Credit Union 1
- Assets
- $1.5b
- Revenue
- $92.4m
- Investments
- $230.6m
- Employees
- 516
- Location
- Anchorage, AK
- Founding
- 02/1993
- Data as of
- 12/2023
- EIN
- 92-0021481
Organization Overview
Credit Union 1 is located in Anchorage, AK. The organization was established in 1993. 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 12/2023, Credit Union 1 employed 516 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Credit Union 1 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 12/2023, Credit Union 1 generated $92.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $83.3m during the year ending 12/2023. While expenses have increased by 4.6% per year over the past 8 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
HELP MEMBERS ACHIEVE THEIR FINANCIAL GOALS BY FOCUSING ON EXCELLENT SERVICE AND VALUE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE SERVICES TO ELIGIBLE MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Director | Trustee | 1 | $0 |
Name Not Listed Treasurer | Trustee | 1 | $0 |
Name Not Listed Vice Chair | Trustee | 1 | $0 |
Name Not Listed Director | Trustee | 1 | $0 |
Name Not Listed Secretary | Trustee | 1 | $0 |
Name Not Listed Chair | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $78,161,747 |
| Investment income | $10,066,387 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$15,871 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $92,423,998 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $30,550 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,652,312 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $25,625,883 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $1,522,009 |
| Other employee benefits | $4,081,848 |
| Payroll taxes | $2,153,991 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,567 |
| Fees for services: Accounting | $421,124 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $376,601 |
| Advertising and promotion | $789,874 |
| Office expenses | $9,067,994 |
| Information technology | $5,193,700 |
| Royalties | $0 |
| Occupancy | $2,459,570 |
| Travel | $551,852 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $314,403 |
| Interest | $8,954,500 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,737,837 |
| Insurance | $436,543 |
| All other expenses | $0 |
| Total functional expenses | $83,312,210 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20,075,571 |
| Savings and temporary cash investments | $118,800,615 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,062,262,338 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,099,698 |
| Net Land, buildings, and equipment | $38,878,409 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $230,574,595 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $45,891,514 |
| Total assets | $1,519,582,740 |
| Accounts payable and accrued expenses | $1,183,276,946 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $3,602,897 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $150,000,000 |
| Other liabilities | $21,767,097 |
| Total liabilities | $1,358,646,940 |
| 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 | $160,935,800 |
| Total liabilities and net assets/fund balances | $1,519,582,740 |