Northwest Hills Credit Union Inc
- Assets
- $41.4m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 11
- Location
- Torrington, CT
- Founding
- 03/1976
- Data as of
- 12/2021
- EIN
- 06-6041088
Organization Overview
Northwest Hills Credit Union Inc is located in Torrington, CT. The organization was established in 1976. 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, Northwest Hills Credit Union Inc employed 11 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Northwest Hills Credit Union Inc 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, Northwest Hills Credit Union Inc generated $1.3m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $1.3m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.2%) per year over the past 7 years. 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
HOLDING DEPOSITS FOR AND PROVIDING LOANS TO ITS MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
STATE CHARTERED CREDIT UNION WHICH HOLDS DEPOSITS FOR AND PROVIDES LOANS TO ITS MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Rougeot Chief Executive Officer | Officer | 40 | $110,367 |
Doreen Roy Vice President | Officer | 40 | $97,218 |
James Plawecki Chairman | OfficerTrustee | 1 | $0 |
James Radocy Jr Vice Chairman | OfficerTrustee | 1 | $0 |
David Smedick Secretary | OfficerTrustee | 1 | $0 |
Steven Chenail Director | 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 | $1,106,357 |
| Investment income | $214,029 |
| 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 | $1,320,386 |
| 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. | $220,412 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $273,654 |
| Pension plan accruals and contributions | $28,490 |
| Other employee benefits | $46,946 |
| Payroll taxes | $39,765 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $246,896 |
| Advertising and promotion | $41,311 |
| Office expenses | $179,152 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $52,147 |
| Travel | $3,046 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $742 |
| Interest | $21,030 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $60,965 |
| Insurance | $26,900 |
| All other expenses | $36,475 |
| Total functional expenses | $1,304,470 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $416,569 |
| Savings and temporary cash investments | $26,418,731 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $96,520 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $13,372,902 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $58,922 |
| Net Land, buildings, and equipment | $641,595 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $386,163 |
| Total assets | $41,391,402 |
| Accounts payable and accrued expenses | $26,335 |
| 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 | $38,519,323 |
| Total liabilities | $38,545,658 |
| 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 | $2,845,744 |
| Total liabilities and net assets/fund balances | $41,391,402 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Peoples Credit Union Middletown, RI | $619,991,757 | $25,020,386 |
Sharon & Cresent United Credit Union Brockton, MA | $438,601,837 | $18,630,554 |
Quincy Credit Union Quincy, MA | $736,275,717 | $20,097,786 |
Rhode Island Credit Union Providence, RI | $387,896,384 | $16,678,289 |
Westerly Community Credit Union Wakefield, RI | $412,210,779 | $17,253,972 |
Mutual Security Credit Union Inc Shelton, CT | $354,262,560 | $14,669,690 |
Alltrust Credit Union Fairhaven, MA | $299,264,971 | $13,016,630 |
Ocean State Credit Union Coventry, RI | $328,452,290 | $14,903,508 |
Dutch Point Credit Union Inc Wethersfield, CT | $439,784,551 | $13,078,655 |
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 |