1388 Genfed Financial Credit Union

Organization Overview

1388 Genfed Financial Credit Union is located in Akron, 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, 1388 Genfed Financial Credit Union employed 104 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 1388 Genfed Financial 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 12/2022, 1388 Genfed Financial Credit Union generated $14.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $12.6m during the year ending 12/2022. While expenses have increased by 2.7% per year over the past 8 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

TO PROVIDE LENDING, SAVINGS, AND OTHER FINANCIAL SERVICES TO ITS MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A SERVICE-BASED EMPHASIS THAT RECOGNIZES THE MEMBERS' STATUS AS OWNERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

DIVIDENDS AND INTEREST PAID TO MEMBERS ON APPROXIMATELY 48,189 DEPOSIT ACCOUNTS HELD BY APPROXIMATELY 24,552 MEMBERS.


DIRECT LABOR AND EMPLOYEE BENEFIT COSTS INCURRED PROVIDING SAVINGS DEPOSIT SERVICES, ORIGINATING NEW LOANS AND SERVICING THE LOAN PORTFOLIO FOR MEMBERS.


OTHER PROGRAM SERVICES


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Board, Officers & Key Employees

Name (title)Compensation
Michael Doran
President, C
$365,539
Christy Young
Svp, CFO
$139,885
Greg Athey
Vp, Cio
$128,090
Richard Todd
Vp, COO
$114,556
Christopher Kirsch
VP Lending
$85,733
Brandon Petit
Avp Of It
$95,264

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$12,886,481
Investment income $1,521,493
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $108,005
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $14,549,021

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