Civic Intelligence

Worcester Credit Union

990 • Fiscal year 2019 • EIN 04-1990205

Jan 01, 2019 to Dec 31, 2019 • Filed on Aug 11, 2020

Organization ProfileWWW.WORCESTERCU.COM

View Organization Page

520 W Boylston StreetWorcester, MA 01606

(508) 853-9966

Siviq Scores

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

Liabilities / Assets

75th percentile

0.90x

Higher debt load relative to assets than 75% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Liabilities / Revenue

68th percentile

18.86x

Higher debt load relative to revenue than 68% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Net Margin

29th percentile

6.6%

Higher net margin than 29% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Top Officer Pay

91st percentile

$244,937

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 6.3% of source-year revenue.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Asset Growth

32nd percentile

1.5%

Faster asset growth than 32% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Revenue Growth

39th percentile

5.2%

Faster revenue growth than 39% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets75th percentile

Assets

Up

$81,833,951

Up $1,204,981 (+1.5%) from 2018

Net Assets

Up

$8,162,448

Up $318,182 (+4.1%) from 2018

Liabilities

Up

$73,671,503

Up $886,799 (+1.2%) from 2018

Revenue And Expenses
Liabilities / Revenue68th percentileNet Margin29th percentile

Revenue

Up

$3,906,223

Up $194,768 (+5.2%) from 2018

Expenses

Up

$3,646,969

Up $139,946 (+4.0%) from 2018

Net Income

Up

$259,254

Up $54,822 (+27%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth32nd percentile

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

$150M$100M$50M$0Assets 2010: $81,502,954Liabilities 2010: $73,792,622Net Assets 2010: $7,710,3322010Assets 2011: $81,103,309Liabilities 2011: $73,433,288Net Assets 2011: $7,670,0212011Assets 2012: $83,157,602Liabilities 2012: $75,588,874Net Assets 2012: $7,568,7282012Assets 2013: $81,948,734Liabilities 2013: $74,505,558Net Assets 2013: $7,443,1762013Assets 2014: $78,096,138Liabilities 2014: $70,682,606Net Assets 2014: $7,413,5322014Assets 2015: $76,129,004Liabilities 2015: $68,909,450Net Assets 2015: $7,219,5542015Assets 2016: $78,397,660Liabilities 2016: $70,957,957Net Assets 2016: $7,439,7032016Assets 2017: $80,724,729Liabilities 2017: $73,089,596Net Assets 2017: $7,635,1332017Assets 2018: $80,628,970Liabilities 2018: $72,784,704Net Assets 2018: $7,844,2662018Assets 2019: $81,833,951Liabilities 2019: $73,671,503Net Assets 2019: $8,162,4482019Assets 2020: $106,731,810Liabilities 2020: $97,836,182Net Assets 2020: $8,895,6282020Assets 2021: $107,267,095Liabilities 2021: $98,044,869Net Assets 2021: $9,222,2262021Assets 2022: $105,060,405Liabilities 2022: $98,428,333Net Assets 2022: $6,632,0722022Assets 2023: $98,463,592Liabilities 2023: $90,482,279Net Assets 2023: $7,981,3132023Assets 2024: $96,506,337Liabilities 2024: $87,743,183Net Assets 2024: $8,763,1542024

Highlighted filing

2019

Assets$81,833,951
Liabilities$73,671,503
Net Assets$8,162,448
Open 2019 Filing

Operations Trend

Revenue Growth39th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $4,145,6662010Expenses 2011: $4,062,0992011Revenue 2012: $3,714,960Expenses 2012: $3,819,728Net Income 2012: -$104,7682012Revenue 2013: $3,607,912Expenses 2013: $3,543,829Net Income 2013: $64,0832013Revenue 2014: $3,441,486Expenses 2014: $3,560,989Net Income 2014: -$119,5032014Revenue 2015: $3,305,518Expenses 2015: $3,467,108Net Income 2015: -$161,5902015Revenue 2016: $3,253,859Expenses 2016: $3,034,588Net Income 2016: $219,2712016Revenue 2017: $3,490,858Expenses 2017: $3,248,728Net Income 2017: $242,1302017Revenue 2018: $3,711,455Expenses 2018: $3,507,023Net Income 2018: $204,4322018Revenue 2019: $3,906,223Expenses 2019: $3,646,969Net Income 2019: $259,2542019Revenue 2020: $3,911,731Expenses 2020: $3,429,308Net Income 2020: $482,4232020Revenue 2021: $3,800,689Expenses 2021: $3,016,123Net Income 2021: $784,5662021Revenue 2022: $3,533,968Expenses 2022: $3,224,289Net Income 2022: $309,6792022Revenue 2023: $4,719,033Expenses 2023: $3,960,168Net Income 2023: $758,8652023Revenue 2024: $4,756,527Expenses 2024: $4,143,677Net Income 2024: $612,8502024

