COMMONWEALTH CREDIT UNION: Form 990, tax year 2024
View the entire original 990 at ProPublica ↗
- Organization
- COMMONWEALTH CREDIT UNION (EIN 61-0671028)
- Tax period
- 2025-01-01 to 2025-02-02
- Filed
- 2025-12-12
- IRS object ID
- 202523469349301167
- Schema version
- 2024v5.2
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2025-12-12T12:59:04-06:00 | ReturnTs |
| Tax Period End | 2025-02-02 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 994260840 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DOEREN MAYHEW | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 305 WEST BIG BEAVER ROAD | AddressLine1Txt |
| City | TROY | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 48084 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2025-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 610671028 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | COMMONWEALTH CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | COMM | BusinessNameControlTxt |
| Phone | 5025644775 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 978 | AddressLine1Txt |
| City | FRANKFORT | CityNm |
| State Abbreviation | KY | StateAbbreviationCd |
| ZIP | 406020978 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | KAREN HARBIN | PersonNm |
| Person Title | CEO | PersonTitleTxt |
| Phone | 5025644775 | PhoneNum |
| Signature | 2025-12-11 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | AUBREY CLEGG | PreparerPersonNm |
| PTIN | P01076395 | PTIN |
| Phone | 2482443000 | PhoneNum |
| Preparation | 2025-12-11 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2024 | TaxYr |
| Build TS | 2025-03-06 01:10:19Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Final Return | Yes (X) | FinalReturnInd |
| Principal Officer | KAREN HARBIN | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 978 | AddressLine1Txt |
| City | FRANKFORT | CityNm |
| State Abbreviation | KY | StateAbbreviationCd |
| ZIP | 406020978 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $14,658,808 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.CCUKY.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1951 | FormationYr |
| Legal Domicile State | KY | LegalDomicileStateCd |
| Activity Or Mission | VISION: GROWTH INSPIRED BY ENGAGEMENT, EMPOWERMENT, AND EXTRAORDINARY SERVICE. MISSION: "WE BETTER LIVES THROUGH OUR PASSION TO SERVE." | ActivityOrMissionDesc |
| Contract Termination | Yes (X) | ContractTerminationInd |
| Voting Members Governing Body | 9 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 8 | VotingMembersIndependentCnt |
| Total Employee | 371 | TotalEmployeeCnt |
| Total Volunteers | 13 | TotalVolunteersCnt |
| Total Gross UBI | $19,426 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $142,610,585 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $13,134,623 | CYProgramServiceRevenueAmt |
| PY Investment Income | $13,170,116 | PYInvestmentIncomeAmt |
| CY Investment Income | $1,524,185 | CYInvestmentIncomeAmt |
| PY Other Revenue | $3,749,756 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $159,530,457 | PYTotalRevenueAmt |
| CY Total Revenue | $14,658,808 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $941,203 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $103,000 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $37,881,091 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $4,042,633 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $98,228,627 | PYOtherExpensesAmt |
| CY Other Expenses | $8,949,712 | CYOtherExpensesAmt |
| PY Total Expenses | $137,050,921 | PYTotalExpensesAmt |
| CY Total Expenses | $13,095,345 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $22,479,536 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $1,563,463 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $2,470,693,541 | TotalAssetsBOYAmt |
