Nonprofit · EIN 61-0671028
COMMONWEALTH CREDIT UNION
Tax-exempt · FRANKFORT, KY 40602
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| February 2, 2025 | 990 | $14,658,808 | $13,095,345 | $1,563,463 | $0 | $0 | $0 |
Financial details: 990 for the year ended February 2, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $13,134,623
- Investment income
- $1,524,185
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $103,000
- Compensation of officers, directors and key employees
- $213,467
- Other salaries and wages
- $2,617,395
- Salaries, compensation and benefits (total)
- $4,042,633
- Professional fundraising fees
- $0
- Legal fees
- $23,434
- Accounting fees
- $20,904
- Occupancy
- $309,347
- Travel
- $7,917
- Depreciation
- $478,156
Balance sheet and other
- Total assets, start of year
- $2,470,693,541
- Total assets, end of year
- $0
- Total liabilities, end of year
- $0
- Net assets, end of year
- $0
- Gross unrelated business income
- $19,426
- Gross receipts
- $14,658,808
- Employees
- 371
- Volunteers
- 13
- Year formed
- 1951
- State of legal domicile
- KY
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended February 2, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| KAREN HARBIN | CEO/PRESIDENT/BOARD MEMBER Trustee or director, Officer | 40 | $85,280 | $59,408 |
| STEPHEN BELLAS | CFO Officer | 40 | $43,852 | $24,841 |
| REGINA GRUBBS | BOARD OF DIRECTORS Trustee or director | 1 | $86 | $0 |
| DONNIE RODGERS II | VICE CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| DOUGLAS SMITH | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| JAMES CHADWELL | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| KAY JONES | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| KENNETH BLACKWELL | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| MARY FOSTER | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| ROBIN ELLIS | SECRETARY/TREASURER Trustee or director | 1 | $0 | $0 |
| THOMAS RANDY FAWNS | CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| JOSEPH BREWER | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| JACQUELINE DUVALL | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
| CARMINE IACCARINO | BOARD OF DIRECTORS Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- PO BOX 978, FRANKFORT, KY 40602-0978
- In care of
- % ACCOUNTING DEPARTMENT
- Principal officer (990 for 2024)
- KAREN HARBIN, PO BOX 978, FRANKFORT, KY 406020978
- Signed the 990
- KAREN HARBIN, CEO
- Phone
- (502) 564-4775
- Return prepared by
- DOEREN MAYHEW
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.
Program accomplishments
- 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.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 61-0671028
- Tax-exempt status
- 501(c)(14): State-chartered credit union
- Donations deductible
- No
- Exempt since
- 1958
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Income (IRS master file)
- $14,658,808
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | February 2025 | – | – | – | IRS |
| 990 | December 2024 | – | – | – | IRS |
| 990 | December 2023 | $122,362,301 | $111,540,681 | $2,210,286,474 | IRS |
| 990 | December 2022 | $97,138,254 | $79,510,556 | $2,025,445,100 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS publishes only the latest e-Postcard per organization; earlier years appear here as 990.tax collects the monthly files. 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS.
Questions about COMMONWEALTH CREDIT UNION
- What is the EIN of COMMONWEALTH CREDIT UNION?
- The employer identification number (EIN) of COMMONWEALTH CREDIT UNION is 61-0671028.
- Is COMMONWEALTH CREDIT UNION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1958.
- Are donations to COMMONWEALTH CREDIT UNION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does COMMONWEALTH CREDIT UNION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of COMMONWEALTH CREDIT UNION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did COMMONWEALTH CREDIT UNION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended February 2025.
- Who is the principal officer of COMMONWEALTH CREDIT UNION?
- The 990 for the year ended February 2, 2025 names KAREN HARBIN.
- Who are the officers and directors of COMMONWEALTH CREDIT UNION?
- The 990 for the year ended February 2, 2025 lists 14 people; 3 received compensation from the organization, the highest $85,280 (KAREN HARBIN, CEO/PRESIDENT/BOARD MEMBER).
- How much revenue does COMMONWEALTH CREDIT UNION have?
- On its 990 for the year ended February 2, 2025 it reported revenue of $14,658,808, expenses of $13,095,345 and total assets of $0 at year end.
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- COMMUNITY ACTION KENTUCKY INC EIN 61-0865554 · last filed 990 for 2025
- BLUE GRASS COMMUNITY ACTION PARTNERSHIP INC EIN 61-0659583 · last filed 990 for 2025
- ZEROV INC EIN 61-1110432 · last filed 990 for 2025
- KENTUCKY CHAMBER OF COMMERCE INC EIN 61-0405718 · last filed 990 for 2025
- KENTUCKY ASSOCIATION OF SEXUAL ASSAULT PROGRAMS INC EIN 61-1202976 · last filed 990 for 2025
- KENTUCKY ASSOCIATION OF COUNTIES INC EIN 61-0870248 · last filed 990 for 2025
- KY ASSN OF MANUFACTURERS GROUP INS TR EIN 87-6426781 · last filed 990 for 2025