614 Wes Credit Union Inc
- Assets
- $15.7m
- Revenue
- $352.5k
- Investments
- $0.0
- Employees
- 3
- Location
- Willoughby, OH
- Founding
- 04/1969
- Data as of
- 12/2022
- EIN
- 34-0796042
Organization Overview
614 Wes Credit Union Inc is located in Willoughby, 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 12/2022, 614 Wes Credit Union Inc employed 3 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 614 Wes 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 12/2022, 614 Wes Credit Union Inc generated $352.5k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $389.9k during the year ending 12/2022. While expenses have increased by 3.2% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
WES CREDIT UNION, INC. IS A FINANCIAL INSTITUTION COOPERATIVE ORGANIZED TO PROVIDE LOAN AND DEPOSIT PRODUCTS AND SERVICES FOR ITS MEMBER OWNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS A STATE CHARTERED MEMBER OWNED COOPERATIVE CREDIT UNION THAT PROVIDES FINANCIAL SERVICES AND PRODUCTS TO THE MEMBER OWNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Simone Chief Executive Officer | Officer | 40 | $60,779 |
Michelle Augusta President Of The Board | Trustee | 1 | $0 |
Kathleen Rini Vice President Of The Board | Trustee | 1 | $0 |
Carol Staska Treasurer Of The Board | Trustee | 1 | $0 |
Rita Martin Secretary Of The Board | Trustee | 1 | $0 |
Janice Conley Director | 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 | $197,305 |
| Investment income | $155,215 |
| 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 | $352,520 |
| 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. | $66,779 |
| Compensation of current officers, directors, key employees. | $33,389 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $72,982 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,636 |
| Payroll taxes | $11,144 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,567 |
| Advertising and promotion | $0 |
| Office expenses | $13,207 |
| Information technology | $62,004 |
| Royalties | $0 |
| Occupancy | $17,633 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,234 |
| Interest | $6,379 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,192 |
| Insurance | $12,736 |
| All other expenses | $9,518 |
| Total functional expenses | $389,926 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $98,632 |
| Savings and temporary cash investments | $527,605 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $753 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,276,284 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $50,756 |
| Net Land, buildings, and equipment | $69,253 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $11,462,612 |
| Intangible assets | $0 |
| Other assets | $177,238 |
| Total assets | $15,663,133 |
| Accounts payable and accrued expenses | $18,745 |
| 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 | $14,997,146 |
| Total liabilities | $15,015,891 |
| 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 | $647,242 |
| Total liabilities and net assets/fund balances | $15,663,133 |