America's First Network Credit Union
- Assets
- $74.6m
- Revenue
- $3.9m
- Investments
- $0.0
- Employees
- 27
- Location
- East Hartford, CT
- Founding
- Data as of
- 12/2023
- EIN
- 06-0944493
Organization Overview
America's First Network Credit Union is located in East Hartford, CT. As of 12/2023, America's First Network Credit Union employed 27 individuals. America's First Network 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 12/2023, America's First Network Credit Union generated $3.9m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 15.9% each year . All expenses for the organization totaled $3.4m during the year ending 12/2023. While expenses have increased by 12.9% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL SERVICES TO OUR MEMBERS AND THEIR FAMILY MEMBERS THAT WORK AND/OR BELONG TO SPECIFIC COMPANIES/ORGANIZATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOANS TO MEMBERS OF THE CREDIT UNION
INTEREST EARNED ON CREDIT UNION INVESTMENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Philip Lane Board Chairman | Trustee | 1.5 | $0 |
Richard Vibberts Board Vice Chairman | Trustee | 1 | $0 |
June Martin Board Treasurer | Trustee | 1.5 | $3,767 |
Robert Counihan Board Secretary | Trustee | 1 | $0 |
Gregory Marty Board Member | Trustee | 1 | $0 |
Matthew Morton Jr Board Member | 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 | $3,286,643 |
| Investment income | $629,644 |
| 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 | $3,916,287 |
| 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. | $215,427 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,105,664 |
| Pension plan accruals and contributions | $32,640 |
| Other employee benefits | $91,564 |
| Payroll taxes | $112,265 |
| Fees for services: Management | $85,619 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,651 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,159 |
| Fees for services: Other | $19,395 |
| Advertising and promotion | $42,030 |
| Office expenses | $554,652 |
| Information technology | $111,656 |
| Royalties | $0 |
| Occupancy | $184,277 |
| Travel | $63,200 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,450 |
| Interest | $23 |
| Payments to affiliates | $17,744 |
| Depreciation, depletion, and amortization | $45,812 |
| Insurance | $29,476 |
| All other expenses | $0 |
| Total functional expenses | $3,369,664 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $840,641 |
| Savings and temporary cash investments | $3,945,242 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $290,705 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $46,042,531 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $73,849 |
| Net Land, buildings, and equipment | $569,710 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $21,118,109 |
| Intangible assets | $0 |
| Other assets | $1,716,978 |
| Total assets | $74,597,765 |
| Accounts payable and accrued expenses | $628,478 |
| 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 | $65,899,998 |
| Total liabilities | $66,528,476 |
| 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 | $8,069,289 |
| Total liabilities and net assets/fund balances | $74,597,765 |