ANNUAL REPORT 2022
2022 League Board Leadership
Dan Sutton
Kemba CU Chair
Miranda McConoughey
Lake County Educational FCU Secretary/Treasurer
Jessica Jones Universal 1 CU
Jacqueline Moore
Faith Community United CU
Rosanne Schutzman
Wright-Patt CU
Bill Burke Day Air CU Vice Chair
Scott Hicks
Impact CU Immediate Past Chair
Brian McCue
Unity Catholic FCU
Barry Shaner Directions CU
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Leadership | Letter from President:
Together we greet many accomplishments and challenges. As the financial industry transforms, the Ohio Credit Union League is proud of the progress we have made in navigating these changes.
Collaboration and Advocacy:
The League continues to foster collaboration among our members, regulators, and policymakers. We work tirelessly to ensure that the voices and concerns of Ohio credit unions are heard at local, national, and international levels. Through our advocacy efforts, we successfully influence policy decisions that positively impact the Ohio movement and the business environment in which we operate.
Industry Expertise and Resources:
The financial industry faces numerous challenges, including economic uncertainty, evolving regulatory landscapes, and emerging technologies. However, we remain resilient, providing members with the necessary support and resources to navigate these complexities. In addition to the many member benefit resources, we host informative events and offer training programs to help you adapt to the changing dynamics of the financial industry.
Networking and Community Building:
Networking is a fundamental aspect of our mission, and we strive to facilitate connections and foster a sense of community among Ohio’s credit unions. Through conferences, Huddle, and virtual engagements, we provide opportunities for members to connect, share insights, and collaborate. These invaluable networking opportunities allow credit unions to build relationships and expand their professional networks.
As we reflect on our achievements, we express our gratitude to each Ohio Credit Union League member. Your support, engagement, and active participation have been instrumental in driving the success of our movement. Together, we have strengthened the financial industry and positioned Ohio credit unions for future growth and success.
Paul Mercer, President Ohio Credit Union League
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Working Smarter and Soaring Higher Together
Over the last 89 years, we’ve worked together with our members and valued business partners to grow the future of the Credit Union Movement together. As a passionate advocate, we proudly position ourselves as a key partner supporting credit unions and the work they do to meet the diverse financial needs of members, businesses, and communities they serve.
Members of the Ohio Credit Union League benefit from the educational resources, advocacy, community and network, and member support we provide. With Ohio credit unions serving one in four Ohioans, advocating for the growth and success of Ohio credit unions is our top priority
166 Ohio Credit Union League Members
18 League staff working as an extension of your team
83% Asset-based affiliation
3.2M Financial futures made brighter through Ohio credit unions
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Vision, Mission and Core Beliefs
Our success is built upon a vision, mission, and core beliefs. These make up the foundation and ideals driving the League’s partnership with Ohio credit unions. Collectively, these statements provide the groundwork for the strategies and business decisions that guided our actions over the last year and into the future..
Vision
Be an independent, thriving state trade association focusing on the success of Ohio’s growing Credit Union Movement.
Mission
Support the success and common promotion of credit unions through advocacy, expertise, collaboration, and advice.
Core Beliefs
• Credit unions and the eight Cooperative Principles that sustain them
• Working with passion and energy when serving Ohio credit unions
• Leading people and initiatives with honesty, transparency, and integrity
• Innovation and change as catalysts for long-term viability
• Cultivating an inclusive and rewarding environment for our employees
• Inclusion and diversity as powerful forces driving collective success
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Overall Accomplishments
In 2022, the Ohio Credit Union Movement met new challenges head-on and worked hard to keep members moving forward. And thanks to your investment in the Ohio Credit Union League, you didn’t have to do it alone. As the collective voice and strongest advocate for Ohio credit unions, the League continued to fight for credit union-friendly policies, remove regulatory burdens, and connect credit unions to critical resources, helping them work smarter and soar higher. Here’s a look at our top achievements of the year.
Advocacy
As the collective voice for Ohio’s credit unions to an audience of legislators, regulators, media outlets, and consumers, the League’s advocacy efforts aim to preserve, protect, and enhance the operating environment for credit unions.
LEGISLATIVE POLITICAL REGULATORY GRASSROOTS
182
42
0
bills, agency decisions, and appointments evaluated for Movement impact
$311k $274k
raised disbursed
38 52
credit unions attending fundraising events
72 20
credit unions connected with state and federal regulators comment letters arguing for stronger regulatory outcomes
368
credit union leaders participated in 32 legislative meetings (54 unique credit unions) messages delivered to Congress
2,222,615
members counted through PZC
70/30
53/47
federal partisan split (R/D)
2
members appointed to the Credit Union Council
33,749
2,784
threats to the Credit Union Movement separate contributions from contributors
6
state partisan split (R/D)
PAC Payroll deduction credit unions
Member Support
From HR solutions, compliance resources, data and analysis tools, and marketing strategy, the League provided support solutions to credit unions, giving them more time to focus on what matters most.
