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Nonprofiteer
← 1380 EDUCATION FIRST CREDIT UNION INC

Form 990 for tax year 2023

Filed by 1380 EDUCATION FIRST CREDIT UNION INC.

Totals

Total revenue
$9,028,852
Total expenses
$8,841,417
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$7,886,426
Investment income
$1,142,426
Other revenue
$0
Total assets, end of year
$136,928,093
Total liabilities, end of year
$124,038,512
Net assets or fund balances, end of year
$12,889,581
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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: CONSUMER LOAN INTEREST

    total $3,702,470 · related or exempt $3,702,470

  • 2b · Program service revenue: FEES ASSOCIATED WITH ACCOUNTS

    total $1,365,586 · related or exempt $1,365,586

  • 2c · Program service revenue: VISA PROGRAM INCOME

    total $1,056,063 · related or exempt $1,056,063

  • 2d · Program service revenue: OTHER

    total $1,021,468 · related or exempt $1,021,468

  • 2e · Program service revenue: PARTICIPATION INTEREST

    total $421,437 · related or exempt $421,437

  • 2f · All other program service revenue

    total $319,402 · related or exempt $284,130 · unrelated business $35,272

  • 3 · Investment income

    total $1,142,201 · excluded $1,142,201

  • 7a · Gross sales of assets other than inventory

    other assets $225

  • 7c · Gain or loss

    other assets $225

  • 7d · Net gain or loss

    total $225 · related or exempt $225

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,089,666

  • 5 · Compensation of officers, directors and key employees

    total $500,004

  • 7 · Other salaries and wages

    total $2,018,130

  • 8 · Pension plan contributions

    total $137,257

  • 9 · Other employee benefits

    total $394,331

  • 10 · Payroll taxes

    total $191,265

  • 11b · Fees: legal

    total $4,811

  • 11c · Fees: accounting

    total $56,811

  • 11g · Fees: other

    total $622,385

  • 12 · Advertising and promotion

    total $118,488

  • 13 · Office expenses

    total $298,964

  • 16 · Occupancy

    total $244,898

  • 19 · Conferences, conventions and meetings

    total $15,748

  • 20 · Interest

    total $176,241

  • 22 · Depreciation, depletion and amortization

    total $237,399

  • 23 · Insurance

    total $82,564

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $816,450

  • 24b · Other expenses: ATM & PLASTIC CARD EXPENS

    total $714,370

  • 24c · Other expenses: REPAIRS & MAINTENANCE

    total $274,201

  • 24d · Other expenses: CASD PLAN EXPENSE

    total $259,597

  • 24e · All other expenses

    total $587,837

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,630,305 · end of year $1,208,507

  • 2 · Savings and temporary cash investments

    beginning of year $17,079,788 · end of year $11,943,681

  • 4 · Accounts receivable

    beginning of year $557,879 · end of year $190,225

  • 5 · Loans and receivables from officers and key people

    beginning of year $2,857,753 · end of year $2,919,195

  • 7 · Other notes and loans receivable

    beginning of year $90,859,496 · end of year $91,375,346

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,085,603 · end of year $858,439

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

    $8,002,672

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

    $2,461,170

  • 10c · Land, buildings and equipment, net

    beginning of year $5,033,154 · end of year $5,541,502

  • 15 · Other assets

    beginning of year $26,953,616 · end of year $22,891,198

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,924,422 · end of year $4,001,934

  • 18 · Grants payable

    beginning of year $5,000 · end of year $5,000

  • 25 · Other liabilities

    beginning of year $126,350,534 · end of year $120,031,578

  • 31 · Retained earnings, endowment or other funds

    beginning of year $12,777,638 · end of year $12,889,581

Mission and programs · 2023

Mission

PROVIDE LOW COST LOANS TO SELECT MEMBERSHIP GROUPS, AS WELL AS PROVIDE SAVINGS OPTIONS, FINANCIAL LITERACY AND OTHER FINANCIAL SERVICES AND PRODUCTS WITH A SERVICE BASED EMPHASIS THAT RECOGNIZES MEMBERS AS OWNERS.

  • DURING 2023, EDUCATION FIRST CREDIT UNION INCURRED DIVIDEND EXPENSES PROVIDING SHARE DEPOSIT ACOUNTS TO APPROXIMATELY 12,472 MEMBERS. THE NUMBER OF THOSE ACCOUNTS TOTAL APPROXIMATELY 22,938.

  • DURING 2023, EDUCATION FIRST CREDIT UNION INCURRED DIRECT LABOR COSTS AND EMPLOYEE BENEFIT COSTS BY PROVIDING SAVINGS DEPOSIT SERVICES, ORIGINATING NEW LOANS AND SERVICING THE LOAN PORTFOLIO FOR MEMBERS.

  • DURING 2023, EDUCATION FIRST CREDIT UNION INCURRED OPERATIONS EXPENSES PROVIDING FINANCIAL SERVICES TO MEMBERS SUCH AS ATM ACCESS, SHARED BRANCHING ACCESS, SHARE DRAFT SERVICES, AND OTHER EXPENSES ASSOCIATED WITH FINANCIAL ACCOUNT PROGRAMS. EDUCATION FIRST PROVIDED THESE SERVICES TO AN ESTIMATED 12,472 MEMBERS DURING 2023.

As filed on the 2023 return.

Listed in Part VII

  • Michael Wettrich

    PRESIDENT/CE

    Total calculated
    $233,131
    From this org
    $194,053
    From related orgs
    $0
    Other
    $39,078
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,140
    Bonus
    not reported
    Other
    $1,913
    Deferred
    $13,963
    Nontaxable benefits
    $25,115
    Filer's total
    $233,131

  • Jared Elsass

    CFO

    Total calculated
    $172,669
    From this org
    $160,129
    From related orgs
    $0
    Other
    $12,540
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,437
    Bonus
    $4,110
    Other
    $11,582
    Deferred
    $11,277
    Nontaxable benefits
    $1,263
    Filer's total
    $172,669

  • Jason Thomas

    COO

    Total calculated
    $156,267
    From this org
    $145,822
    From related orgs
    $0
    Other
    $10,445
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,114
    Bonus
    $3,934
    Other
    $2,774
    Deferred
    $10,192
    Nontaxable benefits
    $253
    Filer's total
    $156,267

  • Julie Didlick

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • Henry Bland III

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Ezetta Murray

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Barbara Overholser

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Robert Secrest

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Irma Turner

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Jeffery Woodson

    VICE CHAIRPE

    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 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PART III
MICHAEL WETTRICH, CEO AND JARED ELSASS, CFO BOTH ENTERED INTO COLLATERAL ASSIGNMENT SPLIT DOLLAR (CASD) AGREEMENTS WITH THE CREDIT UNION IN 2020.

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
2023
Filed
22 October 2024
IRS schema version
2023v5.0
Source object
202443069349300924

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