Best Reward Federal Credit Union
- Assets
- $0.0
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 28
- Location
- Brook Park, OH
- Founding
- 04/1969
- Data as of
- 08/2020
- EIN
- 34-0825970
Organization Overview
Best Reward Federal Credit Union is located in Brook Park, 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 12/2019, Best Reward Federal Credit Union employed 28 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Best Reward Federal 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 08/2020, Best Reward Federal Credit Union generated $2.7m 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 (5.4%) each year. All expenses for the organization totaled $2.7m during the year ending 08/2020. As we would expect to see with falling revenues, expenses have declined by (6.4%) 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
TO PROVIDE LENDING, SAVINGS AND OTHER FINANCIAL SERVICES TO ITS QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE 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 13,200 DEPOSIT ACCOUNTS HELD BY APPROXIMATELY 12,744 MEMBERS.
DIRECT LABOR AND EMPLOYEE BENEFIT COSTS INCURRED PROVIDING SAVINGS DEPOSIT SERVICES, ORIGINATING NEW LOANS AND SERVICING THE LOAN PORTFOLIO FOR MEMBERS.
DATA PROCESSING COSTS INCURRED RECORDING MEMBER ACCOUNTS ACTIVITY AND PROVIDING ACCESS TO MEMBERS TO THEIR ACCOUNTS VIA HOME BANKING, ATM NETWORKS, AND IN PERSON AT THE CREDIT UNION.
DIVIDENDS AND INTEREST PAID TO MEMBERS ON APPROXIMATELY 11,461 DEPOSIT ACCOUNTS HELD BY APPROXIMATELY 12,173 MEMBERS.
DIRECT LABOR AND EMPLOYEE BENEFIT COSTS INCURRED PROVIDING SAVINGS DEPOSIT SERVICES, ORIGINATING NEW LOANS AND SERVICING THE LOAN PORTFOLIO FOR MEMBERS.
DATA PROCESSING COSTS INCURRED RECORDING MEMBER ACCOUNTS ACTIVITY AND PROVIDING ACCESS TO MEMBERS TO THEIR ACCOUNTS VIA HOME BANKING, ATM NETWORKS, AND IN PERSON AT THE CREDIT UNION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Shirilla President/ce | Officer | 40 | $92,449 |
Stephen Halas Executive VP | Officer | 40 | $65,866 |
Judi Chorba SVP Finance/ | Officer | 40 | $52,547 |
Frank Adamec Director | Trustee | 0.5 | $0 |
Norman Alford Chairman | Trustee | 0.5 | $0 |
Thomas Merrit Jr Vice Chairma | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $1,271,274 |
| 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 | $2,716,261 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $207,249 |
| Compensation of current officers, directors, key employees. | $210,862 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $549,697 |
| Pension plan accruals and contributions | $33,452 |
| Other employee benefits | $237,147 |
| Payroll taxes | $58,733 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,440 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $591,544 |
| Advertising and promotion | $33,798 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $123,805 |
| Travel | $2,424 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $255,228 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $63,078 |
| Insurance | $11,511 |
| All other expenses | $0 |
| Total functional expenses | $2,695,801 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $0 |
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