Diamond Credit Union

Learn about this cause: Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 231320654 ✦ Pottstown, PA ✦ Designated as a 501(c)(14)

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Overview

What is Diamond Credit Union?

Diamond Credit Union, located at 1600 MEDICAL DRIVE in Pottstown, Pennsylvania (19464), is a credit union with a mission to foster savings among its 65,417 members. By offering an opportunity to accumulate savings, Diamond Credit Union aims to create a reliable source of credit for its members at reasonable rates. The purpose of this credit union is to promote thrift and improve the economic and social conditions of its members by enabling them to control their own money democratically. With a workforce of 221 employees, Diamond Credit Union operates with the goal of providing essential financial services to its members in a cooperative and member-focused manner.


Official website here: www.diamondcu.org

Is Diamond Credit Union legitimate?

Diamond Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Diamond Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.


Heare are some key statistics you may want to consider:

Executive Compensation: $1,989,555
Professional Fundraising Fees: $0
Other Salaries and Wages: $12,569,068

For more financial information, click here


Official website here: www.diamondcu.org

What is the mission statement of Diamond Credit Union?

Diamond Credit Union is established to encourage savings among its 65,000 members. By providing them with the opportunity to save, the credit union aims to create a reliable source of credit for members' provident or productive needs. The cooperative organization is incorporated to help members manage their money democratically, ultimately enhancing their economic and social conditions. Diamond Credit Union's primary objective is to promote thrift and offer affordable credit options, giving its members the power to control their finances. The credit union's purpose is to improve members' financial well-being through responsible savings and accessible credit.


Official website here: www.diamondcu.org

Who is the CEO of Diamond Credit Union?

Rick Patel is the President/Ceo of Diamond Credit Union. The CEO's salary of Diamond Credit Union is $480,035 and their total compensation is $501,781.


Official website here: www.diamondcu.org

What is the revenue of Diamond Credit Union?

Diamond Credit Union's revenue in 2022 was $46,587,819.


Official website here: www.diamondcu.org

Who are the executives of Diamond Credit Union and what are their salaries?

The average compensation at Diamond Credit Union during 2022 was $65,876. There are 221 employees and 9 volunteers at Diamond Credit Union.


Here are 16 key members and their salaries (Diamond Credit Union's CEO's salary is $480,035 and their total compensation is $501,781):


John Faust (President/Ceo)
  • Compensation: $1,433,451
  • Related: $0
  • Other: $54,324
Rick Patel (President/Ceo)
  • Compensation: $480,035
  • Related: $0
  • Other: $21,746
Lori Levengood (Sr Vp/Clo)
  • Compensation: $448,430
  • Related: $0
  • Other: $73,072
Todd Rothenberger (Sr Vp/Chief Marketing Offi)
  • Compensation: $436,410
  • Related: $0
  • Other: $69,393
Adam Hartzell (Financial Advisor)
  • Compensation: $390,998
  • Related: $0
  • Other: $41,751
James Daly Iii (Vp/Cio)
  • Compensation: $251,825
  • Related: $0
  • Other: $43,480
Barbara Mitchell (Vp/Cfo)
  • Compensation: $233,290
  • Related: $0
  • Other: $61,501
Patrick M Austin (Chairman)
  • Compensation: $0
  • Related: $0
  • Other: $0
Eugene F Carter Jr (Vice Chairman)
  • Compensation: $0
  • Related: $0
  • Other: $0
Gary W Yost (Treasurer)
  • Compensation: $0
  • Related: $0
  • Other: $0
Marcia J Levengood (Secretary)
  • Compensation: $0
  • Related: $0
  • Other: $0
Robert Tomascik (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Clark D Caughey (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Sandi M Chieffo (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
David L Lekites (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Mark V Wallace (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0


Official website here: www.diamondcu.org

Where can I find the form 990 for Diamond Credit Union?

Diamond Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.


Official website here: www.diamondcu.org

Learn more at the official website: www.diamondcu.org

Mission Statement of Diamond Credit Union

Diamond Credit Union is a cooperative savings and credit association, established with the mission to foster thrift among its 65,417 members. By providing them an opportunity to accumulate their savings, the credit union aims to create a reliable source of credit for members at reasonable rates, suitable for provident or productive purposes. The organization's democratic structure empowers its members to use and control their own money, thereby improving their economic and social conditions. The primary objective of Diamond Credit Union is to promote thrift, an essential financial practice, among its members and create a sustainable financial ecosystem. In doing so, it offers an accessible and affordable source of credit, enabling members to achieve their financial goals and build a better future.

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Impact




October, 2024

Diamond Credit Union significantly impacts its community by fostering financial literacy, promoting savings, and providing accessible credit opportunities for its 65,417 members. By encouraging thrift and empowering individuals to accumulate savings, the credit union not only enhances personal financial stability but also contributes to the broader economic development of Pottstown, PA.

Members of Diamond Credit Union benefit from reasonable rates of interest, enabling them to secure credit for productive purposes such as home improvement, education, or starting a business. This access to affordable credit encourages economic growth and job creation within the community, further reinforcing the credit union's role as a catalyst for positive change.

The cooperative structure of Diamond Credit Union ensures that members have a voice in the management of their finances, promoting a sense of ownership and responsibility. This democratic approach allows the community to collectively improve their economic and social conditions, creating a supportive environment that values collaboration and mutual growth.

Overall, Diamond Credit Union stands as a vital resource for promoting financial empowerment, stability, and community development in the Pottstown area.




This information is meant to be a general summary of Diamond Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.


Financials

This financial information is from Propublica.

Revenue
$46,587,819 (2022)
Expenses
$41,003,562 (2022)
Efficiency

Other financial information:

This information is from the most recently submitted tax form from this organization, which was in 2022.

  • Investment Income: $2,932,852
  • Program Service Revenue: $32,788,164
  • Gross Receipts: $57,840,231

Assets and Liabilities:

  • Total Assets: $950,632,179
  • Total Liabilities: $871,294,353
  • Net Assets: $79,337,826

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Programs

Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.

INTEREST ON LOANS

Revenue

$24,578,009

FEE INCOME

Revenue

$8,210,155

Organization Details

Founding Year

1947

Principal Officer

Rick Patel

Main Address

1600 MEDICAL DRIVE, POTTSTOWN, PA, 19464

NTEE Category

Code: J40 - Employment

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