Civic Intelligence

138 Towpath Credit Union Inc

EIN 34-0058905 • 501(c)14 • Fairlawn, OH

View Organization Page

Profile

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.

2969 Smith RdFairlawn, OH 44333

www.towpathcu.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

50th percentile

0.89x

Higher debt load relative to assets than 50% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Source year 2024

Liabilities / Revenue

25th percentile

13.03x

Higher debt load relative to revenue than 25% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Source year 2024

Net Margin

33rd percentile

7.4%

Higher net margin than 33% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

47th percentile

1.7%

Faster asset growth than 47% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Annualized from 2022 to 2024

Revenue Growth

78th percentile

23%

Faster revenue growth than 78% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Annualized from 2022 to 2024

Balance Sheet
Liabilities / Assets50th percentile

Assets

Up

$198,342,445

Up $328,982 (+0.2%) from 2023

Liabilities

Down

$177,105,093

Down $755,983 (-0.4%) from 2023

Net Assets

Up

$21,237,352

Up $1,084,965 (+5.4%) from 2023

Operations
Liabilities / Revenue25th percentileNet Margin33rd percentile

Revenue

Up

$13,589,594

Up $1,971,297 (+17%) from 2023

Expenses

Up

$12,578,142

Up $1,987,231 (+19%) from 2023

Net Income

Down

$1,011,452

Down $15,934 (-1.6%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth47th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$200M$150M$100M$50M$0Assets 2010: $72,209,894Liabilities 2010: $63,560,827Net Assets 2010: $8,649,0672010Assets 2011: $112,061,916Liabilities 2011: $99,744,246Net Assets 2011: $12,317,6702011Assets 2012: $114,237,874Liabilities 2012: $101,702,015Net Assets 2012: $12,535,8592012Assets 2013: $113,894,801Liabilities 2013: $100,933,645Net Assets 2013: $12,961,1562013Assets 2014: $113,545,148Liabilities 2014: $100,200,991Net Assets 2014: $13,344,1572014Assets 2015: $116,456,558Liabilities 2015: $102,566,409Net Assets 2015: $13,890,1492015Assets 2016: $122,031,762Liabilities 2016: $107,093,376Net Assets 2016: $14,938,3862016Assets 2017: $126,948,784Liabilities 2017: $111,221,316Net Assets 2017: $15,727,4682017Assets 2018: $127,845,477Liabilities 2018: $110,973,324Net Assets 2018: $16,872,1532018Assets 2019: $131,344,949Liabilities 2019: $113,435,948Net Assets 2019: $17,909,0012019Assets 2020: $155,193,622Liabilities 2020: $136,929,159Net Assets 2020: $18,264,4632020Assets 2021: $178,726,504Liabilities 2021: $159,616,535Net Assets 2021: $19,109,9692021Assets 2022: $191,683,820Liabilities 2022: $171,918,496Net Assets 2022: $19,765,3242022Assets 2023: $198,013,463Liabilities 2023: $177,861,076Net Assets 2023: $20,152,3872023Assets 2024: $198,342,445Liabilities 2024: $177,105,093Net Assets 2024: $21,237,3522024

Highlighted filing

2024

Assets$198,342,445
Liabilities$177,105,093
Net Assets$21,237,352
Open 2024 Filing

