Civic Intelligence

Lynn Municipal Employees Credit Union

EIN 04-2264421 • 501(c)14 • Lynn, MA

Profile

Credit union - thrift services

3 City Hall SquareLynn, MA 01901

n/A

Siviq Scores

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

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2022

Liabilities / Revenue

96th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)14 • <$500k nonprofits • Source year 2022

Net Margin

17th percentile

-363%

Higher net margin than 17% of similar nonprofits.

501(c)14 • <$500k nonprofits • Source year 2022

Top Officer Pay

46th percentile

$18,000

Higher top officer pay than 46% of similar nonprofits.

Top officer pay equals 31.4% of source-year revenue.

501(c)14 • <$500k nonprofits • Source year 2022

Asset Growth

95th percentile

-100%

Faster asset growth than 95% of similar nonprofits.

501(c)14 • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

56th percentile

-40%

Faster revenue growth than 56% of similar nonprofits.

501(c)14 • <$500k nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / AssetsScore unavailable

Assets

Down

$0

Down $2,977,333 (-100%) from 2021

Liabilities

Down

$0

Down $2,346,689 (-100%) from 2021

Net Assets

Down

$0

Down $630,644 (-100%) from 2021

Operations
Liabilities / Revenue96th percentileNet Margin17th percentile

Revenue

Down

$57,386

Down $38,661 (-40%) from 2021

Expenses

Up

$265,526

Up $151,522 (+133%) from 2021

Net Income

Down

-$208,140

Down $190,183 (-1059%) from 2021

Trend Graphs

Balance Sheet Trend

Asset Growth95th percentile

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

$3.0M$2.0M$1.0M$0Assets 2010: $2,152,079Liabilities 2010: $1,755,505Net Assets 2010: $396,5742010Assets 2011: $2,172,078Liabilities 2011: $1,747,098Net Assets 2011: $424,9802011Assets 2012: $2,090,455Liabilities 2012: $1,620,098Net Assets 2012: $470,3572012Assets 2013: $2,094,737Liabilities 2013: $1,583,899Net Assets 2013: $510,8382013Assets 2014: $2,331,103Liabilities 2014: $1,795,128Net Assets 2014: $535,9752014Assets 2015: $2,344,085Liabilities 2015: $1,805,684Net Assets 2015: $538,4012015Assets 2016: $2,349,682Liabilities 2016: $1,772,059Net Assets 2016: $577,6232016Assets 2017: $2,347,374Liabilities 2017: $1,753,092Net Assets 2017: $594,2822017Assets 2018: $2,456,332Liabilities 2018: $1,835,019Net Assets 2018: $621,3132018Assets 2019: $2,677,001Liabilities 2019: $2,030,134Net Assets 2019: $646,8672019Assets 2020: $2,896,510Liabilities 2020: $2,249,630Net Assets 2020: $646,8802020Assets 2021: $2,977,333Liabilities 2021: $2,346,689Net Assets 2021: $630,6442021Assets 2022: $0Liabilities 2022: $0Net Assets 2022: $02022

Highlighted filing

2022

Assets$0
Liabilities$0
Net Assets$0
Open 2022 Filing

Operations Trend

Revenue Growth56th percentile

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

$400K$200K$0-$200K-$400KExpenses 2010: $145,9772010Expenses 2011: $84,7152011Expenses 2012: $65,4012012Revenue 2013: $120,869Expenses 2013: $80,388Net Income 2013: $40,4812013Revenue 2014: $123,901Expenses 2014: $98,764Net Income 2014: $25,1372014Revenue 2015: $122,490Expenses 2015: $120,064Net Income 2015: $2,4262015Revenue 2016: $123,313Expenses 2016: $84,091Net Income 2016: $39,2222016Revenue 2017: $117,248Expenses 2017: $100,589Net Income 2017: $16,6592017Revenue 2018: $123,481Expenses 2018: $96,450Net Income 2018: $27,0312018Revenue 2019: $130,133Expenses 2019: $104,579Net Income 2019: $25,5542019Revenue 2020: $120,797Expenses 2020: $120,784Net Income 2020: $132020Revenue 2021: $96,047Expenses 2021: $114,004Net Income 2021: -$17,9572021Revenue 2022: $57,386Expenses 2022: $265,526Net Income 2022: -$208,1402022

