1377 Eaton Family Credit Union Inc
- Assets
- $76.3m
- Revenue
- $3.9m
- Investments
- $0.0
- Employees
- 36
- Location
- Euclid, OH
- Founding
- 04/1969
- Data as of
- 12/2022
- EIN
- 34-0711538
Organization Overview
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 12/2022, 1377 Eaton Family Credit Union Inc employed 36 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 12/2022, 1377 Eaton Family Credit Union Inc generated $3.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $2.8m during the year ending 12/2022. 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
2022
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 & 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 (198,945.97) NETWORK SECURITY AND DIRECT PROGRAM COSTS; ATM PROGRAM (46,617.97) DEBIT CARD PROGRAM (168,065.53) VISA PROGRAM (96,658.72) BILLPAY PROGRAM (12,302.77) AND SHARED BRANCHING PROGRAM (26,527.89); COSTS INCURRED RECORDING MEMBER ACCOUNT ACTIVITIES AND TO PROVIDE ACCESS TO OUR MEMBERS TO THEIR ACCOUNTS THROUGH HOMEBANKING, ATMS, DEBIT AND VISA CARD PROGRAMS AND IN-PERSON TRANSACTIONS AT 4 DIFFERENT BRANCH LOCATIONS,
DIVIDENDS AND INTEREST PAID ON APPROXIMATELY 18,504 ACCOUNTS HELD BY APPROXIMATELY 12,491 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marc Manburg Director | Trustee | 2 | $0 |
Evelyeen Probert Board Vice Chair | Officer | 2 | $0 |
Michael T Losneck Treasurer CEO | 40 | $151,448 | |
Doris Yee Director | Trustee | 2 | $0 |
Christopher Jochum Board Chair | Officer | 2 | $0 |
Suresh Babu Director | Trustee | 2 | $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 | $3,517,225 |
| Investment income | $371,112 |
| 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 | $3,888,337 |
| 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 | $987,489 |
| Pension plan accruals and contributions | $88,389 |
| Other employee benefits | $93,699 |
| 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 | $29,868 |
| Office expenses | $580,970 |
| Information technology | $6,676 |
| Royalties | $0 |
| Occupancy | $65,923 |
| Travel | $2,846 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $21,605 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,273 |
| Insurance | $0 |
| All other expenses | $210,948 |
| Total functional expenses | $2,845,729 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,270,055 |
| Savings and temporary cash investments | $680,079 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $207 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $54,317,142 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $415,594 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $16,947,713 |
| Intangible assets | $0 |
| Other assets | $2,707,939 |
| Total assets | $76,338,729 |
| 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 | $1,675,072 |
| Total liabilities | $1,675,072 |
| Net assets without donor restrictions | $74,663,657 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $76,338,729 |