Overview
What is Faith Community United Credit Union?
Faith Community United Credit Union is a community development financial institution (CDFI) situated in Cleveland, Ohio. Serving the underprivileged community, the credit union offers various financial services, including consumer loans, mortgages, SBA and non-SBA business loans, and savings options. Their mission is to provide better financial terms to their members, recognizing them as owners, with a service-oriented approach. During the pandemic, they granted high-risk loans totaling $853,074 to affected members, incurring additional costs and increasing their Allowance for Loan Losses. The credit union offers a range of banking services, such as home banking, debit cards, credit cards, and loan payments, among others, and pays dividends on deposits. With a staff of 11, the credit union aims to improve the financial well-being of its qualifying members.
Official website here: www.faithcu.com
Is Faith Community United Credit Union legitimate?
Faith Community United Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Faith Community United 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $359,407
For more financial information, click here
Official website here: www.faithcu.com
What is the mission statement of Faith Community United Credit Union?
Faith Community United Credit Union's mission is centered around providing its eligible members with superior financial services, including loans, savings, and other financial products, at terms more favorable than what's generally available in the market. This is done with a strong emphasis on excellent service, recognizing the members as the credit union's owners. During the pandemic, the credit union utilized CDFI RRP Grant Funds to grant high-risk loans to its impacted members, incurring additional costs and increasing its Allowance for Loan Losses. Faith Community United Credit Union operates as a full-service Community Development Financial Institution, serving the underprivileged community, and offers various consumer, mortgage, SBA, and non-SBA business loans, along with other standard banking services.
Official website here: www.faithcu.com
Who is the CEO of Faith Community United Credit Union?
Jacqueline Y Moore is the Chief Executive Officer of Faith Community United Credit Union. The CEO's salary of Faith Community United Credit Union is $0 and their total compensation is $0.
Official website here: www.faithcu.com
What is the revenue of Faith Community United Credit Union?
Faith Community United Credit Union's revenue in 2022 was $2,238,593.
Official website here: www.faithcu.com
Who are the executives of Faith Community United Credit Union and what are their salaries?
The average compensation at Faith Community United Credit Union during 2022 was $32,673. There are 11 employees and 16 volunteers at Faith Community United Credit Union.
Here are 10 key members and their salaries (Faith Community United Credit Union's CEO's salary is $0 and their total compensation is $0):
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Official website here: www.faithcu.com
Where can I find the form 990 for Faith Community United Credit Union?
Faith Community United Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.faithcu.com
Learn more at the official website: www.faithcu.com
Mission Statement of Faith Community United Credit Union
Faith Community United Credit Union, as a Community Development Financial Institution, is dedicated to serving its qualifying members by providing them with better financial services than what is available in the marketplace. Recognizing its members as owners, this nonprofit credit union offers lending, savings, and various other financial services at favorable terms. The mission of Faith Community United Credit Union is centered around providing exceptional service to its members, ensuring they receive benefits that surpass what is typically accessible in the market. This approach not only benefits the members financially but also fosters a sense of ownership and involvement within the credit union community.
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Impact
October, 2024
Faith Community United Credit Union significantly contributes to the financial well-being of its members and the surrounding community by offering tailored lending and savings solutions. By granting $853,074 in high-risk loans to members impacted by the pandemic, the credit union has showcased its commitment to supporting individuals during challenging times. These loans, facilitated with the aid of the CDFI RRP Grant Funds, were designed to provide essential financial resources to those most in need.
The credit union not only addresses immediate financial concerns but also emphasizes sustainable growth. By increasing the Allowance for Loan Losses by $73,920, Faith Community United Credit Union demonstrates a proactive approach to managing risk while safeguarding the interests of all members.
As a full-service Community Development Financial Institution, it caters to underserved populations in Cleveland, offering diverse financial products ranging from consumer loans to mortgages and both SBA and non-SBA business loans. In addition to traditional banking services, members enjoy home banking, debit and credit card options, and various deposit services, all aimed at fostering financial empowerment.
Faith Community United Credit Union's mission aligns with its impact, recognizing its members as owners and prioritizing their needs over profit. This approach not only enhances individual financial stability but also contributes to the broader community's economic resilience.
This information is meant to be a general summary of Faith Community United 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: $107,767
- Program Service Revenue: $1,202,332
- Gross Receipts: $2,238,593
Assets and Liabilities:
- Total Assets: $18,486,535
- Total Liabilities: $609,409
- Net Assets: $17,877,126
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Loan Income
Revenue
$710,336
Loan Fee Income
Revenue
$143,960
Members Service Fee Inc
Revenue
$51,828
Share Service Fee Incom
Revenue
$296,208
Organization Details
Founding Year
1952
Principal Officer
Jacqueline Y Moore
Main Address
3550 East 93rd Street, Cleveland, OH, 44105
Website
www.faithcu.comNTEE Category
Code: W60 - Public benefit
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