Green Mountain Credit Union
- Assets
- $91.9m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 20
- Location
- South Burlington, VT
- Founding
- 01/1987
- Data as of
- 12/2021
- EIN
- 03-0213165
Organization Overview
Green Mountain Credit Union is located in South Burlington, 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, Green Mountain Credit Union employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Green Mountain 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, Green Mountain Credit Union generated $4.7m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 13.1% each year . All expenses for the organization totaled $3.2m during the year ending 12/2021. While expenses have increased by 10.0% per year over the past 6 years. They've been increasing with an increasing level of total revenue. 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
TO PROVIDE COMPETITIVE MEMBER SERVICES IN A CONVENIENT TIMELY AND PROFESSIONAL MANNER UTILIZING SOUND MANAGEMENT PRACTICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTENANCE OF MEMBER SHARE AND DEPOSIT ACCOUNTS, NUMBER OF ACCOUNTS IS 8,176
MAINTENANCE OF MEMBER LOAN ACCOUNTS. NUMBER OF ACCOUNTS IS 2,599
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert J Lake Ceotreasurer | OfficerTrustee | 40 | $190,962 |
David Blythe Vice Chairman | Trustee | 8 | $0 |
John King Secretary | Trustee | 8 | $0 |
John St Hilaire Chairman | Trustee | 8 | $0 |
Donald L Lorraine Director | Trustee | 8 | $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 | $4,261,490 |
| Investment income | $5,206 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$348 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,717,938 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $190,962 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $702,154 |
| Pension plan accruals and contributions | $41,614 |
| Other employee benefits | $77,628 |
| Payroll taxes | $60,990 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,571 |
| Fees for services: Accounting | $38,884 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8,591 |
| Office expenses | $121,237 |
| Information technology | $63,071 |
| Royalties | $0 |
| Occupancy | $263,647 |
| Travel | $3,591 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,149 |
| Interest | $941,931 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $117,575 |
| Insurance | $30,577 |
| All other expenses | $89,677 |
| Total functional expenses | $3,210,050 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $225,768 |
| Savings and temporary cash investments | $11,140,487 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $772,253 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $77,602,248 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $62,119 |
| Net Land, buildings, and equipment | $826,386 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $235,437 |
| Other assets | $1,031,871 |
| Total assets | $91,896,569 |
| Accounts payable and accrued expenses | $368,517 |
| 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 | $82,753,993 |
| Total liabilities | $83,122,510 |
| Net assets without donor restrictions | $8,774,059 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $91,896,569 |
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|---|---|---|
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Mass Bay Credit Union South Boston, MA | $300,728,924 | $12,109,797 |
Holyoke Credit Union Holyoke, MA | $242,121,845 | $10,425,579 |
Members First Credit Union Of Nh Manchester, NH | $244,669,595 | $9,857,819 |
Southbridge Credit Union Southbridge, MA | $204,683,991 | $8,395,141 |
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