Civic Intelligence

Ohio'S First Class Credit Union Fka Cleveland Postal Employees Cu

990 • Fiscal year 2022 • EIN 34-0151750

Jan 01, 2022 to Dec 31, 2022 • Filed on Mar 01, 2023

1800 Carnegie AvenueCleveland, OH 44115

(216) 241-1088

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

7th percentile

0.06x

Higher debt load relative to assets than 7% of similar nonprofits.

2022 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2022

Liabilities / Revenue

8th percentile

1.03x

Higher debt load relative to revenue than 8% of similar nonprofits.

2022 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2022

Net Margin

2nd percentile

-11%

Higher net margin than 2% of similar nonprofits.

2022 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2022

Top Officer Pay

40th percentile

$135,791

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 4.1% of source-year revenue.

2022 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2022

Asset Growth

61st percentile

2.4%

Faster asset growth than 61% of similar nonprofits.

2022 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Revenue Growth

34th percentile

3.9%

Faster revenue growth than 34% of similar nonprofits.

2022 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Assets

Up

$56,539,673

Up $1,315,874 (+2.4%) from 2021

Net Assets

Down

$53,118,649

Down $1,692,176 (-3.1%) from 2021

Liabilities

Up

$3,421,024

Up $3,008,050 (+728%) from 2021

Revenue

Up

$3,337,058

Up $126,231 (+3.9%) from 2021

Expenses

Up

$3,703,577

Up $504,432 (+16%) from 2021

Net Income

Down

-$366,519

Down $378,201 (-3237%) from 2021

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60M$40M$20M$0Assets 2011: $34,454,813Liabilities 2011: $300,464Net Assets 2011: $34,154,3492011Assets 2012: $37,044,491Liabilities 2012: $294,979Net Assets 2012: $36,749,5122012Assets 2013: $36,976,379Liabilities 2013: $277,635Net Assets 2013: $36,698,7442013Assets 2014: $37,158,640Liabilities 2014: $655,963Net Assets 2014: $36,502,6772014Assets 2015: $39,123,499Liabilities 2015: $372,267Net Assets 2015: $38,751,2322015Assets 2016: $40,115,387Liabilities 2016: $312,789Net Assets 2016: $39,802,5982016Assets 2017: $41,969,885Liabilities 2017: $287,129Net Assets 2017: $41,682,7562017Assets 2018: $45,276,998Liabilities 2018: $343,034Net Assets 2018: $44,933,9642018Assets 2019: $45,211,219Liabilities 2019: $295,602Net Assets 2019: $44,915,6172019Assets 2020: $52,878,182Liabilities 2020: $285,176Net Assets 2020: $52,593,0062020Assets 2021: $55,223,799Liabilities 2021: $412,974Net Assets 2021: $54,810,8252021Assets 2022: $56,539,673Liabilities 2022: $3,421,024Net Assets 2022: $53,118,6492022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023

Highlighted filing

2022

Assets$56,539,673
Liabilities$3,421,024
Net Assets$53,118,649

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$2.0M$0-$2.0MExpenses 2011: $2,936,8082011Expenses 2012: $2,856,8962012Revenue 2013: $2,733,573Expenses 2013: $2,828,879Net Income 2013: -$95,3062013Revenue 2014: $2,908,194Expenses 2014: $2,897,367Net Income 2014: $10,8272014Revenue 2015: $2,988,808Expenses 2015: $2,972,636Net Income 2015: $16,1722015Revenue 2016: $3,251,668Expenses 2016: $3,166,538Net Income 2016: $85,1302016Revenue 2017: $3,442,714Expenses 2017: $3,404,653Net Income 2017: $38,0612017Revenue 2018: $3,768,337Expenses 2018: $3,659,506Net Income 2018: $108,8312018Revenue 2019: $3,904,087Expenses 2019: $3,813,218Net Income 2019: $90,8692019Revenue 2020: $3,435,785Expenses 2020: $3,390,041Net Income 2020: $45,7442020Revenue 2021: $3,210,827Expenses 2021: $3,199,145Net Income 2021: $11,6822021Revenue 2022: $3,337,058Expenses 2022: $3,703,577Net Income 2022: -$366,5192022Revenue 2023: $567,620Expenses 2023: $1,267,613Net Income 2023: -$699,9932023

Highlighted filing

2022

Revenue$3,337,058
Expenses$3,703,577
Net Income-$366,519
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Mar 1, 2023
Return Version
2022v4.1
Gross Receipts
$3,337,058
Mission and Program Overview

