568 Cardinal Credit Union Inc
- Assets
- $282.6m
- Revenue
- $13.2m
- Investments
- $7.0m
- Employees
- 94
- Location
- Mentor, OH
- Founding
- 04/1969
- Data as of
- 12/2021
- EIN
- 34-0825291
Organization Overview
568 Cardinal Credit Union Inc is located in Mentor, 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 12/2021, 568 Cardinal Credit Union Inc employed 94 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 568 Cardinal 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 12/2021, 568 Cardinal Credit Union Inc generated $13.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $10.4m during the year ending 12/2021. While expenses have increased by 1.3% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL SERVICES TO QUALIFIED MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES TO QUALIFIED MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christine Blake President/ceo | Officer | 40 | $359,505 |
Eric Rosenblatt CFO -Prior | 40 | $184,368 | |
Mario Duvnjak COO | Officer | 40 | $181,024 |
Lanny Berlingieri CFO -Current | Officer | 40 | $166,650 |
Renee Mullen Director Of Lending | 40 | $106,459 | |
Ed Brown Director | OfficerTrustee | 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 | $12,620,933 |
| Investment income | $556,259 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $33,895 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $8,234 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,219,321 |
| 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. | $1,081,567 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,796,328 |
| Pension plan accruals and contributions | $198,457 |
| Other employee benefits | $360,718 |
| Payroll taxes | $402,193 |
| Fees for services: Management | $230,352 |
| Fees for services: Legal | $36,972 |
| Fees for services: Accounting | $34,139 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,166 |
| Fees for services: Other | $0 |
| Advertising and promotion | $636,769 |
| Office expenses | $830,270 |
| Information technology | $688,232 |
| Royalties | $0 |
| Occupancy | $389,559 |
| Travel | $114,639 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,739 |
| Interest | $359,582 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $217,179 |
| Insurance | $51,970 |
| All other expenses | $0 |
| Total functional expenses | $10,449,396 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,143,892 |
| Savings and temporary cash investments | $23,287,279 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $207,446,566 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $381,361 |
| Net Land, buildings, and equipment | $4,217,478 |
| Investments—publicly traded securities | $27,974,928 |
| Investments—other securities | $6,976,693 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,214,546 |
| Total assets | $282,642,743 |
| Accounts payable and accrued expenses | $2,038,309 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,996,104 |
| 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 | $244,202,567 |
| Total liabilities | $248,236,980 |
| 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 | $34,405,763 |
| Total liabilities and net assets/fund balances | $282,642,743 |
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