2025-09-11T09:47:08-04:00 2024-12-31 994503147 WAVERLY BUSINESS SERVICES 180 A COMMERCE PARK DR WESTERVILLE OH 43082 990 2024-01-01 340729554 GENFED FINANCIAL CREDIT UNION INC GENF 3307802403 2492 WEDGEWOOD DR AKRON OH 44312 JULIA TIMBROOK VP OF HR 3307802403 2025-08-26 true ERIN ALDERSON EA P01231640 6148906620 2025-08-26 2024 2025-03-06 01:10:19Z MICHAEL DORAN 2492 WEDGEWOOD DR AKRON OH 44312 20868791 false X WWW.GENFED.COM X CREDIT UNION 1937 OH TO PROVIDE LENDING, SAVINGS, AND OTHER FINANCIAL SERVICES TO ITS MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A SERVICE-BASED EMPHASIS THAT RECOGNIZES THE MEMBERS' STATUS AS OWNERS. 8 7 135 7 33042 0 15868612 17604737 1894137 3068501 33042 33042 17795791 20706280 0 1187504 2860239 6163568 6472797 0 0 6902957 8714250 14254029 18047286 3541762 2658994 310371474 315717525 266268760 268119457 44102714 47598068 TO PROVIDE LENDING, SAVINGS, AND OTHER FINANCIAL SERVICES TO ITS MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A SERVICE-BASED EMPHASIS THAT RECOGNIZES THE MEMBERS' STATUS AS OWNERS. false false DIVIDENDS AND INTEREST PAID TO MEMBERS ON APPROXIMATELY 52,329 DEPOSIT ACCOUNTS HELD BY APPROXIMATELY 25,114 MEMBERS. DIRECT LABOR AND EMPLOYEE BENEFIT COSTS INCURRED PROVIDING SAVINGS DEPOSIT SERVICES, ORIGINATING NEW LOANS AND SERVICING THE LOAN PORTFOLIO FOR MEMBERS. OTHER PROGRAM SERVICES false false false false false false false false false true true false false true false true false false false false false false false false false false false false true false true false false false false false false false false false false false false true 5116 0 false 135 true true true false false false false false false false X 8 7 false false false false true true true true true false false true true true true true true true true false X X ANN BINNIE 3307802403 2492 WEDGEWOOD DR AKRON OH 44312 MICHAEL DORAN PRESIDENT, C 40.00 X X 421450 0 96744 CHRISTY YOUNG SVP, CFO 40.00 X 155297 0 8206 GREG ATHEY VP, CIO 40.00 X 147089 0 6223 RICHARD TODD VP, COO 40.00 X 136910 0 8221 ANN BINNIE VP BRANCH OP 40.00 X 121244 0 11077 JULIA TIMBROOK VP OF HR 40.00 X X 121186 0 7369 KIMBERLY PALLAS VP, CMO 40.00 X 120244 0 1221 BRANDON PETIT AVP OF IT 40.00 X 114082 0 5253 CHRISTOPHER KIRSCH VP LENDING 40.00 X 103710 0 9902 ASHLEY CONKLIN VP MEMBER EX 40.00 X 108495 0 4603 CHRISTINE CREW AVP OF MARKE 40.00 X 80036 0 7039 SUZANNE SMITH AVP OF COLLE 40.00 X 69448 0 6412 JOYCE JONES BOARD CHAIR 0.50 X 0 0 0 NANCY KROH CHAIR EMERIT 0.50 X X 0 0 0 IAN LONGMAN AUDIT COMMIT 0.50 X 0 0 0 M JOAN REED VICE-CHAIR 0.50 X X 0 0 0 MELINDA STAHL AUDIT COMMIT 0.50 X 0 0 0 SYLVIA THOMPSON SECRETARY/TR 0.50 X X 0 0 0 THERESA THORNTON AUDIT COMMIT 0.50 X 0 0 0 MATTHEW TIMBROOK AUDIT COMMIT 0.50 X 0 0 0 1699191 172270 10 false true false LOAN INTEREST 522291 12633361 12633361 FEE INCOME 522100 3020500 3020500 OTHER OPERATING INCOME 524298 1950876 1950876 17604737 3096339 3096339 134673 