Civic Intelligence

Edison Financial Credit Union Inc

EIN 34-0634205 • 501(c)14 • Youngstown, OH

Profile

The credit union provides financial services to qualified members. The edison financial credit union inc is owned by its membership. It exists to provide, in a friendly atmosphere, high quality family financial services at favorable terms to the members while maintaining the long term financial stability of the credit union with the highest possible levels of quality and efficiency.

6000 Mahoning AvenueYoungstown, OH 44515

www.edisonfinancialcu.com

Siviq Scores

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

Liabilities / Assets

37th percentile

0.85x

Higher debt load relative to assets than 37% of similar nonprofits.

501(c)14 • $25M-$50M nonprofits • Source year 2015

Liabilities / Revenue

66th percentile

17.93x

Higher debt load relative to revenue than 66% of similar nonprofits.

501(c)14 • $25M-$50M nonprofits • Source year 2015

Net Margin

48th percentile

9.5%

Higher net margin than 48% of similar nonprofits.

501(c)14 • $25M-$50M nonprofits • Source year 2015

Top Officer Pay

65th percentile

$137,084

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 8.0% of source-year revenue.

501(c)14 • $25M-$50M nonprofits • Source year 2015

Asset Growth

13th percentile

-5.2%

Faster asset growth than 13% of similar nonprofits.

501(c)14 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Revenue Growth

36th percentile

4.7%

Faster revenue growth than 36% of similar nonprofits.

501(c)14 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Assets

Down

$36,270,035

Down $1,977,797 (-5.2%) from 2014

Liabilities

Down

$30,815,237

Down $2,141,192 (-6.5%) from 2014

Net Assets

Up

$5,454,798

Up $163,395 (+3.1%) from 2014

Revenue

Up

$1,719,030

Up $77,585 (+4.7%) from 2014

Expenses

Down

$1,555,635

Down $925,722 (-37%) from 2014

Net Income

Up

$163,395

Up $1,003,307 (+119%) from 2014

Trend Graphs

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2010: $44,590,829Liabilities 2010: $37,771,456Net Assets 2010: $6,819,3732010Assets 2012: $43,417,077Liabilities 2012: $37,013,545Net Assets 2012: $6,403,5322012Assets 2013: $41,557,953Liabilities 2013: $35,426,638Net Assets 2013: $6,131,3152013Assets 2014: $38,247,832Liabilities 2014: $32,956,429Net Assets 2014: $5,291,4032014Assets 2015: $36,270,035Liabilities 2015: $30,815,237Net Assets 2015: $5,454,7982015

Highlighted filing

2015

Assets$36,270,035
Liabilities$30,815,237
Net Assets$5,454,798

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $2,352,6462010Expenses 2012: $2,106,5802012Revenue 2013: $1,724,527Expenses 2013: $1,996,744Net Income 2013: -$272,2172013Revenue 2014: $1,641,445Expenses 2014: $2,481,357Net Income 2014: -$839,9122014Revenue 2015: $1,719,030Expenses 2015: $1,555,635Net Income 2015: $163,3952015

Highlighted filing

2015

Revenue$1,719,030
Expenses$1,555,635
Net Income$163,395

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Apr 26, 2016
Return Version
2015v2.1
Gross Receipts
$1,719,030
Mission and Program Overview