Mission

It is the mission of ohio's first class credit union to exceed expectations with superior service and products that will promote members' financial success, while operating in a financially sound, ethical manner.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$54,810,825$53,118,649▼ $1,692,176
Other Notes and Loans Receivable, Net$23,326,286$29,685,058▲ $6,358,772
Investments Other Securities$30,173,974$25,866,454▼ $4,307,520
Land, Buildings, and Equipment, Net$890,509$844,123▼ $46,386
Prepaid Expenses and Deferred Charges$144,660$313,504▲ $168,844
Accounts Receivable$-1,142$12,696▲ $13,838
Cash and Non-Interest-Bearing Accounts$657,305$-218,068▼ $875,373
Total Assets$55,223,799$56,539,673▲ $1,315,874
Other Assets Total$32,207$35,906▲ $3,699
Liabilities
Unsecured Notes Loans Payable-$3,100,960-
Accounts Payable and Accrued Expenses$393,075$307,006▼ $86,069
Other Liabilities$19,899$13,058▼ $6,841
Total Liabilities$412,974$3,421,024▲ $3,008,050
Net Assets / Fund Balance
Total Net Assets Fund Balance$54,810,825$53,118,649▼ $1,692,176
Total Liabilities and Net Assets / Fund Balance$55,223,799$56,539,673▲ $1,315,874

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$110,291$2,421,733$2,532,024
Buildings$45,184$1,457,392$1,502,576
Land$688,648-$688,648
Other Securities$24,939,372--
Closely Held Equity Interests$927,082--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Deirdre ThomasOperations MFT$135,791$135,791
Jeffrey SpadaCEOFT$104,119$104,119

Board Members and Trustees

NameTitle
Daniel RuppPresident
Kermit CrumpBoard Member
Robert MurphyBoard Member
William C FignerBoard Member
Felisa WashingtonSecretary
Mary Campbell-stackTreasurer
Kathy KlimkoVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,989,136
Investment Income
$347,922
Other Revenue
$0
Change in Net Assets
$-366,519
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,436,399
Salaries, Compensation, and Employee Benefits$1,181,611
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$954,739
All Other Expenses---$361,854
Other Expenses---$256,000
Occupancy---$181,190
Other Employee Benefits---$115,570
Benefits to Members---$85,567
Payroll Taxes---$71,273
Insurance---$65,270
Fees for Services Other---$52,610
Depreciation Depletion---$52,272
Office Expenses---$50,586
Advertising---$46,429
Pension Plan Contributions---$40,029
Interest---$25,930
Fees for Services Accounting---$22,000
Travel---$3,960
Fees for Services Legal---$3,360
Conferences and Meetings---$3,114
Total Functional Expenses$0$0$0$3,703,577
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Liabilities$9,404
Dividend Payable$3,631
Taxes Payable$23
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

The credit union is comprised of a single class of member-owners, each of which has equal rights in ownership, governance and voting rights at the annual meetings, with the exception of the member-owners who are elected to the board of directors.

Form 990, Page 6, Part VI, Line 7A

The member-owners of the credit union have the authority to elect the members of the board of directors for three-year terms on a rotating basis. Candidates are elected by a simple plurality vote.

Form 990, Page 6, Part VI, Line 11B

Prior to being filed with the irs, a copy of the irs form 990 and related schedules are reviewed by the ceo, including a confirmation of the accuracy of every answer and oversight of appropriate changes. Upon completion of the ceo's review, the forms are reviewed at a board meeting post submittal to the irs.

Form 990, Page 6, Part VI, Line 12C

The credit union has developed a code of ethics, which addresses it's conflict of interest policy. Annually, each employee is required to sign the document acknowledging that he/she has read and understands the code of ethics and to report any activity that would give rise to conflicts.

Form 990, Page 6, Part VI, Line 19

Financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
OHIO'S FIRST CLASS CREDIT UNION
EIN
34-0151750
Phone
2162411088
Address
1800 CARNEGIE AVENUE, CLEVELAND, OH 44115

Signing Officer

Name
Jeffrey Spada
Title
CEO
Phone
2162411088
Signed
2023-03-01

Organization Details

Principal Officer
Jeffrey Spada
Formed
1932
Legal Domicile
Oh
Voting Board Members
7
Independent Board Members
7
Employees
19

Preparer

Firm
Buckingham Business Advisors LLC
Address
180-A COMMERCE PARK DR, WESTERVILLE, OH 43082-6067
Preparer
Erin Alderson Ea
Phone
6148906620
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Decrease in member's account balances -774,803

