Annual Report
2021
429 Vermont jobs were saved because of our business loans
OUR 2021 127 Loans were made to low-income business owners
We Help Business Thrive Businesses in 12 out of 14 Vermont counties got loans
18 Loans were made to businesses owned by immigrants/refugees
44 Loans were made to Women-owned loans businesses owned by women
Community Development
981 Vermonters were taught in our workshops
We Build h Healt l ia c n a Fin
203 people got asset and credit-building loans 168 Vermonters got 1:1 counseling
65 Black Vermonters got consumer loans
1 IMPACTS 111 Low-income homebuyers got mortgages
26 Vermonters got grants for downpayments
We Ma ke More A Housing fforda ble Homeowners in 12 out of 14 Vermont counties got loans 53 Black and Asian Vermonters got home loans 484 Members had their savings matched
120 businesses got PPP loans from us
Financial Aid 19 Energy Efficiency loans were made 38 Vermonters got loans for adaptive equipment
31 Vermonters got loans for their first home 42 Immigrants/refugees got home loans 179 Vermonters got affordable vehicle loans
We Build Savings & Credit 386 Kids got quarterly savings incentives 27 Asian Vermonters got consumer loans
Our mission is to create wealth and promote econ omic development by bringing affordable capital and financial services to low income and other tradit ionally underserved population s.
Chair/CEO Report Dear Members, When Covid hit, we knew we needed to support Vermont’s most vulnerable residents. Our staff quickly organized to provide forbearance on loans, find funds to bridge the gap for our members and hustle to lend money to small businesses who needed help quickly. We grew the credit union by over 10% to $59.7 million in Assets and increased our loan balance by $16 million. Most importantly, we focused on our Impact and delivered on our mission. We completed the first year of our four year strategic plan, “Mission and Margin” which set ambitious goals for new products, volunteer engagement, enhanced margins and community impact. By year end, we met or exceeded all of our goals despite the pandemic’s toll on staff and our members. We closed over $25 million in mortgages, beating our goal of $20 million. A full 39% of our new loans were to immigrants/refugees. In addition, 22% of our housing loans were to first time home buyers, and over 78% of our mortgages were made to Vermonters earning less than 80% of HUD Area Median income. Our consumer lending staff delivered a whopping $5.2 million in new loans. Many of our borrowers come to us with challenging credit ratings and we were able to close 60% of our consumer loans for people with a credit score under 680. We continue to make a special effort to lend to people of color and are proud that 13% of our consumer loans were made to African Americans living in Vermont. Despite our two branches being located in Chittenden County, residents of all 14 Vermont counties came to us for consumer loans, financing such purchases as adaptive equipment, new and used vehicles or simply to solve a temporary financial emergency. Small business lending also provided a lifeline to area business owners. We made $4.1 million in small business loans that protected 421 Vermont jobs. Nine
Charlie Baker
Kate Laud
Chair
President/CEO
percent of our business loans went to immigrants and refugees. As a Community Development Financial Institution (CDFI) we were offered a special window in which to provide Paycheck Protection loans under the Business Cares Act. These forgivable SBA loans provided strong support to local businesses in a time of crisis, and we were proud to serve in this capacity. Many Vermonters know Opportunities Credit Union because of our Money Sense Program where we offer free financial counseling to clients experiencing financial distress. Last year, we reached over 1,100 people who asked us for guidance on foreclosure, collection debt reduction, student loan remediation, and first time homebuyer counseling. We were able to provide counseling services to our multi-lingual communities as well as to the mentally ill, the unhoused and the elderly. Several grants have enabled us to grow this program and we hope to expand counseling to small business owners as well in 2022. Our Member Services expanded in 2021, making the new account opening process more friction-free and entirely digital. Early in 2022 we will be launching a new VISA debit card giving our members a contactless payment option as well as the ability to pay using a smart phone. Late last year, our senior managers selected four aspirational Values that we strive to embody: Inclusivity, Accountability, Collaboration and Transparency. It’s no coincidence that together these spell “I ACT”. Staff who best reflect these values were presented with the first annual Above and Beyond Award, presented in December when we were all able to gather in person. None of our impact would be possible without the values of our employees, the support of our Board Members, Committee members and many grantors, partners and investors listed later in this report. Our thanks go out to all our dedicated staff and volunteers.