Operations Trend

Revenue Growth78th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$15M$10M$5.0M$0Expenses 2010: $3,794,8142010Expenses 2011: $5,988,2762011Expenses 2012: $4,704,7172012Revenue 2013: $4,970,191Expenses 2013: $4,544,894Net Income 2013: $425,2972013Revenue 2014: $5,346,653Expenses 2014: $4,963,652Net Income 2014: $383,0012014Revenue 2015: $5,722,672Expenses 2015: $5,176,680Net Income 2015: $545,9922015Revenue 2016: $6,607,239Expenses 2016: $5,559,002Net Income 2016: $1,048,2372016Revenue 2017: $7,238,035Expenses 2017: $6,428,158Net Income 2017: $809,8772017Revenue 2018: $8,170,867Expenses 2018: $6,976,229Net Income 2018: $1,194,6382018Revenue 2019: $8,203,326Expenses 2019: $7,255,182Net Income 2019: $948,1442019Revenue 2020: $7,391,287Expenses 2020: $7,041,391Net Income 2020: $349,8962020Revenue 2021: $7,800,113Expenses 2021: $7,248,682Net Income 2021: $551,4312021Revenue 2022: $8,942,681Expenses 2022: $8,426,996Net Income 2022: $515,6852022Revenue 2023: $11,618,297Expenses 2023: $10,590,911Net Income 2023: $1,027,3862023Revenue 2024: $13,589,594Expenses 2024: $12,578,142Net Income 2024: $1,011,4522024

Highlighted filing

2024

Revenue$13,589,594
Expenses$12,578,142
Net Income$1,011,452
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$198,342,445
Liabilities
$177,105,093
Net assets
$21,237,352
Revenue
$13,589,594
Expenses
$12,578,142
Net income
$1,011,452
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$198$177$21.2$13.6$12.6$1.01
2023Detailed filing. Detailed filing data is available for this year.$198$178$20.2$11.6$10.6$1.03
2022Detailed filing. Detailed filing data is available for this year.$192$172$19.8$8.94$8.43$0.52
2021Detailed filing. Detailed filing data is available for this year.$179$160$19.1$7.80$7.25$0.55
2020Detailed filing. Detailed filing data is available for this year.$155$137$18.3$7.39$7.04$0.35
2019Detailed filing. Detailed filing data is available for this year.$131$113$17.9$8.20$7.26$0.95
2018Detailed filing. Detailed filing data is available for this year.$128$111$16.9$8.17$6.98$1.19
2017Detailed filing. Detailed filing data is available for this year.$127$111$15.7$7.24$6.43$0.81
2016Detailed filing. Detailed filing data is available for this year.$122$107$14.9$6.61$5.56$1.05
2015Detailed filing. Detailed filing data is available for this year.$116$103$13.9$5.72$5.18$0.55
2014Detailed filing. Detailed filing data is available for this year.$114$100$13.3$5.35$4.96$0.38
2013Detailed filing. Detailed filing data is available for this year.$114$101$13.0$4.97$4.54$0.43
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$114$102$12.5$4.70
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$112$99.7$12.3$5.99
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$72.2$63.6$8.65$3.79
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 12, 2025
Return Version
2024v5.0
Gross Receipts
$13,589,594
Mission and Program Overview

Mission

Towpath Credit Union provides quality financial products and services to qualified members.

Towpath Credit Union is a member-owned, not-for-profit financial cooperative dedicated to serving the needs of its members throughout Summit County and approved select employee groups. Committed to excellence, Towpath Credit Union provides high-quality financial products and personalized services designed to help members achieve their financial goals.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$128,773,922$134,055,189▲ $5,281,267
Investments Other Securities$47,915,522$38,620,703▼ $9,294,819
Rtn Earn Endowment Incm Other Fnds$20,152,387$21,237,352▲ $1,084,965
Savings and Temporary Cash Investments$9,592,925$13,407,239▲ $3,814,314
Land, Buildings, and Equipment, Net$4,891,626$4,584,132▼ $307,494
Investments Program Related$2,390,660$2,710,578▲ $319,918
Receivables From Officers Etc$2,164,657$2,186,304▲ $21,647
Cash and Non-Interest-Bearing Accounts$1,296,146$1,620,212▲ $324,066
Accounts Receivable$517,878$558,520▲ $40,642
Prepaid Expenses and Deferred Charges$240,024$300,286▲ $60,262
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Investments in Publicly Traded Securities$0--
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0--
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$198,013,463$198,342,445▲ $328,982
Other Assets Total$230,103$299,282▲ $69,179
Liabilities
Other Liabilities$175,775,684$175,965,584▲ $189,900
Accounts Payable and Accrued Expenses$2,085,392$1,139,509▼ $945,883
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$177,861,076$177,105,093▼ $755,983
Net Assets / Fund Balance
Total Net Assets Fund Balance$20,152,387$21,237,352▲ $1,084,965
Total Liabilities and Net Assets / Fund Balance$198,013,463$198,342,445▲ $328,982

