Totals
- Total revenue
- $8,942,681
- Total expenses
- $8,426,996
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $7,839,972
- Investment income
- $717,105
- Other revenue
- $385,604
- Total assets, end of year
- $191,683,820
- Total liabilities, end of year
- $171,918,496
- Net assets or fund balances, end of year
- $19,765,324
- 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.
-
1a · Federated campaigns
$0
-
1b · Membership dues
$0
-
1c · Fundraising events
$0
-
1d · Related organizations
$0
-
1e · Government grants (contributions)
$0
-
1f · All other contributions, gifts and grants
$0
-
1g · Noncash contributions included above
$0
-
2a · Program service revenue: Loan Interest Income
total $5,265,454 · related or exempt $5,265,454 · unrelated business $0 · excluded $0
-
2b · Program service revenue: Share Account Fee Income
total $2,574,518 · related or exempt $2,574,518 · unrelated business $0 · excluded $0
-
2f · All other program service revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
3 · Investment income
total $717,105 · related or exempt $717,105 · 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
-
6a · Gross rents
real property $6,000 · personal property $0
-
6b · Less rental expenses
real property $0 · personal property $0
-
6c · Rental income or loss
real property $6,000 · personal property $0
-
6d · Net rental income or loss
total $6,000 · related or exempt $6,000 · unrelated business $0 · excluded $0
-
7a · Gross sales of assets other than inventory
securities $0 · other assets $0
-
7b · Less cost or other basis and sales expenses
securities $0 · other assets $0
-
7c · Gain or loss
securities $0 · other assets $0
-
7d · Net gain or loss
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
8a · Fundraising events: gross income
$0
-
8a · Fundraising events: contributions included on line 1c
$0
-
8b · Fundraising events: direct expenses
$0
-
8c · Net income from fundraising events
total $0 · unrelated business $0 · excluded $0
-
9a · Gaming: gross income
$0
-
9b · Gaming: direct expenses
$0
-
9c · Net income from gaming
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
10a · Gross sales of inventory
$0
-
10b · Cost of goods sold
$0
-
10c · Net income from sales of inventory
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11d · All other revenue
total $379,604 · related or exempt $379,604 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$379,604
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 $143,535
-
5 · Compensation of officers, directors and key employees
total $519,296
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $2,836,879
-
8 · Pension plan contributions
total $196,950
-
9 · Other employee benefits
total $307,832
-
10 · Payroll taxes
total $267,753
-
11a · Fees: management
total $37,823
-
11b · Fees: legal
total $231
-
11c · Fees: accounting
total $53,187
-
11f · Fees: investment management
total $53,005
-
11g · Fees: other
total $58,573
-
12 · Advertising and promotion
total $86,480
-
13 · Office expenses
total $1,449,233
-
14 · Information technology
total $392,157
-
16 · Occupancy
total $348,281
-
17 · Travel
total $28,047
-
19 · Conferences, conventions and meetings
total $8,158
-
20 · Interest
total $35,009
-
21 · Payments to affiliates
total $36,009
-
22 · Depreciation, depletion and amortization
total $309,773
-
23 · Insurance
total $94,922
-
24a · Other expenses: Loan Servicing
total $330,392
-
24b · Other expenses: Credit Card Servicing
total $422,316
-
24c · Other expenses: Provision for Loan Losses
total $381,445
-
24e · All other expenses
total $29,710
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,511,082 · end of year $1,720,209
-
2 · Savings and temporary cash investments
beginning of year $17,280,709 · end of year $2,459,616
-
3 · Pledges and grants receivable
beginning of year $0 · end of year $0
-
4 · Accounts receivable
beginning of year $340,260 · end of year $531,929
-
5 · Loans and receivables from officers and key people
beginning of year $2,122,005 · end of year $2,143,225
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
7 · Other notes and loans receivable
beginning of year $95,142,543 · end of year $118,231,710
-
8 · Inventories for sale or use
beginning of year $0 · end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $173,707 · end of year $175,314
-
10a · Land, buildings and equipment: cost or other basis
$8,825,575
-
10b · Land, buildings and equipment: accumulated depreciation
$4,692,830
-
10c · Land, buildings and equipment, net
beginning of year $4,125,373 · end of year $4,132,745
-
11 · Investments: publicly traded securities
beginning of year $0 · end of year $0
-
12 · Investments: other securities
beginning of year $51,297,923 · end of year $54,832,111
-
13 · Investments: program-related
beginning of year $2,756,215 · end of year $2,794,632
-
14 · Intangible assets
beginning of year $0 · end of year $0
-
15 · Other assets
beginning of year $3,976,687 · end of year $4,662,329
-
17 · Accounts payable and accrued expenses
beginning of year $1,248,886 · end of year $1,505,330
-
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 $4,600,000
-
25 · Other liabilities
beginning of year $158,367,649 · end of year $165,813,166
-
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 $19,109,969 · end of year $19,765,324
Mission and programs · 2022
Mission
Towpath Credit Union provides competitive and secure financial products and services to qualified members. Mission Statement - We will deliver the best member experience while improving the financial wellness of our communities.
Activities or mission (Part I)
Towpath Credit Union is a member-owned, not-for-profit financial cooperative association. The Credit Union serves all residents of Summit County as well as approved seg-group companies. It is dedicated to providing its members with quality financial services.
-
Member Loans - The Credit Union strives to provide members with financial flexibility and encourage savings with various types of loans in following categories: automobile loans, share secured loans, unsecured loans, business participation loans, mortgage loans, real estate loans, personal loans, credit cards and various other types. At year end, the credit union had approximately 13,205 loans outstanding.
-
Depository Accounts - The Credit Union strives to provide members with financial flexibility and encourage savings with various types of depository accounts. The Credit Union currently offers depository accounts in varieties such as checking accounts, savings accounts, money market accounts, certificates of deposit accounts, IRA accounts, Holiday accounts and various other types. At year end, there were approximately 41,388 depository accounts held at the Credit Union.
-
Debit Card Program - The Credit Union strives to provide members with financial flexibility, security, and convenient access to their funds by issuing debit cards.
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Rose Bartolomucci
CEO
- Total calculated
- $400,297
- From this org
- $400,297
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40 + 5 related
Schedule J breakdown matched by us
- Base
- $210,000
- Bonus
- $18,655
- Other
- $171,642
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $400,297
-
Michael Sferro
President
- Total calculated
- $118,999
- From this org
- $118,999
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $110,000
- Bonus
- $8,299
- Other
- $700
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $118,999
-
Lester Carney
Chairman
- Total calculated
- $0
- Hours/week
- 0
-
Ernest Steele
Vice Chairman
- Total calculated
- $0
- Hours/week
- 0
-
Marcella Grande
Treasurer
- Total calculated
- $0
- Hours/week
- 0
-
Judi Hill
Secretary
- Total calculated
- $0
- Hours/week
- 0
-
John Crockett
Board Member
- Total calculated
- $0
- Hours/week
- 0
-
James Talley
Board Member
- Total calculated
- $0
- Hours/week
- 0
-
Kelly Peters
Board Member
- Total calculated
- $0
- Hours/week
- 0
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 · Written employment contract
- 3 · Compensation survey or study
- 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
- 2022
- Filed
- 14 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202313189349318906
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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