162511 -27838 -27838 -27838 RENTAL INCOME 524298 33042 33042 33042 20706280 17576899 33042 3096339 2860239 1699195 3267350 311272 792969 402011 3900 45245 1628180 654420 1404828 426930 107679 1680 507331 PROV. FOR LOAN LOSS 1553495 ATM EXPENSES 1082865 LOAN SERVICING EXP 695748 PLASTIC FRAUD / DISPUTES 244236 357713 18047286 0 0 0 3135477 3224233 33555459 56145602 349463 332707 907298 638357 209041416 207052849 1106699 1019225 9001716 3193616 5167929 5808100 49507022 33776052 916398 916398 6684313 6804002 310371474 315717525 3341250 1887375 262927510 266232082 266268760 268119457 X 44102714 47598068 44102714 47598068 310371474 315717525 X 2658994 693714 142646 X false true X true false 916887 916887 5843701 2454242 3389459 130236 45855 84381 2110892 693519 1417373 5808100 OTHER INVESTMENTS 29070052 C DEPOSITS IN COMMERCIAL BANKS & CU 4706000 C 33776052 SHARES AND DEPOSITS 266232082 266232082 20706280 20706280 20706280 18047286 18047286 18047286 false true false MICHAEL DORAN PRESIDENT, CEO 355256 66194 87082 9662 518194 CHRISTY YOUNG SVP, CFO 139050 16247 1604 6602 163503 GREG ATHEY VP, CIO 127169 19920 1705 4518 153312 SCHEDULE J, PART III THE ORGANIZATION HAS 457(F) DEFERRED COMPENSATION PLANS IN EFFECT FOR SENIOR OFFICERS LISTED IN 990, PART VII, SECTION A. FUTURE PAYOUTS WILL OCCUR AT VARIOUS DATES BASED ON A SPECIFIED SCHEDULE FOR EACH PARTICIPANT. SENIOR OFFICERS RECEIVED 457(F) PAYMENTS IN 2024. ASHLEY CONKLIN X 132000 110188 false false true GREG ATHEY VP, CIO X 207000 104833 false false true CHRISTINE CREW AVP MARKETING X 94871 84291 false false true JOYCE JONES DIRECTOR X 168500 79658 false false true MELINDA STAHL DIRECTOR PERSONAL LOAN X 130000 70445 false true true CHRISTINE CREW AVP MARKETING X 151000 65009 false false true GREG ATHEY VP CIO X 66152 58537 false false true ASHLEY CONKLIN X 28769 24132 false false true GREG ATHEY VP, CIO X 44307 18552 false false true RICHARD TODD VP, COO PERSONAL LOAN X 218700 15150 false false true ASHLEY CONKLIN VP MEMBER EXPERIENCE X 17081 7562 false false true 638357 SCHEDULE L, PART II ASHLEY CONKLIN FROM 17,081 7,562 ( ) IN DEFAULT ( ) APPROVED BY BOARD/COMMITTEE (X) WRITTEN AGREEMENT FORM 990, PAGE 6, PART VI, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 25,114 MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE AND VOTING RIGHTS AT THE ANNUAL MEETING WITH THE EXCEPTION OF THE MEMBER-OWNERS WHO ARE ELECTED TO THE BOARD OF DIRECTORS. FORM 990, PAGE 6, PART VI, LINE 7A NOT LESS THAN 120 DAYS PRIOR TO THE ANNUAL MEETING, THE CHAIRMAN SHALL APPOINT A NOMINATING COMMITTEE OF NOT LESS THAN THREE MEMBERS. THE NOMINATING COMMITTEE NOMINATES AT LEAST ONE MEMBER FOR EACH VACANCY FOR WHICH REGULAR TERMS EXPIRE. THE COMMITTEE FILES ITS NOMINATIONS WITH THE SECRETARY OF THE CREDIT UNION AT LEAST 90 DAYS BEFORE THE ANNUAL MEETING, AND NOTIFIES IN WRITING ALL MEMBERS ELIGIBLE TO VOTE AT LEAST 75 DAYS BEFORE THE ANNUAL MEETING THAT NOMINATIONS FOR