Park Community Credit Union Inc
- Assets
- $1.1b
- Revenue
- $53.0m
- Investments
- $77.4k
- Employees
- 282
- Location
- Louisville, KY
- Founding
- 10/2014
- Data as of
- 12/2020
- EIN
- 61-0654642
Organization Overview
Park Community Credit Union Inc is located in Louisville, KY. The organization was established in 2014. 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 12/2020, Park Community Credit Union Inc employed 282 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Park Community Credit Union Inc 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 12/2020, Park Community Credit Union Inc generated $53.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $50.9m during the year ending 12/2020. While expenses have increased by 6.3% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
PARK COMMUNITY CREDIT UNION (THE "CREDIT UNION" OR "PARK" IS A STATE CHARTERED COOPERATIVE ASSOCIATION ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AMONG, AND CREATING A SOURCE OF CREDIT FOR ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PARK COMMUNITY CREDIT UNION (THE "CREDIT UNION" OR "PARK") IS A STATE CHARTERED COOPERATIVE ASSOCIATION ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AMONG, AND CREATING A SOURCE OF CREDIT FOR, ITS MEMBERS. THE CREDIT UNION PROVIDES MORTGAGE, VEHICLE AND OTHER CONSUMER LOANS TO ITS MEMBERSHIP. THE CREDIT UNION ALSO OFFERS A VARIETY OF ACCOUNTS FOR MEMBERS TO TRANSACT AND SAVE, INCLUDING SHARE AND SHARE DRAFT ACCOUNTS AND SHARE CERTIFICATES. AS A MEMBER-OWNED ORGANIZATION, THE CREDIT UNION STRIVES TO PROVIDE COMPETIVE INTEREST AND DIVIDEND RATES TO ITS MEMBERSHIP AND CONVENIENCE WAYS FOR MEMBERS TO THEIR ACCOUNTS, INCLUDING ONLINE AND MOBILE BANKING AND SHARED BRANCHING SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Qsi Inc Security/various Other | 12/30/20 | $624,456 |
Intercontinental - Vsa Warranty Sales | 12/30/20 | $645,864 |
Shi International Corp It /Computer Services | 12/30/20 | $570,643 |
Mightily Llc Marketing/advertising | 12/30/20 | $576,330 |
Jack Henry & Associates Core Processing Services | 12/30/20 | $556,122 |
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 | $51,516,057 |
| Investment income | $1,497,977 |
| 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 | $53,014,034 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $30,464 |
| 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. | $2,433,207 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,164,210 |
| Pension plan accruals and contributions | $1,330,618 |
| Other employee benefits | $1,218,219 |
| Payroll taxes | $1,056,469 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $181,110 |
| Fees for services: Accounting | $131,489 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $49,000 |
| Fees for services: Other | $693,433 |
| Advertising and promotion | $1,269,041 |
| Office expenses | $5,083,224 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,197,027 |
| Travel | $71,209 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $108,196 |
| Interest | $8,491,674 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,519,992 |
| Insurance | $0 |
| All other expenses | $84,041 |
| Total functional expenses | $50,885,446 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $29,760,504 |
| Savings and temporary cash investments | $80,537,052 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,359,308 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $792,264,987 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,468,505 |
| Net Land, buildings, and equipment | $32,540,898 |
| Investments—publicly traded securities | $112,120,739 |
| Investments—other securities | $77,447 |
| Investments—program-related | $25,918,018 |
| Intangible assets | $158,306 |
| Other assets | $27,588,498 |
| Total assets | $1,121,794,262 |
| Accounts payable and accrued expenses | $9,264,642 |
| Grants payable | $0 |
| Deferred revenue | $1,787,841 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,713,784 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $23,892,571 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $996,525,502 |
| Total liabilities | $1,033,184,340 |
| 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 | $88,609,922 |
| Total liabilities and net assets/fund balances | $1,121,794,262 |
Grants Awarded
Over the last fiscal year, Park Community Credit Union Inc has awarded $30,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Louisville, KY PURPOSE: GENERAL SUPPORT | $25,000 |
KING SOLOMON MISSIONARY BAPTIST CHURCH PURPOSE: CHURCH BUILDING REPAIRS | $5,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Park Community Credit Union Inc has recieved totaling $28,000.
| Awarding Organization | Amount |
|---|---|
Rotary Fund Of Louisville Inc Louisville, KY PURPOSE: WEST LOUISVILLE HOUSING INITIATIVE GRANT | $28,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
1386 General Electric Credit Union Cincinnati, OH | $3,900,460,857 | $159,064,150 |
Consumers Cooperative Credit Union Gurnee, IL | $2,946,745,312 | $132,618,570 |
Knoxville Tva Employees Credit Unio Knoxville, TN | $3,429,893,801 | $162,152,547 |
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 |