Lakewood Fire Fighters Credit Union Inc

“A completed copy of the form 990 would be available to any Credit Union Member who requested a copy.”

“A copy of the meetings and form 990 are available by the members for review if requested.”

“The Lakewood Fire Fighters Credit Union is for City Members only and if requested information is avaiable.”

“The Lakewood Fire Fighters Credit Union documents are available to 100 percent of its members by request.”

“NA”

“VIII - The Income for the Lakewood Fire Fighters Credit Union comes from two Sources: 1.) A simple interest loan that is the only loan product we have, and the maximum loan amount is $20,000. 2.) Investments of the funds that are not lent out the the Members. All of the investments are FDIC insured banks in the city of Lakewood, Ohio. All of the investments are short term (Money Market Accounts or CDs) and none are over the $250,000 FDIC Insured limit.”

“Part III - The Lakewood Fire Fighters Credit Union is for the City of Lakewood, Ohio Fire Fighters and their immediate families. The potential membership pool is approximately 300 total. We currently have 157 Members. The only services that the Credit Union provides are one Loan and one Share Account per Member. We do not have Credit Card, CDs, Car Loans, Home Loans, ATMs, ETC...All transactions are in one Credit Union location 14601 Madison Ave. Lakewood, Ohio 44107”

“IX - We had three delinquent loans on December 31, 2019 (we now only have two as of the date of this report). The remaining two loans are being paid on a consistent basis. The State of Ohio required us to revise our Allowance for Loan Loss Policy in 2019. We did. We maintain the greater of the State Minimum required amount, or $25,000. At year end the calculation was $8,885.33 and we maintained the 25,000 ( we were maintaining the $35,000 in the account prior to the policy revision.) The reduction of $10,000 in the account is reflected in a reduction inourexpensesof$10,000in2019.”

“XII-LakewoodFireFightersCreditUnionhastheOhioDivisionofFinancialInstitutionsasourprimarySupervisor.TheOhioDivisionofFinancialInstitutionsrequiresustouseanindependentaccountingfirmtoperformanAnnualAuditofourProceedures. Lillie and Company has performed our Independent Audit Proceedures hasdCompanyhasperformedourIndependentAuditProceduresAuditofthepast5years(asofMarch31,of each year). The Ohio Division of Financial Institutions performs random exams every 6-12 months. American Share Insurance is our Primary Insurer and they perform exams as needed.”