Green Mountain Credit Union
- Assets
- $96.9m
- Revenue
- $5.7m
- Investments
- $0.0
- Employees
- 29
- Location
- South Burlington, VT
- Founding
- 01/1987
- Data as of
- 12/2022
- 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 12/2022, Green Mountain Credit Union employed 29 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 12/2022, Green Mountain Credit Union generated $5.7m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 26.2% each year . All expenses for the organization totaled $3.4m during the year ending 12/2022. While expenses have increased by 17.4% per year over the past 4 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
2022
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 7,598.
MAINTENANCE OF MEMBER LOAN ACCOUNTS. NUMBER OF ACCOUNTS IS 2,682.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert J Lake Ceotreasurer | OfficerTrustee | 40 | $193,413 |
John St Hilaire Chairman | Trustee | 8 | $0 |
David Blythe Vice Chairman | Trustee | 8 | $0 |
John King Secretary | Trustee | 8 | $0 |
Tiana Smith 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 | $5,161,400 |
| Investment income | $45,028 |
| 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 | $5,731,956 |
| 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. | $193,413 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $829,414 |
| Pension plan accruals and contributions | $36,065 |
| Other employee benefits | $86,023 |
| Payroll taxes | $84,048 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,335 |
| Fees for services: Accounting | $42,246 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $23,410 |
| Office expenses | $152,276 |
| Information technology | $62,736 |
| Royalties | $0 |
| Occupancy | $269,874 |
| Travel | $10,520 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,946 |
| Interest | $945,778 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $112,920 |
| Insurance | $33,245 |
| All other expenses | $65,245 |
| Total functional expenses | $3,440,757 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $555,221 |
| Savings and temporary cash investments | $8,736,243 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $476,848 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $84,815,362 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $63,439 |
| Net Land, buildings, and equipment | $758,721 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $235,437 |
| Other assets | $1,240,741 |
| Total assets | $96,882,012 |
| Accounts payable and accrued expenses | $366,974 |
| 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 | $85,449,780 |
| Total liabilities | $85,816,754 |
| Net assets without donor restrictions | $11,065,258 |
| 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 | $96,882,012 |