Opportunities Credit Union
- Assets
- $59.7m
- Revenue
- $3.9m
- Investments
- $1.2m
- Employees
- 30
- Location
- Winooski, VT
- Founding
- 09/1989
- Data as of
- 12/2021
- EIN
- 03-0321712
Organization Overview
Opportunities Credit Union is located in Winooski, VT. The organization was established in 1989. 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, Opportunities Credit Union employed 30 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Opportunities 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, Opportunities Credit Union generated $3.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.3% each year. All expenses for the organization totaled $3.3m during the year ending 12/2021. While expenses have increased by 0.2% per year over the past 7 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 BUILD WEALTH, COMMUNITY, AND OPPORTUNITY THROUGH A FAIR AND AFFORDABLE FINANCIAL SYSTEM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPPORTUNITIES CREDIT UNION (THE CREDIT UNION) IS FOCUSED ON IMPROVING THE FINANCIAL STABILITY OF VERMONTERS AND OUR COMMUNITY. OUR MEMBERS COME FROM OVER 220 TOWNS IN VERMONT AND OVER 42 COUNTRIES. EACH MEMBER HAS HIS OR HER OWN UNIQUE STORY AND FINANCIAL GOALS. OUR INVESTORS AND PARTNERS ARE EQUALLY FOCUSED ON HAVING AN IMPACT IN OUR TARGET MARKET. THE CREDIT UNION IS A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION SERVING THE STATE OF VERMONT'S MODERATE- AND LOW-INCOME POPULATION WITH AFFORDABLE CAPITAL AND COUNSELING-BASED FINANCIAL SERVICES. THE CREDIT UNION ATTRACTS FEDERAL AND OTHER GRANTS TO ASSIST IN PROVIDING THESE PROGRAMS. AS A NONPROFIT ORGANIZATION, THE CREDIT UNION IS DEDICATED TO PROMOTING THRIFT AMONG ITS MEMBERS BY AFFORDING THEM AN OPPORTUNITY FOR ACCUMULATING THEIR SAVINGS, ASSISTING TO CREATE FOR THEM A SOURCE OF CREDIT FOR PROVIDENT OR PRODUCTIVE PURPOSES AT A REASONABLE RATE OF INTEREST, AND PROVIDING THE OPPORTUNITY FOR THE MEMBERS TO USE AND CONTROL THEIR MONEY FOR THEIR MUTUAL BENEFITS. THE TARGET AREA IS THE BURLINGTON ENTERPRISE COMMUNITY AND SELECTED GROUPS THROUGHOUT VERMONT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Katharine Laud President | Officer | 40 | $146,289 |
Erin Metivier Sr Finance/hr Manager | Officer | 40 | $96,624 |
Agnes Cook Secretary/treasurer | OfficerTrustee | 1 | $0 |
Charles Baker Chair | OfficerTrustee | 1 | $0 |
Glenn Von Bernewitz Vice Chair | OfficerTrustee | 1 | $0 |
Andrew Flewelling Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $396,552 |
| All other contributions, gifts, grants, and similar amounts not included above | $63,800 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $460,352 |
| Total Program Service Revenue | $3,386,475 |
| Investment income | $44,865 |
| 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 | $3,891,692 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,750 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $103,938 |
| Compensation of current officers, directors, key employees. | $269,355 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $996,179 |
| Pension plan accruals and contributions | $50,682 |
| Other employee benefits | $222,534 |
| Payroll taxes | $120,423 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,178 |
| Fees for services: Accounting | $44,056 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $33,275 |
| Advertising and promotion | $53,173 |
| Office expenses | $257,215 |
| Information technology | $240,112 |
| Royalties | $0 |
| Occupancy | $135,337 |
| Travel | $1,971 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,011 |
| Interest | $54,569 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $22,748 |
| Insurance | $9,170 |
| All other expenses | $282,424 |
| Total functional expenses | $3,282,216 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $442,957 |
| Savings and temporary cash investments | $13,141,629 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $40,062 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $42,450,043 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $156,779 |
| Net Land, buildings, and equipment | $39,861 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,216,100 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,245,520 |
| Total assets | $59,732,951 |
| Accounts payable and accrued expenses | $43,025 |
| Grants payable | $0 |
| Deferred revenue | $1,366,400 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,856,003 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $5,895,480 |
| Other liabilities | $44,348,314 |
| Total liabilities | $53,509,222 |
| 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 | $6,223,729 |
| Total liabilities and net assets/fund balances | $59,732,951 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Opportunities Credit Union has recieved totaling $76,084.
| Awarding Organization | Amount |
|---|---|
Consumer Credit Counseling Service Of San Francisco Concord, CA PURPOSE: HOUSING COUNSELING & EDUCATION | $76,084 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bellwether Community Credit Union Manchester, NH | $557,690,894 | $21,955,180 |
Sharon & Cresent United Credit Union Brockton, MA | $438,601,837 | $18,630,554 |
Quincy Credit Union Quincy, MA | $736,275,717 | $20,097,786 |
Holy Rosary Regional Credit Union Rochester, NH | $399,129,935 | $15,434,385 |
Alltrust Credit Union Fairhaven, MA | $299,264,971 | $13,016,630 |
Members Plus Credit Union Medford, MA | $342,620,781 | $10,885,310 |
St Jeans Credit Union Salem, MA | $315,403,428 | $11,808,191 |
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 |
Community Credit Union Of Lynn Lynn, MA | $151,832,457 | $6,481,422 |