Highlighted filing

2019

Revenue$3,906,223
Expenses$3,646,969
Net Income$259,254
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Aug 11, 2020
Return Version
2019v5.1
Gross Receipts
$3,906,223
Mission and Program Overview

Mission

Credit union without capital stock organized and operated for mutual purposes and without profit.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$57,583,202$56,910,300▼ $672,902
Investments Other Securities$12,488,754$11,704,852▼ $783,902
Cash and Non-Interest-Bearing Accounts$6,002,381$8,668,727▲ $2,666,346
Rtn Earn Endowment Incm Other Fnds$7,844,266$8,162,448▲ $318,182
Receivables From Officers Etc$1,800,000$1,800,000→ $0
Land, Buildings, and Equipment, Net$940,442$948,176▲ $7,734
Prepaid Expenses and Deferred Charges$113,989$99,237▼ $14,752
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$80,628,970$81,833,951▲ $1,204,981
Other Assets Total$1,700,202$1,702,659▲ $2,457
Liabilities
Other Liabilities$71,235,276$71,757,192▲ $521,916
Mortgage Notes Payable Secured by Investment Property$1,000,000$1,500,000▲ $500,000
Accounts Payable and Accrued Expenses$383,477$218,732▼ $164,745
Deferred Revenue$165,951$195,579▲ $29,628
Total Liabilities$72,784,704$73,671,503▲ $886,799
Net Assets / Fund Balance
Total Net Assets Fund Balance$7,844,266$8,162,448▲ $318,182
Total Liabilities and Net Assets / Fund Balance$80,628,970$81,833,951▲ $1,204,981

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$210,052$890,927$1,100,979
Buildings$231,975$799,024$1,030,999
Other Land Buildings$123,549$697,468$821,017
Land$382,600-$382,600
Other Securities$136,200--
Compensation and Service Providers
Top Officer Pay91st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Karen E DuffyRetired President/CEOFT$210,414$34,523$244,937
Natasha BeaulieuVP OperationsFT$92,514$13,916$106,430
Lisa PerrinPresident/CEOFT$69,389$2,741$72,130

Board Members and Trustees

NameTitle
Robert HenniganChairman
Paula HarrityVice-chair
David MooreDirector
John PranckeviciousDirector
Julie ParenteauDirector
Konstantin EliadiDirector
Sharon WoodburyDirector
Michael TraynorSecretary
John LauringTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,474,830
Investment Income
$336,875
Other Revenue
$94,518
Change in Net Assets
$259,254

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,869,032
Revenue Not Reported on Financial Statements
$37,191
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$37,191
Total Revenue per Audited Statements
$3,869,032
Total Revenue per Form 990
$3,906,223
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,126,788
Salaries, Compensation, and Employee Benefits$1,520,181
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$933,359
Current Officers, Directors, Trustees, and Key Employees---$279,803
All Other Expenses---$218,625
Advertising---$190,845
Other Employee Benefits---$167,562
Occupancy---$166,336
Payroll Taxes---$107,629
Other Expenses---$103,681
Depreciation Depletion---$103,505
Fees for Services Accounting---$64,400
Conferences and Meetings---$45,463
Insurance---$39,818
Pension Plan Contributions---$31,828
Interest---$8,204
Fees for Services Legal---$3,778
Total Functional Expenses$0$0$0$3,646,969

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,646,969
Total Expenses per Audited Statements$3,646,969
Total Expenses per Form 990$3,646,969
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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 Officers, Directors, Trustees, and Key Employees$1,800,000$1,800,000→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares & Deposits$71,641,364
Accrued Dividends on Member Deposits$115,828
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
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
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 6

“Each depositor is a member of the organization and has voting rights at the annual meeting including election of the officers and board of directors.”

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

“Each depositor is a member and has voting rights at the annual meeting.”

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

“Each depositor has voting rights to elect officers and board of directors.”

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

“Form 990 is reviewed by the ceo and available to each member of the governing body upon request after the form 990 is filed.”

Form 990, Part VI, Section B, Line 15A

“The annual review of the ceo's salary is conducted by the board of directors who make recommendations of compensation when applicable. The use of the organization's vehicle is also voted and approved by the board of directors.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public by appointment.”

Filing and Contact Details

Filer

Filer Name
Worcester Credit Union
EIN
04-1990205
Phone
5088539966
Address
520 W BOYLSTON STREET, WORCESTER, MA 01606

Signing Officer

Name
Lisa Perrin
Title
President
Phone
5088539966
Signed
2020-08-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lisa Perrin
Formed
1998
Legal Domicile
Ma
Voting Board Members
9
Independent Board Members
9
Employees
33
Volunteers
0

Preparer

Firm
Bollus Lynch Llp
Address
89 SHREWSBURY STREET, WORCESTER, MA 01604
Preparer
Barbara E King
Phone
5087557107
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Cuso development k-1 income -37,191.”

