Louisville Federal Credit Union
- Assets
- $35.0m
- Revenue
- $954.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Louisville, KY
- Founding
- 03/1955
- Data as of
- 12/2021
- EIN
- 61-0264070
Organization Overview
Louisville Federal Credit Union is located in Louisville, KY. The organization was established in 1955. 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. Louisville Federal 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, Louisville Federal Credit Union generated $954.3k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.9%) each year. All expenses for the organization totaled $779.3k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.9%) per year over the past 7 years. 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
CREDIT UNION PROVIDES & PROMOTES THE USE OF A VARIETY OF FINANCIAL SRVCS WHICH FEATURE PARTICULAR BENEFITS & ADVANTAGES OVER THOSE GENERALLY AVAILABLE FROM OTHER SOURCES, WITH THE SPECIFIC INTENT OF HELPING MEMBERS GAIN SOME PARTICULAR MEASURE OF PERSONAL FINANCIAL SUCCESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNION PROVIDES FINANCIAL SERVICES (LOAN AND SHARE DEPOSIT SERVICES) TO ITS MEMBERS. LOANS PROVIDE INTEREST INCOME AND DIVIDENDS ARE PAID OUT TO SHARE DEPOSITORS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Hovekamp CEO | Officer | 40 | $102,000 |
Deborah Riley Manager | Trustee | 40 | $67,320 |
James S Wick Sec/treasurer | OfficerTrustee | 2 | $3,750 |
Kenny Kiefer Vice Chairman | OfficerTrustee | 0 | $0 |
Donna M Peak Chairman | OfficerTrustee | 0 | $0 |
Ron Miller Director | Trustee | 0 | $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 | $525,517 |
| Investment income | $345,049 |
| 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 | $954,283 |
| 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. | $173,070 |
| Compensation of current officers, directors, key employees. | $29,250 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $144,397 |
| Pension plan accruals and contributions | $20,568 |
| Other employee benefits | $27,212 |
| Payroll taxes | $26,345 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $14,450 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,671 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,961 |
| Insurance | $13,328 |
| All other expenses | $64,569 |
| Total functional expenses | $779,263 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,803,505 |
| Savings and temporary cash investments | $22,007,161 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,024,582 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $52,983 |
| Net Land, buildings, and equipment | $21,757 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $48,636 |
| Total assets | $34,958,624 |
| Accounts payable and accrued expenses | $26,008 |
| 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 | $28,231,239 |
| Total liabilities | $28,257,247 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,020,000 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $5,681,377 |
| Total liabilities and net assets/fund balances | $34,958,624 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
37 Kemba Financial Credit Union Gahanna, OH | $1,889,723,616 | $82,675,194 |
Interra Credit Union Goshen, IN | $1,620,181,637 | $68,430,398 |
810 Seven Seventeen Credit Union Inc Warren, OH | $1,389,210,526 | $71,202,563 |
Park Community Credit Union Inc Louisville, KY | $1,121,794,262 | $53,014,034 |
64 Telhio Credit Union Inc Columbus, OH | $1,270,587,920 | $63,287,965 |