568 Cardinal Credit Union Inc
- Assets
- $288.9m
- Revenue
- $13.7m
- Investments
- $6.5m
- Employees
- 99
- Location
- Mentor, OH
- Founding
- 04/1969
- Data as of
- 12/2022
- EIN
- 34-0825291
Organization Overview
568 Cardinal Credit Union Inc is located in Mentor, 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, 568 Cardinal Credit Union Inc employed 99 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 568 Cardinal 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, 568 Cardinal Credit Union Inc generated $13.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $12.7m during the year ending 12/2022. While expenses have increased by 3.7% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL SERVICES TO QUALIFIED MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES TO QUALIFIED MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Deken Director | Trustee | 1 | $0 |
James Gray Director | Trustee | 1 | $0 |
Randy Mears Secretary | OfficerTrustee | 1 | $0 |
Kathleen O'connell-Burton Director | Trustee | 1 | $0 |
Jeff Shibley Vice-Chairman Of The Board | OfficerTrustee | 1 | $0 |
Ed Brown Treasurer | OfficerTrustee | 1 | $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 | $12,933,409 |
| Investment income | $791,426 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $40,264 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$47,528 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,717,571 |
| 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. | $1,213,419 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,253,639 |
| Pension plan accruals and contributions | $142,669 |
| Other employee benefits | $382,599 |
| Payroll taxes | $380,648 |
| Fees for services: Management | $467,038 |
| Fees for services: Legal | $14,795 |
| Fees for services: Accounting | $38,934 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $8,976 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,217,367 |
| Office expenses | $852,948 |
| Information technology | $700,115 |
| Royalties | $0 |
| Occupancy | $423,109 |
| Travel | $198,972 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $48,488 |
| Interest | $315,234 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $246,082 |
| Insurance | $67,898 |
| All other expenses | $0 |
| Total functional expenses | $12,727,497 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,170,599 |
| Savings and temporary cash investments | $18,711,739 |
| 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 | $222,317,085 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $425,654 |
| Net Land, buildings, and equipment | $5,980,084 |
| Investments—publicly traded securities | $20,398,969 |
| Investments—other securities | $6,500,182 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $11,383,101 |
| Total assets | $288,887,413 |
| Accounts payable and accrued expenses | $3,497,503 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,007,203 |
| 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 | $250,906,676 |
| Total liabilities | $256,411,382 |
| 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 | $32,476,031 |
| Total liabilities and net assets/fund balances | $288,887,413 |