VACANCIES MAY ALSO BE MADE BY PETITION SIGNED BY 1% OF THE MEMBERSHIP, OR 500 MEMBERS, WHICHEVER IS LESS. ALL PERSONS NOMINATED BY EITHER THE NOMINATING COMMITTEE OR BY PETITION MUST BE PLACED BEFORE THE MEMBERS. ALL ELECTIONS ARE DETERMINED BY PLURALITY VOTE BY BALLOT. FORM 990, PAGE 6, PART VI, LINE 7B ANY ACTION WHICH MAY BE AUTHORIZED OR TAKEN AT A MEETING OF THE MEMBERS MAY BE DONE SO WITHOUT A MEETING WITH THE AFFIRMATIVE VOTE OR APPROVAL OF, AND IN WRITING SIGNED BY ALL THE DIRECTORS OR 2/3 OF THE VOTING MEMBERS, WHO WOULD BE ENTITLED TO NOTICE OF MEETING FOR SUCH PURPOSES. ANY SUCH WRITING SHALL BE FILED WITH OR ENTERED UPON THE RECORDS OF THE CREDIT UNION. CHANGES TO THE ARTICLES OF INCORPORATION AND/OR THE CODE OF REGULATIONS CAN BE APPROVED AT A DULY HELD MEMBER MEETING BY AN AFFIRMATIVE 2/3 VOTE OF VOTING MEMBERS. THE BOARD OF DIRECTORS CAN AMEND THE ARTICLES RELATED TO FIELD OF MEMBERSHIP, NAME OF CORP, PLACE OF PRINCIPAL BUSINESS AND AUTHORIZED NUMBER OF SHARES. ANY AMENDMENTS ARE ONLY EFFECTIVE AFTER APPROVAL BY THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS. FORM 990, PAGE 6, PART VI, LINE 11B THE BOARD OF DIRECTORS WILL REVIEW THE 990 AT A REGULAR MONTHLY (OR SPECIALLY CALLED, IF NECESSARY) MEETING PRIOR TO IT BEING FILED. FORM 990, PAGE 6, PART VI, LINE 12C THE COMPLIANCE OFFICER OBTAINS SIGNED "PARTY IN INTEREST" FORMS EACH YEAR DETAILING ACCOUNTS HELD AT THE INSTITUTION BY EMPLOYEES AND OFFICIAL VOLUNTEERS. THE DOCUMENTATION IS MAINTAINED, REVIEWED, AND UPDATED REGULARLY. FORM 990, PAGE 6, PART VI, LINE 15A THE EXECUTIVE COMMITTEE DETERMINES THE CEO'S WAGE AND ANY ANNUAL BONUS AFTER PERFORMING AN ANNUAL EVALUATION. THE COMMITTEE USES A CURRENT CEO COMPENSATION SURVEY OF CREDIT UNIONS AND COMMUNITY BANKS FOR COMPARISON. THE CEO'S ANNUAL SALARY AND BONUS INFORMATION ALONG WITH THE LETTER FROM THE BOARD CHAIRPERSON (WHO IS ALSO THE CHAIR OF THE EXEC. COMMITTEE) OFFICIALLY STATING THE SAME IS AVAILABLE FOR REVIEW TO THE BOARD OF DIRECTORS AND OUTSIDE AUDITORS DURING THE ANNUAL AUDITS. FORM 990, PAGE 6, PART VI, LINE 15B THE CEO DETERMINES THE WAGES OF THE OTHER OFFICERS AND KEY EMPLOYEES. THE MOST RECENT CUNA SALARY SURVEY IS USED TO DETERMINE POSITION MIDPOINTS. AN ANNUAL APPRAISAL IS COMPLETED FOR EACH OFFICER OR KEY EMPLOYEE. ANNUAL BONUSES FOR OFFICERS (OTHER THAN CEO) AND KEY STAFF ARE CALCULATED USING A CONSISTENT FORMULA. OFFICER AND KEY EMPLOYEE WAGES ARE AVAILABLE FOR REVIEW TO THE BOARD OF DIRECTORS AND TO OUTSIDE AUDITORS DURING ANNUAL AUDITS. FORM 990, PAGE 6, PART VI, LINE 19 GENFED PROVIDES THE ANNUAL REPORT AT THE ANNUAL MEETING EACH YEAR, POSTS IT ON THE WEBSITE AND IN BRANCHES AND IT MAY BE REQUESTED THROUGH A BRANCH EMPLOYEE AT ANY OTHER TIME THROUGHOUT THE YEAR. MONTHLY FINANCIALS ARE POSTED IN ALL BRANCHES. THE ARTICLES OF INCORPORATION ARE POSTED ON OHIO STATE'S WEBSITE FOR ANYONE TO VIEW. FORM 990, PART XI, LINE 9 CHANGE IN DEFINED BENEFIT PLAN 142,646