Highlighted filing

2022

Revenue$57,386
Expenses$265,526
Net Income-$208,140
Open 2022 Filing

Filings

Most recent year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$0
Liabilities
$0
Net assets
$0
Revenue
$57,386
Expenses
$265,526
Net income
-$208,140
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.06$0.27$0.21
2021Detailed filing. Detailed filing data is available for this year.$2.98$2.35$0.63$0.10$0.11$0.02
2020Detailed filing. Detailed filing data is available for this year.$2.90$2.25$0.65$0.12$0.12$0.00
2019Detailed filing. Detailed filing data is available for this year.$2.68$2.03$0.65$0.13$0.10$0.03
2018Detailed filing. Detailed filing data is available for this year.$2.46$1.84$0.62$0.12$0.10$0.03
2017Detailed filing. Detailed filing data is available for this year.$2.35$1.75$0.59$0.12$0.10$0.02
2016Detailed filing. Detailed filing data is available for this year.$2.35$1.77$0.58$0.12$0.08$0.04
2015Detailed filing. Detailed filing data is available for this year.$2.34$1.81$0.54$0.12$0.12$0.00
2014Detailed filing. Detailed filing data is available for this year.$2.33$1.80$0.54$0.12$0.10$0.03
2013Detailed filing. Detailed filing data is available for this year.$2.09$1.58$0.51$0.12$0.08$0.04
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.09$1.62$0.47$0.07
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.17$1.75$0.42$0.08
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.15$1.76$0.40$0.15
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Feb 17, 2023
Return Version
2022v4.1
Gross Receipts
$57,386
Mission and Program Overview

Mission

Credit union - thrift services

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$2,018,555--
Other Notes and Loans Receivable, Net$793,193--
Rtn Earn Endowment Incm Other Fnds$630,644--
Cash and Non-Interest-Bearing Accounts$144,936--
Land, Buildings, and Equipment, Net$4--
Prepaid Expenses and Deferred Charges$-3,237--
Total Assets$2,977,333$0▼ $2,977,333
Other Assets Total$23,882--
Liabilities
Other Liabilities$2,331,235--
Accounts Payable and Accrued Expenses$15,454--
Total Liabilities$2,346,689$0▼ $2,346,689
Net Assets / Fund Balance
Total Net Assets Fund Balance$630,644$0▼ $630,644
Total Liabilities and Net Assets / Fund Balance$2,977,333$0▼ $2,977,333
Compensation and Service Providers
Top Officer Pay46th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Natalie BakerDirector andPT$18,000$18,000
Paul GaudetPresident-$15,000$15,000
Stephen SpencerTreasurerPT$14,000$14,000
Mary AudleyClerkPT$11,000$11,000

Board Members and Trustees

NameTitle
Barbara MannDirector
Christine ParadiseDirector
Greg MathesonDirector
Joe ScanlonDirector
Ryan BoisselleDirector
William ClancyDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$59,907
Investment Income
$-3,065
Other Revenue
$544
Change in Net Assets
$-208,140
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$203,123
Salaries, Compensation, and Employee Benefits$62,403
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest---$98,334
Current Officers, Directors, Trustees, and Key Employees---$58,000
Information Technology---$18,528
Fees for Services Accounting---$7,173
Payroll Taxes---$4,403
Other Expenses---$2,717
Office Expenses---$2,434
Insurance---$1,410
All Other Expenses---$1,259
Depreciation Depletion---$4
Conferences and Meetings---$-1,895
Total Functional Expenses$0$0$0$265,526
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
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
Yes
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
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 4

“On august 31, 2022 lynn municipal credit union and st. Jean's credit union consolidated under the charter, bylaws and name of st. Jean's credit union as the main office of the continuing credit union.”

Form 990, Page 6, Part VI, Line 6

“Persons who meet the requirements of the organization's field of membership who hold at least one share of the capital.”

Form 990, Page 6, Part VI, Line 7A

“Each member has a vote at the election of the board of directors.”

Form 990, Page 6, Part VI, Line 11B

“The form 990 is prepared by an outside accounting firm. The treasurer reviews each line item on the return and reviews with the audit committee. The treasurer then authorizes the outside acconting firm to the file the form 990. Due to the timing of the completion of the return and the board meeting the entire governance committee sees the filed form at the first board meeting following filing.”

Form 990, Page 6, Part VI, Line 12C

“The conflict of interest policy is reviewed/discussed annually. Board members' accounts are examined periodically to ensure compliance.”

Form 990, Page 6, Part VI, Line 15A

“Board approved. Based on performance.”

Form 990, Page 6, Part VI, Line 15B

“Board approved. Based on performance.”

Form 990, Page 6, Part VI, Line 18

“Information is available at the credit union upon request.”

Form 990, Page 6, Part VI, Line 19

“Information is available at the credit union upon request.”

Filing and Contact Details

Filer

Filer Name
Lynn Municipal Employees Credit
EIN
04-2264421
Phone
7815984000
Address
3 CITY HALL SQUARE, LYNN, MA 01901

Signing Officer

Name
Stephen Spencer
Title
Treasurer
Phone
7815984000
Signed
2023-02-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephen Spencer
Formed
1941
Legal Domicile
Ma
Voting Board Members
10
Independent Board Members
6
Employees
4
Volunteers
6

Preparer

Firm
Garvey Steele & Bancroft Llp
Address
PO BOX 397, MYSTIC, CT 06355-0397
Preparer
Nanette a Bancroft CPA
Phone
8605369831
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Merger with sjcu -422,504 lynn municipal employees credit union merged with st. Jean's credit union on 9/1/2022.”

