Har-Co Credit Union
- Assets
- $245.1m
- Revenue
- $9.2m
- Investments
- $0.0
- Employees
- 70
- Location
- Bel Air, MD
- Founding
- Data as of
- 12/2022
- EIN
- 52-0853115
Organization Overview
Har-Co Credit Union is located in Bel Air, MD. As of 12/2022, Har-Co Credit Union employed 70 individuals. Har-Co 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, Har-Co Credit Union generated $9.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $7.8m during the year ending 12/2022. While expenses have increased by 1.2% 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
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
HAR-CO CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS 14,067 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Blaise Sedney Chairman | Trustee | 1 | $0 |
Charles Wellington Director | Trustee | 0.5 | $0 |
Thorkild Paaby Jr Director | Trustee | 0.5 | $0 |
Teresa Knox Secretary | Trustee | 0.5 | $0 |
Dr Austin Hill Treasurer | Trustee | 0.5 | $0 |
Lawrence Dukes Vice Chairman | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv System And Mobile Banking Provider | 12/30/22 | $578,487 |
The Pentas Group Advisors Inc Contract Advisors | 12/30/22 | $173,803 |
John Heagy Rrc Renovation To Building | 12/30/22 | $125,025 |
Aberdeen Marketplace Llc Ground Rent/lease | 12/30/22 | $107,955 |
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 | $7,889,363 |
| Investment income | $1,315,447 |
| 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 | $9,204,810 |
| 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. | $1,154,275 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,598,161 |
| Pension plan accruals and contributions | $75,328 |
| Other employee benefits | $127,649 |
| Payroll taxes | $269,479 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $75,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $92,562 |
| Advertising and promotion | $112,942 |
| Office expenses | $1,282,007 |
| Information technology | $82,760 |
| Royalties | $0 |
| Occupancy | $502,094 |
| Travel | $30,342 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $600 |
| Interest | $263,751 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $322,775 |
| Insurance | $54,233 |
| All other expenses | $0 |
| Total functional expenses | $7,846,962 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,359,040 |
| Savings and temporary cash investments | $6,945,115 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $226,428 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $154,401,498 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $528,459 |
| Net Land, buildings, and equipment | $2,693,245 |
| Investments—publicly traded securities | $67,248,000 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,746,748 |
| Total assets | $245,148,533 |
| Accounts payable and accrued expenses | $2,980,152 |
| 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 | $0 |
| Total liabilities | $2,980,152 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $221,981,184 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $20,187,197 |
| Total liabilities and net assets/fund balances | $245,148,533 |