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,374,402$1,844,088$0
Other Land Buildings$0$0$0
Land$895,275-$0
Equipment$1,314,455$1,704,847$0
Leasehold Improvements$0$0$0
Other Securities$178,046--
Closely Held Equity Interests$0--
Financial Derivatives$0--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael SferroPresident/CEOFT$145,000$46,372$191,372
Kathryn LeeEvp/chroFT$99,000$24,736$123,736
Melissa DawsonEvp/CFOFT$99,000$24,703$123,703
Jeremy WascakSVP/CSOFT$95,500$22,158$117,658
Edward SchmuhlSVP, CIO/CISFT$91,000$22,328$113,328

Board Members and Trustees

NameTitle
Lester CarneyChairman
Ernest SteeleVice Chairman
Bob NewmanBoard Member
Brian GayBoard Member
Kelly PetersBoard Member
Judi HillSecretary
James TalleyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$12,093,275
Investment Income
$1,258,595
Other Revenue
$237,724
Change in Net Assets
$1,011,452

Audited Revenue Reconciliation

Revenue per Audited Statements
$13,589,594
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$13,589,594
Total Revenue per Form 990
$13,589,594
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$6,351,483
Salaries, Compensation, and Employee Benefits$4,605,308
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$3,109,275
Office Expenses---$2,314,459
Benefits to Members---$1,621,351
Other Expenses---$1,114,716
Current Officers, Directors, Trustees, and Key Employees---$681,188
Depreciation Depletion---$679,888
Occupancy---$373,178
Other Employee Benefits---$312,948
Payroll Taxes---$295,757
Fees for Services Management---$278,228
Advertising---$210,249
Pension Plan Contributions---$206,140
Information Technology---$142,793
Fees for Services Accounting---$68,455
Insurance---$60,120
Fees for Service Investment Mgmnt Fees---$51,606
All Other Expenses---$43,464
Payments to Affiliates---$42,857
Travel---$34,032
Fees for Services Legal---$23,347
Conferences and Meetings---$6,430
Interest---$21
Total Functional Expenses$0$0$0$12,578,142

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$12,578,142
Total Expenses per Audited Statements$12,578,142
Total Expenses per Form 990$12,578,142
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$2,164,657$2,186,304▲ $21,647
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares$175,965,584
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“The Credit Union is comprised of a single class of voting member-owners, each of whom has equal rights in ownership, governance, and voting rights with the exception of member-owners who are elected to the Board of Directors.”

Form 990, Part VI, Section A, Line 7A

“The members of the Credit Union have the authority to elect members of the Board of Directors for three-year terms.”

Form 990, Part VI, Section A, Line 7B

“Changes to the Credit Union's Code must be approved by the Board of Directors and the Ohio Division of Financial Institutions.”

Form 990, Part VI, Section B, Line 11B

“Completed Form 990 submitted to President/CEO for final approval.”

Form 990, Part VI, Section B, Line 12C

“A Code of Conduct Affirmation form is completed by the Board of Directors annually.”

Form 990, Part VI, Section B, Line 15

“An annual compensation survey completed by America's Credit Unions is provided to the Board of Directors to assess CEO compensation. Adjustments to CEO compensation are typically made annually.”

Form 990, Part VI, Section C, Line 19

“The Credit Union's financial statements are on display in the lobby of each branch. Any additional documents can be viewed at the main branch by appointment.”

Filing and Contact Details

Filer

Filer Name
138 Towpath Credit Union Inc
EIN
34-0058905
Phone
3306644700
Address
2969 Smith Rd, Fairlawn, OH 44333

Signing Officer

Name
Melissa Dawson
Title
Evp/CFO
Phone
3306644700
Signed
2025-11-12

Organization Details

Principal Officer
Melissa Dawson
Formed
1936
Legal Domicile
Oh
Voting Board Members
7
Independent Board Members
7
Employees
87
Volunteers
7
Supplemental Narrative

Additional Explanations

Form 990, Part V, Line 3B

“Automatic six-month extension granted, will fine 990T by Nov 17, 2025.”

