532 Faith Community United Credit Union Inc
- Assets
- $18.5m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 11
- Location
- Cleveland, OH
- Founding
- 04/1969
- Data as of
- 12/2022
- EIN
- 34-0827524
Organization Overview
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 12/2022, 532 Faith Community United Credit Union Inc employed 11 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 12/2022, 532 Faith Community United Credit Union Inc generated $2.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $1.6m during the year ending 12/2022. While expenses have increased by 3.5% 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
2022
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
GRANTED $853,074 HIGH RISK LOANS TO CREDIT UNION MEMBERS IMPACTED BY THE PANDEMIC UTILIZING THE CDFI RRP GRANT FUNDS. THE COSTS INCURRED CONSISTED OF CREDIT UNION STAFF PROCESSING LOANS. IN ADDITION THE CREDIT UNION HAD TO INCREASE THE ALLOWANCE FOR LOAN LOSSES BY $73,920 TO COVER THE ADDITIONAL RISK. THE LOANS WERE GRANTED DURING THE PERIOD JANUARY THROUGH AUGUST 2022. FAITH COMMUNITY UNITED CREDIT UNIONIS A FULL SERVICE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION SERVING THE UNDER SERVED COMMUNITY. THE CREDIT UNION PROVIDES CONSUMER, MORTGAGES, SBA AND NON SBA BUSINESS LOANS. THE CREDIT UNION ALSO PROVIDES HOME BANKING, DEBIT CARDS, CREDIT CARDS,CASH ADVANCES, CERTIFIED CHECKS, AUTOMATIC CLEARING HOUSE DEPOSITS AND LOAN PAYMENTS, AND MONEY ORDERS. THE CREDIT PAYS DIVIDENDS ON DEPOSITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rana Brown Director | Trustee | 1 | $0 |
Phyllis Cleveland Director | Trustee | 1 | $0 |
Alicea Graves Second Vice Chair | Trustee | 1 | $0 |
Kenetha Sims Board Member | Trustee | 1 | $0 |
Carl Kirkland Director | Trustee | 1 | $0 |
Everette Mitchell Jr First Vice Chairman Of The Bo | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $928,494 |
| 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 | $928,494 |
| Total Program Service Revenue | $1,202,332 |
| Investment income | $107,767 |
| 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 | $2,238,593 |
| 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 | $395,479 |
| 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 | $359,407 |
| Pension plan accruals and contributions | $13,950 |
| Other employee benefits | $21,410 |
| Payroll taxes | $43,672 |
| Fees for services: Management | $19,558 |
| Fees for services: Legal | $43,425 |
| Fees for services: Accounting | $45,434 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $18,116 |
| Office expenses | $102,134 |
| Information technology | $42,465 |
| Royalties | $0 |
| Occupancy | $102,086 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,298 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,920 |
| Insurance | $21,003 |
| All other expenses | $0 |
| Total functional expenses | $1,564,602 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $209,980 |
| Savings and temporary cash investments | $274,405 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $26,872 |
| Loans from Officers, Directors, or Controlling Persons | $638,038 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,087,603 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $20,650 |
| Net Land, buildings, and equipment | $77,476 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $9,937,266 |
| Intangible assets | $0 |
| Other assets | $214,245 |
| Total assets | $18,486,535 |
| Accounts payable and accrued expenses | $108,859 |
| Grants payable | $550 |
| 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 | $500,000 |
| Other liabilities | $0 |
| Total liabilities | $609,409 |
| Net assets without donor restrictions | $17,877,126 |
| 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 | $18,486,535 |