Hudson River Community Credit Union
- Assets
- $328.7m
- Revenue
- $18.9m
- Investments
- $2.2m
- Employees
- 98
- Location
- Corinth, NY
- Founding
- Data as of
- 12/2021
- EIN
- 14-1407718
Organization Overview
Hudson River Community Credit Union is located in Corinth, NY. As of 12/2021, Hudson River Community Credit Union employed 98 individuals. Hudson River Community 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, Hudson River Community Credit Union generated $18.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $14.4m during the year ending 12/2021. While expenses have increased by 3.3% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
HRCCU PROVIDES UNIQUE, QUALITY FINANCIAL SERVICES TO IMPROVE THE FINANCIAL WELL-BEING OF MEMBERS AND THEIR FAMILIES BY PROVIDING QUALITY FINANCIAL SERVICES WITH THE BEST OVERALL VALUE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES LOW-COST FINANCIAL PRODUCTS AND SERVICES INCLUDING ONLINE-BANKING, ACCESS TO ATM'S AND AN AUDIO-RESPONSE SYSTEM. HRCCU OFFERS LOW INTEREST RATES ON LOANS AND CREDIT CARDS. THE WIDE RANGE OF LOAN PRODUCTS AND INTEREST RATES ENABLE THE CREDIT UNION TO ACCOMODATE AS MANY MEMBER LOANS AS POSSIBLE. COMPETITIVE DIVIDEND RATES ARE PAID ON SAVINGS AND INVESTMENT ACCOUNTS. HRCCU PROVIDES A VARIETY OF PRODUCTS TO MEMBERS TO ACCOMPLISH ITS MISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan Commanda CEO | Officer | 40 | $312,889 |
Lorraine Marola Evp | Officer | 40 | $228,561 |
Paula Sheely Cro | Officer | 40 | $155,125 |
Robert Gerber Cio | 40 | $142,061 | |
Cathy Carpenter SVP Lending | 40 | $129,934 | |
Carol Ann Pacco-Long Treasurer | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lee & Mason Financial Services Lending | 12/30/21 | $422,242 |
Fiserv Inc Data Processing | 12/30/21 | $1,718,632 |
Elevation Ten Thousand Llc Marketing | 12/30/21 | $172,469 |
Convergint Technologies Llcbranchserv Technology | 12/30/21 | $125,554 |
Meridianlink Inc Bank Technology | 12/30/21 | $116,694 |
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 | $12,041,009 |
| Investment income | $152,227 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,766 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,945,635 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $3,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $696,575 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,547,699 |
| Pension plan accruals and contributions | $337,687 |
| Other employee benefits | $591,364 |
| Payroll taxes | $375,622 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $30,044 |
| Fees for services: Accounting | $60,723 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $353,751 |
| Office expenses | $358,237 |
| Information technology | $689,334 |
| Royalties | $0 |
| Occupancy | $524,154 |
| Travel | $20,305 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $35,582 |
| Interest | $1,134,151 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $523,821 |
| Insurance | $97,176 |
| All other expenses | $224,999 |
| Total functional expenses | $14,405,653 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,548,556 |
| Savings and temporary cash investments | $39,946,812 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $2,132,747 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $259,781,540 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $8,867,049 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,234,246 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,222,077 |
| Total assets | $328,733,027 |
| Accounts payable and accrued expenses | $10,980,555 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,709,493 |
| 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 | $273,336,478 |
| Total liabilities | $286,026,526 |
| Net assets without donor restrictions | $38,624,504 |
| Net assets with donor restrictions | $4,081,997 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $328,733,027 |
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