Mission

The credit union provides financial services to qualified members. The edison financial credit union inc is owned by its membership. It exists to provide, in a friendly atmosphere, high quality family financial services at favorable terms to the members while maintaining the long term financial stability of the credit union with the highest possible levels of quality and efficiency.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$22,666,163$24,191,219▲ $1,525,056
Investments Other Securities$12,158,000$8,499,000▼ $3,659,000
Rtn Earn Endowment Incm Other Fnds$5,291,403$5,454,798▲ $163,395
Investments Program Related$2,225,691$2,083,197▼ $142,494
Cash and Non-Interest-Bearing Accounts$383,917$597,776▲ $213,859
Prepaid Expenses and Deferred Charges$351,486$394,347▲ $42,861
Land, Buildings, and Equipment, Net$51,870$178,256▲ $126,386
Accounts Receivable$842$724▼ $118
Total Assets$38,247,832$36,270,035▼ $1,977,797
Other Assets Total$409,863$325,516▼ $84,347
Liabilities
Other Liabilities$32,879,771$30,750,923▼ $2,128,848
Accounts Payable and Accrued Expenses$76,658$64,314▼ $12,344
Total Liabilities$32,956,429$30,815,237▼ $2,141,192
Net Assets / Fund Balance
Total Net Assets Fund Balance$5,291,403$5,454,798▲ $163,395
Total Liabilities and Net Assets / Fund Balance$38,247,832$36,270,035▼ $1,977,797

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$72,974$602,417$675,391
Leasehold Improvements$105,282$126,108$231,390
Investment Program Related Org$2,083,197--
Other Securities$8,499,000--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
David BeckhornCEOFT$109,500$27,584$137,084
Michelle QuimbySecretary-tr-$3,600-$3,600

Board Members and Trustees

NameTitle
Randall FloydVice-chairpe
Charles TrimbathBoard Member
Ken GrecoBoard Member
Mike TanineczBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,600,740
Investment Income
$118,290
Other Revenue
$0
Change in Net Assets
$163,395
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$836,921
Salaries, Compensation, and Employee Benefits$664,097
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$409,739
Fees for Services Other---$117,363
Current Officers, Directors, Trustees, and Key Employees---$113,100
Occupancy---$64,311
Office Expenses---$62,848
Benefits to Members---$54,617
Pension Plan Contributions---$51,517
Payroll Taxes---$47,201
Other Employee Benefits---$42,540
Depreciation Depletion---$36,942
All Other Expenses---$32,397
Insurance---$24,205
Fees for Services Accounting---$18,150
Other Expenses---$16,414
Advertising---$12,824
Conferences and Meetings---$10,755
Fees for Services Legal---$4,800
Interest---$308
Total Functional Expenses$0$0$0$1,555,635
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
MEMBERS' SAVINGS & CERTIFICATE ACCTS$30,750,923
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
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 members.

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 majority 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.

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

The credit union enforces compliance by instructing the officers and directors to avoid any business transactions with the credit union. The ceo monitors these business relationships to ensure that the director is not involved.

Form 990, Page 6, Part VI, Line 15A

The board of directors approves the ceo's salary. The secretary-treasurer obtains cuna's annual salary survey book and also obtains salary information from the local area for comparison. The secretary-treasurer gives the ceo a performance review.

Form 990, Page 6, Part VI, Line 19

The credit union's bylaws, conflict of interest policy are available to the public by appointment at the credit union's office. The credit union's financial statements are posted in the lobby of the credit union for the public. The financial statements are also available at ncua's website.

Filing and Contact Details

Filer

Filer Name
Edison Financial Credit Union Inc
EIN
34-0634205
Phone
3307468621
Address
6000 MAHONING AVENUE, YOUNGSTOWN, OH 44515

Signing Officer

Name
David Beckhorn
Title
CEO
Phone
3307468621
Signed
2016-04-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Beckhorn
Formed
1940
Legal Domicile
Oh
Voting Board Members
6
Independent Board Members
4
Employees
11

Preparer

Firm
Weston & Company Cpas LLC
Address
371 COUNTY LINE RD W STE 100B, WESTERVILLE, OH 43082
Preparer
Andrew Mathias CPA
Phone
6148906620
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

The credit union provides financial services to qualified members. The edison financial credit union inc is owned by its membership. It exists to provide, in a friendly atmosphere, high quality family financial services at favorable terms to the members while maintaining the long term financial stability of the credit union with the highest possible levels of quality and efficiency.