Supervisory Committee
ALCO
Credit Committee
Independence Fund Board
Matt Johnson, Chair
Tim Mashrick, Chair
Kate Laud, Chair
Michael Richman, Chair
Tim Monty
Mike Tuttle
Marie Dussault
Roger Buchanan
Kristen Baggs
Ed Sulva
Mike Tuttle
Michelle McSweeney
Rob Wheeler
Philip Seiler
Sean Gilligan HR Committee
Governance Committee
Marketing Committee
Agnes Cook, Chair
Martin Hoak, Chair
Amitava Biswas, Chair
Andrew Flewelling
Charlie Baker
Gary Eley
Leigh Cole
Amanda Angell
Sally McKenzie
Board of Directors
AMANDA ANGELL ASSISTANT GENERAL COUNSEL, UVM HEALTH NETWORK
CHARLIE BAKER BOARD CHAIR EXECUTIVE DIRECTOR, CHITTENDEN COUNTY REGIONAL PLANNING COMMISSION
AMITAVA BISWAS PARTNER AT BLACKWOOD VENTURES, PROFESSOR AT MIDDLEBURY COLLEGE
JACOUB BOGRE EXECUTIVE DIRECTOR, ASSOCIATION OF AFRICANS LIVING IN VERMONT
LEIGH COLE LEIGH COLE | IMMIGRATION COUNSEL | HIRCHFELD KRAEMER
AGNES COOK BOARD SECRETARY & TREASURER OWNER FRANCHISEE, DALE CARNEGIE OF VERMONT
GARY ELEY FOUNDER, ELEY FINANCIAL MANAGEMENT
ANDREW FLEWELLING VICE PRESIDENT & CHIEF PEOPLE OFFICER UVM FOUNDATION
GLENN VON BERNEWITZ BOARD VICE CHAIR CFO/COO REDSTONE COMMERCIAL GROUP
SENIOR TEAM ERIN METIVIER,
LINDA GOTTFRIED,
SENIOR FINANCE & HR MANAGER
SENIOR MEMBER SERVICES
TIM CARPENTER,
MANAGER JAMES EMERSON,
SENIOR LENDING OFFICER MIKE CARDINAL,
SENIOR IT MANAGER ANDREW DOUGLAS,
SENIOR OPERATIONS MANAGER MARTIN HOAK ASSISTANT DEAN, UNIVERSITY OF VERMONT
GRANT WRITER
WE THANK OUR INVESTORS AND PARTNERS FOR HELPING US MAKE AN IMPACT All Saints Church Aspire Together Associates for Training and Development Association of Africans Living in Vermont Association of Vermont Credit Unions Bellows Free Academy Fairfax Ben and Jerry’s Foundation Bennington Rutland Community Action Bethany Church Bixby Library, Vergennes Broadband Equity Now Burlington High School Burlington Housing Authority Burlington Monthly Meeting of Friends Capital City Housing Foundation Cathedral Church of St. Paul Champlain College Champlain Community Services Champlain Housing Trust Champlain Investment Partners Champlain Valley Office of Economic Opportunity Christ Church Presbyterian Church of the Good Shepherd City of Winooski Committee on Temporary Shelter (COTS) Community Economics Inc. Congressman Peter Welch Craftsbury Academy CUNA Foundation Derby Library Dismas House Efficiency Vermont VEIC Evslin Family Foundation FHLB Boston First Congregational Church - Essex Junction First United Methodist Church - Burlington FNMA Ford Foundation Friends of the Winooski Library Hazelet Strip-Casting Corp Helping and Nurturing Diverse Seniors (HANDS) Inclusiv Islamic Society of Vermont Joint Urban Ministry Project Lake Champlain Access Television Lake Champlain Chamber of Commerce Lund Center Main Street Landing Mercy Connections Middlebury College Network Against Domestic Violence - VT New England Federal Credit Union New Northgate Properties Newport Library North Country Federal Credit Union
Northern Community Investment Corp. Northern Vermont University Northfield Savings Bank Foundation Old Spokes Home One Good Deed Fund Onomea Federal Credit Union Opportunities Finance Network Pathways Peoples United Bank Self-Help Credit Union Senator Bernie Sanders Senator Patrick Leahy Seton Enablement Fund Soar Learning Center Society of St. Edmund South Burlington Library St. Josephs Parish ONE Swanton Library TD Bank Foundation The Ben Cohen Charitable Trust Town of Colchester University of Vermont US Committee for Refugees and Immigrants US Department of Housing and Urban Development