| Total Assets EOY | $0 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $2,234,561,127 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $0 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $236,132,414 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $0 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| 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. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | Yes (1) | SignificantChangeInd |
| Desc | 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. | Desc |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | 0 | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | 0 | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | 0 | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | Yes (1) | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 0 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 371 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 9 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 8 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | Yes (1) | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | KAREN HARBIN CEO | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 5025644775 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 417 HIGH STREET | AddressLine1Txt |
| City | FRANKFORT | CityNm |
| State Abbreviation | KY | StateAbbreviationCd |
| ZIP | 40601 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (14 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt |
|---|---|---|---|---|---|---|
| KAREN HARBIN | ||||||
| CEO/PRESIDENT/BOARD MEMBER | 40.00 | Yes (X) | Yes (X) | $85,280 | $0 | $59,408 |
| DONNIE RODGERS II | ||||||
| VICE CHAIRPERSON | 1.00 | Yes (X) | $0 | $0 | $0 | |
| DOUGLAS SMITH | ||||||
| BOARD OF DIRECTORS | 1.00 | Yes (X) | $0 | $0 | $0 | |
| JAMES CHADWELL | ||||||
| BOARD OF DIRECTORS | 1.00 | Yes (X) | $0 | $0 | $0 | |
| KAY JONES | ||||||
| BOARD OF DIRECTORS | 1.00 | Yes (X) | $0 | $0 | $0 | |
| KENNETH BLACKWELL | ||||||
| BOARD OF DIRECTORS | 1.00 | Yes (X) | $0 | $0 | $0 | |
| MARY FOSTER | ||||||
| BOARD OF DIRECTORS | 1.00 | Yes (X) | $0 | $0 | $0 | |
| REGINA GRUBBS | ||||||
| BOARD OF DIRECTORS | 1.00 | Yes (X) | $86 | $0 | $0 | |
| ROBIN ELLIS | ||||||
| SECRETARY/TREASURER | 1.00 | Yes (X) | $0 | $0 | $0 | |
| THOMAS RANDY FAWNS | ||||||
| CHAIRPERSON | 1.00 | Yes (X) | $0 | $0 | $0 | |
| JOSEPH BREWER | ||||||
| BOARD OF DIRECTORS | 1.00 | Yes (X) | $0 | $0 | $0 | |
| JACQUELINE DUVALL | ||||||
| BOARD OF DIRECTORS | 1.00 | Yes (X) | $0 | $0 | $0 | |
| CARMINE IACCARINO | ||||||
| BOARD OF DIRECTORS | 1.00 | Yes (X) | $0 | $0 | $0 | |
| STEPHEN BELLAS | ||||||
| CFO | 40.00 | Yes (X) | $43,852 | $0 | $24,841 | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $129,218 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $84,249 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 0 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | 0 | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| VISA USA INC | |||||
| PO BOX 742233 | LOS ANGELES | CA | 90074 | VISA PROCESSING SERVICES | $407,428 |
| AMPLIFI LOYALTY SOLUTIONS LLC | |||||
| 1240 EAST DIEHL RD STE 400 | NAPIERVILLE | IL | 60563 | CREDIT CARD POINT REDEMPTIONS | $205,844 |
| LUMIN DIGITAL INC | |||||
| 3001 BISHOP DR STE 110 | SAN RAMON | CA | 94583 | DIGITAL SERVICES | $168,956 |
| CDW DIRECT LLC | |||||
| PO BOX 75723 | CHICAGO | IL | 60675 | COMPUTER EQUIPMENT, SOFTWARE LICENSING & | $168,926 |
| SECURITAS TECHNOLOGY CORP | |||||
| 3800 TABS DR | UNIONTOWN | OH | 44685 | ALARM MONITORING SERVICES & MAINTENANCE | $142,652 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 10 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (5 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| INTEREST ON LOANS | 522100 | $10,531,191 | $10,531,191 | |
| INTERCHANGE INCOME | 522100 | $1,140,092 | $1,140,092 | |
| FEE INCOME | 522100 | $1,125,631 | $1,125,631 | |
| OTHER INCOME | 522100 | $318,283 | $318,283 | |
