Thanks to the efforts of the team at Mills42 FCU, 300 income tax returns were filed at no charge for low-income individuals and families. Mills42 FCU was one of only three local organizations offering this assistance to the low income community through the Volunteer Income Tax Assistance program (VITA).
According to an article issued by CBS News, The National Society of Accountants asks its members about the fees they charge, and according to its 2016-2017 fee survey, the average fee to prepare and file a simple Form 1040 (with no itemized deductions) and a state tax return is $176.
Being that Mills42 processed 300 tax returns at no charge, this means Mills42 helped to keep $52,800 in the households of those who need it most.
“I’m beyond grateful that we have a team that is genuinely interested and dedicated to supporting the low-income community,” says Carla Rasetta, President and CEO of Mills42 FCU. “Our passion to work with individuals of modest means and/or damaged credit continues to be at the forefront of our efforts. Participating in VITA is just one of the many ways we make a significant difference for them.”
In addition to annually providing free tax assistance, Mills42 FCU offers credit counseling, budget counseling, free checking, free savings and a variety of unique credit-building loan options to help people get back on the road to financial stability. Their brand positioning statement, “build from here,” is a reflection of how helping others creates a more solid foundation for making the local economy stronger.
When you choose Mills42 for your checking, certificates of deposit, retirement savings, & other savings vehicles, you’re deposits are going back out into the community through low interest rate loans to those with strong credit and second chance loans to those who would normally be declined elsewhere.
One might assume a strong focus on individuals with damaged credit would be risky for a small financial institution. In point of fact, just the opposite is happening. Take a look at these key statistics from 2017:
- Loan growth increase of 7.65%
- While their delinquency ratio was only 0.37%
- And their charge off ratio was a mere 0.20%