Raw XML Appendix349 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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IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt0422504
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt0BOOK VALUE
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt0370 HIGHLAND AVENUE
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine2Txt0370 HIGHLAND AVENUE
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm0SALEM
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd0MA
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IRS990ScheduleN/ReceiveCompensationInd0false
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IRS990ScheduleN/SupplementalInformationDetail/ExplanationTxt0STEPHEN SPENCER WILL BE PAID 500 FOR FINAL FILINGS AND 41.43 FOR THE COST OF THE W2 FORMS.
IRS990ScheduleN/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE N, PAGE 1, PART I, LINE 2E
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ON AUGUST 31, 2022 LYNN MUNICIPAL CREDIT UNION AND ST. JEAN'S CREDIT UNION CONSOLIDATED UNDER THE CHARTER, BYLAWS AND NAME OF ST. JEAN'S CREDIT UNION AS THE MAIN OFFICE OF THE CONTINUING CREDIT UNION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1PERSONS WHO MEET THE REQUIREMENTS OF THE ORGANIZATION'S FIELD OF MEMBERSHIP WHO HOLD AT LEAST ONE SHARE OF THE CAPITAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2EACH MEMBER HAS A VOTE AT THE ELECTION OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FORM 990 IS PREPARED BY AN OUTSIDE ACCOUNTING FIRM. THE TREASURER REVIEWS EACH LINE ITEM ON THE RETURN AND REVIEWS WITH THE AUDIT COMMITTEE. THE TREASURER THEN AUTHORIZES THE OUTSIDE ACCONTING FIRM TO THE FILE THE FORM 990. DUE TO THE TIMING OF THE COMPLETION OF THE RETURN AND THE BOARD MEETING THE ENTIRE GOVERNANCE COMMITTEE SEES THE FILED FORM AT THE FIRST BOARD MEETING FOLLOWING FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE CONFLICT OF INTEREST POLICY IS REVIEWED/DISCUSSED ANNUALLY. BOARD MEMBERS' ACCOUNTS ARE EXAMINED PERIODICALLY TO ENSURE COMPLIANCE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5BOARD APPROVED. BASED ON PERFORMANCE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6BOARD APPROVED. BASED ON PERFORMANCE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7INFORMATION IS AVAILABLE AT THE CREDIT UNION UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8INFORMATION IS AVAILABLE AT THE CREDIT UNION UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9MERGER WITH SJCU -422,504 LYNN MUNICIPAL EMPLOYEES CREDIT UNION MERGED WITH ST. JEAN'S CREDIT UNION ON 9/1/2022.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 4
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9FORM 990, PART XI, LINE 9
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IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0true
IRS990/TotalAssetsBOYAmt02977333
IRS990/TotalAssetsEOYAmt00
IRS990/TotalAssetsGrp/BOYAmt02977333
IRS990/TotalAssetsGrp/EOYAmt00
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0265526
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt02346689
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt02346689
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0630644
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt00
IRS990/TotalProgramServiceRevenueAmt059907
IRS990/TotalReportableCompFromOrgAmt058000
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt057386
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt057386
IRS990/TotalVolunteersCnt06
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02977333
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt00
IRS990/TypeOfOrganizationCorpInd0X
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt03 CITY HALL SQUARE
IRS990/USAddress/CityNm0LYNN
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IRS990/USAddress/ZIPCd001901
IRS990/VotingMembersGoverningBodyCnt010
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IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0STEPHEN SPENCER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum07815984000
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-02-17
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0LYNN MUNICIPAL EMPLOYEES CREDIT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0UNION
ReturnHeader/Filer/BusinessNameControlTxt0LYNN
ReturnHeader/Filer/EIN0042264421
ReturnHeader/Filer/PhoneNum07815984000
ReturnHeader/Filer/USAddress/AddressLine1Txt03 CITY HALL SQUARE
ReturnHeader/Filer/USAddress/CityNm0LYNN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MA
ReturnHeader/Filer/USAddress/ZIPCd001901
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0472604526
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0GARVEY STEELE & BANCROFT LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 397
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MYSTIC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0063550397
ReturnHeader/PreparerPersonGrp/PhoneNum08605369831
ReturnHeader/PreparerPersonGrp/PreparationDt02023-02-17
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0NANETTE A BANCROFT CPA
ReturnHeader/ReturnTs02023-02-27T15:31:58-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0STEPHEN
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0SPENCER
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

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