Harvard Federal Credit Union

Nonprofit profile at a glance

EIN
046017806
IRS 990 coverage
2010–2023
Forms available
Form 990 2023, Form 990-N 2019
Location
Cambridge, MA, USA
Phone
6174954460
Rating confidence
Limited

Reported finances

Revenue
$24,885,772
Expenses
$24,806,832
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

20 people listed

Executive titles in this filing

  • CRAIG LEONARD (PRESIDENT & CEO)

Highest reported compensation

  • CRAIG LEONARD (PRESIDENT & CEO): $651,070 total reported compensation
  • THOMAS MONTILLI (EVP & CHIEF EXPERIENCE OFF): $401,549 total reported compensation
  • JOHN DEGNAN (SVP, OPERATIONS): $331,195 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Harvard federal credit union f/k/a harvard university employee credit union aspires to be a trusted partner in our members' financial lives. We add value to membership by offering the best possible price, the highest quality personal service, and sincere, sound advice.the credit union seeks to be known as a community leader and to deepen its long standing commitment to housing issues, green initiatives, financial literacy and access to credit for low and moderate income borrowers. The credit union works toward transformational growth and change without relinquishing the core values we hold today. We are a not-for-profit cooperative which exists solely for the best interest of our members. We value integrity and responsibility in all of our actions. We strive to enhance our communities and create solutions for social, environmental and economic issues.

What it reported doing in 2023

Harvard federal credit union f/k/a harvard university employee credit union (the "credit union") is a credit union organized under the provisions of the Massachusetts credit union act. Participation in the credit union is limited to those individuals who qualify for membership. The field of membership is defined in the credit union's charter and bylaws. The credit union provides a variety of financial services to members. Its primary lending products are residential real estate and consumer loans and its primary share products are checking, savings and term certificate accounts. The credit union has over 55,000 members. The membership is comprised of employees, faculty, students, and alumni of harvard university and its affiliated hospitals, individuals that live, work, worship or attend school in an eligible census tract or individuals that are members of the financial fitness association.

Operating model

Revenue model
Earned-program. 95% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 75
  • Accountability: 91
  • Sustainability: 19
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 4th percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 68.4%; rating input score 68; 14th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 0.3%; rating input score 37; 37th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 11.2%; rating input score 15; 15th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 6.7% per year; rating input score 100; 59th percentile among comparable filings
  • Asset growth: 5.6% per year; rating input score 100; 40th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 11 of 11 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $651K · 20 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $3.5M reported
  • Consistency: 8 of 9 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 14 filing years from 2010 to 2023
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Sustainability: Operating margin scored 37/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Officer compensation ratio scored 15/100.