Spirit Financial Credit Union
- Assets
- $72.9m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 10
- Location
- Levittown, PA
- Founding
- 09/1945
- Data as of
- 12/2023
- EIN
- 23-1469875
Organization Overview
Spirit Financial Credit Union is located in Levittown, PA. The organization was established in 1945. 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 12/2023, Spirit Financial Credit Union employed 10 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Spirit Financial 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 12/2023, Spirit Financial Credit Union generated $3.3m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 12.5% each year . All expenses for the organization totaled $2.8m during the year ending 12/2023. While expenses have increased by 11.2% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING LOW COST FINANCIAL SERVICES TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING LOW COST FINANCIAL SERVICES TO MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Obarowski CEO | Officer | 40 | $205,151 |
Judith Cochran Secetary | Trustee | 8 | $2,400 |
Shirley Turner Chairman Of The Board | Trustee | 8 | $2,400 |
William States 3rd Treasurer | Trustee | 8 | $2,400 |
John Turner Director | Trustee | 8 | $2,400 |
Thomas Parsons Director | Trustee | 8 | $2,400 |
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 | $2,785,621 |
| Investment income | $550,017 |
| 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 | $3,335,638 |
| 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. | $234,182 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $449,419 |
| Pension plan accruals and contributions | $34,482 |
| Other employee benefits | $71,707 |
| Payroll taxes | $58,442 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $76,784 |
| Office expenses | $97,028 |
| Information technology | $187,306 |
| Royalties | $0 |
| Occupancy | $75,362 |
| Travel | $23,086 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $714,545 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $93,784 |
| Insurance | $28,160 |
| All other expenses | $0 |
| Total functional expenses | $2,779,988 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $980,141 |
| Savings and temporary cash investments | $244,301 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $326,595 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $36,620,162 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $670,572 |
| Net Land, buildings, and equipment | $2,603,699 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $31,481,008 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $72,926,478 |
| Accounts payable and accrued expenses | $517,800 |
| 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 | $517,800 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $63,413,838 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $8,994,840 |
| Total liabilities and net assets/fund balances | $72,926,478 |