Raw XML Appendix363 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/PYProgramServiceRevenueAmt02919874
IRS990/PYRevenuesLessExpensesAmt011682
IRS990/PYSalariesCompEmpBnftPaidAmt01061274
IRS990/PYTotalExpensesAmt03199145
IRS990/PYTotalRevenueAmt03210827
IRS990/ReconcilationRevenueExpnssAmt0-366519
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IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0true
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt054810825
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt053118649
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt045184
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01457392
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01502576
IRS990ScheduleD/CloselyHeldEquityInterestsGrp/BookValueAmt0927082
IRS990ScheduleD/EquipmentGrp/BookValueAmt0110291
IRS990ScheduleD/EquipmentGrp/DepreciationAmt02421733
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt02532024
IRS990ScheduleD/LandGrp/BookValueAmt0688648
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0688648
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt09404
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt13631
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt223
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0OTHER LIABILITIES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1DIVIDEND PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2TAXES PAYABLE
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt024939372
IRS990ScheduleD/OtherSecuritiesGrp/Desc0CERTIFICATE OF DEPOSIT
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0844123
IRS990ScheduleD/TotalBookValueSecuritiesAmt025866454
IRS990ScheduleD/TotalLiabilityAmt013058
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE AND VOTING RIGHTS AT THE ANNUAL MEETINGS, WITH THE EXCEPTION OF THE MEMBER-OWNERS WHO ARE ELECTED TO THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE MEMBER-OWNERS OF THE CREDIT UNION HAVE THE AUTHORITY TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS FOR THREE-YEAR TERMS ON A ROTATING BASIS. CANDIDATES ARE ELECTED BY A SIMPLE PLURALITY VOTE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2PRIOR TO BEING FILED WITH THE IRS, A COPY OF THE IRS FORM 990 AND RELATED SCHEDULES ARE REVIEWED BY THE CEO, INCLUDING A CONFIRMATION OF THE ACCURACY OF EVERY ANSWER AND OVERSIGHT OF APPROPRIATE CHANGES. UPON COMPLETION OF THE CEO'S REVIEW, THE FORMS ARE REVIEWED AT A BOARD MEETING POST SUBMITTAL TO THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE CREDIT UNION HAS DEVELOPED A CODE OF ETHICS, WHICH ADDRESSES IT'S CONFLICT OF INTEREST POLICY. ANNUALLY, EACH EMPLOYEE IS REQUIRED TO SIGN THE DOCUMENT ACKNOWLEDGING THAT HE/SHE HAS READ AND UNDERSTANDS THE CODE OF ETHICS AND TO REPORT ANY ACTIVITY THAT WOULD GIVE RISE TO CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5DECREASE IN MEMBER'S ACCOUNT BALANCES -774,803
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
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IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt055223799
IRS990/TotalAssetsEOYAmt056539673
IRS990/TotalAssetsGrp/BOYAmt055223799
IRS990/TotalAssetsGrp/EOYAmt056539673
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt019
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt03703577
IRS990/TotalGrossUBIAmt020454
IRS990/TotalLiabilitiesBOYAmt0412974
IRS990/TotalLiabilitiesEOYAmt03421024
IRS990/TotalLiabilitiesGrp/BOYAmt0412974
IRS990/TotalLiabilitiesGrp/EOYAmt03421024
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt054810825
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt053118649
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt07514
IRS990/TotalOthProgramServiceRevGrp/UnrelatedBusinessRevenueAmt07514
IRS990/TotalProgramServiceRevenueAmt02989136
IRS990/TotalReportableCompFromOrgAmt0239910
IRS990/TotalRevenueGrp/ExclusionAmt0347922
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt02968682
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03337058
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt020454
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt055223799
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt056539673
IRS990/TravelGrp/TotalAmt03960
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd0true
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt03100960
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.OFCCU.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/PersonNm0JEFFREY SPADA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum02162411088
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-03-01
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0OHIO'S FIRST CLASS CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0OHIO
ReturnHeader/Filer/EIN0340151750
ReturnHeader/Filer/PhoneNum02162411088
ReturnHeader/Filer/USAddress/AddressLine1Txt01800 CARNEGIE AVENUE
ReturnHeader/Filer/USAddress/CityNm0CLEVELAND
ReturnHeader/Filer/USAddress/StateAbbreviationCd0OH
ReturnHeader/Filer/USAddress/ZIPCd044115
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0472565485
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BUCKINGHAM BUSINESS ADVISORS LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0180-A COMMERCE PARK DR
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0WESTERVILLE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0OH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0430826067
ReturnHeader/PreparerPersonGrp/PhoneNum06148906620
ReturnHeader/PreparerPersonGrp/PreparationDt02023-03-03
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ERIN ALDERSON EA
ReturnHeader/ReturnTs02023-03-07T11:22:05-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0JEFFREY
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0SPADA
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

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