Members 1st Credit Union
- Assets
- $17.2m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 12
- Location
- Brattleboro, VT
- Founding
- 02/1987
- Data as of
- 12/2023
- EIN
- 03-0197116
Organization Overview
Members 1st Credit Union is located in Brattleboro, 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 12/2023, Members 1st Credit Union employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Members 1st 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, Members 1st Credit Union generated $1.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $1.1m during the year ending 12/2023. While expenses have increased by 2.3% per year over the past 9 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
CREDIT UNION/NOT FOR PROFIT FINANCIAL INSTITUTION
Describe the Organization's Program Activity:
Part 3 - Line 4a
NOT A REQUIRED FIELD SINCE WE ARE A 501 (C) 14
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Evelyn Sirois CEO | Officer | 40 | $81,441 |
Tamara Gray Chair | Trustee | 1 | $0 |
Michael Del Priore Vice Chair | Trustee | 1 | $0 |
Mona Williams Director | Trustee | 1 | $0 |
Judith Wisell Treasurer | Trustee | 1 | $0 |
David Cotton 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 | $1,244,210 |
| Investment income | $91,214 |
| 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 | $1,335,424 |
| 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 | $166,422 |
| Compensation of current officers, directors, key employees. | $81,441 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $259,394 |
| Pension plan accruals and contributions | $7,652 |
| Other employee benefits | $11,623 |
| Payroll taxes | $26,242 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $85,983 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $43,226 |
| Office expenses | $51,517 |
| Information technology | $61,281 |
| Royalties | $0 |
| Occupancy | $32,521 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25,271 |
| Interest | $0 |
| Payments to affiliates | $6,357 |
| Depreciation, depletion, and amortization | $24,516 |
| Insurance | $9,178 |
| All other expenses | $28,909 |
| Total functional expenses | $1,083,431 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $296,055 |
| Savings and temporary cash investments | $1,223,375 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $15,340,563 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $28,090 |
| Net Land, buildings, and equipment | $158,245 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $185,544 |
| Total assets | $17,231,872 |
| Accounts payable and accrued expenses | $104,606 |
| 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 | $15,152,384 |
| Total liabilities | $15,256,990 |
| 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 | $1,974,882 |
| Total liabilities and net assets/fund balances | $17,231,872 |