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Nonprofit · EIN 34-0058905

138 TOWPATH CREDIT UNION INC

Tax-exempt · FAIRLAWN, OH 44333

Financials

$11.6M$10.6M2023$13.6M$12.6M2024
Revenue Expenses · by fiscal year end
Financials of 138 TOWPATH CREDIT UNION INC by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$13,589,594$12,578,142$1,011,452$198,342,445$177,105,093$21,237,352
December 31, 2023990$11,618,297$10,590,911$1,027,386$198,013,463$177,861,076$20,152,387
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$0
Program service revenue
$12,093,275
Investment income
$1,258,595
Net rental income
$9,000
Other revenue
$237,724

Expenses

Grants and similar amounts paid
$0
Benefits paid to members
$1,621,351
Compensation of officers, directors and key employees
$681,188
Other salaries and wages
$3,109,275
Salaries, compensation and benefits (total)
$4,605,308
Professional fundraising fees
$0
Legal fees
$23,347
Accounting fees
$68,455
Occupancy
$373,178
Travel
$34,032
Depreciation
$679,888

Balance sheet and other

Total assets, start of year
$198,013,463
Total assets, end of year
$198,342,445
Total liabilities, end of year
$177,105,093
Net assets, end of year
$21,237,352
Land, buildings and equipment
$4,584,132
Gross receipts
$13,589,594
Employees
87
Volunteers
7
Year formed
1936
State of legal domicile
OH

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensationOther / benefits
Michael SferroPresident/CEO
Officer, Key employee, Highest-paid employee
40$170,637$19,047
Kathryn LeeEVP/CHRO
Officer
40$109,188$9,933
Melissa DawsonEVP/CFO
Officer
40$108,396$9,966
Jeremy WascakSVP/CSO
Officer
40$106,483$9,455
Edward SchmuhlSVP, CIO/CIS
Officer
40$101,883$9,202
Lester CarneyChairman
Trustee or director
1$0$0
Ernest SteeleVice Chairman
Trustee or director
1$0$0
James TalleyTreasurer
Trustee or director
1$0$0
Judi HillSecretary
Trustee or director
1$0$0
Bob NewmanBoard Member
Trustee or director
1$0$0
Brian GayBoard Member
Trustee or director
1$0$0
Kelly PetersBoard Member
Trustee or director
1$0$0
990 for the year ended December 31, 2023: 11 people
NameTitleHours / weekCompensation
Michael SferroPresident/CEO
Officer, Key employee, Highest-paid employee
40$152,609
Kathryn LeeEVP/CHRO
Officer
40$104,366
Melissa DawsonEVP/CFO
Officer
40$103,571
Jeremy WascakSVP/CSO
Officer
40$101,357
Lester CarneyChairman
Trustee or director
1$0
Ernest SteeleVice Chairman
Trustee or director
1$0
Marcella GrandeTreasurer
Trustee or director
1$0
Judi HillSecretary
Trustee or director
1$0
John CrockettBoard Member
Trustee or director
1$0
James TalleyBoard Member
Trustee or director
1$0
Kelly PetersBoard Member
Trustee or director
1$0

Address and contacts

Address (IRS master file)
2969 SMITH RD, FAIRLAWN, OH 44333-2609
In care of
% MELISSA DAWSON
Principal officer (990 for 2024)
Melissa Dawson, 2969 Smith Rd, Fairlawn, OH 44333
Signed the 990
Melissa Dawson, EVP/CFO
Phone
(330) 664-4700

Mission

Towpath Credit Union proudly serves its qualified members with secure, competitive financial products and services that strengthen our community. Mission Statement - Towpath Credit Union's mission is to pave pathways to modern financials opportunities that uplift the community.

990 for the year ended December 31, 2024

Program accomplishments

  • Member Loans - Towpath Credit Union is committed to providing members with financial flexibility and stability through a variety of loan options. These include automobile loans, share-secured loans, unsecured loans, business participation loans, mortgage loans, real estate loans, personal loans, credit cards, and several other lending products designed to meet diverse financial needs. At year-end, the Credit Union had approximately 13,782 loans outstanding.
  • Depository Accounts - Towpath Credit Union is dedicated to providing members with financial flexibility while encouraging savings through a variety of depository account options. These include checking accounts, savings accounts, money market accounts, share certificates, IRA accounts, holiday accounts, and several other account types designed to support members' financial goals. At year-end, the Credit Union maintained approximately 45,100 depository accounts.
  • Debit Card Program - Towpath Credit Union is committed to providing members with financial flexibility, security, and convenient access to their funds through its debit card program. This service allows members to easily access their accounts, make purchases, and manage their finances with confidence and ease.

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
34-0058905
Tax-exempt status
501(c)(14): State-chartered credit union
Donations deductible
No
Exempt since
1969
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$198,342,445
Income (IRS master file)
$13,589,594

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$13,589,594$12,578,142$198,342,445IRS
990December 2023$11,618,297$10,590,911$198,013,463XML
990December 2022$8,942,681$8,426,996$191,683,820IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2018–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 34-0058905).

Questions about 138 TOWPATH CREDIT UNION INC

What is the EIN of 138 TOWPATH CREDIT UNION INC?
The employer identification number (EIN) of 138 TOWPATH CREDIT UNION INC is 34-0058905.
Is 138 TOWPATH CREDIT UNION INC tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1969.
Are donations to 138 TOWPATH CREDIT UNION INC tax-deductible?
No. The IRS master file says contributions to it are not deductible.
Which annual return does 138 TOWPATH CREDIT UNION INC file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of 138 TOWPATH CREDIT UNION INC due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did 138 TOWPATH CREDIT UNION INC last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of 138 TOWPATH CREDIT UNION INC?
The 990 for the year ended December 31, 2024 names Melissa Dawson.
Who are the officers and directors of 138 TOWPATH CREDIT UNION INC?
The 990 for the year ended December 31, 2024 lists 12 people; 5 received compensation from the organization, the highest $170,637 (Michael Sferro, President/CEO).
How much revenue does 138 TOWPATH CREDIT UNION INC have?
On its 990 for the year ended December 31, 2024 it reported revenue of $13,589,594, expenses of $12,578,142 and total assets of $198,342,445 at year end.

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