Financial Statement Notes

PART X, LINE 2:

“Management annually reviews for uncertain tax positions along with any related interest and penalties and believes that the credit u nion has no uncertain tax positions that would have a material effect, individually or in the aggregate upon the credit union's statements of financial condition, or the related statements of activities, or cash flows.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Cuso development k-1 37,191.”

Raw XML AppendixShowing 400 of 461 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/NetAssetsOrFundBalancesEOYAmt08162448
IRS990/NetUnrelatedBusTxblIncmAmt017438
IRS990/NetUnrlzdGainsLossesInvstAmt096119
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt0166336
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt01700202
IRS990/OtherAssetsTotalGrp/EOYAmt01702659
IRS990/OtherChangesInNetAssetsAmt0-37191
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0167562
IRS990/OtherExpensesGrp/Desc0OUTSIDE SERVICES
IRS990/OtherExpensesGrp/Desc1DEPOSIT DIVIDENDS
IRS990/OtherExpensesGrp/Desc2OFFICE OPERATIONS
IRS990/OtherExpensesGrp/Desc3PROVISION FOR LOSSES
IRS990/OtherExpensesGrp/TotalAmt0732277
IRS990/OtherExpensesGrp/TotalAmt1277536
IRS990/OtherExpensesGrp/TotalAmt2172320
IRS990/OtherExpensesGrp/TotalAmt3103681
IRS990/OtherLiabilitiesGrp/BOYAmt071235276
IRS990/OtherLiabilitiesGrp/EOYAmt071757192
IRS990/OtherRevenueMiscGrp/BusinessCd0522100
IRS990/OtherRevenueMiscGrp/BusinessCd1523000
IRS990/OtherRevenueMiscGrp/Desc0OTHER OPERATING INCOME
IRS990/OtherRevenueMiscGrp/Desc1CUSO DEVELOPMENT INCOM
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt038890
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt137191
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt057327
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt137191
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt018437
IRS990/OtherRevenueTotalAmt094518
IRS990/OtherSalariesAndWagesGrp/TotalAmt0933359
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt057583202
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt056910300
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/TotalAmt0107629
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt031828
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0113989
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt099237
IRS990/PrincipalOfficerNm0LISA PERRIN
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/Desc0INTEREST ON LOANS
IRS990/ProgramServiceRevenueGrp/Desc1FEE INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt02665417
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1809413
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt02665417
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1809413
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0349643
IRS990/PYOtherExpensesAmt02117167
IRS990/PYOtherRevenueAmt078867
IRS990/PYProgramServiceRevenueAmt03282945
IRS990/PYRevenuesLessExpensesAmt0204432
IRS990/PYSalariesCompEmpBnftPaidAmt01389856
IRS990/PYTotalExpensesAmt03507023
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt03711455
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt01800000
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt01800000
IRS990/ReconcilationRevenueExpnssAmt0259254
IRS990/RegularMonitoringEnfrcInd00
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt07844266
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt08162448
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0231975
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0799024
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01030999
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt03646969
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0382600
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0382600
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0210052
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0890927
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt01100979
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0123549
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0697468
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0821017
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt071641364
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1115828
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER SHARES & DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1ACCRUED DIVIDENDS ON MEMBER DEPOSITS
IRS990ScheduleD/OtherRevenuesNotIncludedAmt037191
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt011568652
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt1136200
IRS990ScheduleD/OtherSecuritiesGrp/Desc0OTHER INVESTMENTS
IRS990ScheduleD/OtherSecuritiesGrp/Desc1FHLB CAPITAL STOCK
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1C
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt037191
IRS990ScheduleD/RevenueSubtotalAmt03869032
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT ANNUALLY REVIEWS FOR UNCERTAIN TAX POSITIONS ALONG WITH ANY RELATED INTEREST AND PENALTIES AND BELIEVES THAT THE CREDIT U NION HAS NO UNCERTAIN TAX POSITIONS THAT WOULD HAVE A MATERIAL EFFECT, INDIVIDUALLY OR IN THE AGGREGATE UPON THE CREDIT UNION'S STATEMENTS OF FINANCIAL CONDITION, OR THE RELATED STATEMENTS OF ACTIVITIES, OR CASH FLOWS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1CUSO DEVELOPMENT K-1 37,191.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0948176
IRS990ScheduleD/TotalBookValueSecuritiesAmt011704852
IRS990ScheduleD/TotalExpensesPerForm990Amt03646969
IRS990ScheduleD/TotalLiabilityAmt071757192
IRS990ScheduleD/TotalRevenuePerForm990Amt03906223
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03869032
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03646969
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0210414
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt05177
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt05005
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt024341
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0KAREN E DUFFY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0RETIRED PRESIDENT/CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0244937
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0THE CEO AND CREDIT UNION ENTERED INTO A RETIREMENT AGREEMENT ENDING ON MAY 31, 2019. UNDER THE TERMS OF THE AGREEMENT, THE CEO WAS PROVIDED INCENTIVES IN EXCHANGE FOR PROVIDING SERVICES FOR AN EXTENDED PERIOD OF TIME THROUGH AUGUST 31, 2019. INCENTIVES REQUIRE THE CREDIT UNION TO FUND AN ADDITIONAL PREMIUM PAYMENT OF $65,000 TO FULLY FUND THE SUPPLEMENTAL RETIREMENT PLAN IN OCTOBER 2020, PROVIDE HEALTH AND DENTAL INSURANCE FOR TWO (2) YEARS BEGINNING SEPTEMBER 1, 2019 AND TRANSFER TITLE OF THE CREDIT UNION OWNED VEHICLE AND OTHER PERSONAL PROPERTY.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE J, PART I, LINE 3
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990ScheduleJ/WrittenEmploymentContractInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt02385000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd01
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0SPLIT DOLLAR LIFE INSURANCE AGREEMENT
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt02385000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0KAREN DUFFY
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0FORMER PRESIDENT
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd01
IRS990ScheduleL/TotalBalanceDueAmt02385000
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0EACH DEPOSITOR IS A MEMBER OF THE ORGANIZATION AND HAS VOTING RIGHTS AT THE ANNUAL MEETING INCLUDING ELECTION OF THE OFFICERS AND BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1EACH DEPOSITOR IS A MEMBER AND HAS VOTING RIGHTS AT THE ANNUAL MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2EACH DEPOSITOR HAS VOTING RIGHTS TO ELECT OFFICERS AND BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990 IS REVIEWED BY THE CEO AND AVAILABLE TO EACH MEMBER OF THE GOVERNING BODY UPON REQUEST AFTER THE FORM 990 IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ANNUAL REVIEW OF THE CEO'S SALARY IS CONDUCTED BY THE BOARD OF DIRECTORS WHO MAKE RECOMMENDATIONS OF COMPENSATION WHEN APPLICABLE. THE USE OF THE ORGANIZATION'S VEHICLE IS ALSO VOTED AND APPROVED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BY APPOINTMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6CUSO DEVELOPMENT K-1 INCOME -37,191.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XI, LINE 9:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt080628970
IRS990/TotalAssetsEOYAmt081833951
IRS990/TotalAssetsGrp/BOYAmt080628970
IRS990/TotalAssetsGrp/EOYAmt081833951
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalEmployeeCnt033
IRS990/TotalFunctionalExpensesGrp/TotalAmt03646969
IRS990/TotalGrossUBIAmt018437
IRS990/TotalLiabilitiesBOYAmt072784704
IRS990/TotalLiabilitiesEOYAmt073671503

