1377 Eaton Family Credit Union Inc is located in Euclid, 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, 1377 Eaton Family Credit Union Inc employed 30 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 1377 Eaton Family 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 12/2021, 1377 Eaton Family Credit Union Inc generated $3.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.2% each year. All expenses for the organization totaled $3.3m during the year ending 12/2021. 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
EATON FAMILY CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS QUALIFIED MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
DIRECT EMPLOYEE LABOR & BENEFIT COSTS INCURRED WHILE PROVIDING SAVINGS AND DEPOSIT SERVICES, LOAN ORIGINATIONS AND OTHER SERVICES IN THE LOAN PORTFOLIO, WHILE PROVIDING ACCOUNT MAINTENANCE AND ASSISTANCE TO OUR MEMBERS.
DATA PROCESSING & INFORMATION TECHNOLOGY ($191,292.71), NETWORK SECURITY AND DIRECT PROGRAM COSTS; ATM PROGRAM ($52,578.29), DEBIT CARD PROGRAM ($167,707.27), VISA PROGRAM ($112,287.21), BILLPAY PROGRAM ($11,621.58) AND SHARED BRANCHING PROGRAM ($20,114.97), COSTS INCURRED RECORDING MEMBER ACCOUNT ACTIVITIES AND TO PROVIDE ACCESS TO OUR MEMBERS TO THEIR ACCOUNTS THROUGH HOMEBANKING, ATM'S, DEBIT AND VISA CARD PROGRAMS AND IN-PERSON TRANSACTIONS AT 4 DIFFERENT BRANCH LOCATIONS.
DIVIDENDS AND INTEREST PAID ON APPROXIMATELY 19,034 ACCOUNTS HELD BY APPROXIMATELY 12,813 MEMBERS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Michael T Losneck Treasurer CEO | 40 | $153,400 | |
Evelyeen Probert Board Chairperson | OfficerTrustee | 2 | $0 |
Marc Manburg Vicechair | OfficerTrustee | 2 | $0 |
Dwayne Petish Secretary | OfficerTrustee | 2 | $0 |
Doris Yee Director | Trustee | 2 | $0 |
Christopher Jochum Director | Trustee | 2 | $0 |
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 | $3,365,009 |
Investment income | $304,974 |
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 | $3,669,983 |
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 | $1,051,516 |
Pension plan accruals and contributions | $105,438 |
Other employee benefits | $127,878 |
Payroll taxes | $0 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $0 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $19,902 |
Office expenses | $525,753 |
Information technology | $3,142 |
Royalties | $0 |
Occupancy | $91,580 |
Travel | $2,647 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $21,393 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $12,843 |
Insurance | $0 |
All other expenses | $188,606 |
Total functional expenses | $3,279,968 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $773,798 |
Savings and temporary cash investments | $6,533,859 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $273 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $48,417,142 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $0 |
Net Land, buildings, and equipment | $442,061 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $19,766,538 |
Intangible assets | $0 |
Other assets | $2,172,577 |
Total assets | $78,106,248 |
Accounts payable and accrued expenses | $0 |
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 | $720,618 |
Total liabilities | $720,618 |
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 | $70,487,156 |
Retained earnings, endowment, accumulated income, or other funds | $6,898,474 |
Total liabilities and net assets/fund balances | $78,106,248 |
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