Sharefax Credit Union Inc
- Assets
- $430.9m
- Revenue
- $16.8m
- Investments
- $0.0
- Employees
- 90
- Location
- Cincinnati, OH
- Founding
- 04/1969
- Data as of
- 12/2020
- EIN
- 31-0627742
Organization Overview
Sharefax Credit Union Inc is located in Cincinnati, OH. The organization was established in 1969. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2020, Sharefax Credit Union Inc employed 90 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Sharefax Credit Union Inc 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 12/2020, Sharefax Credit Union Inc generated $16.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $14.3m during the year ending 12/2020. While expenses have increased by 2.7% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
WE ARE A MEMBER-OWNED, NOT-FOR-PROFIT FINANCIAL INSTITUTION. OUR MISSION: WE ARE A COOPERATIVE FORMED FOR THE SOLE PURPOSE OF IMPROVING THE FINANCIAL WELL BEING OF OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THIS IS NOT APPLICABLE TO THE CREDIT UNION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Art Kremer President/ceo | Officer | 40 | $316,313 |
Carrie Cox CFO | Officer | 40 | $134,464 |
Margaret Moffitt VP Operations | 40 | $130,991 | |
Carl Fite VP Information System | 40 | $123,212 | |
Dennis Messer Chairperson | Trustee | 1 | $0 |
Daniel Murphy Board Secretary | Trustee | 1 | $0 |
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 | $10,893,979 |
| Investment income | $1,598,990 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,755,561 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $450,776 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,594,611 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $568,300 |
| Payroll taxes | $285,679 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,557 |
| Fees for services: Accounting | $42,076 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $247,070 |
| Office expenses | $102,218 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $419,955 |
| Travel | $1,611 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $41,607 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $95,917 |
| Insurance | $0 |
| All other expenses | $356,143 |
| Total functional expenses | $14,250,112 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,298,077 |
| Savings and temporary cash investments | $119,965,857 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $122,698 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $282,263,163 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $130,479 |
| Net Land, buildings, and equipment | $4,974,332 |
| Investments—publicly traded securities | $615,847 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $21,521,328 |
| Total assets | $430,891,781 |
| Accounts payable and accrued expenses | $1,625,118 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,625,118 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $388,407,031 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $40,859,632 |
| Total liabilities and net assets/fund balances | $430,891,781 |
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