Forum Credit Union
- Assets
- $2.0b
- Revenue
- $95.6m
- Investments
- $9.3m
- Employees
- 459
- Location
- Indianapolis, IN
- Founding
- 05/1969
- Data as of
- 12/2022
- EIN
- 35-0779057
Organization Overview
Forum Credit Union is located in Indianapolis, IN. The organization was established in 1969. 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 12/2022, Forum Credit Union employed 459 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Forum 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, Forum Credit Union generated $95.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.6% each year. All expenses for the organization totaled $74.2m during the year ending 12/2022. While expenses have increased by 4.6% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
FORUM CREDIT UNION'S MISSION IS TO BE AN INNOVATIVE, DYNAMIC, RESPONSIVE FINANCIAL SERVICES ORGANIZATION THAT PROVIDES PRODUCTS AND SERVICES THAT CREATE VALUE FOR ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING LOW COST CREDIT FOR MEMBERS IS THE BASIC FUNCTION OF A CREDIT UNION. THE COOPERATIVE NATURE OF THE CREDIT UNION ALLOWS FOR MARKET LENDING RATES TO BE OFFERED FOR MORTGAGE LOANS, HOME EQUITY LOANS AND PERSONAL LOANS. IN ADDITION, FORUM WORKS CLOSELY WITH THE FHA AND OTHER HOME OWNERSHIP ORGANIZATIONS TO HELP CONSUMERS REALIZE THE DREAM OF OWNING A HOME. FORUM ORIGINATED OVER $1 BILLION IN LOANS THIS YEAR IN ITS EFFORTS TO MEET THE MEMBERS' LENDING NEEDS.
TO PROMOTE THRIFT AND RESPONSIBLE USE OF CREDIT WITHIN THE MEMBERSHIP, FORUM PROVIDES SEVERAL FINANCIAL EDUCATION OPPORTUNITIES INCLUDING FINANCIAL LITERACY CONTENT ON THE WEBSITE, FINANCIAL LITERACY VIDEOS, FINANCIAL SEMINARS, ONLINE BUDGETING TOOLS, IN BRANCH ACTIVITIES AND PROMOTIONS GEARED TO FINANCIAL EDUCATION. IN ADDITION, FORUM PROVIDES A VARIETY OF INNOVATIVE SAVINGS ACCOUNTS DESIGNED TO ENCOURAGE SYSTEMATIC SAVINGS WHICH HAS GENERATED OVER $26 MILLION IN PERSONAL SAVINGS.
FORUM PROVIDES LENDING AND DEPOSITORY SERVICES FOR SMALL BUSINESS OWNERS. FORUM OFFERS SEVERAL TYPES OF COMMERCIAL LOANS INCLUDING SEVERAL OF THE SMALL BUSINESS ADMINISTRATION (SBA) LOANS TO HELP SMALL BUSINESS OWNERS GROW THEIR BUSINESSES. FORUM CURRENTLY WORKS WITH OVER 4,500 SMALL BUSINESS OWNERS PROVIDING A VARIETY OF PRODUCTS AND SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffry Welch Chief Financial Officer | Officer | 40 | $984,532 |
Douglas True Chief Executive Officer | Officer | 40 | $633,726 |
Benjamen Banks Financial Advisor- Pcg | 40 | $386,336 | |
Charles Andrew Mattingly Chief Operating Officer | Officer | 40 | $314,567 |
Jennifer Budreau Chief Operating Officer | Officer | 40 | $326,329 |
Cameron Piercefield Chief Technology And Risk Officer | Officer | 40 | $323,818 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Inc Software | 12/30/22 | $1,700,266 |
Optiv Security Inc Software Security | 12/30/22 | $479,210 |
Cdw Llc Computer Accessories And Maintenance | 12/30/22 | $473,903 |
Shiel Sexton Construction Services | 12/30/22 | $451,181 |
Appraiservendor Mortgage Appraisals | 12/30/22 | $413,090 |
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 | $90,365,155 |
| Investment income | $2,329,170 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $117,141 |
| Net Gain/Loss on Asset Sales | $711,411 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $95,569,110 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $165,000 |
| 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. | $2,834,793 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $24,692,215 |
| Pension plan accruals and contributions | $1,093,478 |
| Other employee benefits | $3,461,627 |
| Payroll taxes | $1,970,717 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $79,871 |
| Fees for services: Accounting | $182,755 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,533,938 |
| Office expenses | $1,156,482 |
| Information technology | $3,978,960 |
| Royalties | $0 |
| Occupancy | $3,606,649 |
| Travel | $38,217 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $554,723 |
| Interest | $9,236,277 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,362,052 |
| Insurance | $293,543 |
| All other expenses | $1,708,530 |
| Total functional expenses | $74,186,755 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,033,264 |
| Savings and temporary cash investments | $107,265,083 |
| 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 | $1,776,964,824 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $32,466,527 |
| Investments—publicly traded securities | $27,243,587 |
| Investments—other securities | $9,317,900 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $37,700,823 |
| Total assets | $1,997,992,008 |
| Accounts payable and accrued expenses | $25,677,936 |
| 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 | $125,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,625,162,569 |
| Total liabilities | $1,775,840,505 |
| 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 | $222,151,503 |
| Total liabilities and net assets/fund balances | $1,997,992,008 |