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Nonprofiteer
← COMMONWEALTH CREDIT UNION

Form 990 for tax year 2023

Filed by COMMONWEALTH CREDIT UNION.

Totals

Total revenue
$122,362,301
Total expenses
$111,540,681
Contributions and grants received
$0
Grants paid
$298,654
Program service revenue
$107,156,811
Investment income
$12,097,960
Other revenue
$3,107,530
Total assets, end of year
$2,210,286,474
Total liabilities, end of year
$2,001,436,685
Net assets or fund balances, end of year
$208,849,789
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 $82,025,797 · related or exempt $82,025,797

  • 2b · Program service revenue: INTERCHANGE INCOME

    total $13,619,268 · related or exempt $13,619,268

  • 2c · Program service revenue: FEE INCOME

    total $10,679,205 · related or exempt $10,679,205

  • 2d · Program service revenue: OTHER INCOME

    total $585,913 · related or exempt $585,913

  • 2e · Program service revenue: FINANCE AND INSURANCE

    total $246,628 · unrelated business $246,628

  • 3 · Investment income

    total $12,097,960 · related or exempt $12,097,960

  • 11a · Other revenue: INS COMM MEMBER SERVICE

    total $3,107,530 · related or exempt $3,107,530

  • 11e · Other revenue, total

    $3,107,530

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $290,654

  • 2 · Grants to domestic individuals

    total $8,000

  • 5 · Compensation of officers, directors and key employees

    total $2,518,741

  • 7 · Other salaries and wages

    total $23,399,664

  • 8 · Pension plan contributions

    total $3,415,818

  • 9 · Other employee benefits

    total $4,924,464

  • 10 · Payroll taxes

    total $1,656,416

  • 11b · Fees: legal

    total $337,885

  • 11c · Fees: accounting

    total $159,982

  • 11g · Fees: other

    total $996,508

  • 12 · Advertising and promotion

    total $1,720,188

  • 13 · Office expenses

    total $4,653,935

  • 14 · Information technology

    total $4,876,388

  • 16 · Occupancy

    total $3,642,949

  • 17 · Travel

    total $213,656

  • 19 · Conferences, conventions and meetings

    total $239,778

  • 20 · Interest

    total $27,598,961

  • 22 · Depreciation, depletion and amortization

    total $6,029,012

  • 23 · Insurance

    total $142,951

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $9,483,459

  • 24b · Other expenses: PROCESSING FEES

    total $6,592,972

  • 24c · Other expenses: CREDIT CARD REWARDS

    total $4,014,574

  • 24d · Other expenses: LOAN SERVICING

    total $2,769,173

  • 24e · All other expenses

    total $1,854,553

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,965,742 · end of year $16,741,981

  • 2 · Savings and temporary cash investments

    beginning of year $122,412,299 · end of year $163,898,081

  • 4 · Accounts receivable

    beginning of year $10,211,787 · end of year $8,562,247

  • 5 · Loans and receivables from officers and key people

    beginning of year $17,651,809 · end of year $17,858,335

  • 7 · Other notes and loans receivable

    beginning of year $1,469,262,627 · end of year $1,613,607,543

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,448,557 · end of year $3,061,013

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

    $75,978,975

  • 10b · Land, buildings and equipment: accumulated depreciation

    $31,613,902

  • 10c · Land, buildings and equipment, net

    beginning of year $43,573,766 · end of year $44,365,073

  • 11 · Investments: publicly traded securities

    beginning of year $236,716,564 · end of year $239,023,879

  • 12 · Investments: other securities

    beginning of year $51,867,296 · end of year $49,373,921

  • 14 · Intangible assets

    beginning of year $11,006,679 · end of year $5,177,285

  • 15 · Other assets

    beginning of year $45,327,974 · end of year $48,617,116

  • 17 · Accounts payable and accrued expenses

    beginning of year $41,741,565 · end of year $40,742,051

  • 23 · Secured mortgages and notes payable

    beginning of year $60,000,000 · end of year $60,000,000

  • 25 · Other liabilities

    beginning of year $1,737,764,117 · end of year $1,900,694,634

  • 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 $185,939,418 · end of year $208,849,789

Mission and programs · 2023

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."

