One Credit Union
- Assets
- $231.1m
- Revenue
- $9.4m
- Investments
- $0.0
- Employees
- 77
- Location
- Springfield, VT
- Founding
- 03/1987
- Data as of
- 12/2021
- EIN
- 03-6008252
Organization Overview
One Credit Union is located in Springfield, VT. The organization was established in 1987. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, One Credit Union employed 77 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. One 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, One Credit Union generated $9.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $8.8m during the year ending 12/2021. While expenses have increased by 3.7% 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
PROVIDING FINANCIAL SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF THIS CREDIT UNION IS TO PROMOTE THRIFT AMONG ITS MEMBERS BY AFFORDING THEM AN OPPORTUNITY FOR ACCUMULATING THEIR SAVINGS, TO CREATE FOR THEM A SOURCE OF CREDIT FOR PROVIDENT OR PRODUCTIVE PURPOSES AT A REASONABLE RATE OF INTEREST, AND TO PROVIDE THE OPPORTUNITY FOR THE MEMBERS TO USE AND CONTROL THEIR MONEY FOR THEIR MUTUAL BENEFIT.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brett A Smith CEO | Officer | 45 | $172,722 |
Nathan D Cobb COO | Officer | 45 | $112,681 |
David Maclean CFO | Officer | 45 | $102,719 |
Jack Mitchell Vice Chair/director | Trustee | 3 | $0 |
Robert Reardon Treasurer/director | Trustee | 3 | $0 |
Cheyenne F Holland Director | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Customized Service Concepts Llc Purchase/maintain Atm Machines | 12/30/21 | $374,369 |
Mvp Health Care Inc Health Care | 12/30/21 | $550,594 |
Nes Group Architechual Design/building | 12/30/21 | $203,829 |
Jln Consulting Llc Dba Jln Contracting Contractor/parking Lot Renovations | 12/30/21 | $151,980 |
Synergent System Processing | 12/30/21 | $497,705 |
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 | $8,958,836 |
| Investment income | $258,233 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $207,736 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,424,805 |
| 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 | $325,156 |
| Compensation of current officers, directors, key employees. | $388,122 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,510,241 |
| Pension plan accruals and contributions | $95,314 |
| Other employee benefits | $804,342 |
| Payroll taxes | $258,219 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $166,239 |
| Fees for services: Accounting | $18,598 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,051,789 |
| Advertising and promotion | $203,239 |
| Office expenses | $618,338 |
| Information technology | $404,152 |
| Royalties | $0 |
| Occupancy | $346,884 |
| Travel | $55,017 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $44 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $421,458 |
| Insurance | $68,050 |
| All other expenses | $52,575 |
| Total functional expenses | $8,824,768 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,187,593 |
| Savings and temporary cash investments | $24,819,235 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,575,917 |
| Loans from Officers, Directors, or Controlling Persons | $332,178 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $158,170,477 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $328,806 |
| Net Land, buildings, and equipment | $4,795,036 |
| Investments—publicly traded securities | $31,818,655 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,027,070 |
| Total assets | $231,054,967 |
| Accounts payable and accrued expenses | $302,819 |
| 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 | $214,425,158 |
| Total liabilities | $214,727,977 |
| 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 | $16,326,990 |
| Total liabilities and net assets/fund balances | $231,054,967 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Granite State Management and Resources Concord, NH | $0 | $15,096,637 |
Tremont Credit Union Milton, MA | $244,401,139 | $9,907,662 |
One Credit Union Springfield, VT | $231,054,967 | $9,424,805 |
Provident Loan Society Of New York New York, NY | $16,413,058 | $4,285,682 |
Rent Reporter Inc New York, NY | $2,937,581 | $1,945,762 |
St Lawrence County Indust Develop Agency Local Develop Corporation Canton, NY | $15,837,974 | $736,257 |
New Hampshire Higher Education Assistance Foundation Concord, NH | $24,303,150 | $1,466,909 |
Brooklyn Alliance Capital Inc Brooklyn, NY | $951,922 | $509,924 |
National Association Of Tax Professionals Inc Binghamton, NY | $229,828 | $164,483 |
American Legion Ellicottville, NY | $221,796 | $143,801 |
Quaboag Valley Business Assistance Corporation Ware, MA | $1,911,936 | $80,140 |
Exceed Network New York, NY | $0 | $0 |