802 Credit Union

Overview

802 Credit Union is a nonprofit organization registered as a 501(c)(14) entity. It operates as a member-focused financial institution, offering services primarily in the form of automobile, home equity, and personal loans to its approximately 34,000 members. The credit union is committed to enhancing the financial well-being of its members by providing accessible and affordable financial products.

Mission

The primary mission of 802 Credit Union revolves around delivering essential financial services to its membership base. This includes providing a range of loan options for the purchase of automobiles, investment in home equity, and personal requirements. By offering these services, the credit union aims to improve the financial lives of its members.

Community Involvement

802 Credit Union actively supports local community organizations and initiatives. It participates in sponsoring community events and local youth sports teams, contributing to fundraising efforts that positively impact both its members and the broader community. The organization views its corporate citizenship responsibilities as an ongoing commitment to strengthening the communities it serves.

Financial Overview

As of recent financial reports, 802 Credit Union had a revenue of approximately $25.8 million and expenses of $17.6 million. Its total assets were valued at about $392 million, with liabilities totaling around $350 million. The organization’s major sources of revenue come from program services and investment income, with a negligible portion from other sources.

Governance and Leadership

Sean Gammon serves as the Executive Director/CEO of 802 Credit Union. The average compensation for employees is approximately $42,198, with the CEO receiving a total compensation of $331,660.

History

Founded in 1953, 802 Credit Union has a long-standing history of serving its community by providing financial assistance and support. By maintaining a workforce of 126 employees and engaging 25 volunteers, the credit union is well-equipped to meet the varied financial needs of its members.

Notable Facts

• Type of Nonprofit: Registered as a 501(c)(14) entity.
• Tax Deductibility: Donations to this organization are generally not tax-deductible, although specific tax implications may vary based on individual circumstances.
• Filing Requirements: As a 501(c)(14) organization, 802 Credit Union files Form 990 to report its financial activities and governance practices to the Internal Revenue Service.