Civic Intelligence

Worcester Fire Dept Credit Union

990 • Fiscal year 2018 • EIN 04-1989205

Jan 01, 2018 to Dec 31, 2018 • Filed on Apr 04, 2019

Organization Profilewww.wfdcu.org

View Organization Page

34 Glennie StreetWorcester, MA 01605

(508) 752-1122

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

39th percentile

0.86x

Higher debt load relative to assets than 39% of similar nonprofits.

2018 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2018

Liabilities / Revenue

98th percentile

31.00x

Higher debt load relative to revenue than 98% of similar nonprofits.

2018 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2018

Net Margin

18th percentile

3.6%

Higher net margin than 18% of similar nonprofits.

2018 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2018

Top Officer Pay

44th percentile

$99,757

Higher top officer pay than 44% of similar nonprofits.

Top officer pay equals 9.1% of source-year revenue.

2018 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2018

Asset Growth

47th percentile

0.5%

Faster asset growth than 47% of similar nonprofits.

2018 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Revenue Growth

53rd percentile

9.7%

Faster revenue growth than 53% of similar nonprofits.

2018 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets39th percentile

Assets

Up

$39,711,296

Up $197,094 (+0.5%) from 2017

Net Assets

Up

$5,555,585

Up $39,857 (+0.7%) from 2017

Liabilities

Up

$34,155,711

Up $157,237 (+0.5%) from 2017

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin18th percentile

Revenue

Up

$1,101,927

Up $97,684 (+9.7%) from 2017

Expenses

Up

$1,062,070

Up $105,318 (+11%) from 2017

Net Income

Down

$39,857

Down $7,634 (-16%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth47th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60M$40M$20M$0Assets 2010: $32,331,015Liabilities 2010: $27,200,918Net Assets 2010: $5,130,0972010Assets 2011: $35,661,896Liabilities 2011: $30,397,286Net Assets 2011: $5,264,6102011Assets 2012: $38,371,720Liabilities 2012: $32,986,487Net Assets 2012: $5,385,2332012Assets 2013: $39,317,924Liabilities 2013: $33,876,446Net Assets 2013: $5,441,4782013Assets 2014: $38,472,081Liabilities 2014: $32,987,937Net Assets 2014: $5,484,1442014Assets 2015: $38,845,803Liabilities 2015: $33,415,623Net Assets 2015: $5,430,1802015Assets 2016: $38,702,271Liabilities 2016: $33,233,650Net Assets 2016: $5,468,6212016Assets 2017: $39,514,202Liabilities 2017: $33,998,474Net Assets 2017: $5,515,7282017Assets 2018: $39,711,296Liabilities 2018: $34,155,711Net Assets 2018: $5,555,5852018Assets 2019: $40,003,126Liabilities 2019: $34,432,595Net Assets 2019: $5,570,5312019Assets 2020: $46,348,193Liabilities 2020: $40,764,968Net Assets 2020: $5,583,2252020Assets 2021: $50,213,280Liabilities 2021: $44,579,447Net Assets 2021: $5,633,8332021Assets 2022: $51,655,973Liabilities 2022: $45,953,769Net Assets 2022: $5,702,2042022Assets 2023: $45,647,147Liabilities 2023: $39,887,570Net Assets 2023: $5,759,5772023Assets 2024: $44,946,785Liabilities 2024: $39,157,554Net Assets 2024: $5,789,2312024

Highlighted filing

2018

Assets$39,711,296
Liabilities$34,155,711
Net Assets$5,555,585
Open 2018 Filing

Operations Trend

Revenue Growth53rd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500KExpenses 2010: $1,234,4392010Revenue 2011: $1,439,021Expenses 2011: $1,304,508Net Income 2011: $134,5132011Expenses 2012: $1,235,2932012Revenue 2013: $1,197,205Expenses 2013: $1,140,960Net Income 2013: $56,2452013Revenue 2014: $1,105,899Expenses 2014: $1,063,233Net Income 2014: $42,6662014Revenue 2015: $996,183Expenses 2015: $1,050,147Net Income 2015: -$53,9642015Revenue 2016: $983,503Expenses 2016: $945,062Net Income 2016: $38,4412016Revenue 2017: $1,004,243Expenses 2017: $956,752Net Income 2017: $47,4912017Revenue 2018: $1,101,927Expenses 2018: $1,062,070Net Income 2018: $39,8572018Revenue 2019: $1,101,461Expenses 2019: $1,086,515Net Income 2019: $14,9462019Revenue 2020: $1,027,164Expenses 2020: $1,014,470Net Income 2020: $12,6942020Revenue 2021: $946,881Expenses 2021: $896,273Net Income 2021: $50,6082021Revenue 2022: $974,928Expenses 2022: $906,557Net Income 2022: $68,3712022Revenue 2023: $1,124,089Expenses 2023: $1,066,716Net Income 2023: $57,3732023Revenue 2024: $1,236,248Expenses 2024: $1,206,594Net Income 2024: $29,6542024

Highlighted filing

2018

Revenue$1,101,927
Expenses$1,062,070
Net Income$39,857
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Apr 4, 2019
Return Version
2018v3.0
Gross Receipts
$1,101,927
Mission and Program Overview

Mission

To encourage thrift among its members by the accumulation of their savings and loaning of such savings to its members for provident purposes.

