Civic Intelligence

Crescent Credit Union

EIN 04-1217290 • 501(c)14 • Brockton, MA

Profile

To provide our members with the best possible financial products and services that a credit union can offer efficiently.

PO Box 4290Brockton, MA 02303-4290

www.crescentcredit.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

23rd percentile

0.89x

Higher debt load relative to assets than 23% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2022

Liabilities / Revenue

99th percentile

27.51x

Higher debt load relative to revenue than 99% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2022

Net Margin

88th percentile

20%

Higher net margin than 88% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2019 to 2022

Revenue Growth

82nd percentile

27%

Faster revenue growth than 82% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2019 to 2022

Assets

Up

$1,236,549,386

Up $1,236,549,386 from 2019

Liabilities

Up

$1,100,001,377

Up $1,100,001,377 from 2019

Net Assets

Up

$136,548,009

Up $136,548,009 from 2019

Revenue

Up

$39,986,184

Up $20,403,356 (+104%) from 2019

Expenses

Up

$32,131,703

Up $14,289,551 (+80%) from 2019

Net Income

Up

$7,854,481

Up $6,113,805 (+351%) from 2019

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$1.5B$1.0B$500M$0Assets 2010: $389,997,990Liabilities 2010: $342,873,990Net Assets 2010: $47,124,0002010Assets 2011: $405,253,009Liabilities 2011: $356,615,009Net Assets 2011: $48,638,0002011Assets 2012: $401,800,663Liabilities 2012: $351,680,236Net Assets 2012: $50,120,4272012Assets 2013: $425,618,925Liabilities 2013: $373,863,308Net Assets 2013: $51,755,6172013Assets 2014: $429,538,860Liabilities 2014: $375,624,491Net Assets 2014: $53,914,3692014Assets 2015: $434,556,512Liabilities 2015: $377,927,870Net Assets 2015: $56,628,6422015Assets 2016: $429,158,985Liabilities 2016: $369,380,684Net Assets 2016: $59,778,3012016Assets 2017: $425,875,266Liabilities 2017: $363,140,022Net Assets 2017: $62,735,2442017Assets 2018: $438,601,837Liabilities 2018: $373,549,909Net Assets 2018: $65,051,9282018Assets 2019: $0Liabilities 2019: $0Net Assets 2019: $02019Assets 2022: $1,236,549,386Liabilities 2022: $1,100,001,377Net Assets 2022: $136,548,0092022

Highlighted filing

2022

Assets$1,236,549,386
Liabilities$1,100,001,377
Net Assets$136,548,009

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$40M$30M$20M$10M$0Expenses 2010: $17,414,3762010Expenses 2011: $17,777,4992011Expenses 2012: $16,644,8502012Revenue 2013: $17,100,905Expenses 2013: $15,914,786Net Income 2013: $1,186,1192013Revenue 2014: $16,431,050Expenses 2014: $14,497,964Net Income 2014: $1,933,0862014Revenue 2015: $16,977,536Expenses 2015: $14,124,648Net Income 2015: $2,852,8882015Revenue 2016: $18,741,480Expenses 2016: $15,632,530Net Income 2016: $3,108,9502016Revenue 2017: $19,094,559Expenses 2017: $16,168,079Net Income 2017: $2,926,4802017Revenue 2018: $18,630,554Expenses 2018: $16,099,298Net Income 2018: $2,531,2562018Revenue 2019: $19,582,828Expenses 2019: $17,842,152Net Income 2019: $1,740,6762019Revenue 2022: $39,986,184Expenses 2022: $32,131,703Net Income 2022: $7,854,4812022

Highlighted filing

2022

Revenue$39,986,184
Expenses$32,131,703
Net Income$7,854,481

Filings

Latest Detailed Filing

The latest 2022 filing currently has summary financial data only. Showing the latest detailed filing from 2019 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 10, 2020
Return Version
2019v5.1
Gross Receipts
$19,771,406
Mission and Program Overview

Mission

To provide our members with the best possible financial products and services that a credit union can offer efficiently.

A cooperative society organized with a group of people operating under state and federal supervision providing a system for accumulating savings and credit