| FINANCE AND INSURANCE | 520000 | $19,426 | $19,426 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $13,134,623 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,524,185 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $1,524,185 | RelatedOrExemptFuncIncomeAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $14,658,808 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $14,639,382 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $19,426 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $103,000 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $213,467 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,617,395 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $265,483 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $707,798 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $238,490 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $23,434 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $20,904 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $71,079 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $74,561 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $278,406 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $410,053 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $309,347 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,917 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $12,895 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,960,005 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $478,156 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $12,651 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| CREDIT CARD REWARDS | $932,684 |
| PROCESSING FEES | $690,630 |
| LOAN SERVICING | $322,645 |
| PROVISION FOR LOAN LOSS | $165,111 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $179,234 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $13,095,345 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $21,068,553 | BOYAmt |
| EOY | $0 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $249,020,887 | BOYAmt |
| EOY | $0 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $22,316,642 | BOYAmt |
| EOY | $0 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $18,067,278 | BOYAmt |
| EOY | $0 | EOYAmt |
Rcvbl From Disqualified Prsn RcvblFromDisqualifiedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,781,248,846 | BOYAmt |
| EOY | $0 | EOYAmt |
Inventories For Sale Or Use InventoriesForSaleOrUseGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,230,300 | BOYAmt |
| EOY | $0 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $0 | LandBldgEquipCostOrOtherBssAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $40,953,940 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $272,285,277 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $14,770,900 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,795,647 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $42,935,271 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,470,693,541 | BOYAmt |
| EOY | $0 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $35,533,355 | BOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $70,000,000 | BOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,129,027,772 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,234,561,127 | BOYAmt |
| EOY | $0 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $236,132,414 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $236,132,414 | BOYAmt |
| EOY | $0 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,470,693,541 | BOYAmt |
| EOY | $0 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $1,563,463 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $6,449,228 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$244,145,105 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | 0 | FSAuditedInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $0 | TotalBookValueLandBuildingsAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART X, LINE 2: | FormAndLineReferenceDesc |
