Overview
What is 138 Towpath Credit Union Inc?
138 Towpath Credit Union Inc is a member-driven financial cooperative, established in Fairlawn, Ohio. With a commitment to serving all residents of Summit County and approved segregated groups, this credit union operates under a not-for-profit structure. Its primary mission is to provide quality financial services to its members, ensuring competitive and secure financial products. This includes various loan categories, such as automobile, share secured, unsecured, business participation, mortgage, real estate, personal, credit card, and other types of loans. Towpath Credit Union fosters financial flexibility and savings among its members, with a current outstanding loan count of around 13,205 loans. The credit union's workforce comprises 80 dedicated individuals, all working towards enhancing the financial well-being of their community.
Official website here: www.towpathcu.com
Is 138 Towpath Credit Union Inc legitimate?
138 Towpath Credit Union Inc is a legitimate nonprofit organization registered as a 501(c)(14) entity. 138 Towpath Credit Union Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $519,296
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,836,879
For more financial information, click here
Official website here: www.towpathcu.com
What is the mission statement of 138 Towpath Credit Union Inc?
138 Towpath Credit Union Inc's mission statement is focused on delivering an optimal member experience while enhancing the financial wellness of its communities. As a member-owned financial cooperative, the credit union offers competitive and secure financial products and services to eligible members. The credit union's mission is to provide members with financial flexibility through various loan options, such as automobile loans, unsecured loans, and mortgage loans, among others. The aim is to encourage savings while promoting financial wellness within its community.
Official website here: www.towpathcu.com
Who is the CEO of 138 Towpath Credit Union Inc?
Michael Sferro is the President of 138 Towpath Credit Union Inc. The CEO's salary of 138 Towpath Credit Union Inc is $400,297 and their total compensation is $400,297.
Official website here: www.towpathcu.com
What is the revenue of 138 Towpath Credit Union Inc?
138 Towpath Credit Union Inc's revenue in 2022 was $8,942,681.
Official website here: www.towpathcu.com
Who are the executives of 138 Towpath Credit Union Inc and what are their salaries?
The average compensation at 138 Towpath Credit Union Inc during 2022 was $41,952. There are 80 employees and 7 volunteers at 138 Towpath Credit Union Inc.
Here are 9 key members and their salaries (138 Towpath Credit Union Inc's CEO's salary is $400,297 and their total compensation is $400,297):
- Compensation: $400,297
- Related: $0
- Other: $0
- Compensation: $118,999
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.towpathcu.com
Where can I find the form 990 for 138 Towpath Credit Union Inc?
138 Towpath Credit Union Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.towpathcu.com
Learn more at the official website: www.towpathcu.com
Mission Statement of 138 Towpath Credit Union Inc
138 Towpath Credit Union Inc is committed to serving its members as a member-owned, not-for-profit financial cooperative association. The organization's mission is centered around providing its qualified members with competitive and secure financial products and services. In line with this mission, Towpath Credit Union aims to deliver an exceptional member experience while contributing to the financial wellness of its communities. This is achieved through offering various types of loans, including automobile loans, share secured loans, unsecured loans, business participation loans, mortgage loans, real estate loans, personal loans, credit cards, and other loan categories. By the end of the year, the credit union had approximately 13,205 loans outstanding, demonstrating its commitment to financial flexibility and savings encouragement for its members.
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Impact
October, 2024
138 Towpath Credit Union Inc plays a vital role in enhancing the financial well-being of its members and the broader community in Summit County, Ohio. Serving as a member-owned financial cooperative, it offers a diverse range of financial products designed to meet the needs of its members, which includes automobile loans, personal loans, mortgages, and credit cards among others. With approximately 13,205 loans outstanding at year-end, the Credit Union not only promotes financial flexibility but also encourages saving among its members.
The Credit Union's commitment to providing competitive and secure financial services ensures that individuals and families have access to the resources they need for major life events, such as purchasing a home or financing a vehicle. Through its mission to deliver the best member experience, Towpath Credit Union actively works to improve the financial wellness of the communities it serves. This dedication fosters a more stable economic environment, empowering members to achieve their financial goals while contributing to the overall economic health of the region.
This information is meant to be a general summary of 138 Towpath Credit Union Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $717,105
- Program Service Revenue: $7,839,972
- Gross Receipts: $8,942,681
Assets and Liabilities:
- Total Assets: $191,683,820
- Total Liabilities: $171,918,496
- Net Assets: $19,765,324
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Loan Interest Income
Revenue
$5,265,454
Share Account Fee Income
Revenue
$2,574,518
Organization Details
Founding Year
1936
Phone
(330) 664-4700Principal Officer
Michael Sferro
Main Address
2969 Smith Rd, Fairlawn, OH, 44333
Website
www.towpathcu.comNTEE Category
Code: W60 - Public benefit
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