Woods Credit Union

Overview

Woods Credit Union is a nonprofit financial cooperative based in the United States, recognized for its commitment to serving its members through a range of financial services. Established to provide affordable financial solutions, the credit union operates under a member-owned structure, which distinguishes it from traditional for-profit banks.

Type of Organization

Woods Credit Union is classified as a 501(c)(14) nonprofit organization, specifically designated as a state-chartered credit union. This classification highlights its role as a mutual reserve fund that is focused on the welfare of its members rather than profit-seeking motives. As such, contributions made to the organization are not tax-deductible for the donors.

Services Provided

The credit union offers a variety of financial services tailored to meet the needs of its members, including:

• Savings Accounts: Providing members with options for saving and earning interest.

• Loan Services: Offering various types of loans, including personal loans, auto loans, and home mortgages, aimed at providing financial support to members.

• Investment Opportunities: Facilitating investment options to help members grow their financial resources.

Financial Performance

According to its most recent tax filings, Woods Credit Union reported a significant proportion of its revenue derived from program services, indicating a strong focus on direct member services. For instance, approximately 93.4% of its total revenue came from program services, illustrating the organization’s commitment to serving its member base effectively. Investment income and other forms of revenue contribute a smaller percentage to its overall financial picture.

Governance

The governance of Woods Credit Union plays a crucial role in its operations. Members elect a board of directors, ensuring that leadership is representative of the membership base. This democratic structure allows for a member-centric approach to decision-making, reflecting the values of the credit union philosophy.

Community Involvement

Woods Credit Union is actively involved in community initiatives, aligning with the credit union movement's ethos of "People Helping People." This involvement includes supporting local charities, community outreach programs, and financial education efforts aimed at enhancing the financial literacy of its members.

Conclusion

Woods Credit Union exemplifies the fundamental principles of credit unions, emphasizing cooperation, community, and member service. By prioritizing the needs of its members and engaging in community-focused activities, Woods Credit Union continues to play a vital role in the financial landscape of its community.

[1] https://projects.propublica.org/nonprofits/organizations/410653148 [2] https://www.monroecommunitycu.org/whychoose [3] https://www.guidestar.org/profile/73-0756759 [4] https://www.woodsrogers.com/services/financial-services/credit-unions [5] https://www.rwjf.org