954 Gorman-Rupp & Assoc Credit Union

Organization Overview

954 Gorman-Rupp & Assoc Credit Union, located in Mansfield, Ohio, operates as a state-chartered credit union under the designation of a 501(c)(14) organization. Established with the primary goal of serving the financial needs of its member-owners, the credit union is structured as a cooperative, allowing members to participate in decision-making processes and share in the financial benefits of the institution.

Tax-Exempt Status

The credit union has been recognized as tax-exempt since April 1969. This status enables it to provide various financial products and services to its members without the burden of federal income taxation, thus facilitating a focus on member benefits rather than profit generation.

Financial Information

According to the most recent tax filings for the fiscal year ending December 2023, the organization reported significant financial activity:

• Total Assets: $14,185,014
• Total Liabilities: $12,886,605

The primary sources of revenue stem from program services, contributing approximately 90.9% of total revenue, amounting to $921,520. Investment income accounted for the remaining 9.1%, totaling $92,012. Notably, the organization did not report any contributions or fundraising revenue during this period.

Expenses

The credit union's expenses for the same fiscal year reveal the following:

• Executive Compensation: $64,823 (7.0% of total expenses)
• Other Salaries and Wages: $193,659 (21.0% of total expenses)

This highlights the credit union's commitment to maintaining a sustainable operational budget while compensating its leadership appropriately.

Governance

The governance structure of 954 Gorman-Rupp & Assoc Credit Union includes a board of directors, which is comprised of volunteers from among the membership. Key officers and board members include:

• Abbie Eith (Chief Executive Officer)
• Carly Hollar (President of the Board)
• Steve Kyler (Vice President of the Board)
• Michael Keith (Vice President of the Board)
• Angie Morehead (Treasurer of the Board)
• Dee Cochran (Secretary of the Board)

Conclusion

As a member-owned cooperative, 954 Gorman-Rupp & Assoc Credit Union plays a significant role in providing tailored financial services to its members. Its status as a tax-exempt organization allows it to focus on community and member needs, reinforcing the importance of cooperative financial models in the broader landscape of nonprofit financial institutions.