Beacon Credit Union
- Assets
- $1.5b
- Revenue
- $47.1m
- Investments
- $0.0
- Employees
- 362
- Location
- Wabash, IN
- Founding
- 07/2019
- Data as of
- 12/2021
- EIN
- 35-6025844
Organization Overview
Beacon Credit Union is located in Wabash, IN. The organization was established in 2019. 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, Beacon Credit Union employed 362 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Beacon 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, Beacon Credit Union generated $47.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $41.8m during the year ending 12/2021. While expenses have increased by 3.3% 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
THIS ORGANIZATION IS A CREDIT UNION EXEMPT UNDER IRS CODE 501(C) (14) (A). IT IS A COOPERATIVE FINANCIAL INSTITUTION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BEACON PROVIDES MULTIPLE TYPES OF LOAN PRODUCTS RESPONSIVE TO THE NEEDS OF ITS MEMBERS INCLUDING AGRICULTURE LOANS, MORTGAGE LOANS, AND CONSUMER LOANS. IT HAS 10,260 INDIVIDUAL LOANS TOTALING $909,476,208
BEACON CREDIT UNION PROVIDES A SUPERIOR MEMBER SERVICE EXPERIENCE BY OFFERING COMPETITIVE DEPOSIT RATES AND DEPOSIT PRODUCTS TO ITS MEMBERS. IT HAS 99,652 SAVINGS ACCOUNTS TOTALING $1,304,569,570
BEACON CREDIT UNION PROVIDES 19 FULL SERVICE BRANCHES, 2 DRIVE-THROUGH ONLY BRANCHES, 7 LOAN PRODUCTION OFFICES AND 3 BACK OFFICE FACILITIES TO MEET THE OPERATIONAL DEMANDS OF OVER 46,000 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Willour President/ceo | Officer | 40 | $773,257 |
Tiffany Haupert Investment Services Manager | 40 | $280,789 | |
Dustin Cuttriss Chief Financial Officer | Officer | 40 | $262,831 |
Todd Beehler Chief Lending Officer | Officer | 40 | $246,572 |
Dawn Aschleman Chief Operations Officer | Officer | 40 | $213,714 |
Nicole Parson Mortgage Loan Originator | 40 | $211,181 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Network Solutions Inc Hardware And Software Computer Maintenance | 12/30/21 | $572,074 |
Fiserv Core Computer System Processing And Maintenance | 12/30/21 | $2,024,847 |
Finastra Computer Software And Maintenance | 12/30/21 | $298,035 |
Qsi Inc Atm And Video Equipment Maintenance | 12/30/21 | $295,175 |
Shi International Corp Computer Licenses And Maintenance | 12/30/21 | $235,842 |
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 | $40,654,289 |
| Investment income | $5,750,640 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$10,064 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $47,143,377 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $23,000 |
| 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. | $2,098,005 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,484,595 |
| Pension plan accruals and contributions | $720,911 |
| Other employee benefits | $2,564,892 |
| Payroll taxes | $1,164,017 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $111,925 |
| Fees for services: Accounting | $247,722 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $244,139 |
| Fees for services: Other | $2,048,125 |
| Advertising and promotion | $606,738 |
| Office expenses | $1,401,909 |
| Information technology | $2,419,059 |
| Royalties | $0 |
| Occupancy | $1,478,203 |
| Travel | $187,649 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $133,448 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,671,181 |
| Insurance | $254,085 |
| All other expenses | $0 |
| Total functional expenses | $41,796,166 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,523,035 |
| Savings and temporary cash investments | $45,894,442 |
| 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 | $905,732,324 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $9,447,893 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $441,318,692 |
| Intangible assets | $0 |
| Other assets | $103,819,215 |
| Total assets | $1,514,735,601 |
| Accounts payable and accrued expenses | $12,138,805 |
| 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 | $1,304,569,570 |
| Total liabilities | $1,316,708,375 |
| 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 | $198,027,226 |
| Total liabilities and net assets/fund balances | $1,514,735,601 |
Grants Awarded
Over the last fiscal year, Beacon Credit Union has awarded $86,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Wabash, IN PURPOSE: Funding operations and program activities. | $61,500 |
Peru, IN PURPOSE: Funding operations and program activities. | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Consumers Cooperative Credit Union Gurnee, IL | $2,946,745,312 | $132,618,570 |
Ih Mississippi Valley Credit Union Moline, IL | $1,832,277,197 | $105,810,576 |
Commonwealth Credit Union Frankfort, KY | $1,891,090,350 | $88,350,902 |
Department Of Financial Institution Division Of Credit Unions In Ind Columbus, IN | $1,964,165,275 | $88,438,069 |
Forum Credit Union Indianapolis, IN | $1,879,317,913 | $93,129,055 |
Scott Credit Union Edwardsville, IL | $1,647,347,103 | $74,654,217 |
Deere Employees Credit Union Moline, IL | $1,799,657,083 | $82,112,773 |
Credit Union 1 Rantoul, IL | $1,226,789,437 | $72,991,911 |
Interra Credit Union Goshen, IN | $1,620,181,637 | $68,430,398 |
Park Community Credit Union Inc Louisville, KY | $1,121,794,262 | $53,014,034 |
Beacon Credit Union Wabash, IN | $1,514,735,601 | $47,143,377 |
Vibrant Credit Union Moline, IL | $1,061,532,656 | $50,336,419 |