2020-11-03T18:02:02-06:00 2019-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2019-01-01 340153020 THE OHIO EDUCATIONAL CREDIT UNION INC OHIO 2166216296 4141 ROCKSIDE ROAD SUITE 400 SEVEN HILLS OH 44131 SARAH JANKOVIC CFO 2166216296 2020-11-03 1 JOSEPH A ZITO CPA P00648440 2482443000 2020-11-03 104.11.88.150 2020-11-03 15:33:59 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B2EFC313AB4EEA4760135470907D022D8B217834 2019 2021-04-22 16:20:28Z JEROME VALCO 4141 ROCKSIDE ROAD SUITE 400 SEVEN HILLS OH 44131 7688154 0 1990 X WWW.OHECU.COM X 1933 OH THE OHIO EDUCATIONAL CREDIT UNION IS A FULL-SERVICE FINANCIAL INSTITUTION. OUR GOAL IS TO RECOGNIZE AND UNDERSTAND THE UNIQUE NEEDS OF OUR INDIVIDUAL MEMBERS AND TO FULFILL THOSE NEEDS THROUGH A VARIETY OF DIVERSIFIED PRODUCTS AND SERVICES. 10 10 57 10 36945 0 0 0 6842628 7074956 422856 564253 32528 36945 7298012 7676154 0 0 0 0 3016265 3045200 0 0 0 4714265 4499436 7730530 7544636 -432518 131518 122878179 123225993 113529841 113569951 9348338 9656042 BUILDING OUR MEMBER'S FINANCIAL FUTURE THROUGH A FULL RANGE OF SUPERIOR FINANCIAL SERVICES, EDUCATION, AND EXCEPTIONAL VALUE. 0 0 THE CREDIT UNION PROVIDES ITS MEMBERS WITH CONSUMER LOAN PRODUCTS WHICH INCLUDE VEHICLE, SIGNATURE, CREDIT CARD, AND PRIVATE STUDENT LOANS, IN ADDITION TO INDIRECT VEHICLE LEASES. THE CREDIT UNION ALSO OFFERS REAL ESTATE LOANS TO ITS MEMBERS, INCLUDING FIRST MORTGAGE AND HOME EQUITY LINES OF CREDIT. THE CREDIT UNION PROVIDES MEMBERS WITH TRANSACTION SHARE ACCOUNT SERVICES, WHICH INCLUDES SHARE DRAFT CHECKING, SHARE SAVINGS AND MONEY MARKET SHARE ACCOUNTS. TRANSACTION SHARE ACCOUNT PRODUCTS ENABLE MEMBERS TO CONDUCT THEIR DAY TO DAY FINANCIAL NEEDS WITH CONVENIENT SERVICES OF CASH, DIRECT DEPOSIT, CHECKS, ATMS, DEBIT CARDS, ACH, AUDIO RESPONSE, MOBILE AND ONLINE BANKING WITH BILL PAYMENT. THE CREDIT UNION PROVIDES TERM SAVINGS PRODUCTS TO ITS MEMBERS, WHICH INCLUDES IRA AND SHARE CERTIFICATES. CERTIFICATE TERMS RANGE FROM THREE MONTHS TO FIVE YEARS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2260 0 1 57 1 1 1 0 0 0 0 0 0 0 X 10 10 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X SARAH JANKOVIC CFO 2166216296 4141 ROCKSIDE ROAD SEVEN HILLS OH 44131 RICHARD M GORE DIRECTOR 3.00 X 0 0 0 JACKSON M BOYD BOARD VICE PRESIDENT 5.00 X 0 0 0 TONY H SMITH SR BOARD PRESIDENT 10.00 X 0 0 0 CAROL CREEL DIRECTOR 3.00 X 0 0 0 MARIO DANESE BOARD TREASURER 5.00 X 0 0 0 MARK BATES DIRECTOR 3.00 X 0 0 0 MYCHAEL HENDERSON BOARD SECRETARY 5.00 X 0 0 0 MELODY PATTERSON DIRECTOR 3.00 X 0 0 0 PATRICK J POLEN DIRECTOR 3.00 X 0 0 0 ROBERT W DOLAN DIRECTOR 3.00 X 0 0 0 JEROME R VALCO CEO 40.00 X 149665 0 24952 ROBERT C BECKER COO 40.00 X 84635 0 10240 ARTHUR D BOEHM CFO 40.00 X 142727 0 10409 ANTHONY TOY CHIEF RETAIL SERVICES OFFI 40.00 X 114047 0 4557 MICHAEL R KING COO 40.00 X 84713 0 8747 SARAH L JANKOVIC CFO 40.00 X 73944 0 22952 649731 0 81857 3 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT & DEBIT CARD PROCESSING 562104 STARFISH COMPUTER CORP 24831 LORAIN ROAD NORTH OLMSTED OH 44070 IT CONSULTING AND IMPLEMENTATION 377571 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90074 ONLINE/MOBILE BANKING PROVIDER 258651 FOUR ONE FOUR ALLIANCE LLC PO BOX 22986 BEACHWOOD OH 44122 LANDLORD FOR CU ADMIN OFFICE 251912 FISERV INC PO BOX 745148 ATLANTA GA 303745148 CORE COMPUTER PROCESSOR PROVIDER 246772 6 LOAN INTEREST 522100 4079768 4079768 FEE INCOME 522100 2995188 2995188 7074956 564253 564253 12000 12000 0 0 NON-MEMBER ATM FEES 525990 36945 36945 36945 7676154 7074956 36945 564253 X 731588 1733444 55610 337212 187346 34856 74552 149661 