Northern Star Credit Union
- Assets
- $88.1m
- Revenue
- $5.1m
- Investments
- $0.0
- Employees
- 30
- Location
- Portsmouth, VA
- Founding
- Data as of
- 12/2021
- EIN
- 54-0316051
Organization Overview
Northern Star Credit Union is located in Portsmouth, VA. As of 12/2021, Northern Star Credit Union employed 30 individuals. Northern Star 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 Star Credit Union generated $5.1m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of 0.0% each year. All expenses for the organization totaled $4.7m during the year ending 12/2021. 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
THE CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE THAT PROVIDES FINANCIAL SERVICES TO IT'S MEMBERS IN THE FORM OF CHECKING AND SAVINGS ACCOUNTS, LOANS, AND CERTAIN OTHER FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE FINANCIAL SERVICES TO IT'S MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Roger E Early Pres/ceo/tre | Trustee | 40 | $258,817 |
Felicia Scales Director | Trustee | 0.25 | $0 |
Charles R Parker Board Chairm | Trustee | 0.25 | $0 |
Sue R King Board Secret | Trustee | 0.25 | $0 |
Bernard G Matthews Board Vice C | Trustee | 0.25 | $0 |
David Adelman Director | Trustee | 0.25 | $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 | $4,204,092 |
| Investment income | $701,636 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $170,937 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,076,665 |
| 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. | $258,817 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $907,899 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,256,452 |
| Payroll taxes | $88,740 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,789 |
| Fees for services: Accounting | $50,370 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $174,664 |
| Advertising and promotion | $19,043 |
| Office expenses | $156,189 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $78,866 |
| Travel | $14,225 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $333,103 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $78,762 |
| Insurance | $55,528 |
| All other expenses | -$150,446 |
| Total functional expenses | $4,732,508 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,322,086 |
| Savings and temporary cash investments | $14,066,541 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $178,441 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $47,513,707 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $729,933 |
| Net Land, buildings, and equipment | $299,690 |
| Investments—publicly traded securities | $20,592,627 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,367,795 |
| Total assets | $88,070,820 |
| Accounts payable and accrued expenses | $538,926 |
| 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 | $400,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $77,131,333 |
| Total liabilities | $78,070,259 |
| Net assets without donor restrictions | $0 |
| 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 | $10,000,561 |
| Total liabilities and net assets/fund balances | $88,070,820 |
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