Lancaster Red Rose Credit Union is located in Leola, PA. The organization was established in 1945. 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, Lancaster Red Rose Credit Union employed 15 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Lancaster Red Rose 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, Lancaster Red Rose Credit Union generated $1.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (7.9%) each year. All expenses for the organization totaled $1.8m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.2%) per year over the past 7 years. 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 CREDIT UNION IS ORGANIZED AND OPERATED TO PROMOTE THRIFT AMONG ITS MEMBERS AND TO CREATE A SOURCE OF LOW COST CREDIT
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LOANS TO MORE THAN 5,537 MEMBERS.
PROVIDE FINANCIAL STATEMENTS TO MORE THAN 5,537 MEMBERS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Kara E Vincent CEO | Officer | 45 | $95,000 |
C Michael Wetzel Chairman | Trustee | 1 | $0 |
Ernest Doerschuk III Secretary & Tresurer | Trustee | 1 | $0 |
James T O'brien Vice-Chairman | Trustee | 1 | $0 |
Lois M Murse Director | Trustee | 1 | $0 |
Myles Chasser Director | Trustee | 1 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Fiserv Atm/debit/credit Card Services | 12/30/21 | $315,101 |
Bradford-scott Data Processing | 12/30/21 | $105,485 |
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 | $1,089,741 |
Investment income | $320,062 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | -$5,000 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $1,412,692 |
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. | $115,300 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $366,012 |
Pension plan accruals and contributions | $6,765 |
Other employee benefits | $47,719 |
Payroll taxes | $41,351 |
Fees for services: Management | $0 |
Fees for services: Legal | $1,700 |
Fees for services: Accounting | $10,932 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $13,165 |
Office expenses | $421,513 |
Information technology | $254,830 |
Royalties | $0 |
Occupancy | $84,004 |
Travel | $8 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $132,285 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $35,099 |
Insurance | $38,383 |
All other expenses | $0 |
Total functional expenses | $1,761,716 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $564,985 |
Savings and temporary cash investments | $30,876,671 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $89,893 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $9,288,781 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $149,018 |
Net Land, buildings, and equipment | $1,490,206 |
Investments—publicly traded securities | $2,321,778 |
Investments—other securities | $17,389,622 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $691,123 |
Total assets | $62,862,077 |
Accounts payable and accrued expenses | $129,852 |
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 | $57,346,734 |
Total liabilities | $57,476,586 |
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 | $5,385,491 |
Total liabilities and net assets/fund balances | $62,862,077 |
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