Credit Union 1
- Assets
- $1.5b
- Revenue
- $70.7m
- Investments
- $292.8m
- Employees
- 570
- Location
- Anchorage, AK
- Founding
- 02/1993
- Data as of
- 12/2021
- 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 12/2021, Credit Union 1 employed 570 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 12/2021, Credit Union 1 generated $70.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $56.2m 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
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 |
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 | $61,451,527 |
| Investment income | $3,039,626 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,618,281 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $70,736,844 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $20,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,992,317 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $20,058,948 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $1,476,262 |
| Other employee benefits | $4,563,400 |
| Payroll taxes | $1,762,822 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $88,414 |
| Fees for services: Accounting | $386,682 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $247,558 |
| Advertising and promotion | $373,766 |
| Office expenses | $7,293,742 |
| Information technology | $4,036,373 |
| Royalties | $0 |
| Occupancy | $2,089,324 |
| Travel | $199,414 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $98,311 |
| Interest | $4,259,075 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,388,006 |
| Insurance | $375,111 |
| All other expenses | $0 |
| Total functional expenses | $56,215,868 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,394,835 |
| Savings and temporary cash investments | $241,180,189 |
| 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 | $835,862,164 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,992,785 |
| Net Land, buildings, and equipment | $33,316,698 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $292,783,107 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $48,445,125 |
| Total assets | $1,468,974,903 |
| Accounts payable and accrued expenses | $1,291,745,282 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $3,072,706 |
| 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 | $14,809,315 |
| Total liabilities | $1,309,627,303 |
| 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 | $159,347,600 |
| Total liabilities and net assets/fund balances | $1,468,974,903 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Credit Union 1 has recieved totaling $5,700.
| Awarding Organization | Amount |
|---|---|
Child Care Connection Inc Anchorage, AK PURPOSE: Covid19 Program Support | $5,700 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Credit Unions In The State Of Washington Olympia, WA | $2,172,440,238 | $102,241,429 |
Credit Unions In The State Of Washington Tacoma, WA | $2,549,084,611 | $105,611,575 |
Kitsap Credit Union Bremerton, WA | $2,025,562,127 | $86,231,802 |
Whatcom Educational Credit Union Bellingham, WA | $2,491,858,278 | $85,746,120 |
Columbia Community Credit Union Vancouver, WA | $2,324,855,630 | $81,363,284 |
Iq Credit Union Vancouver, WA | $1,792,465,816 | $77,633,682 |
Credit Union 1 Anchorage, AK | $1,468,974,903 | $70,736,844 |
Credit Unions In The State Of Washington Spokane Valley, WA | $1,730,610,354 | $75,301,654 |
Credit Unions In The State Of Washington Tacoma, WA | $1,876,992,646 | $74,633,531 |
Salal Credit Union Seattle, WA | $1,076,834,962 | $53,428,759 |
Credit Unions In The State Of Washington Seattle, WA | $1,324,555,734 | $53,981,403 |
Seattle Metropolitan Credit Union Seattle, WA | $1,060,154,632 | $41,882,424 |