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$366,196,575$0▼ $366,196,575
Rtn Earn Endowment Incm Other Fnds$65,051,928$0▼ $65,051,928
Investments Other Securities$53,338,266$0▼ $53,338,266
Land, Buildings, and Equipment, Net$9,158,627$0▼ $9,158,627
Cash and Non-Interest-Bearing Accounts$7,323,253$0▼ $7,323,253
Savings and Temporary Cash Investments$401,491$0▼ $401,491
Prepaid Expenses and Deferred Charges$337,379$0▼ $337,379
Accounts Receivable-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$438,601,837$0▼ $438,601,837
Other Assets Total$1,846,246$0▼ $1,846,246
Liabilities
Other Liabilities$329,645,584$0▼ $329,645,584
Mortgage Notes Payable Secured by Investment Property$40,919,527--
Escrow Account Liability$1,555,013--
Accounts Payable and Accrued Expenses$1,429,785--
Total Liabilities$373,549,909$0▼ $373,549,909
Net Assets / Fund Balance
Total Net Assets Fund Balance$65,051,928$0▼ $65,051,928
Total Liabilities and Net Assets / Fund Balance$438,601,837$0▼ $438,601,837
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robert W GustafsonPresident & CEOFT$311,377$264,982$576,359
Brian FindlayVP FinanceFT$149,516$113,812$263,328
Paul PijanowskiSVP ItFT$112,071$138,740$250,811
Mark HennessySVP Commercial LendingFT$122,284$114,444$236,728
Cheryl MccormickSVP Commercial LendingFT$106,734$112,920$219,654
Jonah WeinVP Community RelationsFT$89,076$76,780$165,856
Howard L Spiller CPAChairmanPT$20,000-$20,000

Board Members and Trustees

NameTitle
Alfred T NiccoliVice Chairman
Arthur F SullivanVice Chairman
F Robert SilversteinDirector
Herbert S NagleDirector
James P MihosDirector
Jean Caputo WilliamsDirector
Paul a MarinoDirector
Robert G SimsDirector
William Rosa EsqDirector
Antonio F MacedoAssistant Clerk & Membership Officer
John P KolentsasClerk
David a Goodman CPATreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
K&l Gates LLPLegal ServicesPO BOX 844255, Boston, MA 02284$309,573
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$18,269,821
Investment Income
$1,250,545
Other Revenue
$62,462
Change in Net Assets
$1,740,676
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$10,624,586
Salaries, Compensation, and Employee Benefits$7,217,566
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$3,777,540
Interest---$3,210,286
Office Expenses---$2,826,244
Current Officers, Directors, Trustees, and Key Employees---$1,622,186
Other Employee Benefits---$1,386,492
Occupancy---$1,350,068
Depreciation Depletion---$609,270
Payroll Taxes---$431,348
Advertising---$350,386
Fees for Services Other---$349,802
Fees for Services Legal---$320,082
Insurance---$295,637
Conferences and Meetings---$103,915
Fees for Services Accounting---$100,975
Other Expenses---$53,669
Total Functional Expenses$0$0$0$17,842,152
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

Board members james mihos and david goodman have a business relationship

Form 990, Part VI, Section A, Line 6

The credit union's members have rights to elect the members of the governing body. The credit union's memeber also receive a share fo the organization's profits in the form of cash dividends.

Form 990, Part VI, Section A, Line 7A

Members of the credit union have the right to elect one or more members of the organization's governing body, whether periodically, or as vacancies arise, or otherwise.

Form 990, Part VI, Section A, Line 7B

Members of the credit union have the right to approve the governing body's election and removal of members of the governing body, as well as other matters that are subject to the approval of members of the credit union as they occur.

Form 990, Part VI, Section B, Line 11B

Form 990 is prepared by marcum, llp utilizing information provided by the cfo. The cfo and ceo review the completed form and a copy is provided to the board of directors prior to filing form 990 with the irs.

Form 990, Part VI, Section B, Line 12C

All new employees sign a form acknowledging they understand and will abide by the policies contained in the employee handbook, including ethics and conflicts policy. All employees are required to participate in an on-line ethics training program each year and pass a quiz.

Form 990, Part VI, Section B, Line 15

The credit union utilizes survey data published by a third party source to establish salary ranges for all employees. The ceo approves compensation adjustments for branch managers and all other staff. The ceo recommends senior management compensation adjustments to the personnel committee, which is comprised of board members. The personnel committee recommends compensation adjustments for senior management along with compensation adjustments for the ceo.

Form 990, Part VI, Section C, Line 19

Financial statements, conflict of interest policy and governing documents are available upon request for the same period of disclosure as set forth in section 6104(d).

Filing and Contact Details

Filer

Filer Name
Crescent Credit Union
EIN
04-1217290
Phone
5085806511
Address
PO BOX 4290, BROCKTON, MA 02303-4290

Signing Officer

Name
David W Cox
Title
CFO
Phone
5085806511
Signed
2020-11-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David W Cox
Formed
1919
Legal Domicile
Ma
Voting Board Members
14
Independent Board Members
13
Employees
116
Volunteers
13

Preparer

Firm
Marcum Llp
Address
155 SOUTH MAIN STREET SUITE 100, PROVIDENCE, RI 02903
Preparer
David St Yves
Phone
4014576700
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Transfer of net assets to sharon & crescent united credit union at merger -67,246,772.

Schedule L Part II, Transactions With Interested Persons

Some of the officers and directors have loans outstanding with the credit union. These loans were obtained in the normal course of business of the credit union with terms the same as available to all members. These loans are not required to be reported on schedule l, part ii. There are no reported transactions on schedule l.

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt16SVP IT
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