Overview
What is Opportunities Credit Union?
Opportunities Credit Union is a nonprofit organization situated in Winooski, Vermont. With a diverse membership hailing from over 220 towns, many of whom are refugees or immigrants, the credit union aims to enhance the financial stability of Vermonters. As a Community Development Financial Institution, it serves Vermont's moderate and low-income population, offering affordable capital and counseling-based financial services. To achieve these objectives, the credit union attracts federal and other grants to fund its programs. Its mission is to foster wealth, community, and opportunity through a fair and affordable financial system, and to create economic opportunities by providing affordable capital and financial services to traditionally underserved populations. As a nonprofit organization, Opportunities Credit Union encourages savings among its members, offering them a source of credit for productive purposes and providing members with the opportunity to manage their money for mutual benefits. The credit union's primary focus is on the Burlington Enterprise Community and selected groups throughout Vermont.
Official website here: www.oppsvt.org
Is Opportunities Credit Union legitimate?
Opportunities Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Opportunities Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $303,860
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,459,365
For more financial information, click here
Official website here: www.oppsvt.org
What is the mission statement of Opportunities Credit Union?
Opportunities Credit Union's mission is centered around building wealth and creating economic opportunities by providing affordable financial services to traditionally underserved populations. Their goal is to improve the financial stability of their diverse membership, many of whom are refugees or immigrants from different countries. The credit union operates as a certified Community Development Financial Institution, serving the state's moderate and low-income population. They attract federal and other grants to provide affordable capital and counseling-based financial services. As a nonprofit organization, Opportunities Credit Union is dedicated to promoting thrift among its members, offering them a chance to save, provide credit at reasonable rates, and use their money for their mutual benefits.
Official website here: www.oppsvt.org
What is the revenue of Opportunities Credit Union?
Opportunities Credit Union's revenue in 2023 was $4,515,877.
Official website here: www.oppsvt.org
Who are the executives of Opportunities Credit Union and what are their salaries?
The average compensation at Opportunities Credit Union during 2023 was $53,431. There are 33 employees and 25 volunteers at Opportunities Credit Union.
Here are 14 key members and their salaries:
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- Compensation: $164,619
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- Other: $14,195
- Compensation: $112,875
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- Other: $12,171
Official website here: www.oppsvt.org
Where can I find the form 990 for Opportunities Credit Union?
Opportunities Credit Union's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.oppsvt.org
Learn more at the official website: www.oppsvt.org
Mission Statement of Opportunities Credit Union
Opportunities Credit Union, as a nonprofit organization, is dedicated to building wealth and creating economic opportunities for traditionally underserved populations. Its mission is to extend affordable capital and financial services to these communities, thereby improving their financial stability. The credit union serves a diverse membership from over 220 towns, many of whom are refugees or immigrants from different countries, each with their unique stories and financial goals.
As a certified Community Development Financial Institution, Opportunities Credit Union is committed to serving Vermont's moderate and low-income population. It attracts federal and other grants to provide its programs, focusing on affordable capital and counseling-based financial services. The credit union encourages thrift among its members, providing them with an opportunity to accumulate savings, secure credit for provident or productive purposes at a reasonable rate, and use and control their money for their mutual benefits. In essence, Opportunities Credit Union strives to empower its members by improving their financial well-being.
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Impact
October, 2024
Opportunities Credit Union plays a vital role in enhancing the financial stability of Vermonters, particularly focusing on moderate and low-income populations. By providing affordable capital and counseling-based financial services, the credit union fosters wealth building and economic opportunity. Its diverse member base, including many individuals who have arrived in Vermont as refugees or immigrants, reflects a commitment to inclusivity and support for those with unique financial stories and goals.
The credit union is a certified Community Development Financial Institution, which allows it to attract federal and other grants. This funding is instrumental in delivering essential programs that address the financial needs of underserved communities. By promoting thrift and encouraging savings, Opportunities Credit Union creates pathways for its members to access credit for productive purposes at reasonable interest rates. This empowers them to manage and control their finances for mutual benefit, reinforcing the credit union’s mission to cultivate community prosperity in the Burlington Enterprise Community and beyond.
This information is meant to be a general summary of Opportunities Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $206,750
- Program Service Revenue: $3,371,605
- Gross Receipts: $4,515,877
Assets and Liabilities:
- Total Assets: $63,188,457
- Total Liabilities: $56,961,629
- Net Assets: $6,226,828
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON LOANS
Revenue
$2,737,062
LOAN ORIGINATION AND M
Revenue
$462,775
LOAN SERVICING INCOME
Revenue
$171,652
OTHER INCOME
Revenue
$116
Organization Details
Founding Year
1989
Principal Officer
Katharine Laud
Website
www.oppsvt.orgNTEE Category
Code: W60 - Public benefit
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