Northwest Federal Credit Union Foundation
- Assets
- $1.6m
- Revenue
- $376.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Herndon, VA
- Founding
- 06/2006
- Data as of
- 12/2023
- EIN
- 20-2945601
Organization Overview
Northwest Federal Credit Union Foundation is located in Herndon, VA. The organization was established in 2006. According to its NTEE Classification (B60) the organization is classified as: Adult Education, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northwest Federal Credit Union Foundation 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 12/2023, Northwest Federal Credit Union Foundation generated $376.3k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $254.3k during the year ending 12/2023. While expenses have increased by 5.4% per year over the past 9 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
TO EMPOWER YOUTH TO ACHIEVE THEIR GOALS BY HELPING THEM LEARN AND CELEBRATE LIFE AND BY SUPPORTING THEIR HEALTH AND WELLBEING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2023 AWARDED 29 SCHOLARSHIPS TO ASPIRING STUDENT MEMBERS OF NWFCU.
OTHER PROGRAM EXPENSES
PROVIDED CHARITABLE CONTRIBUTIONS TO OTHER ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Bentley Chairman | OfficerTrustee | 1 | $0 |
Juri Valdov Vice Chairma | OfficerTrustee | 1 | $0 |
Mary Defelice Director | Trustee | 1 | $0 |
Milly Cramer Director | Trustee | 1 | $0 |
Dave Eldred Director | Trustee | 1 | $0 |
Nene Spivy Director | 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 | $332,852 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $332,852 |
| Total Program Service Revenue | $0 |
| Investment income | $43,442 |
| 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 | $376,294 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $120,211 |
| 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 | $2,000 |
| Fees for services: Accounting | $9,180 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,842 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $3,937 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $11,491 |
| 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 | $0 |
| Total functional expenses | $254,289 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $755,176 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,205 |
| 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 | $873,903 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,633,284 |
| Accounts payable and accrued expenses | $5,061 |
| 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 | $0 |
| Total liabilities | $5,061 |
| Net assets without donor restrictions | $1,517,969 |
| Net assets with donor restrictions | $110,254 |
| 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 | $1,633,284 |
Grants Awarded
Over the last fiscal year, Northwest Federal Credit Union Foundation has awarded $30,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
INOVA CARES CLINIC FOR CHILDREN | | | $10,000 |
NORTHERN VIRGINIA COMMUNITY COLLEGE | | | $20,000 |