Raw XML AppendixShowing 400 of 617 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0Towpath Credit Union is a member-owned, not-for-profit financial cooperative dedicated to serving the needs of its members throughout Summit County and approved select employee groups. Committed to excellence, Towpath Credit Union provides high-quality financial products and personalized services designed to help members achieve their financial goals.
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IRS990/Desc0Member Loans - Towpath Credit Union is committed to providing members with financial flexibility and stability through a variety of loan options. These include automobile loans, share-secured loans, unsecured loans, business participation loans, mortgage loans, real estate loans, personal loans, credit cards, and several other lending products designed to meet diverse financial needs. At year-end, the Credit Union had approximately 13,782 loans outstanding.
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IRS990/Form990PartVIISectionAGrp/PersonNm1Kathryn Lee
IRS990/Form990PartVIISectionAGrp/PersonNm2Melissa Dawson
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IRS990/Form990PartVIISectionAGrp/PersonNm9Bob Newman
IRS990/Form990PartVIISectionAGrp/PersonNm10Brian Gay
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt3106483
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt4101883
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President/CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt1EVP/CHRO
IRS990/Form990PartVIISectionAGrp/TitleTxt2EVP/CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt3SVP/CSO
IRS990/Form990PartVIISectionAGrp/TitleTxt4SVP, CIO/CIS
IRS990/Form990PartVIISectionAGrp/TitleTxt5Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt6Vice Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt7Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt8Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt9Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt10Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt11Board Member
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IRS990/InsuranceGrp/TotalAmt060120
IRS990/IntangibleAssetsGrp/BOYAmt00
IRS990/InterestGrp/TotalAmt021
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IRS990/InvestmentsProgramRelatedGrp/EOYAmt02710578
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IRS990/MissionDesc0Towpath Credit Union proudly serves its qualified members with secure, competitive financial products and services that strengthen our community. Mission Statement - Towpath Credit Union's mission is to pave pathways to modern financials opportunities that uplift the community.
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IRS990/OfficeExpensesGrp/TotalAmt02314459
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IRS990/OtherAssetsTotalGrp/EOYAmt0299282
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt0312948
IRS990/OtherExpensesGrp/Desc0Loan Servicing
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IRS990/OtherExpensesGrp/TotalAmt1484786
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IRS990/OtherLiabilitiesGrp/EOYAmt0175965584
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0134055189
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0300286
IRS990/PrincipalOfficerNm0Melissa Dawson
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt12889476
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IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt10
IRS990/ProgSrvcAccomActy2Grp/Desc0Depository Accounts - Towpath Credit Union is dedicated to providing members with financial flexibility while encouraging savings through a variety of depository account options. These include checking accounts, savings accounts, money market accounts, share certificates, IRA accounts, holiday accounts, and several other account types designed to support members' financial goals. At year-end, the Credit Union maintained approximately 45,100 depository accounts.
IRS990/ProgSrvcAccomActy3Grp/Desc0Debit Card Program - Towpath Credit Union is committed to providing members with financial flexibility, security, and convenient access to their funds through its debit card program. This service allows members to easily access their accounts, make purchases, and manage their finances with confidence and ease.
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IRS990/PYOtherRevenueAmt0277430
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IRS990/PYSalariesCompEmpBnftPaidAmt04387789
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IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt011618297
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IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt02164657
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt02186304
IRS990/ReconcilationRevenueExpnssAmt01011452
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt021237352
IRS990/SavingsAndTempCashInvstGrp/BOYAmt09592925
IRS990/SavingsAndTempCashInvstGrp/EOYAmt013407239
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt01704847
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt03019302
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Member Shares
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IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt110500000
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt221961657
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt3178046

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