30 Ohio Educational Credit Union
- Assets
- $152.8m
- Revenue
- $6.5m
- Investments
- $2.2m
- Employees
- 52
- Location
- Seven Hills, OH
- Founding
- 04/1969
- Data as of
- 12/2021
- EIN
- 34-0153020
Organization Overview
30 Ohio Educational Credit Union is located in Seven Hills, 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, 30 Ohio Educational Credit Union employed 52 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 30 Ohio Educational 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 12/2021, 30 Ohio Educational Credit Union generated $6.5m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.0%) each year. All expenses for the organization totaled $6.4m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.1%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE OHIO EDUCATIONAL CREDIT UNION IS A FULL-SERVICE FINANCIAL INSTITUTION. OUR GOAL IS TO RECOGNIZE AND UNDERSTAND THE UNIQUE NEEDS OF OUR INDIVIDUAL MEMBERS AND TO FULFILL THOSE NEEDS THROUGH A VARIETY OF DIVERSIFIED PRODUCTS AND SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES ITS MEMBERS WITH CONSUMER LOAN PRODUCTS WHICH INCLUDE VEHICLE, SIGNATURE, CREDIT CARD, AND PRIVATE STUDENT LOANS, IN ADDITION TO INDIRECT VEHICLE LEASES. THE CREDIT UNION ALSO OFFERS REAL ESTATE LOANS TO ITS MEMBERS, INCLUDING FIRST MORTGAGE AND HOME EQUITY LINES OF CREDIT.
THE CREDIT UNION PROVIDES MEMBERS WITH TRANSACTION SHARE ACCOUNT SERVICES, WHICH INCLUDES SHARE DRAFT CHECKING, SHARE SAVINGS AND MONEY MARKET SHARE ACCOUNTS. TRANSACTION SHARE ACCOUNT PRODUCTS ENABLE MEMBERS TO CONDUCT THEIR DAY TO DAY FINANCIAL NEEDS WITH CONVENIENT SERVICES OF CASH, DIRECT DEPOSIT, CHECKS, ATMS, DEBIT CARDS, ACH, AUDIO RESPONSE, MOBILE AND ONLINE BANKING WITH BILL PAYMENT.
THE CREDIT UNION PROVIDES TERM SAVINGS PRODUCTS TO ITS MEMBERS, WHICH INCLUDES IRA AND SHARE CERTIFICATES. CERTIFICATE TERMS RANGE FROM THREE MONTHS TO FIVE YEARS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jerome R Valco CEO | Officer | 40 | $148,478 |
Anthony Toy Chief Retail Services Offi | Officer | 40 | $121,571 |
Sarah L Jankovic CFO | Officer | 40 | $88,345 |
Michael R King COO | Officer | 40 | $43,315 |
Jackson M Boyd Board Vice President | Trustee | 5 | $0 |
Tony H Smith Sr Board President | Trustee | 10 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Credit Union Leasing Of America Cu Auto Leasing Program Administrator | 12/30/21 | $743,676 |
Ncr Corporation Online/mobile Banking Provider | 12/30/21 | $294,868 |
Four One Four Alliance Llc Landlord For Cu Admin Office | 12/30/21 | $245,320 |
Starfish Computer Corp It Consulting And Implementation | 12/30/21 | $221,084 |
Pscu Credit & Debit Card Processing | 12/30/21 | $484,587 |
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 | $6,168,963 |
| Investment income | $347,894 |
| 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 | $6,516,857 |
| 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. | $488,558 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,701,760 |
| Pension plan accruals and contributions | $51,559 |
| Other employee benefits | $401,485 |
| Payroll taxes | $172,189 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,566 |
| Fees for services: Accounting | $68,259 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $63,063 |
| Office expenses | $274,198 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $490,180 |
| Travel | $10,605 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $15,203 |
| Interest | $78,481 |
| Payments to affiliates | $35,366 |
| Depreciation, depletion, and amortization | $249,855 |
| Insurance | $138,676 |
| All other expenses | -$49,786 |
| Total functional expenses | $6,430,629 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,683,468 |
| Savings and temporary cash investments | $9,985,608 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $343,416 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $99,756,262 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $494,194 |
| Net Land, buildings, and equipment | $955,115 |
| Investments—publicly traded securities | $35,098,089 |
| Investments—other securities | $2,232,960 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,258,838 |
| Total assets | $152,807,950 |
| Accounts payable and accrued expenses | $806,728 |
| 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 | $142,723,265 |
| Total liabilities | $143,529,993 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $3,964,942 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $5,313,015 |
| Total liabilities and net assets/fund balances | $152,807,950 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that 30 Ohio Educational Credit Union has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Ohio Credit Union Foundation Columbus, OH PURPOSE: COVID-19 RELIEF GRANT | $10,000 |
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|---|---|---|
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