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Nonprofiteer
← 1377 EATON FAMILY CREDIT UNION INC

Form 990 for tax year 2024

Filed by 1377 EATON FAMILY CREDIT UNION INC.

Totals

Total revenue
$4,812,634
Total expenses
$4,767,137
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$4,395,393
Investment income
$417,241
Other revenue
$0
Total assets, end of year
$75,465,726
Total liabilities, end of year
$1,214,414
Net assets or fund balances, end of year
$74,251,312
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$2,761,566

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: Loan Interest Income

    total $3,503,330 · related or exempt $3,503,330

  • 2b · Program service revenue: Fees & Other Income

    total $741,780 · related or exempt $741,780

  • 2c · Program service revenue: Other Misc Income

    total $150,283 · related or exempt $72,447 · unrelated business $77,836

  • 3 · Investment income

    total $417,241 · related or exempt $417,241

  • 8c · Net income from fundraising events

    total $0

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $1,050,515

  • 8 · Pension plan contributions

    total $109,680

  • 9 · Other employee benefits

    total $48,252

  • 12 · Advertising and promotion

    total $41,385

  • 13 · Office expenses

    total $488,860

  • 14 · Information technology

    total $7,786

  • 16 · Occupancy

    total $57,751

  • 17 · Travel

    total $4,698

  • 19 · Conferences, conventions and meetings

    total $21,003

  • 22 · Depreciation, depletion and amortization

    total $13,406

  • 24a · Other expenses: Loan Servicing

    total $474,238

  • 24b · Other expenses: Outside Services

    total $365,971

  • 24c · Other expenses: Provision for Loan Losses

    total $803,802

  • 24d · Other expenses: Misc

    total $215,147

  • 24e · All other expenses

    total $1,064,643

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,273,957 · end of year $982,228

  • 2 · Savings and temporary cash investments

    beginning of year $1,800,216 · end of year $927,853

  • 4 · Accounts receivable

    beginning of year $188

  • 7 · Other notes and loans receivable

    beginning of year $57,404,520 · end of year $55,702,523

  • 10a · Land, buildings and equipment: cost or other basis

    $1,353,772

  • 10b · Land, buildings and equipment: accumulated depreciation

    $930,162

  • 10c · Land, buildings and equipment, net

    beginning of year $393,143 · end of year $423,610

  • 13 · Investments: program-related

    beginning of year $15,559,864 · end of year $14,689,779

  • 15 · Other assets

    beginning of year $2,634,586 · end of year $2,739,733

  • 25 · Other liabilities

    beginning of year $4,697,834 · end of year $1,214,414

  • 27 · Net assets without donor restrictions

    beginning of year $74,368,640 · end of year $74,251,312

Mission and programs · 2024

Mission

Our mission is to be our members preferred source for financial products and services by meeting the growing and changing needs of the membership while maintaining a position of financial strength.

Activities or mission (Part I)

Eaton Family Credit Union provides financial services to its qualified members

  • Direct Employee & Benefit costs incurred while providing savings and deposit services, loan originations and other services in the loan portfolio, while providing account maintenance and assistance to our members.

    Expenses $1,208,447

  • Data Processing & Information Technology ($209,527.39), Network Security and direct program costs; ATM program ($12,783.35) Debit Card program ($103,691.85) VISA program ($128,738.24) Billpay program ($15,581.47) and Shared Branching ($18,154.10) costs incurred recording member account activities and to provide access to our members to their accounts through Homebanking, ATMs, Debit & Credit card programs and in-person transactions at the different branch locations.

    Expenses $488,476

  • Dividends and interest paid on approximately 17,621 accounts held by approximately 11,548 members.

    Expenses $1,064,643

As filed on the 2024 return.

Listed in Part VII

  • Michael T Losneck

    Treasurer CEO

    Total calculated
    $167,734
    From this org
    $167,734
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,734
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $167,734

  • Marc Manburg

    Director

    Total calculated
    $0
    Hours/week
    2

  • Evelyeen Probert

    Director

    Total calculated
    $0
    Hours/week
    2

  • Doris Yee

    Director

    Total calculated
    $0
    Hours/week
    2

  • Michelle Fischer

    Director

    Total calculated
    $0
    Hours/week
    2

  • James Cain

    Director

    Total calculated
    $0
    Hours/week
    2

  • Christopher Jochum

    Secretary

    Total calculated
    $0
    Hours/week
    2

  • Suresh Babu

    Board Chair Person

    Total calculated
    $0
    Hours/week
    2

  • Gina Jackson

    ViceChair

    Total calculated
    $0
    Hours/week
    2

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Compensation survey or study

Answered no

None.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
9 May 2025
IRS schema version
2024v5.1
Source object
202501299349303965

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