Harvard Community Credit Union
- Assets
- $24.5m
- Revenue
- $1.1m
- Investments
- $6.9m
- Employees
- 7
- Location
- Harvard, IL
- Founding
- 03/1956
- Data as of
- 12/2022
- 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. As of 12/2022, Harvard Community Credit Union employed 7 individuals. 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 12/2022, Harvard Community Credit Union generated $1.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.9% each year. All expenses for the organization totaled $1.0m during the year ending 12/2022. While expenses have increased by 5.9% 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
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 1,081 CONSUMER LOANS, WHICH CONSISTED OF 454 UNSECURED LOANS AND LINES OF CREDIT, 461 VEHICLE LOANS, 64 REAL ESTATE LOANS & 102 MISCELLANEOUS LOANS.
PROVIDED CHECKING ACCOUNTS AND CDS TO APPROXIMATELY 749 MEMBERS.
ACCEPTED DEPOSITS AND ISSUED SHARE CERTIFICATES TO MEMBERS. TOTAL SHARE BALANCES AT THE END OF 2022 WAS $22,333,059. THIS NUMBER CONSISTED OF SHARE BALANCES OF $7,102,488, SHARE DRAFT BALANCES OF $12,479,172 AND CERTIFICATE BALANCES OF $2,751,399.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Connie Anderson Director/cu Pres | OfficerTrustee | 40 | $84,984 |
Robert Dixon Director | Trustee | 2 | $0 |
Annette Hildreth Director | Trustee | 2 | $0 |
Margie Fallscher Schuld Director | Trustee | 2 | $0 |
Kelley Schulz Vice Chairperson | OfficerTrustee | 2 | $0 |
Dr Jon Warnecke Chairperson | OfficerTrustee | 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 | $969,674 |
| Investment income | $103,144 |
| 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 | $1,114,312 |
| 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. | $84,984 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $207,890 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $26,751 |
| Payroll taxes | $23,612 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $28,670 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $101,031 |
| Advertising and promotion | $972 |
| Office expenses | $21,355 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $74,981 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $200 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $42,276 |
| Insurance | $14,942 |
| All other expenses | $77,883 |
| Total functional expenses | $1,004,063 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,275,596 |
| Savings and temporary cash investments | $439,904 |
| 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 | $15,272,437 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $58,667 |
| Net Land, buildings, and equipment | $391,236 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,898,990 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $173,891 |
| Total assets | $24,510,721 |
| Accounts payable and accrued expenses | $38,364 |
| 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 | $22,333,059 |
| Total liabilities | $22,371,423 |
| 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 | $2,139,298 |
| Total liabilities and net assets/fund balances | $24,510,721 |