First Credit Union Of Scranton
- Assets
- $20.8m
- Revenue
- $508.4k
- Investments
- $12.6m
- Employees
- 6
- Location
- Scranton, PA
- Founding
- 09/1945
- Data as of
- 12/2020
- EIN
- 24-0800441
Organization Overview
First Credit Union Of Scranton is located in Scranton, 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 12/2020, First Credit Union Of Scranton employed 6 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. First Credit Union Of Scranton 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, First Credit Union Of Scranton generated $508.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (3.6%) each year. All expenses for the organization totaled $621.0k during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (2.9%) per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE CO-OPERATIVE FINANCIAL SERVICES TO THEIR MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE CO-OPERATIVE FINANCIAL SERVICES TO ITS MEMBERS
TO PROVIDE CO-OPERATIVE FINANCIAL SERVICES TO THEIR MEMBER
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Gavin Vice Preside | OfficerTrustee | 5 | $0 |
John Saville Secretary | OfficerTrustee | 5 | $0 |
James Snyder President | OfficerTrustee | 5 | $0 |
Richard Dunleavy Board Member | Trustee | 2 | $0 |
Guy Pilosi Board Member | Trustee | 2 | $0 |
Robert Ryan Board Member | Trustee | 2 | $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 | $347,265 |
| Investment income | $161,106 |
| 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 | $508,371 |
| 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 | $173,233 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $5,202 |
| Payroll taxes | $14,279 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,380 |
| Fees for services: Accounting | $13,128 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $20,918 |
| Advertising and promotion | $356 |
| Office expenses | $46,895 |
| Information technology | $9,032 |
| Royalties | $0 |
| Occupancy | $38,819 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $48,997 |
| Insurance | $15,678 |
| All other expenses | $22,258 |
| Total functional expenses | $620,968 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $694,063 |
| Savings and temporary cash investments | $3,770,038 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $101,365 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,769,022 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $19,182 |
| Net Land, buildings, and equipment | $574,150 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $12,576,704 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $289,707 |
| Total assets | $20,794,231 |
| Accounts payable and accrued expenses | -$1,020 |
| 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 | $19,634,966 |
| Total liabilities | $19,633,946 |
| 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 | $1,160,285 |
| Total liabilities and net assets/fund balances | $20,794,231 |
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