164 Firstenergy Family Credit Union

Organization Overview

164 Firstenergy Family Credit Union is located in Akron, 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 12/2022, 164 Firstenergy Family Credit Union employed 6 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 164 Firstenergy Family 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 12/2022, 164 Firstenergy Family Credit Union generated $1.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $1.1m during the year ending 12/2022. While expenses have increased by 1.0% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

TO PROVIDE LENDING, SAVINGS AND OTHER FINANCIAL SERVICES TO IT'S QUALIFYING MEMBERS AT TERMS USUALLY BETTER THAN AVAILABLE IN THE MARKETPLACE. WITH A HEAVY EMPHASIS ON MEMBER SERVICE THAT RECONIZES THAT THE MEMBERS ARE THE OWNERS OF THE CREDIT UNION AND NOT JUST CUSTOMERS. DIRECT LABOR AND EMPLOYEE BENEFITS COSTS INCURRED PROVIDING SAVINGS DEPOSIT SERVICES, ORIGINATING NEW LOANS AND SERVING THE LOAN PORTFOLIO FOR MEMBERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

DIVIDENDS AND INTEREST PAID TO MEMBERS ON APPROXIMATELY 4548 DEPOSIT ACCOUNTS, OWNED BY APPROXIMATELY 4512 MEMBERS. DATA PROCESSING COSTS INCURRED RECORDING MEMBER ACCOUNT ACTIVITY AND PROVIDING ACCESS TO MEMBERS TO THIER ACCOUNTS VIA HOME BANKING, PHONE AND IN PERSON AT THE CREDIT UNION OFFICE.


DIRECT LABOR AND EMPLOYEE COSTS INCURRED PROVIDING SAVINGS AND DEPOSIT SERVICES, ORIGINATING NEW LOANS AND SERVICING THE LOAN PORTFOLIO FOR MEMBERS.


DATA PROCESSING COSTS INCURRED RECORDING MEMBER ACCOUNT ACTIVITY AND PROVIDING ACCESS TO MEMBERS TO THEIR ACCOUNTS VIA HOME BANKING, PHONE AND IN PERSON AT THE CREDIT UNION OFFICE.


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Board, Officers & Key Employees

Name (title)Compensation
Timothy Baker
CEO & Treasurer
$170,500
Kevin J Daum
COO
$120,872
Joseph Gier
Director
$0
Joseph Storsin
Director
$0
Michael Newkirk
Director
$0
Christie Phillips
Director
$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$874,736
Investment income $166,315
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 $1,108,328

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