745 Geauga Credit Union Inc
- Assets
- $68.3m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 12
- Location
- Burton, OH
- Founding
- 04/1969
- Data as of
- 12/2023
- EIN
- 34-1055466
Organization Overview
745 Geauga Credit Union Inc is located in Burton, 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 12/2023, 745 Geauga Credit Union Inc employed 12 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 745 Geauga 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 12/2023, 745 Geauga Credit Union Inc generated $4.1m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 16.2% each year . All expenses for the organization totaled $2.2m during the year ending 12/2023. While expenses have increased by 8.6% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CREDIT UNION PROVIDES FINANCIAL SERVICES FOR QUALIFIED MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PAID FOR COMPENSATION, EMPLOYEE BENEFITS AND RELATED PAYROLL TAXES. EMPLOYEES PROVIDE A WIDE RANGE OF SERVICES FOR OUR MEMBERS INCLUDING, BUT NOT LIMITED TO, EDUCATING MEMBERS ON AVAILABLE SERVICES/PRODUCTS, OPENING AND SERVICING DEPOSIT AND LOAN PRODUCTS, ASSIST MEMBERS WHEN ISSUES ARISE CONCERNINGTHEIR ACCOUNTS. GCU STRIVES TO PROVIDE PERSONAL MEMBER SERVICES.
COSTS ASSOCIATED WITH PROVIDING AN OFFICE FOR STAFF AND MEMBERS. INCLUDES EQUIPMENT, SERVICES AND SUPPLIES REQUIRED FOR EMPLOYEES TO PERFORM THEIR DUTIES. GCU PROVIDES MONTHLY AND SEMI-ANNUAL PAPER STATEMENTS TO OUR MEMBERS.THE COST OF SUCH CONTINUES TO BE A GROWING EXPENSE. WE DO NOT CHARGE OUR MEMBERSFOR PAPER STATEMENTS. ADDITIONAL COSTS INCURRED ARE TO MAINTAIN THE BUILDING ALONG WITH UTILITIES, REAL ESTATE TAXES AND BUILDING INSURANCE EXPENSE.
COSTS ASSOCIATED WITH PROVIDING FINANCIAL SERVICES/PRODUCTS TO OUR MEMBERS. INCLUDES HELOC COSTS; MEMBERS DO NOT PAY ANY CLOSING COSTS OR FEES; PROVIDING AN ATM, DEBIT AND VISA CARD PROGRAM, OFFERING BILL PAY VIA OUR NLINE BANKING SITE, IRA AND PROVIDING INDIRECT LENDING SERVICES AT SELECT DEALERSHIPS. INCLUDES COSTS ASSOCIATED WITH EVERYDAY BANKING TRANSACTIONS SUCH AS DEPOSITS, CLEARING DRAFTS, HAVING CASH AVAILABLE, ALSO FEES CHARGED TO US TO ACCEPT CREDIT/DEBIT CARD PAYMENTS ON LOANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Briggs Treasurer | OfficerTrustee | 0.35 | $0 |
Barry Owen Director | OfficerTrustee | 0.35 | $0 |
Robert Yoder Director | Trustee | 0.35 | $0 |
Barbara Titus Director | OfficerTrustee | 0.35 | $0 |
Aggie Sojka Vice Preside | Trustee | 0.35 | $0 |
Linda Swaney Secretary | OfficerTrustee | 0.35 | $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 | $3,354,012 |
| Investment income | $676,399 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $23,002 |
| 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 | $4,055,546 |
| 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 | $781,278 |
| 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 | $398,280 |
| Pension plan accruals and contributions | $15,195 |
| Other employee benefits | $67,495 |
| Payroll taxes | $31,143 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $30,741 |
| Fees for services: Accounting | $86,979 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $46,642 |
| Office expenses | $4,975 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $54,797 |
| Travel | $3,018 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,219 |
| Interest | $4,193 |
| Payments to affiliates | $78,845 |
| Depreciation, depletion, and amortization | $26,815 |
| Insurance | $23,174 |
| All other expenses | $102,426 |
| Total functional expenses | $2,171,239 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $643,395 |
| Savings and temporary cash investments | $3,833,212 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,690 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $57,897,308 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $65,420 |
| Net Land, buildings, and equipment | $1,437,403 |
| Investments—publicly traded securities | $3,151,892 |
| Investments—other securities | $0 |
| Investments—program-related | $1,088,732 |
| Intangible assets | $0 |
| Other assets | $215,803 |
| Total assets | $68,339,855 |
| Accounts payable and accrued expenses | $351,384 |
| 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 | $59,728,686 |
| Total liabilities | $60,080,070 |
| 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 | $8,259,785 |
| Total liabilities and net assets/fund balances | $68,339,855 |