Members 1st Credit Union
- Assets
- $18.2m
- Revenue
- $822.7k
- Investments
- $0.0
- Employees
- 13
- Location
- Brattleboro, VT
- Founding
- 02/1987
- Data as of
- 12/2021
- EIN
- 03-0197116
Organization Overview
Members 1st Credit Union is located in Brattleboro, VT. The organization was established in 1987. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Members 1st Credit Union employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Members 1st Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Members 1st Credit Union generated $822.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.2%) each year. All expenses for the organization totaled $732.7k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.7%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
CREDIT UNION/NOT FOR PROFIT FINANCIAL INSTITUTION
Describe the Organization's Program Activity:
Part 3 - Line 4a
NOT A REQUIRED FIELD SINCE WE ARE A 501 (C) 14
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Evelyn Sirois CEO | Officer | 40 | $83,079 |
Steve Clark Director | Trustee | 1 | $0 |
David Cotton Chairperson | Trustee | 1 | $0 |
Judith Wisell Treasurer | Trustee | 1 | $0 |
Tamara Gray Vice Chair | Trustee | 1 | $0 |
William Harvey Secretary | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $813,377 |
| Investment income | $6,325 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $822,671 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $49,405 |
| Compensation of current officers, directors, key employees. | $83,079 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $198,730 |
| Pension plan accruals and contributions | $5,467 |
| Other employee benefits | $7,716 |
| Payroll taxes | $22,831 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $86,878 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $27,359 |
| Office expenses | $32,265 |
| Information technology | $54,625 |
| Royalties | $0 |
| Occupancy | $30,887 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $972 |
| Interest | $0 |
| Payments to affiliates | $5,264 |
| Depreciation, depletion, and amortization | $22,942 |
| Insurance | $8,755 |
| All other expenses | $16,851 |
| Total functional expenses | $732,693 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $242,134 |
| Savings and temporary cash investments | $6,910,039 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,709,969 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,880 |
| Net Land, buildings, and equipment | $174,560 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $177,778 |
| Total assets | $18,220,360 |
| Accounts payable and accrued expenses | $71,000 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $16,525,500 |
| Total liabilities | $16,596,500 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $1,623,860 |
| Total liabilities and net assets/fund balances | $18,220,360 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Metro Credit Union Chelsea, MA | $2,510,941,078 | $92,937,477 |
Northeast Credit Union Portsmouth, NH | $1,982,489,459 | $75,179,197 |
Sunmark Credit Union Latham, NY | $1,009,786,367 | $61,777,524 |
Jeanne Darc Credit Union Lowell, MA | $1,792,528,408 | $59,293,841 |
Vermont State Employees Credit Union Montpelier, VT | $1,088,463,473 | $48,370,084 |
Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |
St Annes Credit Union Of Fall River Mass Fall River, MA | $1,266,762,131 | $34,865,858 |
Granite State Credit Union Manchester, NH | $634,204,646 | $34,223,432 |
Leominster Credit Union Leominster, MA | $813,719,349 | $30,410,755 |
St Marys Credit Union Inc Marlborough, MA | $985,400,554 | $32,310,700 |
Triangle Credit Union Nashua, NH | $877,280,050 | $30,352,425 |