One Credit Union
- Assets
- $246.0m
- Revenue
- $11.3m
- Investments
- $0.0
- Employees
- 77
- Location
- Springfield, VT
- Founding
- 03/1987
- Data as of
- 12/2022
- 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 12/2022, 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 12/2022, One Credit Union generated $11.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $9.5m during the year ending 12/2022. While expenses have increased by 2.1% 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
2022
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brett A Smith CEO | Officer | 45 | $226,392 |
David Maclean CFO | Officer | 45 | $149,568 |
Nathan D Cobb COO | Officer | 45 | $128,243 |
Jeff Taft Chairman/board Of Directors | Trustee | 3 | $0 |
Jack Mitchell Vice Chair/director | Trustee | 3 | $0 |
Robert Reardon Treasurer/director | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nes Group Architechual Design/building | 12/30/22 | $1,238,100 |
Mvp Health Care Inc Health Care | 12/30/22 | $582,018 |
Synergent System Processing | 12/30/22 | $572,786 |
Customized Service Concepts Llc Purchase/maintain Atm Machines | 12/30/22 | $140,326 |
Strategy Corps Llc Marketing Consultants | 12/30/22 | $169,640 |
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 | $10,561,371 |
| Investment income | $659,390 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $118,238 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,338,999 |
| 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 | $257,928 |
| Compensation of current officers, directors, key employees. | $483,768 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,578,464 |
| Pension plan accruals and contributions | $133,867 |
| Other employee benefits | $761,774 |
| Payroll taxes | $272,025 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $170,349 |
| Fees for services: Accounting | $26,676 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,528,494 |
| Advertising and promotion | $172,736 |
| Office expenses | $310,468 |
| Information technology | $437,880 |
| Royalties | $0 |
| Occupancy | $349,800 |
| Travel | $101,275 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $92,263 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $470,495 |
| Insurance | $64,442 |
| All other expenses | $58,304 |
| Total functional expenses | $9,466,832 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $876,535 |
| Savings and temporary cash investments | $5,770,063 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,736,633 |
| Loans from Officers, Directors, or Controlling Persons | $392,584 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $190,071,185 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $312,080 |
| Net Land, buildings, and equipment | $6,043,842 |
| Investments—publicly traded securities | $30,917,654 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,846,120 |
| Total assets | $245,966,696 |
| Accounts payable and accrued expenses | $12,594,520 |
| 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 | $219,122,484 |
| Total liabilities | $231,717,004 |
| 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 | $14,249,692 |
| Total liabilities and net assets/fund balances | $245,966,696 |