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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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO QUALIFIED MEMBERS. THE EDISON FINANCIAL CREDIT UNION INC IS OWNED BY ITS MEMBERSHIP. IT EXISTS TO PROVIDE, IN A FRIENDLY ATMOSPHERE, HIGH QUALITY FAMILY FINANCIAL SERVICES AT FAVORABLE TERMS TO THE MEMBERS WHILE MAINTAINING THE LONG TERM FINANCIAL STABILITY OF THE CREDIT UNION WITH THE HIGHEST POSSIBLE LEVELS OF QUALITY AND EFFICIENCY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE 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 MAJORITY VOTE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3PRIOR 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE CREDIT UNION ENFORCES COMPLIANCE BY INSTRUCTING THE OFFICERS AND DIRECTORS TO AVOID ANY BUSINESS TRANSACTIONS WITH THE CREDIT UNION. THE CEO MONITORS THESE BUSINESS RELATIONSHIPS TO ENSURE THAT THE DIRECTOR IS NOT INVOLVED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE BOARD OF DIRECTORS APPROVES THE CEO'S SALARY. THE SECRETARY-TREASURER OBTAINS CUNA'S ANNUAL SALARY SURVEY BOOK AND ALSO OBTAINS SALARY INFORMATION FROM THE LOCAL AREA FOR COMPARISON. THE SECRETARY-TREASURER GIVES THE CEO A PERFORMANCE REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE CREDIT UNION'S BYLAWS, CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC BY APPOINTMENT AT THE CREDIT UNION'S OFFICE. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF THE CREDIT UNION FOR THE PUBLIC. THE FINANCIAL STATEMENTS ARE ALSO AVAILABLE AT NCUA'S WEBSITE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt038247832
IRS990/TotalAssetsEOYAmt036270035
IRS990/TotalAssetsGrp/BOYAmt038247832
IRS990/TotalAssetsGrp/EOYAmt036270035
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt011
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt01555635
IRS990/TotalGrossUBIAmt06158
IRS990/TotalLiabilitiesBOYAmt032956429
IRS990/TotalLiabilitiesEOYAmt030815237
IRS990/TotalLiabilitiesGrp/BOYAmt032956429
IRS990/TotalLiabilitiesGrp/EOYAmt030815237
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt05291403
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt05454798
IRS990/TotalOtherCompensationAmt027584
IRS990/TotalProgramServiceRevenueAmt01600740
IRS990/TotalReportableCompFromOrgAmt0113100
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01712872
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01719030
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt06158
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt038247832
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt036270035
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd0true
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt06000 MAHONING AVENUE
IRS990/USAddress/CityNm0YOUNGSTOWN
IRS990/USAddress/StateAbbreviationCd0OH
IRS990/USAddress/ZIPCd044515
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0WWW.EDISONFINANCIALCU.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02016-09-27 15:27:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0DAVID BECKHORN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum03307468621
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-04-26
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0EDISON FINANCIAL CREDIT UNION INC
ReturnHeader/Filer/BusinessNameControlTxt0EDIS
ReturnHeader/Filer/EIN0340634205
ReturnHeader/Filer/PhoneNum03307468621
ReturnHeader/Filer/USAddress/AddressLine1Txt06000 MAHONING AVENUE
ReturnHeader/Filer/USAddress/CityNm0YOUNGSTOWN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0OH
ReturnHeader/Filer/USAddress/ZIPCd044515
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0273731447
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0WESTON & COMPANY CPAS LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0371 COUNTY LINE RD W STE 100B
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0WESTERVILLE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0OH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd043082
ReturnHeader/PreparerPersonGrp/PhoneNum06148906620
ReturnHeader/PreparerPersonGrp/PreparationDt02016-04-26
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ANDREW MATHIAS CPA
ReturnHeader/ReturnTs02016-05-02T08:21:54-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-01-01
ReturnHeader/TaxPeriodEndDt02015-12-31
ReturnHeader/TaxYr02015

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