1030 Edison Credit Union Inc
- Assets
- $3.8m
- Revenue
- $254.4k
- Investments
- $750.0k
- Employees
- 4
- Location
- Springfield, OH
- Founding
- 04/1969
- Data as of
- 12/2019
- EIN
- 31-0707082
Organization Overview
1030 Edison Credit Union Inc is located in Springfield, 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, 1030 Edison Credit Union Inc employed 4 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 1030 Edison 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 12/2019, 1030 Edison Credit Union Inc generated $254.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (3.3%) each year. All expenses for the organization totaled $262.6k during the year ending 12/2019. As we would expect to see with falling revenues, expenses have declined by (11.7%) per year over the past 5 years. 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
THE CREDIT UNION IS A MEMBER-OWNED FINANCIAL ORGANIZATION WHOSE COMMITMENT IS TO PROVIDE THE BEST FINANCIAL SERVICE TO EXISTING AND FUTURE MEMBERS, WHILE MAINTAINING SAFETY, SECURITY AND SOUNDNESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION SERVICED THEIR 716 MEMBERS BY PROVIDING DEPOSIT SERVICES INCLUDING SHARE AND CLUB ACCOUNTS, SHARE DRAFT ACCOUNTS, SHARE CERTIFICATES AND IRA ACCOUNTS. THE MEMBERS HAVE ACCESS TO HOME BANKING, DEBIT CARDS, CREDIT CARDS AND ATMS. THE CREDIT UNION'S NET WORTH INCREASED FROM 11.70% IN 2018 TO 12.54% IN 2019.
LOAN PRODUCTS OFFERED BY THE CREDIT UNION INCLUDE NEW AND USED VEHICLE LOANS, RECREATIONAL VEHICLE LOANS, SHARE SECURED LOANS, UNSECURED LOANS AND CREDIT CARDS. LOANS INCREASED 1.05% IN 2019. THE CREDIT UNION GRANTED 106 LOANS IN 2019 TOTALING $1,095,575 AT COMPETITIVE LOAN RATES.
THE CREDIT UNION PAID COMPETITIVE DIVIDENDS ON 855 SHARE ACCOUNTS, SHARE CERTIFICATE ACCOUNTS AND IRA ACCOUNTS HELD BY THE CREDIT UNION'S 716 MEMBERS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Constance Wilcox Board Secretary | OfficerTrustee | 0.75 | $0 |
Tim Suter Board Treasurer | OfficerTrustee | 0.5 | $0 |
Benjamin Miller Board Vice President | OfficerTrustee | 0.5 | $0 |
Herb Bushu Board President | OfficerTrustee | 0.5 | $0 |
Nancy Gregory Board Director | Trustee | 0.5 | $0 |
Edward Wadsworth Board Director | Trustee | 0.5 | $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 | $227,169 |
| Investment income | $27,203 |
| 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 | $254,372 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $100,237 |
| Pension plan accruals and contributions | $2,915 |
| Other employee benefits | $16,698 |
| Payroll taxes | $9,182 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,418 |
| Fees for services: Accounting | $8,197 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,322 |
| Advertising and promotion | $3 |
| Office expenses | $13,001 |
| Information technology | $10,654 |
| Royalties | $0 |
| Occupancy | $11,255 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,917 |
| Interest | $24,216 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,214 |
| Insurance | $7,688 |
| All other expenses | $2,606 |
| Total functional expenses | $262,646 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $94,812 |
| Savings and temporary cash investments | $371,721 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $36,552 |
| Loans from Officers, Directors, or Controlling Persons | $69,148 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,412,770 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,815 |
| Net Land, buildings, and equipment | $8,897 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $750,000 |
| Investments—program-related | $48,547 |
| Intangible assets | $0 |
| Other assets | $5,555 |
| Total assets | $3,801,817 |
| Accounts payable and accrued expenses | $2,062 |
| 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 | $3,322,744 |
| Total liabilities | $3,324,806 |
| 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 | $477,011 |
| Total liabilities and net assets/fund balances | $3,801,817 |