Northern Credit Union
- Assets
- $598.8m
- Revenue
- $33.9m
- Investments
- $0.0
- Employees
- 192
- Location
- Watertown, NY
- Founding
- 06/2019
- Data as of
- 12/2022
- EIN
- 15-0580359
Organization Overview
Northern Credit Union is located in Watertown, NY. The organization was established in 2019. 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, Northern Credit Union employed 192 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northern 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, Northern Credit Union generated $33.9m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 11.7% each year . All expenses for the organization totaled $30.6m during the year ending 12/2022. While expenses have increased by 11.0% per year over the past 4 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
WE ARE DRIVEN TO IMPROVE THE FINANCIAL LIVES OF THOSE WE SERVE THROUGH EMPOWERMENT AND PERSONALIZED SOLUTIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NORTHERN CREDIT UNION PROVIDES LOW-COST FINANCIAL PRODUCTS AND SERVICES INCLUDING ONLINE AND MOBILE BANKING, ACCESS TO OVER 30,000 FEE-FREE ATM'S AND 5,000+ SHARED BRANCH LOCATIONS. NORTHERN ALSO OFFERS LOW-INTEREST RATE LOANS AND COMPETITIVE DIVIDEND RATES ON CHECKING AND INVESTMENT ACCOUNTS AS WELL AS A WIDE VARIETY OF FINANCIAL PRODUCTS AND SERVICES DESIGNED TO HELP MEMBERS LIVE THEIR BEST FINANCIAL LIVES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Rowe Chair | Trustee | 1 | $0 |
Gary Baker Vice Chair | Trustee | 1 | $0 |
Brian Robbins Secretary/treasurer | Trustee | 1 | $0 |
Nicole Donaldson Director | Trustee | 1 | $0 |
Lauren Mccarthy Director | Trustee | 1 | $0 |
Mitchell Franklin Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hueber-breuer Construction Co Inc Construction Services | 12/30/22 | $2,879,922 |
Synergent Contracted Services | 12/30/22 | $2,027,479 |
Adt Commercial Llc Equipment, Software, And Services | 12/30/22 | $1,041,069 |
Meridian It Inc It Consulting/network Monitoring | 12/30/22 | $777,015 |
Signarama Corporate Sign Vendor/massena Signage/bi | 12/30/22 | $440,163 |
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 | $31,458,607 |
| Investment income | $338,593 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$21,152 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $33,941,010 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,999 |
| 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. | $787,206 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,275,486 |
| Pension plan accruals and contributions | $715,629 |
| Other employee benefits | $1,182,580 |
| Payroll taxes | $689,156 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $137,465 |
| Fees for services: Accounting | $168,371 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,055,456 |
| Office expenses | $678,746 |
| Information technology | $2,074,584 |
| Royalties | $0 |
| Occupancy | $956,621 |
| Travel | $37,921 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,125 |
| Interest | $1,787,494 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,462,196 |
| Insurance | $140,438 |
| All other expenses | $331,353 |
| Total functional expenses | $30,587,809 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,552,779 |
| Savings and temporary cash investments | $9,369,684 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $523,639,065 |
| Loans from Officers, Directors, or Controlling Persons | $3,606,262 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $762,149 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $10,245,236 |
| Net Land, buildings, and equipment | $18,846,925 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,776,338 |
| Total assets | $598,798,438 |
| Accounts payable and accrued expenses | $21,047,611 |
| 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 | $4,200,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $223,519 |
| Total liabilities | $25,471,130 |
| Net assets without donor restrictions | $573,327,308 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $598,798,438 |