| Explanation | INCOME TAXES: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. | ExplanationTxt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | 0 | GrantRecordsMaintainedInd |
Recipient Table RecipientTable
Recipient Business Name RecipientBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | UNIVERSITY OF LOUISVILLE FOUNDATION INC | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 215 CENTRAL AVE STE 212 | AddressLine1Txt |
| City | LOUISVILLE | CityNm |
| State Abbreviation | KY | StateAbbreviationCd |
| ZIP | 40208 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Recipient EIN | 237078461 | RecipientEIN |
| IRC Section | 501(C)(3) | IRCSectionDesc |
| Cash Grant | $103,000 | CashGrantAmt |
| Non Cash Assistance | $0 | NonCashAssistanceAmt |
| Purpose Of Grant | TO SUPPORT A TRANSFORMATIVE IMPACT ON CAMPUS TODAY AND CHART THE COURSE FOR A STRONGER COMMUNITY IN THE YEARS TO COME. | PurposeOfGrantTxt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 1 | Total501c3OrgCnt |
| Total Other Org | 0 | TotalOtherOrgCnt |
Schedule N IRS990ScheduleN
Disposition Of Assets Detail DispositionOfAssetsDetail (5 entries)
| Assets Distri Or Expnss PaidAssetsDistriOrExpnssPaidDesc | DistributionDistributionDt | Fair Market Value Of AssetFairMarketValueOfAssetAmt | Method Of FMV DeterminationMethodOfFMVDeterminationTxt | EINEIN | Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | IRC SectionIRCSectionTxt |
|---|---|---|---|---|---|---|---|---|---|
| COMMONWEALTH FEDERAL CREDIT UNION | |||||||||
| TOTAL MEMBER LOANS, NET OF ALLOWANCE FOR CREDIT LOSSES | 2025-02-02 | $1,801,909,972 | ACTUAL BALANCE SHEET VALUE | 610671028 | PO BOX 978 | FRANKFORT | KY | 406020978 | 501(C)(1) |
| COMMONWEALTH FEDERAL CREDIT UNION | |||||||||
| CASH AND CASH EQUIVALENTS | 2025-02-02 | $354,881,985 | ACTUAL BALANCE SHEET VALUE | 610671028 | PO BOX 978 | FRANKFORT | KY | 406020978 | 501(C)(1) |
| COMMONWEALTH FEDERAL CREDIT UNION | |||||||||
| TOTAL INVESTMENTS | 2025-02-02 | $273,046,606 | ACTUAL BALANCE SHEET VALUE | 610671028 | PO BOX 978 | FRANKFORT | KY | 406020978 | 501(C)(1) |
| COMMONWEALTH FEDERAL CREDIT UNION | |||||||||
| TOTAL FIXED ASSETS | 2025-02-02 | $40,441,800 | ACTUAL BALANCE SHEET VALUE | 610671028 | PO BOX 978 | FRANKFORT | KY | 406020978 | 501(C)(1) |
| COMMONWEALTH FEDERAL CREDIT UNION | |||||||||
| TOTAL OTHER ASSETS | 2025-02-02 | $71,321,696 | ACTUAL BALANCE SHEET VALUE | 610671028 | PO BOX 978 | FRANKFORT | KY | 406020978 | 501(C)(1) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Director Of Successor2 | Yes (1) | DirectorOfSuccessor2Ind |
| Employee Of Successor2 | Yes (1) | EmployeeOfSuccessor2Ind |
| Owner Of Successor2 | 0 | OwnerOfSuccessor2Ind |
| Receive Compensation2 | 0 | ReceiveCompensation2Ind |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART II, LINE 2E: | PERSON(S) INVOLVED: ALL DIRECTORS, OFFICERS AND EMPLOYEES WILL RESUME THEIR ROLES AND POSITIONS WITH THE CREDIT UNION SUBSEQUENT TO THE CONVERSION TO A FEDERAL CHARTER. |
| PART II, LINE 2E: | EXPLANATION OF INVOLVEMENT: EFFECTIVE FEBRUARY 3, 2025, COMMONWEALTH CREDIT UNION CONVERTED FROM A STATE CHARTERED CREDIT UNION TO A FEDERALLY CHARTERED CREDIT UNION. ALL SERVICES SHALL CONTINUE WITHOUT INTERRUPTION UNDER THE NEW FEDERAL CHARTER. THEREFORE, ALL BOARD MEMBERS AND EMPLOYEES RESUMED THEIR ROLES UNDER THE FEDERALLY CHARTERED CREDIT UNION. AS A FEDERALLY CHARTERED CREDIT UNION UNDER 501(C)(1), THE ORGANIZATION WILL NO LONGER BE REQUIRED TO FILE FORM 990. THE ASSETS CITED IN SCHEDULE N, PART II ARE REPORTED AT THE VALUES PRESENTED IN THE BALANCE SHEET AS OF FEBRUARY 2, 2025. SINCE THE CREDIT UNION'S OPERATIONS WILL CONTINUE AS THEY DID PRIOR TO THE TRANSITION TO A FEDERAL CREDIT UNION, A SPECIAL VALUATION WAS NOT WARRANTED. |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (12 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART III, LINE 3 | COMMONWEALTH CREDIT UNION CONVERTED FROM A STATE CHARTERED CREDIT UNION TO A FEDERALLY CHARTERED CREDIT UNION EFFECTIVE FEBRUARY 3, 2025. ALL SERVICES WILL CONTINUE WITHOUT INTERRUPTION UNDER THE NEW FEDERAL CHARTER. AS A FEDERALLY CHARTERED CREDIT UNION UNDER 501(C)(1), THE ORGANIZATION WILL NO LONGER BE REQUIRED TO FILE FORM 990. |