COMPLIANCE
credit unions accessed 220+ constantly updated model policies via PolicyPro
Monthly Marketing Toolkits geared toward helpful consumer content
51% 404
of members utilized the InfoSight online library 5,615 times
MARKETING
compliance inquiries answered via the ViClarity expert hotline
HUMAN RESOURCES
public relations tools to help credit unions maximize their interactions with the media
134 100+ 4
pre-defined key performance indicators were accessed 303 times by credit unions in CUAnalyzer
12 11 3
quarterly credit union performance reports to help credit unions build strategic priorities and measure success
Education, Community, and Networking
128 15 7
credit unions attended League professional development opportunities aimed to help credit unions thrive
training webinars were provided to address issues facing the credit union industry
506 2 7
job descriptions, policies, and HR forms accessed in HR Suite
credit union staff salary reports provided to League members
DATA & REPORTS
financial services fee reports providing a detailed breakdown of the average fees charged by credit unions and banks
306
young professional networking and professional development opportunities leaders utilized Huddle 1,802 times for ideas, inspiration, and networking
Whether virtual or in-person, staying connected with your peers or expanding your skills is made easy through various League communities and education opportunities.
Ohio Credit Union League and Subsidiary
Consolidated Statements of Financial Position
OHIO CREDIT UNION LEAGUE AND SUBSIDIARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
DECEMBER 31, 2022 AND 2021
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(Restated) (Unaudited) 2022 2021
Current assets: Cash and cash equivalents 2,858,484 $ 2,068,002 $ Certificates of deposit 896,000 648,000 Accounts receivable, net 789,052 793,850 Accounts receivable, related party 307Prepaid expenses 254,431 182,308 Prepaid income taxes 147,175 79,365 Total current assets 4,945,449 3,771,525 Noncurrent assets: Right-of-use (ROU) asset 877,479Private equity investments 3,396,707 3,156,352 Certificates of deposit, long term 248,000 1,144,000 Security deposits 125,768 115,768 Property and equipment, net 360,782 385,908 Total noncurrent assets 5,008,736 4,802,028 Total assets 9,954,185 $ 8, 573,553 $ LIABILITIES AND NET ASSETS Current liabilities: Accounts payable 369, 834 $ 306,101 $ Accounts payable, related party 31,994 28,871 Accrued expenses 309,048 478,144 Deferred tax liabilities 346,400 340,900 Deferred income 1,131,008 1,022,612 Total current liabilities 2,188,284 2,176,628 Noncurrent liabilities: Lease liability 996,789Total noncurrent liabilities 996,789Total liabilities 3,185,073 2,176,628 Net assets: Net assets without donor restrictions 6,769,112 6,396,925 Total liabilities and net assets 9,954,185 $ 8, 573,553 $
ASSETS
Ohio Credit Union League and Subsidiary
Consolidated Statements of Activities
OHIO CREDIT UNION LEAGUE AND SUBSIDIARY CONSOLIDATED STATEMENTS OF ACTIVITIES
YEARS ENDED DECEMBER 31, 2022 AND 2021
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(Restated) (Unaudited) 2022 2021 REVENUE AND SUPPORT Net sales and services 1,724,244 $ 1,400,170 $ Cost of sales 1,042,997 864,992 GROSS PROFIT 681,247 535,178 Membership dues 2,994,381 2,797,764 Marketing reimbursement 1,284,816 1,051,264 Total revenue and support 4,960,444 4,384,206 OPERATING EXPENSES 4,933,197 4,235,399 INCOME FROM OPERATIONS 27,247 148,807 OTHER INCOME Interest and dividend income 12,685 10,334 Rental income 4,464 5,364 Realized and unrealized gains on investments 240,355 30,508 Miscellaneous income 92,051 83,259 Total other income 349,555 129,465 CHANGE IN NET ASSETS BEFORE INCOME TAX EXPENSE 376,802 278,272 Income tax expense 4,615 239,121 CHANGE IN NET ASSETS 372,187 39,151 NET ASSETS, BEGINNING OF YEAR (RESTATED) 6,396,925 6,357,774 NET ASSETS, END OF YEAR 6,769,112 $ 6,396,925 $
Ohio Credit Union League and Subsidiary
Consolidated Statements of Cash Flows
OHIO CREDIT UNION LEAGUE AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2022 AND 2021
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(Unaudited) 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets 372,187 $ 111,955 $ Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities: Deferred income taxes 5,500 302,300 Depreciation and amortization 82,103 90,500 Realized and unrealized gain on investments (240,355) (103,311) Net change in: Accounts receivable 4,798 (260,495) Accounts receivable, related party (307) 1,491 Prepaid expenses (72,123) 80,885 Prepaid income taxes (67,810) (79,365) Security deposits (10,000)ROU asset (877,479)Lease liability 996,789Accounts payable 63,733 (211,441) Accounts payable, related party 3,123 (20,134) Accrued expenses (169,097) 60,803 Deferred income 108,396 (204,994) Net cash provided by (used in) operating activities 199,458 (231,806) CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from maturity of certificates of deposit 648,000 1,000,000 Purchases of certificates of deposit - (1,792,000) Purchase of property and equipment (56,976) (35,889) Net cash provided by (used in) investing activities 591,024 (827,889) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 790,482 (1,059,695) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 2,068,002 3,127,697 CASH AND CASH EQUIVALENTS, END OF YEAR 2,858,484 $ 2, 068,002 $ SUPPLEMENTAL DISCLOSURE Cash paid during the year for income taxes, net of refunds 66,925 $ 15,000 $ SUPPLEMENTAL DISCLOSURE OF NONCASH OPERATING ACTIVITIES Operating ROU asset recorded upon adoption of Accounting Standards Update (ASU) 2016-02 1,005,875 $ - $ Operating lease liabilities recorded upon adoption of ASU 2016-02 1,126,673 -