2024-11-04T21:52:51-05:00 2023-12-31 A B WEST CORPORATION 343 WALLINGFORD GLEN Richmond Heights OH 44143 990 2023-01-01 340827524 Faith Community United Credit Union FAIT 3550 East 93rd Street Cleveland OH 44105 Jacqueline Y Moore Chief Executive 2162717111 2024-05-07 false true Bradley West P01440704 2164031092 2024-11-04 X 2023 2024-10-15 13:58:12Z 1364415 false X www.faithcu.com X 1952 OH Provide lending, savings,and other financial services to its qualifying members at terms better than available in the marketplace with a service based emphasis that recognizes the members as owners. 9 9 11 6 0 0 928494 0 1202332 1201099 107767 163316 0 2238593 1364415 0 395479 32191 438439 426520 0 0 730684 904178 1564602 1362889 673991 1526 18486535 15600686 609409 675044 17877126 14925642 Provide lending, savings,and other financial services to its qualifying members at terms better than available in the marketplace with a service based emphasis that recognizes the members as owners. false false 1362889 Granted $853,074 high risk loans to credit union members impacted by the Pandemic utilizing the CDFI RRP Grant Funds. The costs incurred consisted of credit union staff processing loans. In addition the credit union had to increase the Allowance for Loan Losses by $73,920 to cover the additional risk. The loans were granted during the period January through August 2022. Faith Community United Credit Unionis a full service Community Development Financial Institution serving the under served community. The credit union provides consumer, mortgages, SBA and non SBA business loans. The credit union also provides home banking, debit cards, credit cards,cash advances, certified checks, automatic clearing house deposits and loan payments, and money orders. The credit pays dividends on deposits. 1362889 false false false false false false false false false true false true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 0 0 11 true false false false false false false false false X 9 9 false false false false true true true true true false false true true true true true true true true false OH X Jacqueline Y Moore 2162717111 3550 East 93rd Street Cleveland OH 44105 X Rana Brown Director 1.00 0.00 X 0 0 0 Phyllis Cleveland Director 1.00 0.00 X 0 0 0 Alicea Graves Second Vice Chair 1.00 0.00 X 0 0 0 Kenetha Sims Board Member 1.00 0.00 X 0 0 0 Carl Kirkland Director 1.00 0.00 X 0 0 0 Everette Mitchell Jr First Vice Chairman of the Bo 1.00 0.00 X X 0 0 0 Tyrone McGuinea Chairman of the Board 2.00 0.00 X X 0 0 0 Cynthia Sullivan Secretary of the Board 1.00 0.00 X X 0 0 0 Ronaye Steele Director 1.00 0.00 X X 0 0 0 Jacqueline Y Moore Chief Executive Officer 0.00 0.00 X 0 0 0 0 0 0 0 false false false Loan Income 522291 721979 721979 Loan Fee Income 522291 125634 125634 Members Service Fee Inc 522291 120738 120738 Share Service Fee Incom 522100 232748 232748 1201099 163316 163316 1364415 1364415 0 0 32191 32191 350930 350930 33161 33161 42429 42429 150682 150682 4660 4660 324121 324121 96713 96713 118407 118407 10557 10557 7417 7417 2389 2389 16245 16245 Provision for Loan Loss 165000 165000 MiscCash overShort 579 579 Annual Meeting 7408 7408 1362889 1362889 0 0 209980 132602 274405 368966 26872 2912 638038 7087603 7433382 20650 30000 545178 467702 77476 77476 9937266 7341103 214245 214245 18486535 15600686 108859 173022 550 500000 502022 609409 675044 X 17877126 14925642 17877126 14925642 18486535 15600686 X 1526 -2953010 X true X true X true true true 545178 467702 77476 77476 Investments 7341103 F 7341103 Other Assets 214245 214245 Members or stockholder classes and rights Part VI line 6 Faith Community United Credit Union is Chartered by the State of Ohio and is regulated by The Ohio Division of Financial Institutions. Membership is open to anyone that lives, works, worships, or does business in Cuyahoga County, Ohio. There is only one class of members. Member election for additional members Part VI line 7a Members elect the Board of Directors. Governing body decisions Part VI line 7b Annual meetings are held each year. During Annual Meetings of the Membership. Members are permitted to vote on the issues raised. Form 990 governing body review Part VI line 11 The Ohio Division of Financial Institutions conducts regular detailed audits of the Credit Unions financial records and procedures. The results are then presented to the Board of Directors and key personnel. Conflict of interest policy compliance Part VI line 12c The credit union has a conflict of interest policy outlining related party transactions and transactions relationships of Board of Directors, staff, and volunteers. CEO executive director top management comp Part VI line 15a The Board of Directors is responsible for setting the compensation and benefit package for the CEO. Staff compensation is determined by the CEO with regulatory oversight. Other officer or key employee compensation Part VI line 15b Staff compensation is determined by the CEO with regulatory oversight. Governing documents etc available to public Part VI line 19 Governing documents are available to Board of Directors. Independent Audit results are present to the membership at the Anuual Meeting. IRS Form 990 is available upon request. Explanation of other changes in net assets or fund balances Part XI line 9 Withdrawal of Shares, share drafts and decrease in member lending activities contributed to the change in net assets. Also all of the Paycheck Protection Loans were forgiven by SBA. Also with the rise of interest rates deposits reduced because of funds being withdrawn and placed with other financial institutions.