Pennsylvania State Employees Credit Union
- Assets
- $8.1b
- Revenue
- $356.6m
- Investments
- $47.2m
- Employees
- 1,003
- Location
- Harrisburg, PA
- Founding
- 09/1945
- Data as of
- 12/2022
- EIN
- 23-0961140
Organization Overview
Pennsylvania State Employees Credit Union is located in Harrisburg, PA. The organization was established in 1945. According to its NTEE Classification (J40) the organization is classified as: Labor Unions, under the broad grouping of Employment and related organizations. As of 12/2022, Pennsylvania State Employees Credit Union employed 1,003 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Pennsylvania State 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 12/2022, Pennsylvania State Employees Credit Union generated $356.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.2% each year. All expenses for the organization totaled $279.2m during the year ending 12/2022. While expenses have increased by 6.6% per year over the past 8 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 2014, Pennsylvania State Employees Credit Union has awarded 113 individual grants totaling $2,129,834. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS OF DECEMBER 31, 2022, THE PENNSYLVANIA STATE EMPLOYEES CREDIT UNION HAD 561,376 MEMBERS TO WHOM IT PROVIDES DEPOSIT AND LOAN SERVICES. THERE WERE 387,970 LOANS WITH BALANCES OF $6,145,741,925 OUTSTANDING AT DECEMBER 31, 2022. SHARE DEPOSITS WERE $7,247,524,909. PSECU STRIVES TO PROVIDE ITS MEMBERS WITH HIGH QUALITY, CONVENIENT FINANCIAL PRODUCTS AND SERVICES WITH SUPERIOR PRICING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George W Rudolph CEO | Officer | 37.5 | $1,095,639 |
Gregory A Smith Former Officer, CEO | 0 | $1,000,000 | |
Richard L Long Cio | Officer | 37.5 | $418,747 |
Barbara J Bowker Chief Member Exp Offc. | Officer | 37.5 | $413,516 |
Francis J Pudner ESQ Chief Risk Off & Gen Counsel | Officer | 37.5 | $385,960 |
Sandra K Holzgen Chief Human Resource Officer | Officer | 37.5 | $342,173 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alm First Financial Advisors Llc Invest./fin'l Svcs | 12/30/22 | $628,849 |
Auto Approve Llc Financial Services | 12/30/22 | $2,973,886 |
Weltman Weinberg Reis Wwr Legal/collection Svc | 12/30/22 | $623,893 |
Avtex Solutions Llc Hardware/software Sv | 12/30/22 | $773,896 |
Allied Universalallied Barton Security Services | 12/30/22 | $381,953 |
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 | $318,891,588 |
| Investment income | $31,674,050 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $34,801 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $356,564,660 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $388,725 |
| 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. | $4,222,037 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $52,352,027 |
| Pension plan accruals and contributions | $5,436,701 |
| Other employee benefits | $11,190,118 |
| Payroll taxes | $4,434,124 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $198,356 |
| Fees for services: Accounting | $260,742 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,964,596 |
| Advertising and promotion | $13,175,949 |
| Office expenses | $7,895,075 |
| Information technology | $13,489,517 |
| Royalties | $0 |
| Occupancy | $4,314,242 |
| Travel | $490,542 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $53,116,796 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,864,219 |
| Insurance | $950,942 |
| All other expenses | $8,983,417 |
| Total functional expenses | $279,242,058 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $524,101,220 |
| Savings and temporary cash investments | $50,009,930 |
| 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 | $6,087,094,031 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $75,817,063 |
| Investments—publicly traded securities | $1,170,387,255 |
| Investments—other securities | $47,216,523 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $116,484,751 |
| Total assets | $8,071,110,773 |
| Accounts payable and accrued expenses | $56,514,031 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $16,342,567 |
| 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 | $7,241,718,764 |
| Total liabilities | $7,314,575,362 |
| 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 | $692,791 |
| Retained earnings, endowment, accumulated income, or other funds | $755,842,620 |
| Total liabilities and net assets/fund balances | $8,071,110,773 |
Grants Awarded
Over the last fiscal year, Pennsylvania State Employees Credit Union has awarded $302,620 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
AMERICAN HEART ASSOCIATION PURPOSE: GENERAL DONATION | $22,500 |
AMERICAN RED CROSS PURPOSE: GENERAL DONATION | $50,000 |
LEADERSHIP HARRISBURG PURPOSE: GENERAL DONATION | $6,500 |
CHILDREN'S MIRACLE NETWORK PURPOSE: GENERAL DONATION | $26,000 |
PENNSYLVANIA STATE UNIVERSITY PURPOSE: GENERAL DONATION | $33,000 |
AMERICAN CANCER SOCIETY PURPOSE: GENERAL DONATION | $20,000 |