| FORM 990, PART VI, SECTION A, LINE 4 | COMMONWEALTH CREDIT UNION CONVERTED FROM A STATE CHARTERED CREDIT UNION TO A FEDERALLY CHARTERED CREDIT UNION EFFECTIVE FEBRUARY 3, 2025. ALL SERVICES WILL CONTINUE WITHOUT INTERRUPTION UNDER THE NEW FEDERAL CHARTER. GOVERNING DOCUMENTS WERE UPDATED AS NEEDED TO ADDRESS THE CHARTER CONVERSION. |
| FORM 990, PART VI, SECTION A, LINE 6 | ANY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. IN TOTAL, THERE ARE 130,195 MEMBERS OF THE CREDIT UNION. ELIGIBILITY TO JOIN COMMONWEALTH CREDIT UNION IS AS FOLLOWS: IF A PERSON OR SOMEONE THEY ARE RELATED TO LIVES, WORKS, WORSHIPS, ATTENDS SCHOOL OR VOLUNTEERS IN THE KIPDA AND BLUEGRASS REGIONS, WHICH INCLUDES THE FOLLOWING 25 COUNTIES: ANDERSON, BOURBON, BOYLE, BULLITT, CLARK, ESTILL, FAYETTE, FRANKLIN, GARRARD, HARRISON, HENRY, JEFFERSON, JESSAMINE, LINCOLN, MADISON, MERCER, NICHOLAS, OLDHAM, OWEN, POWELL, SCOTT, SHELBY, SPENCER, TRIMBLE, AND WOODFORD. |
| FORM 990, PART VI, SECTION A, LINE 7A | COMMONWEALTH CREDIT UNION BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP AT AN ANNUAL MEETING HELD IN MARCH OF EACH YEAR. EACH PRIMARY MEMBER IS ENTITLED TO ONE VOTE TO ELECT THE BOARD. |
| FORM 990, PART VI, SECTION A, LINE 7B | MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE ELECTION AND REMOVAL OR MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO APPROVAL BY THE MEMBERS AS THEY OCCUR. COMMONWEALTH CREDIT UNION INITIATED A CONVERSION FROM A KENTUCKY STATE-CHARTERED CREDIT UNION TO A FEDERALLY-CHARTERED CREDIT UNION EFFECTIVE FEBRUARY 3, 2025. A SPECIAL MEMBER VOTE WAS HELD ON NOVEMBER 19, 2024. THE MEMBERS VOTED IN FAVOR OF THE CONVERSION, WITH 79.53% OF THE MEMBERSHIP VOTING IN FAVOR OF THE CONVERSION TO A FEDERAL CHARTER. |
| FORM 990, PART VI, SECTION B, LINE 11B | COMMONWEALTH CREDIT UNION BOARD OF DIRECTORS WERE PROVIDED WITH A COPY OF THE FORM PRIOR TO THE BOARD MEETING. THEY WERE ASKED TO REVIEW THE FORM AND CONTACT THE CEO WITH QUESTIONS. AT THE BOARD MEETING, THE CEO PROVIDED EXPLANATIONS AND ANSWERED QUESTIONS FROM THE BOARD DURING THE REVIEW OF THE FORM. |
| FORM 990, PART VI, SECTION B, LINE 12C | A STATEMENT OF THE CREDIT UNION'S COMPLIANCE WITH KENTUCKY REVISED STATUE 290.195 IS INCLUDED IN THE ASSOCIATE HANDBOOK WHICH EACH EMPLOYEE SIGNS AS HAVING READ AND AGREES TO ABIDE BY KRS290.195 WHICH PROVIDES THAT NO DIRECTOR, OFFICER OR ASSOCIATE PARTICIPATE IN INTERESTS THAT COULD GIVE RISE TO CONFLICT. ALSO, AT THE BEGINNING OF EACH YEAR, EVERY EMPLOYEE MUST SIGN A CONFLICT OF INTEREST POLICY. THE HUMAN RESOURCES DEPARTMENT ENSURES THAT EACH EMPLOYEE SIGNS AND AGREES TO THIS POLICY AND MONITORS THAT IT IS DONE. |
| FORM 990, PART VI, SECTION B, LINE 15 | MARSH MCLENNAN AGENCY WAS USED AS AN OUTSIDE CONSULTANT TO PROVIDE AN INDEPENDENT REVIEW OF THE POSITIONS, SALARY STRUCTURES, LEVELS, AND OVERALL COMPENSATION STRATEGY. IN ADDITION, PARC COMPENSATION CONSULTING WAS USED AS AN OUTSIDE CONSULTANT TO PROVIDE AN INDEPENDENT COMPENSATION REVIEW OF EXECUTIVE POSITIONS. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE FINANCIALS ARE MADE AVAILABLE AND DISTRIBUTED TO THE PUBLIC EVERY YEAR AT THE ANNUAL MEETING IN PAMPHLET FORM. GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIALS WOULD ALSO BE DISTRIBUTED UPON REQUEST TO THE PUBLIC. |
| FORM 990, PART IX, LINE 11G | OTHER PROFESSIONAL FEES 71,079. |
| FORM 990, PART IX, LINE 24E | MISCELLANEOUS 161,653. EDUCATION 17,509. U OF L PARTNERSHIP 72. |
| FORM 990, PART XI, LINE 9: | NET ASSETS AT TIME OF CONVERSION TO FEDERALLY CHARTERED CREDIT UNION -244,145,105. |
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