To ensure thrift among its members by the accumulation of their savings and loaning of such savings to its members for provident purposes.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$27,527,725$27,360,916▼ $166,809
Other Notes and Loans Receivable, Net$9,117,912$9,686,542▲ $568,630
Rtn Earn Endowment Incm Other Fnds$5,515,728$5,555,585▲ $39,857
Savings and Temporary Cash Investments$1,480,712$1,334,973▼ $145,739
Land, Buildings, and Equipment, Net$704,256$698,788▼ $5,468
Cash and Non-Interest-Bearing Accounts$229,450$202,885▼ $26,565
Prepaid Expenses and Deferred Charges$43,986$39,165▼ $4,821
Accounts Receivable$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$39,514,202$39,711,296▲ $197,094
Other Assets Total$410,161$388,027▼ $22,134
Liabilities
Other Liabilities$33,979,153$34,149,690▲ $170,537
Accounts Payable and Accrued Expenses$19,321$6,021▼ $13,300
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$33,998,474$34,155,711▲ $157,237
Net Assets / Fund Balance
Total Net Assets Fund Balance$5,515,728$5,555,585▲ $39,857
Total Liabilities and Net Assets / Fund Balance$39,514,202$39,711,296▲ $197,094

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$509,938$284,512$0
Other Land Buildings$0$0$0
Land$155,000-$0
Equipment$33,850$194,002$0
Leasehold Improvements$0$0$0
Other Securities$27,360,916--
Closely Held Equity Interests$0--
Financial Derivatives$0--
Compensation and Service Providers
Top Officer Pay44th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Lisa CarmodyManagerFT$99,757$99,757
Daniel SpencerTreasurerPT$36,400$36,400
Gerard DioPresidentPT$26,203$26,203

Board Members and Trustees

NameTitle
Robert JohnsonVice President
Arthur DavisonDirector
Brian TangneyDirector
John FordDirector
John FrancoDirector
Matthew CoakleyDirector
Michael CoakleyDirector
Robert McCannDirector
Stephen JohnsonDirector
Thomas DwyerDirector
William MosleyDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Fiservcomputer software company4450 SW Macadam Avenue, Portland, OR 97239$120,842
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$539,365
Investment Income
$562,562
Other Revenue
$0
Change in Net Assets
$39,857
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$481,013
Salaries, Compensation, and Employee Benefits$401,598
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$179,459
Current Officers, Directors, Trustees, and Key Employees---$162,360
Other Salaries and Wages---$147,892
Information Technology---$120,842
Payments to Affiliates---$108,123
Occupancy---$63,523
All Other Expenses---$55,919
Office Expenses---$51,633
Other Employee Benefits---$46,065
Depreciation Depletion---$25,929
Conferences and Meetings---$22,924
Pension Plan Contributions---$22,887
Payroll Taxes---$22,394
Advertising---$21,353
Insurance---$8,558
Interest---$2,209
Total Functional Expenses$0$0$0$1,062,070
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
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
membership savings & certificate of deposits$34,149,690
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
No
Other officer compensation reviewed
No
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

“Michael Coakley is Matthew Coakley's father.”

Form 990, Part VI, Section A, Line 6

“membership in the credit union is available to Worcester Fire Department Employees, Worcester Fire Department Credit Union employees and their families.”

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

“Elections are held every year for three year terms. 1 year 5 members are elected and 2 years 4 members are elected.”

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

“Any By-law changes are voted upon by the membership at the annual members meeting.”

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

“990 is reviewed at the monthly board meeting and is available to the membership upon request.”

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

“Policy pertaining to this is reviewed by the board annually.”

Form 990, Part VI, Section C, Line 19

“Monthly balance sheet and income statements are posted monthly in the credit union lobby. present members were and new members are provided with our by-laws when joining the credit union.”

Filing and Contact Details

Filer

Filer Name
Worcester Fire Dept Credit Union
EIN
04-1989205
Phone
5087521122
Address
34 Glennie Street, Worcester, MA 01605

Signing Officer

Name
Gerard Dio
Title
Treasurer
Phone
5087521122
Signed
2019-04-04

Organization Details

Formed
1937
Legal Domicile
Ma
Voting Board Members
13
Independent Board Members
13
Employees
0
Volunteers
13
Raw XML AppendixShowing 400 of 488 raw XML fields

