Overview
What is Power Credit Union?
Power Credit Union is a nonprofit organization situated in Pueblo, Colorado, specifically at 1615 E Evans Avenue. With over 12,000 members served, they offer a diverse range of financial products and services to their credit union community. The primary mission of Power Credit Union is to foster savings and provide affordable credit to its members by offering them an opportunity to accumulate payments on shares, which can later be utilized to make loans to fellow members. This approach allows members to save money while simultaneously having access to financial assistance when needed. The organization is staffed by 59 dedicated individuals, further demonstrating their commitment to serving their member base.
Official website here: www.powercu.org
Is Power Credit Union legitimate?
Power Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Power 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: $396,253
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,336,365
For more financial information, click here
Official website here: www.powercu.org
What is the mission statement of Power Credit Union?
Power Credit Union's mission is centered around promoting thrift among its members and offering them the opportunity to accumulate savings. This is achieved by allowing members to make payments on their shares, which can then be used to provide affordable credit. The primary goal is to promote thrift and offer lower cost credit to the members of the credit union. Furthermore, the union provides a wide range of financial products and services to its over 12,000 members.
Official website here: www.powercu.org
Who is the CEO of Power Credit Union?
Lita Sanders is the Board Member of Power Credit Union. The CEO's salary of Power Credit Union is $124,427 and their total compensation is $142,070.
Official website here: www.powercu.org
What is the revenue of Power Credit Union?
Power Credit Union's revenue in 2022 was $5,372,998.
Official website here: www.powercu.org
Who are the executives of Power Credit Union and what are their salaries?
The average compensation at Power Credit Union during 2022 was $29,366. There are 59 employees and 7 volunteers at Power Credit Union.
Here are 12 key members and their salaries (Power Credit Union's CEO's salary is $124,427 and their total compensation is $142,070):
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $124,427
- Related: $0
- Other: $17,643
- Compensation: $74,183
- Related: $0
- Other: $13,485
- Compensation: $64,193
- Related: $0
- Other: $6,547
- Compensation: $87,704
- Related: $0
- Other: $8,071
Official website here: www.powercu.org
Where can I find the form 990 for Power Credit Union?
Power Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.powercu.org
Learn more at the official website: www.powercu.org
Mission Statement of Power Credit Union
Power Credit Union, as a financial institution, is committed to encouraging savings and providing affordable credit to its members. Its mission is to create an opportunity for members to accumulate funds through regular payments on their shares, which in turn can be utilized to offer loans. This strategy not only promotes thrift among its members but also ensures that they have access to lower-cost credit. By doing so, Power Credit Union serves over 12,000 members, providing them with a wide variety of financial products and services.
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Impact
October, 2024
Power Credit Union plays a vital role in fostering financial stability and empowerment within its community. By promoting thrift and providing access to low-cost credit, the credit union empowers over 12,000 members to manage their finances more effectively. This is achieved through a diverse array of financial products and services designed to meet the unique needs of its members.
The initiative to encourage members to accumulate payments on shares not only enhances savings habits but also enables them to secure loans backed by these contributions, facilitating responsible borrowing. As a result, members can pursue important life goals, such as purchasing a home, investing in education, or starting a business, all while benefiting from lower interest rates compared to traditional financial institutions.
Located in Pueblo, Colorado, Power Credit Union is committed to promoting financial literacy and accessibility, ensuring that members can make informed decisions about their financial futures. Through its efforts, the credit union significantly contributes to the economic well-being of its members and the broader community.
This information is meant to be a general summary of Power 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 2022.
- Investment Income: $672,483
- Program Service Revenue: $4,615,703
- Gross Receipts: $5,372,998
Assets and Liabilities:
- Total Assets: $119,765,846
- Total Liabilities: $107,743,483
- Net Assets: $12,022,363
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON LOANS TO M
Revenue
$3,105,151
OTHER INCOME
Revenue
$777,418
FEES AND OTHER CHARGES
Revenue
$733,134
Organization Details
Founding Year
1938
Phone
(719) 564-0710Principal Officer
Lita Sanders
Main Address
1615 E EVANS AVENUE, PUEBLO, CO, 81004
Website
www.powercu.orgNTEE Category
Code: W60 - Public benefit
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