Members Advantage Commumity Credit Union
- Assets
- $375.6m
- Revenue
- $16.1m
- Investments
- $0.0
- Employees
- 126
- Location
- Barre, VT
- Founding
- 04/2009
- Data as of
- 12/2022
- EIN
- 03-6005430
Organization Overview
Members Advantage Commumity Credit Union is located in Barre, VT. The organization was established in 2009. 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 12/2022, Members Advantage Commumity Credit Union employed 126 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Members Advantage Commumity 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 12/2022, Members Advantage Commumity Credit Union generated $16.1m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 18.0% each year . All expenses for the organization totaled $13.7m during the year ending 12/2022. While expenses have increased by 21.3% per year over the past 3 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CREDIT UNION - SERVICES DIRECTLY RELATED TO CREDIT UNION OPERATIONS PROVIDING AUTOMOBILE, HOME EQUITY, AND PERSONAL LOANS TO A MEMBERSHIP OF APPROXIMATELY 34,000.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERSHIP BENEFIT PROGRAMS AND SERVICES DIRECTLY RELATED TO CREDIT UNION OPERATIONS PROVIDING AUTOMOBILE, HOME EQUITY, PERSONAL LOANS AND MORTGAGES TO A MEMBERSHIP OF APPROXIMATELY 34,000.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sean Gammon Exec Director/ceo | Officer | 50 | $331,660 |
Jill Fortier Chief Financial Officer | Officer | 50 | $142,798 |
Stacey Benoit Chief Operating Officer | Officer | 50 | $140,601 |
Chuck Karparis Senior Vice President Of Lending | Officer | 45 | $131,353 |
Ethan Grimes VP Mortgage Lending | Officer | 45 | $105,931 |
Mary Hull Secretary | OfficerTrustee | 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 | $13,710,070 |
| Investment income | $2,412,250 |
| 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 | $16,122,320 |
| 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 | $300,433 |
| Compensation of current officers, directors, key employees. | $852,343 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,464,570 |
| Pension plan accruals and contributions | $439,273 |
| Other employee benefits | $781,938 |
| Payroll taxes | $396,053 |
| 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 | $0 |
| Advertising and promotion | $227,596 |
| Office expenses | $1,159,807 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $556,795 |
| Travel | $113,484 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $494,710 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $13,700,330 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,860,052 |
| Savings and temporary cash investments | $135,622,996 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $673,930 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $221,502,384 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $639,847 |
| Net Land, buildings, and equipment | $8,892,587 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,377,938 |
| Total assets | $375,569,734 |
| Accounts payable and accrued expenses | $1,584,923 |
| 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 | $341,346,069 |
| Total liabilities | $342,930,992 |
| 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 | $32,638,742 |
| Total liabilities and net assets/fund balances | $375,569,734 |