Nonprofit · EIN 34-0729554
1388 GENFED FINANCIAL CREDIT UNION
Tax-exempt · AKRON, OH 44312
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $20,706,280 | $18,047,286 | $2,658,994 | $315,717,525 | $268,119,457 | $47,598,068 |
| December 31, 2023 | 990 | $17,795,791 | $14,254,029 | $3,541,762 | $310,371,474 | $266,268,760 | $44,102,714 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $17,604,737
- Investment income
- $3,068,501
- Net gain from sales of assets
- -$27,838
- Other revenue
- $33,042
Expenses
- Grants and similar amounts paid
- $0
- Benefits paid to members
- $2,860,239
- Compensation of officers, directors and key employees
- $1,699,195
- Other salaries and wages
- $3,267,350
- Salaries, compensation and benefits (total)
- $6,472,797
- Professional fundraising fees
- $0
- Legal fees
- $3,900
- Accounting fees
- $45,245
- Occupancy
- $426,930
- Travel
- $107,679
- Depreciation
- $507,331
Balance sheet and other
- Total assets, start of year
- $310,371,474
- Total assets, end of year
- $315,717,525
- Total liabilities, end of year
- $268,119,457
- Net assets, end of year
- $47,598,068
- Land, buildings and equipment
- $5,808,100
- Gross unrelated business income
- $33,042
- Gross receipts
- $20,868,791
- Employees
- 135
- Volunteers
- 7
- Year formed
- 1937
- State of legal domicile
- OH
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| MICHAEL DORAN | PRESIDENT, C Trustee or director, Officer | 40 | $421,450 | $96,744 |
| CHRISTY YOUNG | SVP, CFO Officer | 40 | $155,297 | $8,206 |
| GREG ATHEY | VP, CIO Officer | 40 | $147,089 | $6,223 |
| RICHARD TODD | VP, COO Officer | 40 | $136,910 | $8,221 |
| ANN BINNIE | VP BRANCH OP Officer | 40 | $121,244 | $11,077 |
| JULIA TIMBROOK | VP OF HR Trustee or director, Officer | 40 | $121,186 | $7,369 |
| KIMBERLY PALLAS | VP, CMO Officer | 40 | $120,244 | $1,221 |
| BRANDON PETIT | AVP OF IT Officer | 40 | $114,082 | $5,253 |
| CHRISTOPHER KIRSCH | VP LENDING Officer | 40 | $103,710 | $9,902 |
| ASHLEY CONKLIN | VP MEMBER EX Officer | 40 | $108,495 | $4,603 |
| CHRISTINE CREW | AVP OF MARKE Officer | 40 | $80,036 | $7,039 |
| SUZANNE SMITH | AVP OF COLLE Officer | 40 | $69,448 | $6,412 |
| JOYCE JONES | BOARD CHAIR Trustee or director | 0.5 | $0 | $0 |
| NANCY KROH | CHAIR EMERIT Trustee or director, Officer | 0.5 | $0 | $0 |
| IAN LONGMAN | AUDIT COMMIT Trustee or director | 0.5 | $0 | $0 |
5 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| M JOAN REED | VICE-CHAIR Trustee or director, Officer | 0.5 | $0 |
| MELINDA STAHL | AUDIT COMMIT Trustee or director | 0.5 | $0 |
| SYLVIA THOMPSON | SECRETARY/TR Trustee or director, Officer | 0.5 | $0 |
| THERESA THORNTON | AUDIT COMMIT Trustee or director | 0.5 | $0 |
| MATTHEW TIMBROOK | AUDIT COMMIT Trustee or director | 0.5 | $0 |
990 for the year ended December 31, 2023: 19 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| MICHAEL DORAN | PRESIDENT, C Trustee or director, Officer | 40 | $398,913 | $76,169 |
| CHRISTY YOUNG | SVP, CFO Officer | 40 | $142,746 | $26,127 |
| GREG ATHEY | VP, CIO Officer | 40 | $132,644 | $23,637 |
| RICHARD TODD | VP, COO Officer | 40 | $118,867 | $15,861 |
| ANN BINNIE | VP BRANCH OP Officer | 40 | $102,197 | $21,631 |
| CHRISTOPHER KIRSCH | VP LENDING Officer | 40 | $92,695 | $29,453 |
| JULIA TIMBROOK | VP OF HR Trustee or director, Officer | 40 | $103,942 | $17,777 |
| BRANDON PETIT | AVP OF IT Officer | 40 | $98,666 | $12,925 |
| KIMBERLY PALLAS | VP, CMO Officer | 40 | $108,280 | $1,732 |
