Northern Credit Union
- Assets
- $435.0m
- Revenue
- $31.5m
- Investments
- $0.0
- Employees
- 171
- Location
- Watertown, NY
- Founding
- 06/2019
- Data as of
- 12/2021
- 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 12/2021, Northern Credit Union employed 171 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 12/2021, Northern Credit Union generated $31.5m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 13.1% each year . All expenses for the organization totaled $25.9m during the year ending 12/2021. While expenses have increased by 8.7% 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
2021
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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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel St Hilaire CEO | Officer | 50 | $322,970 |
Nathan Hunter CFO | Officer | 50 | $174,707 |
Daniel Estal VP Lending | Officer | 50 | $0 |
Jessica Ridsdale SVP Of Hr/compliance | Officer | 50 | $0 |
Christine Booth VP Of Member Relations | Officer | 50 | $0 |
Bonnie Belfield VP Of Operations | Officer | 50 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Synergent Contracted Services | 12/30/21 | $1,938,190 |
Hueber-breuer Construction Co Inc Construction Services | 12/30/21 | $1,080,932 |
Meridian It Inc It Consulting/network Monitoring | 12/30/21 | $592,020 |
Superior Enterprises Of Northern Ny Llc Contracted Services | 12/30/21 | $420,902 |
Adt Commercial Llc Equipment, Software, And Services | 12/30/21 | $1,404,049 |
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 | $17,183,428 |
| Investment income | $39,373 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$238,502 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $31,512,409 |
| 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. | $568,501 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,523,528 |
| Pension plan accruals and contributions | $593,764 |
| Other employee benefits | $1,097,861 |
| Payroll taxes | $653,668 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $131,895 |
| Fees for services: Accounting | $76,896 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $616,168 |
| Office expenses | $617,674 |
| Information technology | $1,696,399 |
| Royalties | $0 |
| Occupancy | $1,092,895 |
| Travel | $19,957 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,216 |
| Interest | $1,029,262 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,352,608 |
| Insurance | $114,959 |
| All other expenses | $318,975 |
| Total functional expenses | $25,901,041 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $27,838,873 |
| Savings and temporary cash investments | $532,215 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $374,287,309 |
| Loans from Officers, Directors, or Controlling Persons | $3,570,323 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $762,149 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,609,454 |
| Net Land, buildings, and equipment | $15,208,362 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,193,180 |
| Total assets | $435,001,865 |
| Accounts payable and accrued expenses | $9,636,422 |
| 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 | $0 |
| Total liabilities | $13,836,422 |
| Net assets without donor restrictions | $415,566,575 |
| Net assets with donor restrictions | $5,598,868 |
| 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 | $435,001,865 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Municipal Credit Union New York, NY | $4,195,909,598 | $220,924,766 |
Trumark Financial Credit Union Fort Washington, PA | $2,771,242,877 | $109,685,822 |
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 |
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 |
Vermont State Employees Credit Union Montpelier, VT | $1,088,463,473 | $48,370,084 |
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 |
Belco Community Credit Union Harrisburg, PA | $811,601,260 | $40,862,040 |
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 |