Harvard University Employees Credit Union has awarded 31 individual grants totaling $437,150. 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
PROVIDE CONVENIENT FINANCIAL AND PERSONAL SERVICES IN THE BEST INTEREST OF OUR MEMBERS, AS WELL AS EDUCATING OUR COMMUNITY ABOUT FINANCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HARVARD UNIVERSITY EMPLOYEES CREDIT UNION (THE "CREDIT UNION") IS A STATE-CHARTERED CREDIT UNION ORGANIZED UNDER THE PROVISIONS OF THE MASSACHUSETTS CREDIT UNION ACT. PARTICIPATION IN THE CREDIT UNION IS LIMITED TO THOSE INDIVIDUALS WHO QUALIFY FOR MEMBERSHIP. THE FIELD OF MEMBERSHIP IS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THE CREDIT UNION PROVIDES A VARIETY OF FINANCIAL SERVICES TO MEMBERS. ITS PRIMARY LENDING PRODUCTS ARE RESIDENTIAL REAL ESTATE AND CONSUMER LOANS AND ITS PRIMARY SHARE PRODUCTS ARE CHECKING, SAVINGS AND TERM CERTIFICATE ACCOUNTS. THE CREDIT UNION HAS OVER 50,000 MEMBERS. THE MEMBERSHIP IS PRIMARILY LIMITED TO THOSE EMPLOYEES, FACULTY, STUDENTS, AND ALUMNI OF HARVARD UNIVERSITY AND ITS AFFILIATED HOSPITALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Craig Leonard President & CEO | Officer | 40 | $738,327 |
Helen Laskaris Mortgage Loan Originator | 40 | $394,727 | |
Sharon Cummings Mortgage Loan Originator | 40 | $368,756 | |
Michael Levine Mortgage Loan Originator | 40 | $348,790 | |
Thomas Montilli Evp & Chief Experience Officer | Officer | 40 | $307,212 |
Daisy J Familia Mortgage Loan Originator | 40 | $295,128 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Data Processing | 12/30/21 | $1,301,764 |
Pscu Data Processing | 12/30/21 | $3,158,797 |
National Credit Union Administration Deposit Insurance Premiums | 12/30/21 | $880,106 |
Alkamni Technology Data Processing | 12/30/21 | $618,011 |
Diebold Nixdorf Incorporated Atm Servicing | 12/30/21 | $383,630 |
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 | $36,887,045 |
| Investment income | $1,153,154 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,655,402 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $42,695,601 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $215,484 |
| Grants and other assistance to domestic individuals. | $10,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,045,538 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,894,790 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,901,461 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $50,200 |
| Fees for services: Accounting | $128,298 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $461,956 |
| Advertising and promotion | $691,884 |
| Office expenses | $703,941 |
| Information technology | $4,186,232 |
| Royalties | $0 |
| Occupancy | $2,542,099 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $94,104 |
| Interest | $3,848,065 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $977,906 |
| Insurance | $377,645 |
| All other expenses | $403,865 |
| Total functional expenses | $33,579,956 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $82,704,820 |
| Savings and temporary cash investments | $0 |
| 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 | $839,672,260 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $971,874 |
| Net Land, buildings, and equipment | $3,776,641 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $16,536,800 |
| Investments—program-related | $71,461,555 |
| Intangible assets | $0 |
| Other assets | $22,870,194 |
| Total assets | $1,037,994,144 |
| Accounts payable and accrued expenses | $9,607,923 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $5,556,252 |
| 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 | $935,060,067 |
| Total liabilities | $950,224,242 |
| 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 | $87,769,902 |
| Total liabilities and net assets/fund balances | $1,037,994,144 |
Grants Awarded
Over the last fiscal year, Harvard University Employees Credit Union has awarded $151,150 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
Cambridge, MA PURPOSE: DONATION | $41,000 |
Boston, MA PURPOSE: DONATION | $17,500 |
Cambridge, MA PURPOSE: DONATION | $16,000 |
Somerville, MA PURPOSE: DONATION | $12,900 |
Cambridge, MA PURPOSE: DONATION | $12,750 |
Lynn, MA PURPOSE: DONATION | $11,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Municipal Credit Union New York, NY | $4,195,909,598 | $220,924,766 |
Navigant Credit Union Smithfield, RI | $3,081,655,511 | $116,968,150 |
Metro Credit Union Chelsea, MA | $2,510,941,078 | $92,937,477 |
American Eagle Financial Credit Union Incorporated East Hartford, CT | $2,355,398,570 | $80,581,273 |
Northeast Credit Union Portsmouth, NH | $1,982,489,459 | $75,179,197 |
Coastal1 Credit Union Pawtucket, RI | $2,840,412,596 | $91,925,616 |
Sunmark Credit Union Latham, NY | $1,009,786,367 | $61,777,524 |
Jeanne Darc Credit Union Lowell, MA | $1,792,528,408 | $59,293,841 |
Vermont State Employees Credit Union Montpelier, VT | $1,088,463,473 | $48,370,084 |
Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |
St Annes Credit Union Of Fall River Mass Fall River, MA | $1,266,762,131 | $34,865,858 |