Credit Unions Building Financial Independence Inc
- Assets
- $501.6k
- Revenue
- $148.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Meriden, CT
- Founding
- 11/1980
- Data as of
- 12/2021
- EIN
- 06-1029942
Organization Overview
Credit Unions Building Financial Independence Inc is located in Meriden, CT. The organization was established in 1980. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Credit Unions Building Financial Independence Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Credit Unions Building Financial Independence Inc generated $148.2k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 13.9% each year . All expenses for the organization totaled $112.3k during the year ending 12/2021. While expenses have increased by 14.1% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP CT RESIDENTS ACHIEVE FINANCIAL STABILITY AND SECURITY THROUGH PROGRAM INITIATIVES
Describe the Organization's Program Activity:
Part 3 - Line 4a
COLLABORATIVE EFFORT BY CREDIT UNIONS, CUBFI, AND CULCT TO PROVIDE HANDS-ON EXPERIENCE TO STUDENTS TO LEARN HOW TO LIVE WITHIN THEIR FINANCIAL MEANS SUCCESSFULLY.
TO PROVIDE FUNDRAISING OPPORTUNITIES TO CREDIT UNION MEMBERS IN ORDER TO PROVIDE GRANTS TO STATE NOT-FOR-PROFIT ORGANIZATIONS.
COLLABORATIVE EFFORT BY CREDIT UNIONS AND THE CUBFI ORGANIZATIONS TO RAISE ADDITIONAL MONETARY DONATIONS TO SUPPORT NON-PROFIT ORGANZIATIONS (E.G. THE CT FOOD BANK, FOODSHARE, AND OPERATION FUEL, INC.)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bruce Adams President | Officer | 1 | $0 |
David Hinchey Executive Director | Officer | 0 | $0 |
Teresa Knox Board Chair | Trustee | 1 | $0 |
Sabrina Defazio Board Vice Chair | Trustee | 1 | $0 |
Keith Wiemert Secretary/treasurer | Trustee | 1 | $0 |
Kathy Chartier Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $38,729 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $36,861 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $75,590 |
| Total Program Service Revenue | $0 |
| Investment income | $185 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $33,499 |
| Net Income from Gaming Activities | $38,695 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $148,162 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $71,750 |
| Grants and other assistance to domestic individuals. | $5,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $3,440 |
| Advertising and promotion | $3,290 |
| Office expenses | $1,523 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $262 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $304 |
| Total functional expenses | $112,289 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $134,561 |
| Savings and temporary cash investments | $366,940 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $141 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $501,642 |
| Accounts payable and accrued expenses | $75,210 |
| Grants payable | $0 |
| Deferred revenue | $5,000 |
| 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 | $0 |
| Total liabilities | $80,210 |
| Net assets without donor restrictions | $268,768 |
| Net assets with donor restrictions | $152,664 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $501,642 |
Grants Awarded
Over the last fiscal year, Credit Unions Building Financial Independence Inc has awarded $55,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CDFI FUND MATCH PURPOSE: DONATION | $40,000 |
CAMP COURANT PURPOSE: DONATION | $15,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Credit Unions Building Financial Independence Inc has recieved totaling $5.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $5 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Navigant Credit Union Smithfield, RI | $3,081,655,511 | $116,968,150 |
Metro Credit Union Chelsea, MA | $2,510,941,078 | $92,937,477 |
American Eagle Financial Credit Union Incorporated East Hartford, CT | $2,355,398,570 | $80,581,273 |
Coastal1 Credit Union Pawtucket, RI | $2,840,412,596 | $91,925,616 |
Sunmark Credit Union Latham, NY | $1,009,786,367 | $61,777,524 |
Jeanne Darc Credit Union Lowell, MA | $1,792,528,408 | $59,293,841 |
Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |
St Annes Credit Union Of Fall River Mass Fall River, MA | $1,266,762,131 | $34,865,858 |
Sikorsky Financial Credit Union Inc Stratford, CT | $1,094,000,567 | $34,623,993 |
Leominster Credit Union Leominster, MA | $813,719,349 | $30,410,755 |
St Marys Credit Union Inc Marlborough, MA | $985,400,554 | $32,310,700 |