2024-11-01T09:40:35-04:00 2023-12-31 472565485 BUCKINGHAM BUSINESS ADVISORS LLC 180-A COMMERCE PARK DR WESTERVILLE OH 430826067 990 2023-01-01 314379753 EDUCATION FIRST CREDIT UNION INC EDUC 6142219376 510 E MOUND ST COLUMBUS OH 43215 MICHAEL WETTRICH PRESIDENT/CEO 6142219376 2024-10-22 true ERIN ALDERSON EA P01231640 6148906620 2024-10-25 2023 2024-10-15 13:58:12Z MICHAEL WETTRICH 510 E MOUND ST COLUMBUS OH 43215 9028852 false X WWW.EDUCU.ORG X CREDIT UNION 1936 OH PROVIDE LOW COST LOANS TO SELECT MEMBERSHIP GROUPS, AS WELL AS PROVIDE SAVINGS OPTIONS, FINANCIAL LITERACY AND OTHER FINANCIAL SERVICES AND PRODUCTS WITH A SERVICE BASED EMPHASIS THAT RECOGNIZES MEMBERS AS OWNERS. 7 7 43 7 35272 0 7498633 7886426 455008 1142426 0 7953641 9028852 0 440421 1089666 2747476 3240987 0 0 4238509 4510764 7426406 8841417 527235 187435 146057594 136928093 133279956 124038512 12777638 12889581 PROVIDE LOW COST LOANS TO SELECT MEMBERSHIP GROUPS, AS WELL AS PROVIDE SAVINGS OPTIONS, FINANCIAL LITERACY AND OTHER FINANCIAL SERVICES AND PRODUCTS WITH A SERVICE BASED EMPHASIS THAT RECOGNIZES MEMBERS AS OWNERS. false false DURING 2023, EDUCATION FIRST CREDIT UNION INCURRED DIVIDEND EXPENSES PROVIDING SHARE DEPOSIT ACOUNTS TO APPROXIMATELY 12,472 MEMBERS. THE NUMBER OF THOSE ACCOUNTS TOTAL APPROXIMATELY 22,938. DURING 2023, EDUCATION FIRST CREDIT UNION INCURRED DIRECT LABOR COSTS AND EMPLOYEE BENEFIT COSTS BY PROVIDING SAVINGS DEPOSIT SERVICES, ORIGINATING NEW LOANS AND SERVICING THE LOAN PORTFOLIO FOR MEMBERS. DURING 2023, EDUCATION FIRST CREDIT UNION INCURRED OPERATIONS EXPENSES PROVIDING FINANCIAL SERVICES TO MEMBERS SUCH AS ATM ACCESS, SHARED BRANCHING ACCESS, SHARE DRAFT SERVICES, AND OTHER EXPENSES ASSOCIATED WITH FINANCIAL ACCOUNT PROGRAMS. EDUCATION FIRST PROVIDED THESE SERVICES TO AN ESTIMATED 12,472 MEMBERS DURING 2023. false false false false false false false false false true false false true 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 3532 0 true 43 true true true false false false false false false false X 7 7 false false false false true true true true true false true false false true true true true true true true false X X JARED ELSASS 6142219376 510 E MOUND ST COLUMBUS OH 43215 MICHAEL WETTRICH PRESIDENT/CE 40.00 X 194053 0 39078 JARED ELSASS CFO 40.00 X 160129 0 12540 JASON THOMAS COO 40.00 X 145822 0 10445 JULIE DIDLICK CHAIRPERSON 2.00 X 0 0 0 HENRY BLAND III TREASURER 2.00 X 0 0 0 EZETTA MURRAY DIRECTOR 2.00 X 0 0 0 BARBARA OVERHOLSER DIRECTOR 2.00 X 0 0 0 ROBERT SECREST DIRECTOR 2.00 X 0 0 0 IRMA TURNER SECRETARY 2.00 X 0 0 0 JEFFERY WOODSON VICE CHAIRPE 2.00 X 0 0 0 500004 62063 3 false true false CONSUMER LOAN INTEREST 522100 3702470 3702470 FEES ASSOCIATED WITH ACCOUNTS 522100 1365586 1365586 VISA PROGRAM INCOME 522100 1056063 1056063 OTHER 522100 1021468 1021468 PARTICIPATION INTEREST 522100 421437 421437 319402 284130 35272 7886426 1142201 1142201 225 225 225 225 9028852 7851379 35272 1142201 1089666 500004 2018130 137257 394331 191265 4811 56811 622385 118488 298964 244898 15748 176241 237399 82564 PROVISION FOR LOAN LOSS 816450 ATM & PLASTIC CARD EXPENS 714370 REPAIRS & MAINTENANCE 274201 CASD PLAN EXPENSE 259597 587837 8841417 0 0 0 1630305 1208507 17079788 11943681 557879 190225 