138 Towpath Credit Union Inc
- Assets
- $198.0m
- Revenue
- $11.6m
- Investments
- $47.9m
- Employees
- 82
- Location
- Fairlawn, OH
- Founding
- 04/1969
- Data as of
- 12/2023
- EIN
- 34-0058905
Organization Overview
138 Towpath Credit Union Inc is located in Fairlawn, 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 12/2023, 138 Towpath Credit Union Inc employed 82 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 138 Towpath 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 12/2023, 138 Towpath Credit Union Inc generated $11.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.2% each year. All expenses for the organization totaled $10.6m during the year ending 12/2023. While expenses have increased by 8.3% per year over the past 9 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
TOWPATH CREDIT UNION IS A MEMBER-OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE ASSOCIATION. THE CREDIT UNION SERVES SUMMIT COUNTY AS WELL AS APPROVED SEG-GROUP COMPANIES. IT IS DEDICATED TO PROVIDING ITS MEMBERS WITH QUALITY FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBER LOANS - THE CREDIT UNION STRIVES TO PROVIDE MEMBERS WITH FINANCIAL FLEXIBILITY AND STABILITY WITH VARIOUS TYPES OF LOANS IN FOLLOWING CATEGORIES: AUTOMOBILE LOANS, SHARE SECURED LOANS, UNSECURED LOANS, BUSINESS PARTICIPATION LOANS, MORTGAGE LOANS, REAL ESTATE LOANS, PERSONAL LOANS, CREDIT CARDS AND VARIOUS OTHER TYPES. AT YEAR END, THE CREDIT UNION HAD APPROXIMATELY 13,460 LOANS OUTSTANDING.
DEPOSITORY ACCOUNTS - THE CREDIT UNION STRIVES TO PROVIDE MEMBERS WITH FINANCIAL FLEXIBILITY AND ENCOURAGE SAVINGS WITH VARIOUS TYPES OF DEPOSITORY ACCOUNTS. THE CREDIT UNION CURRENTLY OFFERS DEPOSITORY ACCOUNTS IN VARIETIES SUCH AS CHECKING ACCOUNTS, SAVINGS ACCOUNTS, MONEY MARKET ACCOUNTS, CERTIFICATES OF DEPOSIT ACCOUNTS, IRA ACCOUNTS, HOLIDAY ACCOUNTS AND VARIOUS OTHER TYPES. AT YEAR END, THERE WERE APPROXIMATELY 43,862 DEPOSITORY ACCOUNTS HELD AT THE CREDIT UNION.
DEBIT CARD PROGRAM - THE CREDIT UNION STRIVES TO PROVIDE MEMBERS WITH FINANCIAL FLEXIBILITY, SECURITY, AND CONVENIENT ACCESS TO THEIR FUNDS BY ISSUING DEBIT CARDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Sferro President/ceo | Officer | 40 | $152,609 |
Kathryn Lee Evp/chro | Officer | 40 | $104,366 |
Melissa Dawson Evp/cfo | Officer | 40 | $103,571 |
Jeremy Wascak Svp/cso | Officer | 40 | $101,357 |
Lester Carney Chairman | Trustee | 1 | $0 |
Ernest Steele Vice Chairman | 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 | $10,148,735 |
| Investment income | $1,192,132 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $7,750 |
| 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 | $11,618,297 |
| 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. | $461,903 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,126,233 |
| Pension plan accruals and contributions | $191,344 |
| Other employee benefits | $325,423 |
| Payroll taxes | $282,886 |
| Fees for services: Management | $83,342 |
| Fees for services: Legal | $13,637 |
| Fees for services: Accounting | $67,783 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $49,882 |
| Fees for services: Other | $99,877 |
| Advertising and promotion | $160,609 |
| Office expenses | $2,046,350 |
| Information technology | $136,459 |
| Royalties | $0 |
| Occupancy | $132,743 |
| Travel | $35,007 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,560 |
| Interest | $1,231,579 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $519,330 |
| Insurance | $57,928 |
| All other expenses | $38,040 |
| Total functional expenses | $10,590,911 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,296,146 |
| Savings and temporary cash investments | $9,592,925 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $517,878 |
| Loans from Officers, Directors, or Controlling Persons | $2,164,657 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $128,773,922 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $240,024 |
| Net Land, buildings, and equipment | $4,891,626 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $47,915,522 |
| Investments—program-related | $2,390,660 |
| Intangible assets | $0 |
| Other assets | $230,103 |
| Total assets | $198,013,463 |
| Accounts payable and accrued expenses | $2,085,392 |
| 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 | $175,775,684 |
| Total liabilities | $177,861,076 |
| 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 | $20,152,387 |
| Total liabilities and net assets/fund balances | $198,013,463 |