Diamond Credit Union
- Assets
- $922.4m
- Revenue
- $42.1m
- Investments
- $242.7m
- Employees
- 237
- Location
- Pottstown, PA
- Founding
- Data as of
- 12/2021
- EIN
- 23-1320654
Organization Overview
Diamond Credit Union is located in Pottstown, PA. As of 12/2021, Diamond Credit Union employed 237 individuals. Diamond 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, Diamond Credit Union generated $42.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $35.2m during the year ending 12/2021. While expenses have increased by 4.1% 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
THE PURPOSE OF THIS CREDIT UNION IS TO PROMOTE THRIFT AMONG ITS MEMBERS BY AFFORDING THEM AN OPPORTUNITY TO ACCUMULATE THEIR SAVINGS, AND TO CREATE FOR THEM A SOURCE OF CREDIT FOR PROVIDENT OR PRODUCTIVE PURPOSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNIONS ARE COOPERATIVE SAVINGS AND CREDIT ASSOCIATIONS INCORPORATED FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR SUCH MEMBERS AT REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Faust President/ceo | Officer | 50 | $969,960 |
Lori Levengood Sr Vp/clo | 45 | $410,735 | |
Todd Rothenberger Sr Vp/chief Marketing Offi | 45 | $390,701 | |
Adam Hartzell Financial Advisor | 45 | $350,771 | |
Barbara Mitchell Vp/cfo | 45 | $209,490 | |
James Daly III Vp/cio | 45 | $202,039 |
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 | $29,489,725 |
| Investment income | $1,554,056 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $427,390 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $42,054,203 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $1,036,232 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,086,690 |
| Pension plan accruals and contributions | $1,295,993 |
| Other employee benefits | $2,136,562 |
| Payroll taxes | $827,603 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $57,000 |
| Fees for services: Accounting | $138,343 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,623,405 |
| Advertising and promotion | $656,403 |
| Office expenses | $1,849,017 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,479,119 |
| Travel | $53,573 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,292,078 |
| Insurance | $166,023 |
| All other expenses | $298,121 |
| Total functional expenses | $35,180,178 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,934,494 |
| Savings and temporary cash investments | $83,397,312 |
| 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 | $528,523,287 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,000,676 |
| Net Land, buildings, and equipment | $20,185,134 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $242,717,089 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $35,619,487 |
| Total assets | $922,377,479 |
| Accounts payable and accrued expenses | $16,271,278 |
| 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 | $826,095,051 |
| Total liabilities | $842,366,329 |
| 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 | $80,011,150 |
| Total liabilities and net assets/fund balances | $922,377,479 |
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