Harvard Community Credit Union
- Assets
- $23.3m
- Revenue
- $989.7k
- Investments
- $6.0m
- Employees
- 0
- Location
- Harvard, IL
- Founding
- 03/1956
- Data as of
- 12/2021
- EIN
- 36-2412022
Organization Overview
Harvard Community Credit Union is located in Harvard, IL. The organization was established in 1956. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Harvard 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, Harvard Community Credit Union generated $989.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $784.5k during the year ending 12/2021. While expenses have increased by 3.0% 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
TO ASSIST OUR MEMBERS WITH THEIR FINANCIAL NEEDS WHILE ENHANCING THE FINANCIAL STRENGTH OF THE CREDIT UNION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONSUMER LOANS: AT DECEMBER 31, 2020, THERE WERE 983 CONSUMER LOANS, WHICH CONSISTED OF 478 UNSECURED LOANS AND LINES OF CREDIT, 397 VEHICLE LOANS, 61 REAL ESTATE LOANS & 47 MISCELLANEOUS LOANS.
PROVIDED CHECKING ACCOUNTS AND CDS TO APPROXIMATELY 687 MEMBERS.
ACCEPTED DEPOSITS AND ISSUED SHARE CERTIFICATES TO MEMBERS. TOTAL SHARE BALANCES AT THE END OF 2019 WAS $16,297,726. THIS NUMBER CONSISTED OF SHARE BALANCES OF $4,540,095, SHARE DRAFT BALANCES OF $9,158,084 AND CERTIFICATE BALANCES OF $2,599,547.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Connie Anderson Director/cu Pres | OfficerTrustee | 40 | $70,126 |
Kelley Schulz Vice Chairperson | OfficerTrustee | 2 | $0 |
Dr Jon Warnecke Chairperson | OfficerTrustee | 2 | $0 |
Robert Dixon Director | Trustee | 2 | $0 |
Annette Hildreth Director | Trustee | 2 | $0 |
Margie Fallscher Schuld Director | Trustee | 2 | $0 |
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 | $816,045 |
| Investment income | $75,635 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $989,652 |
| 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. | $70,126 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $201,186 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $32,348 |
| Payroll taxes | $20,275 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,485 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $102,462 |
| Advertising and promotion | $2,560 |
| Office expenses | $23,316 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $71,308 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $400 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $45,038 |
| Insurance | $10,966 |
| All other expenses | $47,245 |
| Total functional expenses | $784,455 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,126,268 |
| Savings and temporary cash investments | $613,188 |
| 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 | $12,024,280 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $46,931 |
| Net Land, buildings, and equipment | $375,618 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,987,990 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $158,428 |
| Total assets | $23,332,703 |
| Accounts payable and accrued expenses | $65,816 |
| 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 | $21,205,003 |
| Total liabilities | $21,270,819 |
| 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 | $2,061,884 |
| Total liabilities and net assets/fund balances | $23,332,703 |
Peer Organizations
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|---|---|---|
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 |
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Forum Credit Union Indianapolis, IN | $1,879,317,913 | $93,129,055 |
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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 |
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