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← COMMONWEALTH CREDIT UNION

Form 990 for tax year 2024

Filed by COMMONWEALTH CREDIT UNION.

Totals

Total revenue
$14,658,808
Total expenses
$13,095,345
Contributions and grants received
$0
Grants paid
$103,000
Program service revenue
$13,134,623
Investment income
$1,524,185
Other revenue
$0
Total assets, end of year
$0
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$0
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: INTEREST ON LOANS

    total $10,531,191 · related or exempt $10,531,191

  • 2b · Program service revenue: INTERCHANGE INCOME

    total $1,140,092 · related or exempt $1,140,092

  • 2c · Program service revenue: FEE INCOME

    total $1,125,631 · related or exempt $1,125,631

  • 2d · Program service revenue: OTHER INCOME

    total $318,283 · related or exempt $318,283

  • 2e · Program service revenue: FINANCE AND INSURANCE

    total $19,426 · unrelated business $19,426

  • 3 · Investment income

    total $1,524,185 · related or exempt $1,524,185

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $103,000

  • 5 · Compensation of officers, directors and key employees

    total $213,467

  • 7 · Other salaries and wages

    total $2,617,395

  • 8 · Pension plan contributions

    total $265,483

  • 9 · Other employee benefits

    total $707,798

  • 10 · Payroll taxes

    total $238,490

  • 11b · Fees: legal

    total $23,434

  • 11c · Fees: accounting

    total $20,904

  • 11g · Fees: other

    total $71,079

  • 12 · Advertising and promotion

    total $74,561

  • 13 · Office expenses

    total $278,406

  • 14 · Information technology

    total $410,053

  • 16 · Occupancy

    total $309,347

  • 17 · Travel

    total $7,917

  • 19 · Conferences, conventions and meetings

    total $12,895

  • 20 · Interest

    total $4,960,005

  • 22 · Depreciation, depletion and amortization

    total $478,156

  • 23 · Insurance

    total $12,651

  • 24a · Other expenses: CREDIT CARD REWARDS

    total $932,684

  • 24b · Other expenses: PROCESSING FEES

    total $690,630

  • 24c · Other expenses: LOAN SERVICING

    total $322,645

  • 24d · Other expenses: PROVISION FOR LOAN LOSS

    total $165,111

  • 24e · All other expenses

    total $179,234

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $21,068,553 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $249,020,887 · end of year $0

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $22,316,642 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $18,067,278 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,781,248,846 · end of year $0

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,230,300 · end of year $0

  • 10a · Land, buildings and equipment: cost or other basis

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $40,953,940 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $272,285,277 · end of year $0

  • 12 · Investments: other securities

    beginning of year $14,770,900 · end of year $0

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    beginning of year $4,795,647 · end of year $0

  • 15 · Other assets

    beginning of year $42,935,271 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $35,533,355

  • 23 · Secured mortgages and notes payable

    beginning of year $70,000,000

  • 25 · Other liabilities

    beginning of year $2,129,027,772 · end of year $0

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $236,132,414 · end of year $0

Mission and programs · 2024

Mission

THE CREDIT UNION'S VISION IS "GROWTH INSPIRED BY ENGAGEMENT, EMPOWERMENT, AND EXTRAORDINARY SERVICE." COMMONWEALTH PROVIDES ITS MEMBERS WITH A SAFE PLACE TO SAVE AND A SOURCE OF CREDIT IN A NOT-FOR-PROFIT CONTEXT. WE STRIVE TO IMPROVE THE LIVES OF THOSE WE SERVE BY HELPING THEM ACHIEVE THEIR DREAMS THROUGH FINANCIAL HEALTH AND SUCCESS.

Activities or mission (Part I)

VISION: GROWTH INSPIRED BY ENGAGEMENT, EMPOWERMENT, AND EXTRAORDINARY SERVICE. MISSION: "WE BETTER LIVES THROUGH OUR PASSION TO SERVE."

  • CMMONWEALTH CREDIT UNION PROVIDES DEPOSIT, LOAN AND VARIOUS OTHER FINANCIAL SERVICES TO ITS MEMBERS. EFFECTIVE FEBRUARY 3, 2025, COMMONWEALTH CREDIT UNION CONVERTED FROM STATE CHARTERED CREDIT UNION TO A FEDERALLY CHARTERED CREDIT UNION. ALL SERVICES WILL CONTINUE WITHOUT INTERRUPTION UNDER THE NEW FEDERAL CHARTER.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Karen Harbin

    CEO/PRESIDENT/BOARD MEMBER

    Total calculated
    $144,688
    From this org
    $85,280
    From related orgs
    $0
    Other
    $59,408
    Hours/week
    40

  • Donnie Rodgers II

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Douglas Smith

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    1

  • James Chadwell

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    1

  • Kay Jones

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    1

  • Kenneth Blackwell

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    1

  • Mary Foster

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    1

  • Regina Grubbs

    BOARD OF DIRECTORS

    Total calculated
    $86
    From this org
    $86
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Robin Ellis

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Thomas Randy Fawns

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Joseph Brewer

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    1

  • Jacqueline Duvall

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    1

  • Carmine Iaccarino

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    1

  • Stephen Bellas

    CFO

    Total calculated
    $68,693
    From this org
    $43,852
    From related orgs
    $0
    Other
    $24,841
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

Provenance

Return type
form_990
Tax year
2024
Filed
11 December 2025
IRS schema version
2024v5.2
Source object
202523469349301167

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