Overview
What is Painesville Credit Union?
Painesville Credit Union is a nonprofit financial institution located at 280 N Clair Street, Painesville, Ohio 44077. With a mission to promote thrift among its members, it offers various financial services such as lending and savings. The primary source of revenue for the credit union is interest and fees on loans, which are funded by deposits made by its members. The expenses incurred are the dividends paid on these deposits and any interest charged on borrowed funds. The credit union has a modest workforce of nine employees.
Official website here: www.painesvillecu.org
Is Painesville Credit Union legitimate?
Painesville Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Painesville Credit Union 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: $249,672
Professional Fundraising Fees: $0
Other Salaries and Wages: $336,859
For more financial information, click here
Official website here: www.painesvillecu.org
What is the mission statement of Painesville Credit Union?
Painesville Credit Union's mission is centered around promoting financial responsibility among its members. By offering lending, savings, and various financial services, the union aims to foster thrift among its qualified members. The primary source of revenue for the union is interest and fees on loans, which are sourced from the funds deposited by its members. The expenses incurred, such as dividends and interest on borrowed funds, are essential components of this financial cycle. In essence, Painesville Credit Union's mission is to manage and distribute its members' savings effectively, thereby promoting financial stability and growth.
Official website here: www.painesvillecu.org
Who is the CEO of Painesville Credit Union?
Lori Guzzi is the Board Chair of Painesville Credit Union. The CEO's salary of Painesville Credit Union is $126,266 and their total compensation is $126,266.
Official website here: www.painesvillecu.org
What is the revenue of Painesville Credit Union?
Painesville Credit Union's revenue in 2022 was $1,819,388.
Official website here: www.painesvillecu.org
Who are the executives of Painesville Credit Union and what are their salaries?
The average compensation at Painesville Credit Union during 2022 was $65,170. There are 9 employees and 7 volunteers at Painesville Credit Union.
Here are 9 key members and their salaries (Painesville Credit Union's CEO's salary is $126,266 and their total compensation is $126,266):
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- Compensation: $126,266
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- Other: $0
- Compensation: $123,406
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- Other: $0
Official website here: www.painesvillecu.org
Where can I find the form 990 for Painesville Credit Union?
Painesville Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.painesvillecu.org
Learn more at the official website: www.painesvillecu.org
Mission Statement of Painesville Credit Union
Painesville Credit Union, as a financial institution, is dedicated to fostering thrift among its members. This is achieved by offering various financial services, including lending, savings, and other financial solutions. The credit union's primary goal is to utilize the deposits made by its qualified members to provide loans. In return, the credit union generates revenue through interest and fees on these loans. Simultaneously, the expenses incurred are the dividends paid on these deposits and any interest charged on borrowed funds. Essentially, Painesville Credit Union serves to promote financial responsibility among its members by offering them access to loans and savings opportunities.
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Impact
October, 2024
Painesville Credit Union plays a significant role in its community by promoting thrift and providing essential financial services to its members. By focusing on lending, savings, and other financial products, it fosters financial stability and empowerment among its qualified members. The credit union's model ensures that the funds it disburses as loans stem from the deposits of its members, creating a cycle of support within the community.
Through competitive interest rates and a commitment to responsible lending, Painesville Credit Union enables individuals to achieve their financial goals, whether it's purchasing a home, financing education, or managing everyday expenses. The dividends paid on member deposits further incentivize saving, contributing to the financial well-being of the community as a whole.
In essence, Painesville Credit Union enhances the local economy by encouraging savings habits, providing accessible credit, and reinvesting in its members, thereby fostering a supportive financial ecosystem that benefits all.
This information is meant to be a general summary of Painesville Credit Union. 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: $241,577
- Program Service Revenue: $1,577,811
- Gross Receipts: $1,819,388
Assets and Liabilities:
- Total Assets: $46,622,160
- Total Liabilities: $41,180,626
- Net Assets: $5,441,534
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME FROM L
Revenue
$1,002,549
FEES CHARGED
Revenue
$320,833
OTHER INCOME
Revenue
$254,429
Organization Details
Founding Year
1941
Phone
(440) 352-8974Principal Officer
Lori Guzzi
Main Address
280 N CLAIR STREET, PAINESVILLE, OH, 44077
Website
www.painesvillecu.orgNTEE Category
Code: W60 - Public benefit
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