532 Faith Community United Credit Union Inc is located in Cleveland, OH. The organization was established in 1969. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, 532 Faith Community United Credit Union Inc employed 9 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 532 Faith Community United 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 12/2021, 532 Faith Community United Credit Union Inc generated $2.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $1.6m during the year ending 12/2021. While expenses have increased by 3.8% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE LENDING, SAVINGS,AND OTHER FINANCIAL SERVICES TO ITS QUALIFYING MEMBERS AT TERMS BETTER THAN AVAILABLE IN THE MARKETPLACE WITH A SERVICE BASED EMPHASIS THAT RECOGNIZES THE MEMBERS AS OWNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LENDING, SAVINGS,ANDOTHER FINANCIAL SERVICES TO ITS QUALIFYING MEMBERS AT TERMS BETTER THAN AVAILABLE IN THE MARKETPLACE WITH A SERVICE BASED EMPHASIS THAT RECOGNIZES THE MEMBERS AS OWNERS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Everette Mitchell Jr First Vice Chairman Of The Bo | OfficerTrustee | 1 | $0 |
Cynthia Sullivan Secretary Of The Board | OfficerTrustee | 1 | $0 |
Ronaye Steele Director | OfficerTrustee | 1 | $0 |
Tyrone Mcguinea Chairman Of The Board | OfficerTrustee | 2 | $0 |
Rana Brown Director | Trustee | 1 | $0 |
Phyllis Cleveland Director | Trustee | 1 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $812,419 |
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 | $812,419 |
Total Program Service Revenue | $1,693,187 |
Investment income | $44,668 |
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 | $2,550,274 |
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 | $367,653 |
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 | $338,805 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $45,815 |
Payroll taxes | $43,785 |
Fees for services: Management | $50,512 |
Fees for services: Legal | $68 |
Fees for services: Accounting | $13,696 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $6,716 |
Office expenses | $124,908 |
Information technology | $36,189 |
Royalties | $0 |
Occupancy | $92,453 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $2,868 |
Insurance | $17,760 |
All other expenses | $70,601 |
Total functional expenses | $1,594,899 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $261,178 |
Savings and temporary cash investments | $1,179,309 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $33,796 |
Loans from Officers, Directors, or Controlling Persons | $193,615 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $10,240,471 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $37,489 |
Net Land, buildings, and equipment | $64,585 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $8,102,604 |
Intangible assets | $0 |
Other assets | $550,087 |
Total assets | $20,663,134 |
Accounts payable and accrued expenses | $34,308 |
Grants payable | $925,499 |
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 | $959,807 |
Net assets without donor restrictions | $19,703,327 |
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 | $20,663,134 |
Over the last fiscal year, we have identified 1 grants that 532 Faith Community United Credit Union Inc has recieved totaling $25,000.
Awarding Organization | Amount |
---|---|
Inclusiv Inc New York, NY PURPOSE: CREDIT UNION IMPACT CAPACITY BUILDING | $25,000 |
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Food Gatherers Ann Arbor, MI | $16,131,759 | $18,319,883 |
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Community Ventures Corporation Inc Lexington, KY | $84,057,573 | $14,249,179 |
Detroit Belle Isle Grand Prix Inc Bloomfield Hills, MI | $745,267 | $11,943,538 |
Berks Community Action Program Inc Reading, PA | $2,377,966 | $7,401,234 |
Juvenile Justice Center Of Phila Philadelphia, PA | $3,150,884 | $6,364,511 |
Community Programs And Services Garden City, MI | $725,653 | $3,890,771 |
Sid Public Services Association Columbus, OH | $3,043,026 | $3,862,882 |
Horizon House Inc Indianapolis, IN | $11,235,353 | $7,114,001 |
Delaware Advancement Corporation Muncie, IN | $19,134,942 | $3,911,691 |
Ohio Bankers League Columbus, OH | $3,226,462 | $2,753,967 |
Wc Workshop Inc Mullens, WV | $199,940 | $2,482,765 |