Northern Lights Federal Credit Union
- Assets
- $20.3m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 13
- Location
- St Johnsbury, VT
- Founding
- 12/1986
- Data as of
- 12/2016
- EIN
- 22-2610462
Organization Overview
Northern Lights Federal Credit Union is located in St Johnsbury, VT. The organization was established in 1986. 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 12/2016, Northern Lights Federal Credit Union employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northern Lights Federal 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 12/2016, Northern Lights Federal Credit Union generated $1.2m in total revenue. This represents relatively stable growth, over the past 2 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $1.1m during the year ending 12/2016. While expenses have increased by 2.1% per year over the past 2 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
2016
Describe the Organization's Mission:
Part 3 - Line 1
OPERATE A STATE CHARTERED CREDIT UNION FOR THE BENEFIT OF MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM SERVICES RELATE TO DAILY OPERATIONS OF A LOCALLY CONTROLLED, FULL SERVICE CREDIT UNION. PROVIDING SERVICES FOR LOANS, DEPOSIT ACCOUNTS, AND OTHER RELEVANT FINANCIAL SERVICES TO A MEMBER BASE OF APPROXIMATELY 3,410 INDIVIDUALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rita St Arnauld Treasurer | OfficerTrustee | 50 | $109,557 |
James A Glidden Board Member | Trustee | 0.5 | $0 |
David Wiley Board Member | Trustee | 0.5 | $0 |
Todd Cohen Chair | Trustee | 0.5 | $0 |
Janet Lumbra Vice Chair | Trustee | 0.5 | $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 | $873,488 |
| Investment income | $6,924 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,527 |
| 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 | $1,197,075 |
| 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 | $51,674 |
| Compensation of current officers, directors, key employees. | $109,557 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $205,080 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $5,774 |
| Other employee benefits | $44,953 |
| Payroll taxes | $27,298 |
| 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 | $0 |
| Advertising and promotion | $27,145 |
| Office expenses | $58,467 |
| Information technology | $129,089 |
| Royalties | $0 |
| Occupancy | $34,724 |
| Travel | $9,164 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $684 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $68,966 |
| Insurance | $19,873 |
| All other expenses | $77,587 |
| Total functional expenses | $1,114,392 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,218,247 |
| Savings and temporary cash investments | $51,690 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $300 |
| Loans from Officers, Directors, or Controlling Persons | $223,891 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $17,045,461 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $100,256 |
| Net Land, buildings, and equipment | $1,491,425 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $218,104 |
| Total assets | $20,349,374 |
| Accounts payable and accrued expenses | $75,218 |
| 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 | $18,295,490 |
| Total liabilities | $18,370,708 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $1,978,666 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bellwether Community Credit Union Manchester, NH | $557,690,894 | $21,955,180 |
Sharon & Cresent United Credit Union Brockton, MA | $438,601,837 | $18,630,554 |
Quincy Credit Union Quincy, MA | $736,275,717 | $20,097,786 |
Holy Rosary Regional Credit Union Rochester, NH | $399,129,935 | $15,434,385 |
Alltrust Credit Union Fairhaven, MA | $299,264,971 | $13,016,630 |
Members Plus Credit Union Medford, MA | $342,620,781 | $10,885,310 |
St Jeans Credit Union Salem, MA | $315,403,428 | $11,808,191 |
Mass Bay Credit Union South Boston, MA | $300,728,924 | $12,109,797 |
Holyoke Credit Union Holyoke, MA | $242,121,845 | $10,425,579 |
Members First Credit Union Of Nh Manchester, NH | $244,669,595 | $9,857,819 |
Southbridge Credit Union Southbridge, MA | $204,683,991 | $8,395,141 |
Community Credit Union Of Lynn Lynn, MA | $151,832,457 | $6,481,422 |