534 Morton Salt Credit Union
- Assets
- $4.2m
- Revenue
- $37.1k
- Investments
- $2.0m
- Employees
- 3
- Location
- Rittman, OH
- Founding
- 04/1969
- Data as of
- 12/2020
- EIN
- 34-0764353
Organization Overview
534 Morton Salt Credit Union is located in Rittman, 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 12/2020, 534 Morton Salt Credit Union employed 3 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 534 Morton Salt 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 12/2020, 534 Morton Salt Credit Union generated $37.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (21.0%) each year. All expenses for the organization totaled $61.0k during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (16.5%) per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO QUALIFED MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
DIVIDENDS PAID TO MEMBERS ON DEPOSIT ACCOUNTS. DIRECT LABOR AND EMPLOYEE BENEFIT COSTS INCURRED PROVIDING SAVINGS DEPOSIT SERVICES. ORIGINATING NEW LOANS, AND SERVICING THE LOAN PORTIFOLIO FOR MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Craig President | OfficerTrustee | 0 | $0 |
Steve Telford Vice Presidend | OfficerTrustee | 0 | $0 |
Robert Herald Treasurer | OfficerTrustee | 0 | $0 |
Gwen Craig Treasurer | OfficerTrustee | 0 | $0 |
Jerry Bechtol Director | OfficerTrustee | 0 | $0 |
Pamela Blubaugh CEO | Officer | 30 | $10,771 |
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 | $26,458 |
| Investment income | $10,653 |
| 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 | $37,111 |
| 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 | $1,178 |
| Compensation of current officers, directors, key employees. | $10,771 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,793 |
| Pension plan accruals and contributions | $323 |
| Other employee benefits | $0 |
| Payroll taxes | $1,291 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $846 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,148 |
| Office expenses | $9,717 |
| Information technology | $11,155 |
| Royalties | $0 |
| Occupancy | $1,350 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $11 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $476 |
| Insurance | $49 |
| All other expenses | $1,786 |
| Total functional expenses | $60,971 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,449 |
| Savings and temporary cash investments | $366,826 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,738,700 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,944 |
| Net Land, buildings, and equipment | $2,380 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,967,261 |
| Investments—program-related | $37,005 |
| Intangible assets | $0 |
| Other assets | $40,762 |
| Total assets | $4,165,327 |
| Accounts payable and accrued expenses | $546 |
| 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 | $3,444,493 |
| Total liabilities | $3,445,039 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $720,288 |
| Total liabilities and net assets/fund balances | $4,165,327 |