  • SHARES:THE CREDIT UNION HAS 307,083 SHARE ACCOUNTS AGGREGATING OVER $1.9 BILLION. COMMONWEALTH CREDIT UNION HAS A MYRIAD OF SAVINGS OPTIONS FROM WHICH MEMBERS CAN SELECT FROM TO GROW THEIR FUTURES.

  • LOANS:COMMONWEALTH CREDIT UNION'S LOAN PORTFOLIO EXCEEDS $1.63 BILLION. THE CREDIT UNION HAS 102,941 LOAN ACCOUNTS. COMMONWEALTH OFFERS ITS MEMBERS AN ARRAY OF LOAN PRODUCTS TO MEET THEIR CREDIT NEEDS.

  • MISCELLANEOUS FINANCIAL SERVICES:COMMONWEALTH CREDIT UNION OFFERS A VARIETY OF SERVICES TO ITS 123,669 MEMBERS. THESE INCLUDE ONLINE BANKING, MOBILE BANKING, BILL PAYMENT, REMOTE AND MOBILE DEPOSIT AND OTHER ELECTRONIC SERVICES.

As filed on the 2023 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
    $1,339,436
    From this org
    $1,051,090
    From related orgs
    $0
    Other
    $288,346
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $856,982
    Bonus
    $194,108
    Other
    $0
    Deferred
    $270,021
    Nontaxable benefits
    $18,325
    Filer's total
    $1,339,436

  • Robin Ellis

    TREASURER

    Total calculated
    $7,551
    From this org
    $7,551
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Joseph Brewer

    BOARD OF DIRECTORS

    Total calculated
    $900
    From this org
    $900
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Donnie Rodgers II

    VICE CHAIRPERSON

    Total calculated
    $2,526
    From this org
    $2,526
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Regina Grubbs

    BOARD OF DIRECTORS

    Total calculated
    $2,923
    From this org
    $2,923
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Thomas Randy Fawns

    CHAIRPERSON

    Total calculated
    $6,461
    From this org
    $6,461
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mary Foster

    BOARD OF DIRECTORS

    Total calculated
    $5,686
    From this org
    $5,686
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • James Chadwell

    BOARD OF DIRECTORS

    Total calculated
    $5,223
    From this org
    $5,223
    From related orgs
    $0
    Other
    $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

  • Kelly Smith

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    1

  • Stephen Bellas

    CFO

    Total calculated
    $504,648
    From this org
    $392,953
    From related orgs
    $0
    Other
    $111,695
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $322,140
    Bonus
    $70,813
    Other
    $0
    Deferred
    $86,764
    Nontaxable benefits
    $24,931
    Filer's total
    $504,648

  • David Young

    EXECUTIVE VICE PRESIDENT

    Total calculated
    $1,108,031
    From this org
    $936,481
    From related orgs
    $0
    Other
    $171,550
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $400,813
    Bonus
    $71,024
    Other
    $464,644
    Deferred
    $166,968
    Nontaxable benefits
    $4,582
    Filer's total
    $1,108,031

  • Douglas Graham

    CHIEF INNOVATION & STRATEGY OFFICER

    Total calculated
    $455,178
    From this org
    $351,793
    From related orgs
    $0
    Other
    $103,385
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $279,473
    Bonus
    $72,320
    Other
    $0
    Deferred
    $85,129
    Nontaxable benefits
    $18,256
    Filer's total
    $455,178

  • Jaynel Christensen

    CHIEF GROWTH OFFICER

    Total calculated
    $462,952
    From this org
    $340,161
    From related orgs
    $0
    Other
    $122,791
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $271,289
    Bonus
    $68,872
    Other
    $0
    Deferred
    $102,706
    Nontaxable benefits
    $20,085
    Filer's total
    $462,952

