Achieve Financial Credit Union Inc
- Assets
- $192.5m
- Revenue
- $12.0m
- Investments
- $2.4m
- Employees
- 36
- Location
- Berlin, CT
- Founding
- 03/1976
- Data as of
- 12/2023
- EIN
- 06-0696607
Organization Overview
Achieve Financial Credit Union Inc is located in Berlin, 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 12/2023, Achieve Financial Credit Union Inc employed 36 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Achieve Financial 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 12/2023, Achieve Financial Credit Union Inc generated $12.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.7% each year. All expenses for the organization totaled $11.1m during the year ending 12/2023. While expenses have increased by 6.6% per year over the past 8 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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ORIGINATION AND MAINTENANCE OF MEMBERS' DEPOSIT ACCOUNTS
ORIGINATION AND MAINTENANCE OF MEMBERS' LOAN ACCOUNTS
PAYMENT OF INTEREST AND DIVIDENDS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Langdon Director | Trustee | 1 | $0 |
John Stairs Treasurer/secretary | Trustee | 1 | $0 |
William Ackerman Director | Trustee | 1 | $0 |
John Fredericks Chairman | Trustee | 1 | $0 |
Elaine Richards Director | Trustee | 1 | $0 |
Dene Welage Vice Chairman | 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 | $7,742,327 |
| Investment income | $737,670 |
| 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 | $12,016,169 |
| 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. | $738,202 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,626,073 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $269,435 |
| Payroll taxes | $188,862 |
| Fees for services: Management | $132,025 |
| Fees for services: Legal | $12,000 |
| Fees for services: Accounting | $34,420 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $218,033 |
| Office expenses | $1,813,215 |
| Information technology | $699,684 |
| Royalties | $0 |
| Occupancy | $395,928 |
| Travel | $33,581 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,161,964 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $418,257 |
| Insurance | $72,640 |
| All other expenses | $0 |
| Total functional expenses | $11,112,680 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,033,548 |
| Savings and temporary cash investments | $6,987,610 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $273,838 |
| Loans from Officers, Directors, or Controlling Persons | $3,065,756 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $130,753,283 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,411,653 |
| Net Land, buildings, and equipment | $6,054,328 |
| Investments—publicly traded securities | $38,967,569 |
| Investments—other securities | $2,384,037 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $544,177 |
| Total assets | $192,475,799 |
| Accounts payable and accrued expenses | $1,068,907 |
| 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 | $10,000,000 |
| Unsecured mortgages and notes payable | $8,300,000 |
| Other liabilities | $161,990,529 |
| Total liabilities | $181,359,436 |
| 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 | $11,116,363 |
| Total liabilities and net assets/fund balances | $192,475,799 |