Form 990 for tax year 2024
Filed by 164 FIRSTENERGY FAMILY CREDIT UNION.
Totals
- Total revenue
- $2,069,774
- Total expenses
- $1,684,958
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $1,477,354
- Investment income
- $592,420
- Other revenue
- $0
- Total assets, end of year
- $42,533,727
- Total liabilities, end of year
- $35,850,786
- Net assets or fund balances, end of year
- $6,682,941
- Program services expenses (Part IX)
- $0
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $0
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.
-
2f · All other program service revenue
total $1,477,354 · related or exempt $1,477,354 · unrelated business $0 · excluded $0
-
3 · Investment income
total $592,420 · related or exempt $592,420 · unrelated business $0 · excluded $0
-
4 · Income from investment of tax-exempt bond proceeds
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
5 · Royalties
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
6c · Rental income or loss
real property $0 · personal property $0
-
7c · Gain or loss
securities $0 · other assets $0
-
11e · Other revenue, total
$0
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $600,769
-
5 · Compensation of officers, directors and key employees
total $367,328
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $211,084
-
8 · Pension plan contributions
total $44,231
-
9 · Other employee benefits
total $71,457
-
10 · Payroll taxes
total $39,695
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $99
-
11c · Fees: accounting
total $19,626
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $0
-
12 · Advertising and promotion
total $24,243
-
13 · Office expenses
total $173,275
-
14 · Information technology
total $29,360
-
15 · Royalties
total $0
-
16 · Occupancy
total $33,834
-
17 · Travel
total $0
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $5,112
-
20 · Interest
total $0
-
21 · Payments to affiliates
total $17,033
-
22 · Depreciation, depletion and amortization
total $0
-
23 · Insurance
total $16,010
-
24a · Other expenses: SUPERVISORY FEE
total $9,016
-
24b · Other expenses: LOAN SERVICING
total $22,786
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $100 · end of year $100
-
2 · Savings and temporary cash investments
beginning of year $2,177,978 · end of year $2,569,052
-
3 · Pledges and grants receivable
beginning of year $0 · end of year $0
-
4 · Accounts receivable
beginning of year $1,206 · end of year $0
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
7 · Other notes and loans receivable
beginning of year $28,044,785 · end of year $27,699,764
-
8 · Inventories for sale or use
beginning of year $0 · end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $29,513 · end of year $23,201
-
11 · Investments: publicly traded securities
end of year $0
-
12 · Investments: other securities
beginning of year $10,672,000 · end of year $11,446,000
-
13 · Investments: program-related
beginning of year $298,000 · end of year $298,000
-
14 · Intangible assets
beginning of year $0 · end of year $0
-
15 · Other assets
beginning of year $535,540 · end of year $497,610
-
17 · Accounts payable and accrued expenses
beginning of year $4,117 · end of year $135,227
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $0 · end of year $0
-
20 · Tax-exempt bond liabilities
beginning of year $0 · end of year $0
-
21 · Escrow or custodial account liability
beginning of year $0 · end of year $0
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $0 · end of year $0
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $35,456,880 · end of year $35,715,559
-
29 · Capital stock, trust principal or current funds
beginning of year $0 · end of year $0
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $0 · end of year $0
-
31 · Retained earnings, endowment or other funds
beginning of year $6,298,125 · end of year $6,682,941
Mission and programs · 2024
Mission
TO PROVIDE LENDING, SAVINGS AND OTHER FINANCIAL SERVICES TO IT'S QUALIFYING MEMBERS AT TERMS USUALLY BETTER THAN AVAILABLE IN THE MARKETPLACE. WITH A HEAVY EMPHASIS ON MEMBER SERVICE THAT RECONIZES THAT THE MEMBERS ARE THE OWNERS OF THE CREDIT UNION AND NOT JUST CUSTOMERS. DIRECT LABOR AND EMPLOYEE BENEFITS COSTS INCURRED PROVIDING SAVINGS DEPOSIT SERVICES, ORIGINATING NEW LOANS AND SERVING THE LOAN PORTFOLIO FOR MEMBERS.
-
DIVIDENDS AND INTEREST PAID TO MEMBERS ON APPROXIMATELY 4756 DEPOSIT ACCOUNTS, OWNED BY APPROXIMATELY 4370 MEMBERS. DATA PROCESSING COSTS INCURRED RECORDING MEMBER ACCOUNT ACTIVITY AND PROVIDING ACCESS TO MEMBERS TO THIER ACCOUNTS VIA HOME BANKING, PHONE AND IN PERSON AT THE CREDIT UNION OFFICE.
-
Direct labor and employee costs incurred providing savings and deposit services, originating new loans and servicing the loan portfolio for members.
-
Data processing costs incurred recording member account activity and providing access to members to their accounts via home banking, phone and in person at the credit union office.
As filed on the 2024 return.
Listed in Part VII
-
Timothy Baker
CEO & Treasurer
- Total calculated
- $184,352
- From this org
- $184,352
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $149,352
- Bonus
- $35,000
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $184,352
-
Kevin J Daum
COO
- Total calculated
- $182,976
- From this org
- $182,976
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $98,328
- Bonus
- $84,648
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $182,976
-
Joseph Gier
Director
- Total calculated
- $0
- Hours/week
- 1
-
Joseph Storsin
Director
- Total calculated
- $0
- Hours/week
- 1
-
Michael Newkirk
Director
- Total calculated
- $0
- Hours/week
- 1
-
Christie Phillips
Director
- Total calculated
- $0
- Hours/week
- 1
-
Amy Patterson
Director
- Total calculated
- $0
- Hours/week
- 1
-
William Shonk
President
- Total calculated
- $0
- Hours/week
- 2
-
Erik Gegick
Vice President
- Total calculated
- $0
- Hours/week
- 1
-
Lou Ellen Kirkendall
Secretary
- 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 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
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
- 31 October 2025
- IRS schema version
- 2024v5.0
- Source object
- 202533079349302053
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