2857753 2919195 90859496 91375346 1085603 858439 8002672 2461170 5033154 5541502 26953616 22891198 146057594 136928093 6924422 4001934 5000 5000 126350534 120031578 133279956 124038512 X 12777638 12889581 12777638 12889581 146057594 136928093 X 187435 -75492 X false true X true 763174 763174 5133468 542940 4590528 56140 56140 2046789 1862090 184699 3101 3101 5541502 INVESTMENTS W/ MATURITIES LONGER 1 Y 19664920 OTHER ASSETS 2683456 ACCRUED INCOME 542822 22891198 MEMBER SHARES 120031578 120031578 9028852 9028852 9028852 9235119 393702 393702 8841417 8841417 SCHEDULE D, PAGE 4, PART XII, LINE 2D CHANGE IN UNRECOGNIZED PENSION COSTS 393,702 X X X X false true false MICHAEL WETTRICH PRESIDENT/CEO 192140 1913 13963 25115 233131 JARED ELSASS CFO 144437 4110 11582 11277 1263 172669 JASON THOMAS COO 139114 3934 2774 10192 253 156267 SCHEDULE J, PART III MICHAEL WETTRICH, CEO AND JARED ELSASS, CFO BOTH ENTERED INTO COLLATERAL ASSIGNMENT SPLIT DOLLAR (CASD) AGREEMENTS WITH THE CREDIT UNION IN 2020. CASD-SPLIT DOLLAR INS-M WETTRICH SPLIT DOLLAR AGREEMENT X 1950000 2116145 false true true CASD-SPLIT DOLLAR INS-J ELSASS SPLIT DOLLAR AGREEMENT X 740000 803050 false true true 2919195 FORM 990, PAGE 6, PART VI, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 12,472 MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE, AND VOTING RIGHTS AT THE ANNUAL MEETINGS, WITH THE EXCEPTION OF THE MEMBER- OWNERS WHO ARE ELECTED TO THE BOARD OF DIRECTORS. FORM 990, PAGE 6, PART VI, LINE 7A THE MEMBER-OWNERS OF THE CREDIT UNION HAVE THE AUTHORITY TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS FOR 3 YEAR TERMS ON A ROTATING BASIS. CANDIDATES ARE ELECTED BY A SIMPLE PLURALITY VOTE. FORM 990, PAGE 6, PART VI, LINE 7B CERTAIN DECISIONS CAN ONLY BE DECIDED BY A MAJORITY OF THE MEMBERSHIP. FORM 990, PAGE 6, PART VI, LINE 10B ALL BRANCHES OPERATE UNDER THE SAME POLICIES AND PROCEDURES. FORM 990, PAGE 6, PART VI, LINE 11B THE FORM 990 IS PREPARED BY THE EXTERNAL ACCOUNTANT BASED ON THE FINANCIAL STATEMENTS AND INFORMATION PROVIDED BY THE CREDIT UNION. THE RETURN IS THEN REVIEWED BY THE CFO AND PRESIDENT/CEO PRIOR TO SUBMISSION. THE RETURN IS MADE AVAILABLE TO THE BOARD OF DIRECTORS UPON REQUEST. FORM 990, PAGE 6, PART VI, LINE 12C BOARD MEMBERS, OFFICERS AND EMPLOYEES ANNUALLY SIGN A STATEMENT WHICH AFFIRMS THAT SUCH PERSON HAS RECEIVED A COPY OF THE POLICY, HAS READ AND UNDERSTANDS THE POLICY, AND HAS AGREED TO COMPLY WITH THE POLICY. FORM 990, PAGE 6, PART VI, LINE 15A AN INDEPENDENT COMPENSATION REVIEW IS COMPLETED AND USED BY THE BOARD OF DIRECTORS TO SET THE COMPENSATION PACKAGE FOR THE PRESIDENT/CEO. THE CREDIT UNION ALSO REVIEWS FORMS 990 OF OTHER ORGANIZATIONS TO SET THE COMPENSATION, AND IT IS SUBJECT TO APPROVAL BY THE BOARD. FORM 990, PAGE 6, PART VI, LINE 15B THE CREDIT UNION USES SALARY SURVEYS AND COMPEASE, A SALARY SURVEY AGGREGATOR, WHEN ESTABLISHING AND REVIEWING COMPENSATION FOR ALL OTHER EMPLOYEES. FORM 990, PAGE 6, PART VI, LINE 19 STATEMENTS ARE AVAILABLE UPON REQUEST, AND CURRENT AND PRECEDING MONTHS ARE POSTED IN THE LOBBY OF THE CORPORATE OFFICE LOCATED AT 510 E MOUND ST, COLUMBUS, OH 43215. FORM 990, PART XI, LINE 9 CHANGE IN UNRECOGNIZED PENSION COSTS 393,702 CECL ADJUSTMENT -469,194 TOTAL -75,492