Overview
What is Forum Credit Union?
Forum Credit Union is a 501(C)(14) exempt organization based in Indianapolis, Indiana. Operating with the cooperative nature of a credit union, it offers competitive lending rates on mortgage loans, home equity loans, and personal loans for its members. Forum has originated over $1 billion in loans this year, collaborating with organizations like the FHA to help consumers achieve homeownership. Their mission is to serve as an innovative and dynamic financial services organization, providing valuable products and services to members. With a collective goal of promoting thrift and offering affordable credit, Forum employs 459 individuals to achieve its objectives.
Official website here: www.forumcu.com
What are the reviews and ratings of this charity?
Forum Credit Union is currently not rated by Charity Navigator, which evaluates nonprofits based on specific methodologies requiring the organization to be registered as a 501(c)(3) with the IRS. Since Forum Credit Union does not meet this criterion, it cannot be assessed under Charity Navigator's Accountability & Finance, Impact & Measurement, Culture & Community, or Leadership & Adaptability beacons. The lack of rating is purely due to this classification rather than any positive or negative performance-related issues.
Charity Navigator's evaluation limitations for Forum Credit Union also extend to financial transparency, as the nonprofit does not provide revenue, expense, or salary data of key people. This lack of data does not imply adverse financial handling but reflects the inapplicability of Charity Navigator’s current evaluation methodologies. Moreover, Forum Credit Union operates independently and is not affiliated with any broader organizational group.
No user reviews are available from GreatNonprofits, providing no additional user-generated insights into Forum Credit Union's operations or community impact. Consequently, it remains challenging to gauge the organization's effectiveness or community engagement from these sources.
This AI summary has been generated from information found on Charity Navigator.
Is Forum Credit Union legitimate?
Forum Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Forum 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: $2,635,028
Professional Fundraising Fees: $0
Other Salaries and Wages: $27,151,819
For more financial information, click here
Official website here: www.forumcu.com
What is the mission statement of Forum Credit Union?
Forum Credit Union functions as a 501(C)(14) exempt organization operated for mutual purposes, prioritizing the provision of value to its members. Its mission encompasses promoting thrift among members and offering affordable credit. The organization is dedicated to being innovative, dynamic, and responsive in delivering financial services. Through its operations, Forum Credit Union strives to offer competitive lending rates for mortgage loans, home equity loans, and personal loans. Additionally, the credit union collaborates with the Federal Housing Administration and other home ownership organizations to help members achieve the dream of owning a home. This year, Forum Credit Union originated over $1 billion in loans to meet the lending needs of its members.
Official website here: www.forumcu.com
Who is the CEO of Forum Credit Union?
Douglas True is the CEO of Forum Credit Union The CEO's salary of Forum Credit Union is $665,136 and their total compensation is $730,762.
Official website here: www.forumcu.com
What is the revenue of Forum Credit Union?
Forum Credit Union's revenue in 2023 was $121,977,660.
Official website here: www.forumcu.com
Who are the executives of Forum Credit Union and what are their salaries?
The average compensation at Forum Credit Union during 2023 was $65,900. There are 452 employees and 12 volunteers at Forum Credit Union.
Here are 20 key members and their salaries (Forum Credit Union's CEO's salary is $665,136 and their total compensation is $730,762):
- Compensation: $665,136
- Related: $0
- Other: $65,626
- Compensation: $373,176
- Related: $0
- Other: $67,667
- Compensation: $389,185
- Related: $0
- Other: $35,074
- Compensation: $343,333
- Related: $0
- Other: $65,857
- Compensation: $349,455
- Related: $0
- Other: $41,111
- Compensation: $351,104
- Related: $0
- Other: $26,930
- Compensation: $294,574
- Related: $0
- Other: $49,469
- Compensation: $275,829
- Related: $0
- Other: $57,846
- Compensation: $288,101
- Related: $0
- Other: $29,404
- Compensation: $227,989
- Related: $0
- Other: $61,878
- Compensation: $213,429
- Related: $0
- Other: $40,246
- Compensation: $6,358
- Related: $0
- Other: $0
- Compensation: $4,250
- Related: $0
- Other: $0
- Compensation: $946
- Related: $0
- Other: $0
- Compensation: $796
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.forumcu.com
Where can I find the form 990 for Forum Credit Union?
Forum Credit Union's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.forumcu.com
Learn more at the official website: www.forumcu.com
Mission Statement of Forum Credit Union
Forum Credit Union, a dynamic and innovative financial services organization, operates on a mission to serve its members with value-added products and services. This 501(C)(14) exempt organization, run for mutual purposes and without profit, is dedicated to promoting thrift among its members and providing affordable credit.
At the heart of Forum Credit Union's mission lies the provision of low-cost credit for its members. The cooperative nature of the credit union allows for market lending rates on mortgage loans, home equity loans, and personal loans, making borrowing more accessible and affordable for Forum's members. The organization closely collaborates with the Federal Housing Administration (FHA) and other home ownership organizations, extending a helping hand to consumers in realizing the dream of owning a home.
In the current fiscal year, Forum Credit Union's lending initiatives have led to the origination of over one billion dollars in loans, showcasing its commitment to meeting the diverse lending needs of its members. This impressive achievement underscores the organization's unwavering dedication to delivering value and financial opportunities to its members.
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Impact
October, 2024
Forum Credit Union plays a vital role in the financial landscape of Indianapolis, offering accessible and affordable financial solutions tailored to the needs of its members. By focusing on providing low-cost credit, Forum ensures that individuals and families can access mortgage loans, home equity loans, and personal loans at competitive market rates. This support enables many to achieve their dream of homeownership, as Forum collaborates closely with organizations like the FHA to facilitate this process.
In just one year, Forum has originated over $1 billion in loans, demonstrating its commitment to the financial well-being of its members. The cooperative nature of the credit union fosters a community-driven approach, where the focus remains on promoting thrift and financial stability among its members. By continually adapting to the needs of its community and offering innovative financial products, Forum Credit Union creates significant value, enhancing the overall economic health of the area it serves.
This information is meant to be a general summary of Forum 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.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $6,684,806
- Program Service Revenue: $112,801,879
- Gross Receipts: $122,522,010
Assets and Liabilities:
- Total Assets: $1,997,992,008
- Total Liabilities: $1,775,840,505
- Net Assets: $222,151,503
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON FEES ON LOANS
Revenue
$93,457,245
SERVICE FEE ON SHARE ACCOUNTS
Revenue
$5,684,908
DEBIT CARD AND CREDIT CARD FEES
Revenue
$10,214,293
MORTGAGE BANKING
Revenue
$2,296,419
INSURANCE
Revenue
$1,149,014
Organization Details
Founding Year
1941
Principal Officer
Douglas True
Website
www.forumcu.comNTEE Category
Code: W61 - Public benefit
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