306812 430139 27698 29626 168525 40396 256409 81487 DATA PROCESSING 1854255 PROVISION FOR LOAN LOSS 451147 LOAN SERVICING 318940 MISCELLANEOUS 133846 141087 7544636 1591064 1954646 4646805 5494463 466330 417654 98024815 92087826 627241 546521 2796184 1744425 1129002 1051759 9642036 13427726 4218974 5956698 2531912 2288700 122878179 123225993 732256 676664 112797585 112893287 113529841 113569951 X 3699194 3699194 0 0 5649144 5956848 9348338 9656042 122878179 123225993 131518 176186 0 X X 0 1 X 1 0 841600 318071 523529 1954584 1426354 528230 1051759 MEMBER SHARE ACCOUNTS 112893287 112893287 X 7676154 0 7676154 0 7676154 7544636 0 7544636 0 7544636 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE "IRC" SECTION 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES, ACCORDINGLY NO INCOME TAX EXPENSE IS REFLECTED IN THE STATEMENTS OF EARNINGS FOR THE CREDIT UNION. X 1 1 X X X 0 0 0 JEROME R VALCO CEO 143339 0 0 0 6326 0 4529 0 20423 0 174617 0 0 0 ARTHUR D BOEHM CFO 132615 0 0 0 10112 0 4025 0 6384 0 153136 0 0 0 PART I, LINE 1A PER CU POLICY, COMPANION TRAVEL EXPENSES WERE PAID BY THE CREDIT UNION WHILE THE BOARD PRESIDENT OR DESIGNATED BOARD MEMBER ATTENDED THE CUNA GOVERNMENTAL AFFAIRS CONFERENCE IN WASHINGTON D.C. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE, WHICH IS A SUBSET OF THE BOARD OF DIRECTORS, HAS AUTHORITY FROM THE FULL BOARD OF DIRECTORS TO ACT ON MATTERS REQUIRING PROMPT ACTION OR ATTENTION PRIOR TO THE NEXT SCHEDULED MEETING OF THE FULL BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 2 DIRECTOR MYCHAEL HENDERSON IS A DIRECT SUPERVISOR OF DIRECTOR MELODY PATTERSON AT THEIR EMPLOYER CLEVELAND METROPOLITAN SCHOOL DISTRICT. FORM 990, PART VI, SECTION A, LINE 6 ANY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS CONSIDERED A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A EACH QUALIFYING MEMBER IS GIVEN ONE VOTE TO ELECT ONE OR MORE MEMBERS OF THE GOVERNING BODY AT THE ANNUAL MEETING. THAT IS, AN INDIVIDUAL CAN HAVE AN ACCOUNT TO MEET THE DEFINITION OF A MEMBER; HOWEVER, A MEMBER MUST BE IN "GOOD STANDING" TO QUALIFY AS A VOTING MEMBER. IF A MEMBER'S BASE SHARE ACCOUNT HAS LESS THAN $5 OR THEIR LOAN IS PAST DUE, THEN THE MEMBER IS NOT CONSIDERED TO BE IN GOOD STANDING AND DOES NOT MEET THE QUALIFICATIONS TO HAVE A VOTE. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO THE ARTICLES AND/OR BYLAWS OF THE CREDIT UNION REQUIRE APPROVAL OF THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE CFO REVIEWS THE DRAFT FORM 990 AS PREPARED BY THE CPA FIRM FOR ACCURACY. A COPY OF FORM 990 WILL BE PROVIDED TO THE BOARD OF DIRECTORS (GOVERNING BODY) PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE VIA THE CREDIT UNION'S ELECTRONIC BOARDROOM SITE. FORM 990, PART VI, SECTION B, LINE 12C ANNUAL CONFLICT OF INTEREST QUESTIONNAIRES ARE COMPLETED BY DIRECTORS AND KEY OFFICERS OF THE ORGANIZATION TO IDENTIFY ANY POSSIBLE CONFLICTS OF INTEREST. AT THE BEGINNING OF EACH MONTHLY BOARD OF DIRECTOR MEETING, DIRECTORS ARE REQUESTED TO DISCLOSE ANY CONFLICTS OF INTEREST WITH THE AGENDA ITEMS FOR THAT RESPECTIVE BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 15 INDEPENDENT COMPENSATION SURVEY DATA IS OBTAINED FOR EACH POSITION. BOARD PERSONNEL COMMITTEE USES THIS INFORMATION IN CONJUNCTION WITH JOB PERFORMANCE RATINGS TO DETERMINE THE COMPENSATION FOR THE CEO. THE CEO PROVIDES INPUT FOR COO, CFO AND CRO COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 24E MAINTENANCE 87,142. DEBIT AND CREDIT CARD EXPENSES 33,322. TRAINING 20,623. FORM 990; PART XII, LINE 2C: WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.