US Small Business Administration US Treasury - CDFI Fund USDA Rural Development Program Vermont Chamber of Commerce Vermont Community Foundation Vermont Economic Development Authority Vermont Housing Finance Agency Vermont Professionals of Color Vermont Student Assistance Association Vermont Housing Finance Agency Vermont State Employees CU VT Agency of Natural Resources VT Business Roundtable VT Community Foundation VT Department of Corrections VT Department of Environmental Conservation VT Energy Investment Corp VT Hindu Temple VT Housing Finance Agency VT Professionals of Color Network VT State Housing Authority VT Student Assistance Corporation VT Teacher Diversity Scholarship Fund Westfield Community Center Winooski Housing Authority Winooski Library Women’s Freedom Center Worthen Library, South Hero
Statements of Financial Condition December 31, 2021 and 2020 2021
2020
Cash
13,584,586
13,459,683
Member Loans
42,450,043
36,121,066
Mortgage Servicing Rights
584,448
541,958
NCUSIF Deposit
333,188
229,128
Other Assets
2,780,686
3,326,748
Total assets
$59,732,951
$53,678,583
Assets
Liabilities and Members’ Equity Liabilities
1,409,425
561,076
Borrowed Funds
5,895,480
5,545,480
Member Deposits
32,356,200
26,741,688
13,848,117
15,216,086
Non-Member Deposits Regular Reserves
1,534,865
1,534,865
Undivided Earnings
4,688,864
4,079,388
59,732,951
53,678,583
Total liabilities and Equity
Statements of Income December 31, 2021 and 2020 2021
2020
Total Interest Income
2,021,196
1,941,570
Total Dividend and Interest Expense
404,630
435,667
Net Interest Income
1,616,566
1,505,903
Provision for Loan Losses
14,660
306,504
Net Interest Income After Provision for Loan Losses
1,601,906
1,199,399
Total Non-Interest Income
1,870,496
1,428,935
Total Non-Interest Expense
2,862,926
2,610,441
Net Income
$609,476
$17,893
WE ASKED OUR STAFF WHAT THEY LIKE ABOUT WORKING FOR OPPORTUNITIES
One of the reasons I work at OCU is because we offer services to those who usually fall through the banking cracks. I also value my job when I see folks out in our community succeeding with things that we have put in place and knowing I am a part of that growth.
I am able to see the direct and immediate impact that OCU assistance can provide to an individual/family, and that transformation is a remarkable thing to witness
I wanted to work for a local Vermont-run company which cares about its employees and the community.
t a differen ber brings Each mem ey Th y. or nd and st backgrou re of are the co ly al re it Union. ed Cr s itie Opportun
Our members’ lives are often on the edge and OCU helps them recover. We are helping members with their life’s basic needs like housing and transportation. It’s a win-win.
I love working at OCU because of the Mission, which is to provide financial services to
OCU is a pione er in Vermont. It stands as a model for how financial instit utions can use their resou rces for the benefit of all.
historically underserved and
low-income community members. Vermont Credit Unions are special as the mentality is
neighbor helping neighbor. OCU takes this a step further and pects of le in all as helps peop journey, al ci an fin it/ their cred realize rs be em sm which help tive ms. As a na ea dr r ei th al had minim o wh r te Vermon n prior to io at uc ed financial ul for the I’m thankf adulthood, services e th and work we do we provide.
WINOOSKI: 25 Winooski Falls Way, Suite 203 P.O. Box 67, Winooski, VT 05404
BURLINGTON: 92 North Avenue Burlington, VT 05401
oppsvt.org 800.865.8328 | 802.654.4540 | 802.654.4551 fax