| CHRISTINE CREW | AVP OF MARKE Officer | 40 | $73,596 | $17,435 |
| SUZANNE SMITH | AVP OF COLLE Officer | 40 | $70,125 | $11,353 |
| ASHLEY CONKLIN | VP MEMBER EX Officer | 40 | $70,798 | $9,478 |
| JOYCE JONES | DIRECTOR Trustee or director | 1 | $0 | $0 |
| NANCY KROH | BOARD CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| IAN LONGMAN | AUDIT COMMIT Trustee or director | 1 | $0 | $0 |
| M JOAN REED | VICE-CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| MELINDA STAHL | AUDIT COMMIT Trustee or director | 1 | $0 | $0 |
| SYLVIA THOMPSON | SECRETARY/TR Trustee or director, Officer | 1 | $0 | $0 |
| THERESA THORNTON | DIRECTOR, AU Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 2492 WEDGEWOOD DR STE G, AKRON, OH 44312-2422
- Principal officer (990 for 2024)
- MICHAEL DORAN, 2492 WEDGEWOOD DR, AKRON, OH 44312
- Signed the 990
- JULIA TIMBROOK, VP OF HR
- Phone
- (330) 780-2403
- Website
- WWW.GENFED.COM
- Return prepared by
- WAVERLY BUSINESS SERVICES
Mission
TO PROVIDE LENDING, SAVINGS, AND OTHER FINANCIAL SERVICES TO ITS MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A SERVICE-BASED EMPHASIS THAT RECOGNIZES THE MEMBERS' STATUS AS OWNERS.
Program accomplishments
- DIVIDENDS AND INTEREST PAID TO MEMBERS ON APPROXIMATELY 52,329 DEPOSIT ACCOUNTS HELD BY APPROXIMATELY 25,114 MEMBERS.
- DIRECT LABOR AND EMPLOYEE BENEFIT COSTS INCURRED PROVIDING SAVINGS DEPOSIT SERVICES, ORIGINATING NEW LOANS AND SERVICING THE LOAN PORTFOLIO FOR MEMBERS.
- OTHER PROGRAM SERVICES
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 34-0729554
- Tax-exempt status
- 501(c)(14): State-chartered credit union
- Donations deductible
- No
- Exempt since
- 1969
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Group exemption
- 1990: OHIO CHARTERED CREDIT UNIONS
- Assets (IRS master file)
- $315,717,525
- Income (IRS master file)
- $20,868,791
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $20,706,280 | $18,047,286 | $315,717,525 | XML |
| 990 | December 2023 | $17,795,791 | $14,254,029 | $310,371,474 | XML |
| 990 | December 2022 | $14,549,021 | $12,585,364 | $304,479,804 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 34-0729554).
Questions about 1388 GENFED FINANCIAL CREDIT UNION
- What is the EIN of 1388 GENFED FINANCIAL CREDIT UNION?
- The employer identification number (EIN) of 1388 GENFED FINANCIAL CREDIT UNION is 34-0729554.
- Is 1388 GENFED FINANCIAL CREDIT UNION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1969.
- Are donations to 1388 GENFED FINANCIAL CREDIT UNION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does 1388 GENFED FINANCIAL CREDIT UNION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of 1388 GENFED FINANCIAL CREDIT UNION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did 1388 GENFED FINANCIAL CREDIT UNION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of 1388 GENFED FINANCIAL CREDIT UNION?
- The 990 for the year ended December 31, 2024 names MICHAEL DORAN.
- Who are the officers and directors of 1388 GENFED FINANCIAL CREDIT UNION?
- The 990 for the year ended December 31, 2024 lists 20 people; 12 received compensation from the organization, the highest $421,450 (MICHAEL DORAN, PRESIDENT, C).
- How much revenue does 1388 GENFED FINANCIAL CREDIT UNION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $20,706,280, expenses of $18,047,286 and total assets of $315,717,525 at year end.
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