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Nonprofiteer
← 1377 EATON FAMILY CREDIT UNION INC

Form 990 for tax year 2022

Filed by 1377 EATON FAMILY CREDIT UNION INC.

Totals

Total revenue
$3,888,337
Total expenses
$2,845,729
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,517,225
Investment income
$371,112
Other revenue
$0
Total assets, end of year
$76,338,729
Total liabilities, end of year
$1,675,072
Net assets or fund balances, end of year
$74,663,657
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$1,929,645

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 $2,613,612 · related or exempt $2,613,612

  • 2b · Program service revenue: Fees Other Income

    total $745,274 · related or exempt $745,274

  • 2c · Program service revenue: Other Misc Income

    total $158,339 · related or exempt $107,428 · unrelated business $50,911

  • 3 · Investment income

    total $371,112 · related or exempt $371,112

  • 8c · Net income from fundraising events

    total $0

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $987,489

  • 8 · Pension plan contributions

    total $88,389

  • 9 · Other employee benefits

    total $93,699

  • 12 · Advertising and promotion

    total $29,868

  • 13 · Office expenses

    total $580,970

  • 14 · Information technology

    total $6,676

  • 16 · Occupancy

    total $65,923

  • 17 · Travel

    total $2,846

  • 19 · Conferences, conventions and meetings

    total $21,605

  • 22 · Depreciation, depletion and amortization

    total $13,273

  • 24a · Other expenses: Loan Servicing

    total $426,423

  • 24b · Other expenses: Outside Services

    total $336,425

  • 24c · Other expenses: Provision for Loan Losses

    total -$96,476

  • 24d · Other expenses: Misc.

    total $77,671

  • 24e · All other expenses

    total $210,948

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $773,798 · end of year $1,270,055

  • 2 · Savings and temporary cash investments

    beginning of year $6,533,859 · end of year $680,079

  • 4 · Accounts receivable

    beginning of year $273 · end of year $207

  • 7 · Other notes and loans receivable

    beginning of year $48,417,142 · end of year $54,317,142

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

    $1,301,935

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

    $886,341

  • 10c · Land, buildings and equipment, net

    beginning of year $442,061 · end of year $415,594

  • 13 · Investments: program-related

    beginning of year $19,766,538 · end of year $16,947,713

  • 15 · Other assets

    beginning of year $2,172,577 · end of year $2,707,939

  • 25 · Other liabilities

    beginning of year $720,618 · end of year $1,675,072

  • 27 · Net assets without donor restrictions

    beginning of year $77,385,630 · end of year $74,663,657

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $70,487,156

  • 31 · Retained earnings, endowment or other funds

    beginning of year $6,898,474

Mission and programs · 2022

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 $1,169,578

  • Data processing & information technology (198,945.97) network security and direct program costs; ATM program (46,617.97) Debit Card program (168,065.53) VISA program (96,658.72) BillPay program (12,302.77) and Shared Branching program (26,527.89); costs incurred recording member account activities and to provide access to our members to their accounts through HomeBanking, ATMs, Debit and VISA card programs and in-person transactions at 4 different branch locations,

    Expenses $549,119

  • Dividends and interest paid on approximately 18,504 accounts held by approximately 12,491 members.

    Expenses $210,948

As filed on the 2022 return.

Listed in Part VII

  • Marc Manburg

    Director

    Total calculated
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported

  • Evelyeen Probert

    Board Vice Chair

    Total calculated
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported

  • Michael T Losneck

    Treasurer CEO

    Total calculated
    $151,448
    From this org
    $151,448
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,448
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $151,448

  • Doris Yee

    Director

    Total calculated
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported

  • Christopher Jochum

    Board Chair

    Total calculated
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported

  • Suresh Babu

    Director

    Total calculated
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported

  • Dwayne Petish

    Secretary

    Total calculated
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported

  • Robert Santoro

    Director

    Total calculated
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported

  • Gina Jackson

    Director

    Total calculated
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported

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

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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
9 May 2023
IRS schema version
2022v5.0
Source object
202321299349300832

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