Edison Financial Credit Union Inc
- Assets
- $36.3m
- Revenue
- $1.7m
- Investments
- $8.5m
- Employees
- 11
- Location
- Youngstown, OH
- Founding
- Data as of
- 12/2015
- EIN
- 34-0634205
Organization Overview
Edison Financial Credit Union Inc is located in Youngstown, OH. As of 12/2015, Edison Financial Credit Union Inc employed 11 individuals. Edison Financial 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2015
Describe the Organization's Mission:
Part 3 - Line 1
THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO QUALIFIED MEMBERS. THE EDISON FINANCIAL CREDIT UNION INC IS OWNED BY ITS MEMBERSHIP. IT EXISTS TO PROVIDE, IN A FRIENDLY ATMOSPHERE, HIGH QUALITY FAMILY FINANCIAL SERVICES AT FAVORABLE TERMS TO THE MEMBERS WHILE MAINTAINING THE LONG TERM FINANCIAL STABILITY OF THE CREDIT UNION WITH THE HIGHEST POSSIBLE LEVELS OF QUALITY AND EFFICIENCY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DIVIDENDS PAID TO MEMBERS ON THEIR DEPOSIT ACCOUNTS.
DIRECT LABOR AND EMPLOYEE BENEFIT COSTS INCURRED PROVIDING SAVINGS 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 ACCOUNTS VIA HOME BANKING, VISA, ATM NETWORKS, AND IN PERSON AT CREDIT UNION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Beckhorn CEO | Officer | 40 | $109,500 |
Michelle Quimby Secretary-Tr | Officer | 0.5 | $3,600 |
Randall Floyd Vice-Chairpe | Trustee | 0.5 | $0 |
Charles Trimbath Board Member | Trustee | 0.5 | $0 |
Mike Taninecz Board Member | Trustee | 0.5 | $0 |
Ken Greco Board Member | Trustee | 0.5 | $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 | $1,600,740 |
| Investment income | $118,290 |
| 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 | $1,719,030 |
| 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 | $54,617 |
| Compensation of current officers, directors, key employees. | $113,100 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $409,739 |
| Pension plan accruals and contributions | $51,517 |
| Other employee benefits | $42,540 |
| Payroll taxes | $47,201 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,800 |
| Fees for services: Accounting | $18,150 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $117,363 |
| Advertising and promotion | $12,824 |
| Office expenses | $62,848 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $64,311 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,755 |
| Interest | $308 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $36,942 |
| Insurance | $24,205 |
| All other expenses | $32,397 |
| Total functional expenses | $1,555,635 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $597,776 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $724 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $24,191,219 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $394,347 |
| Net Land, buildings, and equipment | $178,256 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $8,499,000 |
| Investments—program-related | $2,083,197 |
| Intangible assets | $0 |
| Other assets | $325,516 |
| Total assets | $36,270,035 |
| Accounts payable and accrued expenses | $64,314 |
| 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 | $30,750,923 |
| Total liabilities | $30,815,237 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $5,454,798 |
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