Belco Community Credit Union
- Assets
- $811.6m
- Revenue
- $40.9m
- Investments
- $18.6m
- Employees
- 311
- Location
- Harrisburg, PA
- Founding
- 01/2012
- Data as of
- 12/2021
- EIN
- 23-1445884
Organization Overview
Belco Community Credit Union is located in Harrisburg, PA. The organization was established in 2012. 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, Belco Community Credit Union employed 311 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Belco 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, Belco Community Credit Union generated $40.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.3% each year. All expenses for the organization totaled $32.4m during the year ending 12/2021. While expenses have increased by 4.9% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
LOCAL BASED CREDIT UNION DEDICATED TO MEETING THE FINANCIAL SERVICE NEEDS OF OUR COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LOANS TO 70,964 MEMBERS.
PROVIDE FINANCIAL SERVICES TO 70,694 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amey R Sgrignoli President / CEO | Officer | 50 | $451,262 |
Jason Allen SVP Of Lending | Officer | 45 | $201,086 |
Paul Perini SVP Of Retail | Officer | 45 | $185,645 |
Samuel Glesner SVP Of Corp Support | Officer | 45 | $176,369 |
Timothy Bradley VP Information Technology | 45 | $150,495 | |
Michael Wolfe VP Lending | 45 | $147,932 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates It Svcs | 12/30/21 | $1,082,413 |
Haberfeld Associates Llc Marketing Svcs | 12/30/21 | $492,110 |
Diebold Inc Atm Svcs | 12/30/21 | $480,868 |
Maple Street Inc Vendor Management | 12/30/21 | $407,179 |
Korporate Computing It Svcs | 12/30/21 | $390,113 |
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 | $36,648,096 |
| Investment income | $3,275,293 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $104,508 |
| Net Rental Income | $486,408 |
| Net Gain/Loss on Asset Sales | $347,735 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $40,862,040 |
| 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. | $1,243,813 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,713,111 |
| Pension plan accruals and contributions | -$317,714 |
| Other employee benefits | $2,186,261 |
| Payroll taxes | $983,082 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,115 |
| Fees for services: Accounting | $163,234 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,227,081 |
| Advertising and promotion | $1,857,128 |
| Office expenses | $1,520,139 |
| Information technology | $3,399,248 |
| Royalties | $0 |
| Occupancy | $1,573,487 |
| Travel | $88,984 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $182,337 |
| Interest | $1,454,115 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,586,332 |
| Insurance | $168,213 |
| All other expenses | $932 |
| Total functional expenses | $32,408,455 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,555,732 |
| Savings and temporary cash investments | $25,419,305 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,647,808 |
| Loans from Officers, Directors, or Controlling Persons | $592,640 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $519,711,686 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,065,800 |
| Net Land, buildings, and equipment | $27,852,141 |
| Investments—publicly traded securities | $179,343,599 |
| Investments—other securities | $18,561,474 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $28,851,075 |
| Total assets | $811,601,260 |
| Accounts payable and accrued expenses | $3,840,498 |
| 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 | $735,746,578 |
| Total liabilities | $739,587,076 |
| 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 | $72,014,184 |
| Total liabilities and net assets/fund balances | $811,601,260 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
1386 General Electric Credit Union Cincinnati, OH | $3,900,460,857 | $159,064,150 |
Municipal Credit Union New York, NY | $4,195,909,598 | $220,924,766 |
Trumark Financial Credit Union Fort Washington, PA | $2,771,242,877 | $109,685,822 |
37 Kemba Financial Credit Union Gahanna, OH | $1,889,723,616 | $82,675,194 |
Sunmark Credit Union Latham, NY | $1,009,786,367 | $61,777,524 |
Municipal Employees Credit Union Of Baltimore Inc Baltimore, MD | $1,362,108,647 | $60,211,083 |
810 Seven Seventeen Credit Union Inc Warren, OH | $1,389,210,526 | $71,202,563 |
64 Telhio Credit Union Inc Columbus, OH | $1,270,587,920 | $63,287,965 |
42 Kemba Credit Union Inc West Chester, OH | $1,395,836,820 | $59,675,729 |
Belco Community Credit Union Harrisburg, PA | $811,601,260 | $40,862,040 |
Point Breeze Credit Union Hunt Valley, MD | $935,513,107 | $29,545,819 |
Northern Credit Union Watertown, NY | $435,001,865 | $31,512,409 |