1386 General Electric Credit Union
- Assets
- $3.4b
- Revenue
- $133.3m
- Investments
- $101.6m
- Employees
- 425
- Location
- Cincinnati, OH
- Founding
- 04/1969
- Data as of
- 12/2019
- EIN
- 31-0568628
Organization Overview
1386 General Electric Credit Union is located in Cincinnati, OH. The organization was established in 1969. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2019, 1386 General Electric Credit Union employed 425 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 1386 General Electric Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2019, 1386 General Electric Credit Union generated $133.3m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 11.8% each year . All expenses for the organization totaled $121.0m during the year ending 12/2019. While expenses have increased by 14.9% per year over the past 5 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING FINANCIAL SERVICES TO ITS MEMBERS/OWNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDIDE 198,500 MEMBERS A VARIETY OF LOAN AND DEPOSIT SERVICES AT COMPETITIVE INTEREST RATES.
PROVIDED 24,800 LOANS IN EXCESS OF $945 MILLION IN VARIOUS LOANS TYPES INCLUDING RESIDENTIAL, COMMERCIAL, CONSUMER, AND INDIRECT AUTO, MARINE, AND RV LOANS.
CONTINUED INTEGRATION AND INCREASED TECHNOLOGY TO MAXIMIZE VARIOUS ONLINE PORTALS THAT ACCESS THE VARIETY OF PRODUCTS AND SERVICES PROVIDED TO MEMBERS RELATIONSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy D Ballinger President/ceo | OfficerTrustee | 40 | $948,348 |
Kevin Motley CFO | Officer | 40 | $312,888 |
Neil Peterson Director Of Lending Services | Officer | 40 | $237,880 |
Matthew Dole Human Resources Director | Officer | 40 | $230,667 |
Kevin Riede Director Of It | Officer | 40 | $211,858 |
Jason Wabrick VP Of Consumer Loans | 40 | $207,192 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Morelia Group Consulting | 12/30/19 | $2,396,819 |
Ncr Corporation It Service | 12/30/19 | $2,033,429 |
Fiserv Core Processing | 12/30/19 | $2,598,004 |
Trak Staffing Service Staffing Service | 12/30/19 | $1,503,151 |
16 Points Investments | 12/30/19 | $1,039,350 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $120,493,247 |
| Investment income | $10,089,646 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,725,392 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $133,308,285 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $23,000 |
| Grants and other assistance to domestic individuals. | $12,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,381,478 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,705,827 |
| Pension plan accruals and contributions | $902,891 |
| Other employee benefits | $6,641,697 |
| Payroll taxes | $1,442,771 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $541,763 |
| Fees for services: Accounting | $275,324 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,271,515 |
| Advertising and promotion | $1,787,352 |
| Office expenses | $1,651,020 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,247,151 |
| Travel | $58,706 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $164,786 |
| Interest | $62,289,020 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,375,944 |
| Insurance | $273,228 |
| All other expenses | $0 |
| Total functional expenses | $120,970,081 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,915,585 |
| Savings and temporary cash investments | $368,549,930 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,857,821 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,756,762,692 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $927,741 |
| Net Land, buildings, and equipment | $41,656,403 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $101,561,631 |
| Investments—program-related | $52,842,491 |
| Intangible assets | $0 |
| Other assets | $33,357,004 |
| Total assets | $3,361,431,298 |
| Accounts payable and accrued expenses | $13,845,330 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $149,429,099 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,905,756,753 |
| Total liabilities | $3,069,031,182 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $292,400,116 |
| Total liabilities and net assets/fund balances | $3,361,431,298 |
Grants Awarded
Over the last fiscal year, 1386 General Electric Credit Union has awarded $23,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Cincinnati, OH PURPOSE: GENERAL SUPPORT | $13,000 |
Cincinnati, OH PURPOSE: GENERAL SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Credit Unions Chartered In The State Of Michigan Grand Rapids, MI | $6,062,533,637 | $341,427,909 |
Teachers Credit Union South Bend, IN | $3,171,131,618 | $151,831,106 |
Credit Unions Chartered In The State Of Michigan Dearborn, MI | $4,902,627,772 | $179,907,993 |
1386 General Electric Credit Union Cincinnati, OH | $3,361,431,298 | $133,308,285 |
Credit Unions Chartered In The State Of Michigan Auburn Hills, MI | $3,559,945,081 | $166,438,700 |
Credit Unions Chartered In The State Of Michigan Parchment, MI | $2,084,525,233 | $113,766,194 |
Trumark Financial Credit Union Fort Washington, PA | $2,366,485,184 | $116,518,511 |
Credit Unions Chartered In The State Of Michigan Brighton, MI | $1,917,932,508 | $95,733,174 |
Forum Credit Union Indianapolis, IN | $1,488,919,520 | $84,015,212 |
Credit Unions Chartered In The State Of Michigan Lathrup Village, MI | $928,918,039 | $80,303,977 |
Department Of Financial Institution Division Of Credit Unions In Ind Columbus, IN | $1,559,069,587 | $83,495,107 |
Commonwealth Credit Union Frankfort, KY | $1,383,472,650 | $81,263,726 |