FirstEnergy Family Credit Union
Legal name: 164 Firstenergy Family Credit Union
Nonprofit profile at a glance
- EIN
- 340058415
- IRS 990 coverage
- 2010–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- Akron, OH, US
- Phone
- 330-535-3611
- Rating
- 45
- Verdict
- MIXED
- Rating confidence
- Moderate
Reported finances
- Revenue
- $2,069,774
- Expenses
- $1,684,958
- Assets
- $42,533,727
- Liabilities
- $35,850,786
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
10 people listed
Executive titles in this filing
- Timothy Baker (CEO & Treasurer)
- William Shonk (President)
- Erik Gegick (Vice President)
Highest reported compensation
- Timothy Baker (CEO & Treasurer): $184,352 total reported compensation
- Kevin J Daum (COO): $182,976 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To provide lending, savings and other financial services to it's qualifying members at terms usually better than available in the marketplace. With a heavy emphasis on member service that reconizes that the members are the owners of the credit union and not just customers. Direct labor and employee benefits costs incurred providing savings deposit services, originating new loans and serving the loan portfolio for members.
What it reported doing in 2024
Dividends and interest paid to members on approximately 4756 deposit accounts, owned by approximately 4370 members. Data processing costs incurred recording member account activity and providing access to members to thier accounts via home banking, phone and in person at the credit union office.
Operating model
- Revenue model
- Earned-program. 71% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 0
- Transparency & Controls: 66
- Accountability: 95
- Sustainability: 66
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 0%; rating input score 0
- Program expense ratio: 0%; rating input score 0
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 1 of 6 controls in place; rating input score 17
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 8 of 9 controls in place; rating input score 89
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 18.6%; rating input score 75; 75th percentile among comparable filings
- Total-asset coverage ratio: 25.24; rating input score 97; 97th percentile among comparable filings
- Liabilities to assets ratio: 0.84; rating input score 9; 9th percentile among comparable filings
- Officer compensation ratio: 21.8%; rating input score 11; 11th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 2.8% per year; rating input score 100; 25th percentile among comparable filings
- Asset growth: 1.1% per year; rating input score 100; 16th percentile among comparable filings
Details
- What they do: 4 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 0% of revenue deployed · 0% of spending went to programs
- Governance: 8 of 8 board members independent · 8 of 9 filing controls reported
- Programs: 3 filed program accomplishments
- Leadership: top reported pay $184K · 10 people listed · 1 of 6 pay-setting controls reported
- Consistency: 13 of 14 current checks pass · 1 finding to review
- Schedules: 3 filed schedules · includes executive pay
- Filing history: 15 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 2 filed money-flow records
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Financial Efficiency: Mission deployment rate scored 0/100.
- High — Financial Efficiency: Program expense ratio scored 0/100.
- Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
- Review — Accountability: Governance controls: Form 990 shared with the board not reported.
- High — Sustainability: Liabilities to assets ratio scored 9/100.
- High — Sustainability: Officer compensation ratio scored 11/100.