1129 Falls Catholic Credit Union Inc
- Assets
- $54.6m
- Revenue
- $2.1m
- Investments
- $12.6m
- Employees
- 11
- Location
- Cuyahoga Falls, OH
- Founding
- 04/1969
- Data as of
- 12/2022
- EIN
- 34-0835673
Organization Overview
1129 Falls Catholic Credit Union Inc is located in Cuyahoga Falls, 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, 1129 Falls Catholic Credit Union Inc employed 11 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 1129 Falls Catholic 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, 1129 Falls Catholic Credit Union Inc generated $2.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $1.6m during the year ending 12/2022. 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
POOL MEMBER FINANCIAL RESOURCES IN ORDER TO PROVIDE FUNDS FOR LOANS AND VARIOUS FINANCIAL SERVICES WHICH ARE AVAILABLE TO ANYONE WITHIN THE MEMBERSHIP BASE. FALLS CATHOLIC CREDIT UNION IS DEDICATED TO BEING THE PRIMARY FINANCIAL INSTITUTION FOR THE MEMBERSHIP BY PROVIDING A FULL RANGE OF FINANCIAL SERVICES WHILE MAINTAINING CUSTOMER SATISFACTION, GROWTH AND STABILITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR PRIMARY SERVICE IS LENDING AND THE REVENUE THAT WE RECEIVE IS IN THE FORM OF INTEREST AND FEES ON LOANS. THE FUNDS THAT WE LOAN OUT ARE THOSE THAT HAVE BEEN DEPOSITED BY OUR MEMBERS SO THE EXPENSES--THE COST OF THESE FUNDS--ARE THE DIVIDENDS THAT WE PAY ON THESE DEPOSITS PLUS ANY INTEREST THAT WE PAY ON FUNDS THAT WE NEED TO BORROW.
WE ALSO OFFER SHARE DRAFT-CHECKING ACCOUNT WITH ATM CARDS AND MASTERCARD DEBIT CARDS. WE RECEIVE REVENUE FROM THE MEMBERS BY PROVIDING THESE SERVICES-- AND INCUR COSTS AS WELL.
WE ALSO DERIVE INCOME FROM FEES RELATED TO THE FINANCIAL SERVICES WE OFFER OUR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terrence Steel Secretary | OfficerTrustee | 1 | $0 |
Michael Burns Chairman | OfficerTrustee | 1 | $0 |
Nicholas Hill Board Member | OfficerTrustee | 1 | $0 |
Abraham Brannan Board Member | Trustee | 1 | $0 |
Sue Figler Board Member | Trustee | 1 | $0 |
Sean Wilson Vice Chairman | Trustee | 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 | $1,719,769 |
| Investment income | $346,204 |
| 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 | $2,065,973 |
| 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 | $95,580 |
| Compensation of current officers, directors, key employees. | $254,359 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $261,489 |
| Pension plan accruals and contributions | $25,236 |
| Other employee benefits | $123,838 |
| Payroll taxes | $39,280 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $29,309 |
| Fees for services: Accounting | $38,949 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,020 |
| Fees for services: Other | $9,387 |
| Advertising and promotion | $78,264 |
| Office expenses | $95,829 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $65,763 |
| 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 | $42,033 |
| Insurance | $28,577 |
| All other expenses | -$25,000 |
| Total functional expenses | $1,631,174 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $402,358 |
| Savings and temporary cash investments | $9,559,415 |
| 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 | $30,332,411 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $853,530 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $12,580,726 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $874,079 |
| Total assets | $54,602,519 |
| Accounts payable and accrued expenses | $257,887 |
| 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 | $46,161,235 |
| Total liabilities | $46,419,122 |
| 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 | $8,183,397 |
| Total liabilities and net assets/fund balances | $54,602,519 |