Beacon Credit Union
- Assets
- $77.0m
- Revenue
- $4.0m
- Investments
- $0.0
- Employees
- 48
- Location
- Louisville, KY
- Founding
- 08/1948
- Data as of
- 12/2022
- EIN
- 61-0606766
Organization Overview
Beacon Credit Union is located in Louisville, KY. The organization was established in 1948. 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, Beacon Credit Union employed 48 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Beacon 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, Beacon Credit Union generated $4.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $3.8m during the year ending 12/2022. While expenses have increased by 3.4% 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
BEACON COMMUNITY CREDIT UNION IS A FINANCIAL INSTITUTION COOPERATIVE ORGANIZED TO PROVIDE LOAN AND DEPOSIT PRODUCTS AND SERVICES FOR ITS MEMBER OWNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS A STATE CHARTERED MEMBER OWNED COOPERATIVE CREDIT UNION THAT PROVIDES FINANCIAL PRODUCTS AND SERVICES TO THE MEMBER OWNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marina Allgeier Chief Financial Officer | Officer | 40 | $172,918 |
Penny Haseker Chief Executive Officer | Officer | 40 | $143,101 |
Raymond Jacobi Chairman Of Board | Trustee | 2 | $0 |
Ken Jinks Vice Chairman Of Board | Trustee | 2 | $0 |
Robert Weiter Treasurer Of Board | Trustee | 2 | $0 |
Debbie Braun Secretary Of Board | 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 | $3,495,051 |
| Investment income | $498,083 |
| 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 | $3,993,134 |
| 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. | $316,018 |
| Compensation of current officers, directors, key employees. | $234,626 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $911,812 |
| Pension plan accruals and contributions | $35,215 |
| Other employee benefits | $133,039 |
| Payroll taxes | $97,507 |
| Fees for services: Management | $19,953 |
| Fees for services: Legal | $8,000 |
| Fees for services: Accounting | $46,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $15,842 |
| Office expenses | $129,650 |
| Information technology | $213,639 |
| Royalties | $0 |
| Occupancy | $166,952 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $34,815 |
| Interest | $184,761 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $211,536 |
| Insurance | $36,775 |
| All other expenses | $64,638 |
| Total functional expenses | $3,764,453 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,540,009 |
| Savings and temporary cash investments | $1,335,773 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,691 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $30,073,682 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $437,994 |
| Net Land, buildings, and equipment | $5,843,576 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $32,572,405 |
| Intangible assets | $0 |
| Other assets | $5,222,282 |
| Total assets | $77,029,412 |
| Accounts payable and accrued expenses | $958,878 |
| 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 | $68,700,049 |
| Total liabilities | $69,658,927 |
| 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 | $7,370,485 |
| Total liabilities and net assets/fund balances | $77,029,412 |