Har-Co Credit Union
- Assets
- $238.7m
- Revenue
- $7.3m
- Investments
- $0.0
- Employees
- 69
- Location
- Bel Air, MD
- Founding
- Data as of
- 12/2021
- EIN
- 52-0853115
Organization Overview
Har-Co Credit Union is located in Bel Air, MD. As of 12/2021, Har-Co Credit Union employed 69 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 12/2021, Har-Co Credit Union generated $7.3m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $7.2m during the year ending 12/2021. 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
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
HAR-CO CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS 14,428 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gilbert Kennedy III President/ceo | Officer | 40 | $183,631 |
John Shroads Jr Svp/coo And Cco | Officer | 40 | $164,514 |
Angela Gregory Sr. Mortgage Officer | Officer | 40 | $158,651 |
Mark Freyer Svp/chief Compliance Officer | Officer | 40 | $128,514 |
Sharon Wilson Svp/it & Operations Director | Officer | 40 | $128,468 |
Malia Dierken Evp/cfo | Officer | 40 | $128,333 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ongoing Operations Llc Computer Systems, Firewalls And Server M | 12/30/21 | $173,803 |
Fiserv System And Mobile Banking Provider | 12/30/21 | $1,051,500 |
John Heagy Rrc Renovation To Building | 12/30/21 | $171,126 |
Aberdeen Marketplace Llc Ground Rent/lease | 12/30/21 | $116,088 |
View All Vendors
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 | $7,124,521 |
| Investment income | $199,443 |
| 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 | $7,323,964 |
| 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. | $1,025,786 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,462,702 |
| Pension plan accruals and contributions | $71,552 |
| Other employee benefits | $109,517 |
| Payroll taxes | $260,988 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $57,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $71,024 |
| Advertising and promotion | $109,547 |
| Office expenses | $1,333,837 |
| Information technology | $63,790 |
| Royalties | $0 |
| Occupancy | $445,980 |
| Travel | $19,962 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $304,856 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $372,740 |
| Insurance | $52,933 |
| All other expenses | $0 |
| Total functional expenses | $7,219,854 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $27,691,339 |
| Savings and temporary cash investments | $45,694,835 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $255,504 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $122,033,803 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $314,330 |
| Net Land, buildings, and equipment | $2,713,779 |
| Investments—publicly traded securities | $37,244,000 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,773,250 |
| Total assets | $238,720,840 |
| Accounts payable and accrued expenses | $871,889 |
| 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 | $871,889 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $219,019,602 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $18,829,349 |
| Total liabilities and net assets/fund balances | $238,720,840 |
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