  • Matthew Stewart

    SVP OF COMMERCIAL SERVICES

    Total calculated
    $262,970
    From this org
    $242,126
    From related orgs
    $0
    Other
    $20,844
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $202,648
    Bonus
    $39,478
    Other
    $0
    Deferred
    $10,587
    Nontaxable benefits
    $10,257
    Filer's total
    $262,970

  • Karen Maxfield

    CHIEF PEOPLE OFFICER

    Total calculated
    $584,736
    From this org
    $447,323
    From related orgs
    $0
    Other
    $137,413
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $387,959
    Bonus
    $59,364
    Other
    $0
    Deferred
    $124,671
    Nontaxable benefits
    $12,742
    Filer's total
    $584,736

  • Patricia Smith

    CHIEF BRAND & ADVOCACY OFFICER

    Total calculated
    $328,005
    From this org
    $289,930
    From related orgs
    $0
    Other
    $38,075
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $228,814
    Bonus
    $61,116
    Other
    $0
    Deferred
    $13,550
    Nontaxable benefits
    $24,525
    Filer's total
    $328,005

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 2 · Substantiation required before reimbursing expenses
  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
A PER DIEM IS PAID FOR MEALS FOR BOARD MEMBERS' TRAVEL COMPANIONS.
PART I, LINE 4B
THE CREDIT UNION MAINTAINS A SUPPLEMENTAL SPLIT DOLLAR LIFE INSURANCE RETIREMENT BENEFIT FOR THE CEO, KAREN HARBIN, THE CHIEF FINANCIAL OFFICER, STEVE BELLAS, AND THE CHIEF BRAND & ADVOCACY OFFICER, PATRICIA SMITH. UNDER THE SUPPLEMENTAL SPLIT DOLLAR LIFE INSURANCE RETIREMENT PLANS, THE CREDIT UNION HAS FUNDED AN ANNUITY ACCOUNT TO PAY THE ANNUAL LIFE INSURANCE PREMIUMS ON BEHALF OF THE EXECUTIVE. THE EXECUTIVE IS THE SOLE OWNER OF THE POLICY AND HAS ASSIGNED THE LIFE INSURANCE POLICIES AS COLLATERAL TO THE CREDIT UNION AS SECURITY FOR THE REPAYMENT OF THE PREMIUMS. DAVID YOUNG'S W-2 COMPENSATION REPORTED IN COLUMN B(III) OF SCH J INCLUDES A 457(B) BENEFIT DISTRIBUTION. THE EXECUTIVE'S ANNUAL 457(B) DEFERRALS WERE REPORTED AS A COMPONENT OF BOX 5 COMPENSATION WITHIN PRIOR YEARS' FORMS W-2. SPECIFICALLY, SINCE BOX 5 HAS HISTORICALLY EXCEEDED THE DOLLAR AMOUNT REPORTED IN BOX 1, THE COMPENSATION RELATIVE TO THE 457(B) DISTRIBUTION ($464,644) INCLUDED IN 2023 COMPENSATION, HAS ALREADY BEEN REPORTED AS W-2 COMPENSATION IN PRIOR YEARS' FORMS 990 AS IT WAS BEING DEFERRED BY THE EMPLOYEE. IN 2023, THE COMPENSATION AMOUNT REPORTED IN FORM 990 REPRESENTS THE AMOUNT REPORTED IN BOX 1 OF FORM W-2. THAT IS, BOX 1 COMPENSATION EXCEEDED THE AMOUNT REPORTED IN BOX 5 FOR THE FIRST TIME, AS A RESULT OF THE DISTRIBUTION OF DAVID YOUNG'S 457(B) BENEFIT.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2023
Filed
3 September 2024
IRS schema version
2023v5.1
Source object
202432489349300828

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