Commonwealth Credit Union
501(c)(14)
Only null% goes to programs Thin reserves Declining revenue
Commonwealth Credit Union is a 501(c)(14) organization based in Frankfort, Kentucky, registered in 1958, with $14,658,808 in FY2024 revenue. CharityIndex grades it B.
417 High St, Frankfort, KY, 40601 EIN 61-0671028 Since 1958
Revenue (FY2024)
$14.7M
▼ 88.0% vs prior year
Expenses (FY2024)
$13.1M
Net assets
$0
Employees
371
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
B
★★★★
Rated on 3 of 4 criteria — the rest aren't reported in this filing type.
Held down by its weakest criterion — a strong score on one criterion can't hide a weak one.
How the rating works →—Program efficiency40% of the ratingNo expense breakdown in filings
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. Not scored for Commonwealth Credit Union— this filing type doesn't report it, and the rating simply skips it (never counts it against the organization). See the exact thresholds →
CFinancial health25% of the rating0 mo reserves · +11% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Commonwealth Credit Union: 0 mo reserves · +11% margin earns a C on this criterion. See the exact thresholds →
AGovernance25% of the rating5 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Commonwealth Credit Union: 5 of 6 checks met earns a A on this criterion. See the exact thresholds →
ATransparency10% of the rating4 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Commonwealth Credit Union: 4 of 5 disclosure signals earns a A on this criterion. See the exact thresholds →
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A live seal — it updates automatically when the grade changes and links donors to this verified profile.
Mission
Vision: growth inspired by engagement, empowerment, and extraordinary service. mission: "we better lives through our passion to serve."
What they do
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.
Contact & location
Financial trends
Revenue declined from $50.8M (FY2013) to $14.7M (FY2024) across 12 reported years.
Financial snapshot
Financial health & position (FY2024)
Operating margin
10.7%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$0
Total liabilities
$0
Net assets
$0
Salaries & benefits
$4.0M
31% of expenses
Board members
9
8 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $14,658,808▼88.0% | $13,095,345▼88.3% | $0▼100% | $0▼100% | 990 |
| 2023 | $122,362,301▲26.0% | $111,540,681▲40.3% | $208,849,789▲12.3% | $2,210,286,474▲9.1% | 990 |
| 2022 | $97,138,254▲9.9% | $79,510,556▲7.1% | $185,939,418▼11.7% | $2,025,445,100▲7.1% | 990 |
| 2021 | $88,350,902▲6.9% | $74,247,631▲0.6% | $210,668,450▲5.7% | $1,891,090,350▲14.5% | 990 |
| 2020 | $82,648,583▲1.7% | $73,800,847▲8.5% | $199,342,998▲7.9% | $1,651,235,047▲19.4% | 990 |
| 2019 | $81,263,726▲13.4% | $68,037,001▲12.3% | $184,671,178▲10.9% | $1,383,472,650▲9.6% | 990 |
| 2018 | $71,647,618▲9.4% | $60,561,476▲11.8% | $166,469,819▲7.1% | $1,262,159,235▲9.7% | 990 |
| 2017 | $65,489,990▲8.2% | $54,169,476▲5.5% | $155,504,664▲10.5% | $1,150,232,039▲1.9% | 990 |
| 2016 | $60,517,337▲10.4% | $51,348,264▲9.0% | $140,751,338▼13.6% | $1,128,591,716▲9.4% | 990 |
| 2015 | $54,800,564▲4.9% | $47,092,654▲6.4% | $162,951,710▼13.5% | $1,031,779,216▲5.4% | 990 |
| 2014 | $52,229,741▲2.9% | $44,275,195▲6.9% | $188,443,929▲6.4% | $979,204,360▲3.7% | 990 |
| 2013 | $50,751,269 | $41,407,265▲12.7% | $177,095,619▲0.7% | $943,977,341▲1.7% | 990 |
| 2012 | — | $36,745,143▼9.2% | $175,920,329▲8.3% | $928,031,441▲3.5% | 990 |
| 2011 | — | $40,482,998▼8.4% | $162,510,158▲5.9% | $897,005,001▲1.9% | 990 |
| 2010 | — | $44,198,179 | $153,461,144 | $880,216,977 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: Karen Harbin — $85,280 (0.65% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Karen Harbin | Ceo/president/board Member | 40 | $85,280 |
| Stephen Bellas | Cfo | 40 | $43,852 |
| Regina Grubbs | Board of Directors | 1 | $86 |
| Carmine Iaccarino | Board of Directors | 1 | — |
| Donnie Rodgers II | Vice Chairperson | 1 | — |
| Douglas Smith | Board of Directors | 1 | — |
| Jacqueline Duvall | Board of Directors | 1 | — |
| James Chadwell | Board of Directors | 1 | — |
| Joseph Brewer | Board of Directors | 1 | — |
| Kay Jones | Board of Directors | 1 | — |
| Kenneth Blackwell | Board of Directors | 1 | — |
| Mary Foster | Board of Directors | 1 | — |
| Robin Ellis | Secretary/treasurer | 1 | — |
| Thomas Randy Fawns | Chairperson | 1 | — |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Visa USA Inc | Visa Processing Services | $407,428 |
| Amplifi Loyalty Solutions LLC | Credit Card Point Redemptions | $205,844 |
| Lumin Digital Inc | Digital Services | $168,956 |
| Cdw Direct LLC | Computer Equipment, Software Licensing & | $168,926 |
| Securitas Technology Corp | Alarm Monitoring Services & Maintenance | $142,652 |
Grants made · $103K in FY2024
1 grant totaling $103K in FY2024. All grants made by Commonwealth Credit Union →
| Recipient | Purpose | Amount |
|---|---|---|
| University of Louisville Foundation Inc | To support a transformative impact on campus today and chart the course for a stronger community in the years to come. | $103,000 |
Frequently asked questions
- Is Commonwealth Credit Union a legitimate nonprofit?
- Yes. Commonwealth Credit Union is a 501(c)(14) organization registered with the U.S. Internal Revenue Service under EIN 61-0671028, based in Frankfort, Kentucky.
- What is Commonwealth Credit Union's EIN?
- Commonwealth Credit Union's Employer Identification Number (EIN) is 61-0671028.
- How much revenue does Commonwealth Credit Union report?
- Commonwealth Credit Union reported $14,658,808 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- What financial grade does Commonwealth Credit Union have?
- CharityIndex grades Commonwealth Credit Union B, based on financial health (reserves and operating margin).
- How much does Commonwealth Credit Union's highest-paid employee make?
- The highest reported compensation on Commonwealth Credit Union's latest Form 990 is $85,280, paid to Karen Harbin (Ceo/president/board Member).
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Data for Commonwealth Credit Union (EIN 61-0671028) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.