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$81,833,951
Liabilities
$73,671,503
Net assets
$8,162,448
Revenue
$3,906,223
Expenses
$3,646,969
Net income
$259,254
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$96.5$87.7$8.76$4.76$4.14$0.61
2023Detailed filing. Detailed filing data is available for this year.$98.5$90.5$7.98$4.72$3.96$0.76
2022Detailed filing. Detailed filing data is available for this year.$105$98.4$6.63$3.53$3.22$0.31
2021Detailed filing. Detailed filing data is available for this year.$107$98.0$9.22$3.80$3.02$0.78
2020Detailed filing. Detailed filing data is available for this year.$107$97.8$8.90$3.91$3.43$0.48
2019Detailed filing. Detailed filing data is available for this year.$81.8$73.7$8.16$3.91$3.65$0.26
2018Detailed filing. Detailed filing data is available for this year.$80.6$72.8$7.84$3.71$3.51$0.20
2017Detailed filing. Detailed filing data is available for this year.$80.7$73.1$7.64$3.49$3.25$0.24
2016Detailed filing. Detailed filing data is available for this year.$78.4$71.0$7.44$3.25$3.03$0.22
2015Detailed filing. Detailed filing data is available for this year.$76.1$68.9$7.22$3.31$3.47$0.16
2014Detailed filing. Detailed filing data is available for this year.$78.1$70.7$7.41$3.44$3.56$0.12
2013Detailed filing. Detailed filing data is available for this year.$81.9$74.5$7.44$3.61$3.54$0.06
2012Summary only. Only limited summary data is available for this year.$83.2$75.6$7.57$3.71$3.82$0.10
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$81.1$73.4$7.67$4.06
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$81.5$73.8$7.71$4.15