Overview
What is Genfed Financial Credit Union Inc?
Genfed Financial Credit Union Inc is a credit union based in Akron, Ohio, with an address at 2492 WEDGEWOOD DR. They offer financial services to approximately 24,552 members, managing around 48,189 deposit accounts. The credit union stands out by providing lending, savings, and other financial services to its members with terms generally superior to those available in the market. This member-focused approach is underscored by a service-oriented philosophy, acknowledging the members' role as owners. The credit union has a team of 104 employees dedicated to delivering these benefits.
Official website here: www.genfed.com
Is Genfed Financial Credit Union Inc legitimate?
Genfed Financial Credit Union Inc is a legitimate nonprofit organization registered as a 501(c)(14) entity. Genfed Financial 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: $1,513,469
Professional Fundraising Fees: $0
Other Salaries and Wages: $3,269,090
For more financial information, click here
Official website here: www.genfed.com
What is the mission statement of Genfed Financial Credit Union Inc?
Genfed Financial Credit Union Inc is committed to offering its members competitive financial services, including lending, savings, and other options. This organization sets itself apart from the marketplace by providing these services with a member-focused approach, acknowledging the members' role as owners. The credit union boasts approximately 24,552 members with around 48,189 deposit accounts. Members of Genfed Financial Credit Union Inc can expect to receive dividends and interest on their accounts.
Official website here: www.genfed.com
What is the revenue of Genfed Financial Credit Union Inc?
Genfed Financial Credit Union Inc's revenue in 2023 was $17,795,791.
Official website here: www.genfed.com
Who are the executives of Genfed Financial Credit Union Inc and what are their salaries?
The average compensation at Genfed Financial Credit Union Inc during 2023 was $45,548. There are 105 employees and 7 volunteers at Genfed Financial Credit Union Inc.
Here are 19 key members and their salaries:
- Compensation: $398,913
- Related: $0
- Other: $76,169
- Compensation: $142,746
- Related: $0
- Other: $26,127
- Compensation: $132,644
- Related: $0
- Other: $23,637
- Compensation: $118,867
- Related: $0
- Other: $15,861
- Compensation: $102,197
- Related: $0
- Other: $21,631
- Compensation: $92,695
- Related: $0
- Other: $29,453
- Compensation: $103,942
- Related: $0
- Other: $17,777
- Compensation: $98,666
- Related: $0
- Other: $12,925
- Compensation: $108,280
- Related: $0
- Other: $1,732
- Compensation: $73,596
- Related: $0
- Other: $17,435
- Compensation: $70,125
- Related: $0
- Other: $11,353
- Compensation: $70,798
- Related: $0
- Other: $9,478
- 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.genfed.com
Where can I find the form 990 for Genfed Financial Credit Union Inc?
Genfed Financial Credit Union Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.genfed.com
Learn more at the official website: www.genfed.com
Mission Statement of Genfed Financial Credit Union Inc
Genfed Financial Credit Union Inc, with its mission rooted in service, aims to offer its members superior financial services. This includes lending, savings, and other financial products, all available at terms that surpass what the marketplace typically provides. The credit union recognizes its members as owners and places a strong emphasis on delivering services in a way that reflects this unique relationship.
Genfed Financial Credit Union Inc's dedication to its members is demonstrated through its operations. The institution boasts approximately 24,552 members, each of whom holds an estimated 48,189 deposit accounts. This significant membership base translates into a thriving community where the credit union can make a meaningful impact. By prioritizing the needs of its members and providing them with financial services that truly benefit them, Genfed Financial Credit Union Inc distinguishes itself as a trusted financial partner.
In essence, Genfed Financial Credit Union Inc goes beyond the traditional role of a financial institution. Its commitment to its members extends beyond the mere transactional aspects of banking. Instead, the credit union seeks to build lasting relationships and empower its members to make the most of their financial resources. With its member-owned structure and service-focused approach, Genfed Financial Credit Union Inc stands out as a beacon of financial support and stability for its members.
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Impact
October, 2024
Genfed Financial Credit Union Inc significantly impacts its members and the broader community by providing accessible financial services tailored to their needs. By offering lending, savings, and other financial services at terms that often surpass those available in the market, Genfed plays a vital role in promoting financial well-being among its approximately 24,552 members.
With a focus on service that recognizes members as owners, Genfed fosters a sense of community and ownership, which enhances member engagement and satisfaction. The credit union’s model allows for better dividends and interest rates on around 48,189 deposit accounts, enriching the financial experience for its members and encouraging savings and investment.
Located in Akron, OH, Genfed's mission to prioritize member interests not only improves individual financial health but also contributes to the economic vitality of the community by supporting local initiatives and empowering members to make informed financial decisions. Overall, Genfed Financial Credit Union Inc exemplifies the positive influence that member-centered financial institutions can have on both individuals and the local economy.
This information is meant to be a general summary of Genfed Financial 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 2023.
- Investment Income: $1,898,078
- Program Service Revenue: $15,868,612
- Gross Receipts: $17,887,735
Assets and Liabilities:
- Total Assets: $304,479,804
- Total Liabilities: $265,076,067
- Net Assets: $39,403,737
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$11,011,044
FEE INCOME
Revenue
$2,915,302
OTHER OPERATING INCOME
Revenue
$1,942,266
Organization Details
Founding Year
1937
Principal Officer
Michael Doran
Website
www.genfed.comNTEE Category
Code: W60 - Public benefit
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