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/InsuranceGrp/TotalAmt08558
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IRS990/IntangibleAssetsGrp/EOYAmt00
IRS990/InterestGrp/TotalAmt02209
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IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt027527725
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt027360916
IRS990/InvestmentsProgramRelatedGrp/BOYAmt00
IRS990/InvestmentsProgramRelatedGrp/EOYAmt00
IRS990/InvestmentsPubTradedSecGrp/BOYAmt00
IRS990/InvestmentsPubTradedSecGrp/EOYAmt00
IRS990/IRPDocumentCnt00
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt0478514
IRS990/LandBldgEquipBasisNetGrp/BOYAmt0704256
IRS990/LandBldgEquipBasisNetGrp/EOYAmt0698788
IRS990/LandBldgEquipCostOrOtherBssAmt01177302
IRS990/LegalDomicileStateCd0MA
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IRS990/LoansFromOfficersDirectorsGrp/BOYAmt00
IRS990/LoansFromOfficersDirectorsGrp/EOYAmt00
IRS990/LocalChaptersInd00
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IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0To encourage thrift among its members by the accumulation of their savings and loaning of such savings to its members for provident purposes.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt00
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IRS990/NetAssetsOrFundBalancesBOYAmt05515728
IRS990/NetAssetsOrFundBalancesEOYAmt05555585
IRS990/NetUnrelatedBusTxblIncmAmt04567
IRS990/NetUnrlzdGainsLossesInvstAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt063523
IRS990/OfficeExpensesGrp/TotalAmt051633
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0410161
IRS990/OtherAssetsTotalGrp/EOYAmt0388027
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt046065
IRS990/OtherLiabilitiesGrp/BOYAmt033979153
IRS990/OtherLiabilitiesGrp/EOYAmt034149690
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/TotalAmt0147892
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt09117912
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt09686542
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/TotalAmt0108123
IRS990/PayrollTaxesGrp/TotalAmt022394
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt022887
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt043986
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt039165
IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt0Worcester Fire Department Credit Union
IRS990/PriorPeriodAdjustmentsAmt00
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522130
IRS990/ProgramServiceRevenueGrp/Desc0loans to membership
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0534798
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0539365
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt04567
IRS990/ProgSrvcAccomActy2Grp/Desc0the credit union provides a .30% dividend to our members savings accounts and competititve rates to our members for their certificates of deposits.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0267720
IRS990/ProgSrvcAccomActy2Grp/GrantAmt00
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0562562
IRS990/ProgSrvcAccomActy3Grp/Desc0sell gap insurance to our members for their vehicles. 990T
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt01020
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt04567
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt0142744
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0460820
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0431098
IRS990/PYOtherRevenueAmt085271
IRS990/PYProgramServiceRevenueAmt0458152
IRS990/PYRevenuesLessExpensesAmt047491
IRS990/PYSalariesCompEmpBnftPaidAmt0382910
IRS990/PYTotalExpensesAmt0956752
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt01004243
IRS990/RcvblFromDisqualifiedPrsnGrp/BOYAmt00
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt039857
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
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IRS990/RoyaltiesRevenueGrp/ExclusionAmt00
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt0194002
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt0227852
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt00
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IRS990ScheduleD/FinancialDerivativesGrp/BookValueAmt00
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IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt0155000
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IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
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IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt034149690
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0membership savings & certificate of deposits
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt027360916
IRS990ScheduleD/OtherSecuritiesGrp/Desc0certific of deposits & government agenciew
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0698788
IRS990ScheduleD/TotalBookValueSecuritiesAmt027360916
IRS990ScheduleD/TotalLiabilityAmt034149690
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Michael Coakley is Matthew Coakley's father.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1membership in the credit union is available to Worcester Fire Department Employees, Worcester Fire Department Credit Union employees and their families.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Elections are held every year for three year terms. 1 year 5 members are elected and 2 years 4 members are elected.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Any By-law changes are voted upon by the membership at the annual members meeting.

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$39,711,296
Liabilities
$34,155,711
Net assets
$5,555,585
Revenue
$1,101,927
Expenses
$1,062,070
Net income
$39,857
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$44.9$39.2$5.79$1.24$1.21$0.03
2023Detailed filing. Detailed filing data is available for this year.$45.6$39.9$5.76$1.12$1.07$0.06
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$51.7$46.0$5.70$0.97$0.91$0.07
2021Detailed filing. Detailed filing data is available for this year.$50.2$44.6$5.63$0.95$0.90$0.05
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$46.3$40.8$5.58$1.03$1.01$0.01
2019Detailed filing. Detailed filing data is available for this year.$40.0$34.4$5.57$1.10$1.09$0.01
2018Detailed filing. Detailed filing data is available for this year.$39.7$34.2$5.56$1.10$1.06$0.04
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$39.5$34.0$5.52$1.00$0.96$0.05
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$38.7$33.2$5.47$0.98$0.95$0.04
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$38.8$33.4$5.43$1.00$1.05$0.05
2014Detailed filing. Detailed filing data is available for this year.$38.5$33.0$5.48$1.11$1.06$0.04
2013Detailed filing. Detailed filing data is available for this year.$39.3$33.9$5.44$1.20$1.14$0.06
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$38.4$33.0$5.39$1.24
2011Summary only. Only limited summary data is available for this year.$35.7$30.4$5.26$1.44$1.30$0.13
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$32.3$27.2$5.13$1.23
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