Northern Credit Union
Northern Credit Union shows strong financial growth and stability with no reported officer compensation on 990s.
EIN: 150580359 · Watertown, NY · NTEE: W61 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $43.8M |
| Total Expenses | $39.2M |
| Program Spending | 95% |
| Net Assets | $582.4M |
| Transparency Score | 85/100 |
Is Northern Credit Union Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Northern Credit Union directs 95% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Northern Credit Union
Northern Credit Union (EIN: 150580359) is a nonprofit organization based in Watertown, NY, classified under NTEE code W61. The organization reported total revenue of $43.8M and total assets of $634.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Northern Credit Union's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Northern Credit Union is a large nonprofit that has been operating for 6 years, with 5 years of IRS 990 filings on record (2019–2023). Revenue has grown at a compound annual rate of 70.6%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $41.1M |
| Total Expenses | $39.2M |
| Surplus / Deficit | +$1.8M |
| Total Assets | $602.8M |
| Total Liabilities | $20.4M |
| Net Assets | $582.4M |
| Operating Margin | 4.5% |
| Debt-to-Asset Ratio | 3.4% |
| Months of Reserves | 184.4 months |
Financial Health Grade: A
In 2023, Northern Credit Union reported a surplus of $1.8M with revenue exceeding expenses, holds 184.4 months of operating reserves (strong position), has a debt-to-asset ratio of 3.4% (very low leverage).
Financial Trends
Over 5 years of filings (2019–2023), Northern Credit Union's revenue has grown at a compound annual growth rate (CAGR) of 70.6%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +21.0% | +28.2% | +0.7% |
| 2022 | +7.7% | +18.1% | +37.7% |
| 2021 | +27.6% | +14.2% | +19.4% |
| 2020 | +409.7% | +393.4% | +43.8% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2020 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Northern Credit Union with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 5%
- programs: 95%
- fundraising: 0%
According to IRS 990 filings, Northern Credit Union allocates its expenses as follows: admin: 5%, programs: 95%, fundraising: 0%. With 95% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $1.8M, with revenue exceeding expenses.
- Debt-to-asset ratio: 3.4%.
Executive Compensation Analysis
The IRS 990 filings consistently report 0% officer compensation, which is unusual for an organization of this size and suggests that executive compensation is either not reported on this specific form due to the organization's structure as a credit union, or it is covered under general operational expenses rather than separately itemized as officer compensation.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Northern Credit Union's IRS 990 filings:
- Lack of detailed executive compensation reporting on 990s (0% reported)
Strengths
The following positive indicators were identified for Northern Credit Union:
- Consistent and significant revenue growth (from $4.8M in 2019 to $41M in 2023)
- Strong asset growth and financial stability (assets grew from $253M to $602M)
- Low liabilities relative to assets, indicating good financial management
- Consistent positive net income (revenue consistently exceeds expenses)
Frequently Asked Questions about Northern Credit Union
Is Northern Credit Union a legitimate charity?
Based on AI analysis of IRS 990 filings, Northern Credit Union (EIN: 150580359) some concerns. Mission Score: 85/100. 1 red flag identified, 4 strengths noted.
How does Northern Credit Union spend its money?
Northern Credit Union directs 95% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Northern Credit Union tax-deductible?
Northern Credit Union is registered as a tax-exempt nonprofit (EIN: 150580359). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How does Northern Credit Union compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Northern Credit Union is above average for NTEE category W61 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Northern Credit Union located?
Northern Credit Union is headquartered in Watertown, New York and files with the IRS under EIN 150580359. It is classified under NTEE code W61.
How many years of IRS 990 filings does Northern Credit Union have?
Northern Credit Union has 5 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $43.8M in total revenue.
Is Northern Credit Union a good charity?
Northern Credit Union is not a charity in the traditional sense; it is a member-owned financial cooperative. Its 'goodness' should be assessed based on its service to members and financial stability, which appears strong given its consistent revenue and asset growth.
How has Northern Credit Union's financial health changed over time?
Northern Credit Union has experienced significant financial growth, with revenue increasing from $4.8 million in 2019 to over $41 million in 2023, and assets more than doubling from $253 million to over $602 million in the same period, indicating robust financial health.
What is the organization's approach to executive compensation?
The IRS 990 filings consistently show 0% officer compensation, which suggests that executive compensation is either not reported in this section for credit unions or is integrated into other operational expenses, rather than being a separately itemized cost on these specific forms.
Filing History
IRS 990 filing history for Northern Credit Union showing financial trends over 5 years of public records:
Over 5 years of IRS 990 filings (2019–2023), Northern Credit Union's revenue has grown by 747.4%, moving from $4.8M to $41.1M. Total assets increased by 138% over the same period, from $253.3M to $602.8M. Total functional expenses rose by 753.1%, from $4.6M to $39.2M. In its most recent filing year (2023), Northern Credit Union reported a surplus of $1.8M, with revenue exceeding expenses. The organization holds $20.4M in liabilities against $602.8M in assets (debt-to-asset ratio: 3.4%), resulting in net assets of $582.4M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $41.1M | $39.2M | $602.8M | $20.4M | — | — |
| 2022 | $33.9M | $30.6M | $598.8M | $25.5M | — | View 990 |
| 2021 | $31.5M | $25.9M | $435.0M | $13.8M | — | View 990 |
| 2020 | $24.7M | $22.7M | $364.4M | $7.2M | — | View 990 |
| 2019 | $4.8M | $4.6M | $253.3M | $8.4M | — | — |
Year-by-Year Financial Summary
- 2023: Revenue of $41.1M, expenses of $39.2M, and assets of $602.8M (revenue +21.0% year-over-year).
- 2022: Revenue of $33.9M, expenses of $30.6M, and assets of $598.8M (revenue +7.7% year-over-year).
- 2021: Revenue of $31.5M, expenses of $25.9M, and assets of $435.0M (revenue +27.6% year-over-year).
- 2020: Revenue of $24.7M, expenses of $22.7M, and assets of $364.4M (revenue +409.7% year-over-year).
- 2019: Revenue of $4.8M, expenses of $4.6M, and assets of $253.3M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Northern Credit Union:
Data Sources and Methodology
This transparency report for Northern Credit Union is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.