Forrit Credit Union
- Assets
- $102.2m
- Revenue
- $3.7m
- Investments
- $0.0
- Employees
- 27
- Location
- Portland, OR
- Founding
- 10/1944
- Data as of
- 12/2022
- EIN
- 93-0256538
Organization Overview
Forrit Credit Union is located in Portland, OR. The organization was established in 1944. 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 12/2022, Forrit Credit Union employed 27 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Forrit 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 12/2022, Forrit Credit Union generated $3.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $3.8m during the year ending 12/2022. While expenses have increased by 4.3% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
WE PROVIDE SOLUTIONS TO IMPROVE EACH MEMBERS FINANCIAL LIFE BY PROVIDING SAVINGS, INVESTMENTS, AND CONSUMER LOAN PRODUCTS AT FAVORABLE RATES WITH MINIMAL FEES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATIONS & MAINTENANCE OF A COOPERATIVE CREDIT UNION OWNED BY ITS MEMBERS.
INTEREST & DIVIDENDS PAID ON SAVINGS, CERTIFICATE OF DEPOSIT AND BORROWINGS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Justin Olson Ceo/president | Officer | 45 | $128,058 |
Andrew Ackman Director Of It | Trustee | 45 | $95,176 |
Cindy Packard Director Of Member Services | Trustee | 45 | $93,068 |
Wendy Russell Director Of Finance | Trustee | 45 | $92,900 |
Sarah Buck Director Of Experience | Trustee | 45 | $84,404 |
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 | $3,387,718 |
| Investment income | $281,022 |
| 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 | $3,668,740 |
| 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. | $493,606 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $830,196 |
| Pension plan accruals and contributions | $89,314 |
| Other employee benefits | $183,888 |
| Payroll taxes | $120,673 |
| Fees for services: Management | $134,222 |
| Fees for services: Legal | $10,142 |
| Fees for services: Accounting | $200,634 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $195,777 |
| Office expenses | $94,679 |
| Information technology | $549,888 |
| Royalties | $0 |
| Occupancy | $222,391 |
| Travel | $809 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $26,805 |
| Interest | $123,166 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $139,427 |
| Insurance | $29,823 |
| All other expenses | $0 |
| Total functional expenses | $3,773,118 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,465,459 |
| Savings and temporary cash investments | $28,867,693 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $42,387 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $67,407,044 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $214,633 |
| Net Land, buildings, and equipment | $1,043,924 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,136,125 |
| Total assets | $102,177,265 |
| Accounts payable and accrued expenses | $548,644 |
| 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 | $548,644 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $91,036,014 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $10,592,607 |
| Total liabilities and net assets/fund balances | $102,177,265 |