Civic Intelligence

Malden City Employees Credit Union

EIN 04-6064443 • 501(c)14 • Malden, MA

View Organization Page

Profile

The credit union provides cost effective loans and shares, and a varietyof banking services to our members.

200 Pleasant StMalden, MA 02148

cityofmaldencu.com

Siviq Scores

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

Liabilities / Assets

74th percentile

0.89x

Higher debt load relative to assets than 74% of similar nonprofits.

501(c)14 • $10M-$25M nonprofits • Source year 2015

Liabilities / Revenue

99th percentile

47.57x

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

501(c)14 • $10M-$25M nonprofits • Source year 2015

Net Margin

2nd percentile

-98%

Higher net margin than 2% of similar nonprofits.

501(c)14 • $10M-$25M nonprofits • Source year 2015

Top Officer Pay

31st percentile

$65,000

Higher top officer pay than 31% of similar nonprofits.

Top officer pay equals 20.1% of source-year revenue.

501(c)14 • $10M-$25M nonprofits • Source year 2014

Asset Growth

44th percentile

-0.7%

Faster asset growth than 44% of similar nonprofits.

501(c)14 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Revenue Growth

5th percentile

-21%

Faster revenue growth than 5% of similar nonprofits.

501(c)14 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets74th percentile

Assets

Down

$13,619,656

Down $95,789 (-0.7%) from 2014

Liabilities

Up

$12,172,273

Up $156,046 (+1.3%) from 2014

Net Assets

Down

$1,447,383

Down $251,835 (-15%) from 2014

Operations
Liabilities / Revenue99th percentileNet Margin2nd percentile

Revenue

Down

$255,867

Down $68,306 (-21%) from 2014

Expenses

Up

$507,602

Up $105,213 (+26%) from 2014

Net Income

Down

-$251,735

Down $173,519 (-222%) from 2014

Trend Graphs

Balance Sheet Trend

Asset Growth44th percentile

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

$15M$10M$5.0M$0Assets 2010: $11,297,985Liabilities 2010: $9,330,242Net Assets 2010: $1,967,7432010Assets 2011: $12,057,838Liabilities 2011: $10,111,397Net Assets 2011: $1,946,4412011Assets 2012: $12,214,816Liabilities 2012: $10,335,798Net Assets 2012: $1,879,0182012Assets 2013: $12,907,686Liabilities 2013: $11,124,805Net Assets 2013: $1,782,8812013Assets 2014: $13,715,445Liabilities 2014: $12,016,227Net Assets 2014: $1,699,2182014Assets 2015: $13,619,656Liabilities 2015: $12,172,273Net Assets 2015: $1,447,3832015

Highlighted filing

2015

Assets$13,619,656
Liabilities$12,172,273
Net Assets$1,447,383
Open 2015 Filing

Operations Trend

Revenue Growth5th percentile

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

$600K$400K$200K$0-$200K-$400KExpenses 2010: $523,1962010Expenses 2011: $506,2822011Revenue 2012: $445,029Expenses 2012: $525,091Net Income 2012: -$80,0622012Revenue 2013: $370,149Expenses 2013: $500,249Net Income 2013: -$130,1002013Revenue 2014: $324,173Expenses 2014: $402,389Net Income 2014: -$78,2162014Revenue 2015: $255,867Expenses 2015: $507,602Net Income 2015: -$251,7352015

Highlighted filing

2015

Revenue$255,867
Expenses$507,602
Net Income-$251,735
Open 2015 Filing

Filings

Most recent year

2015 • Form 990Summary only. Only limited summary data is available for this year.

Open filing
Assets
$13,619,656
Liabilities
$12,172,273
Net assets
$1,447,383
Revenue
$255,867
Expenses
$507,602
Net income
-$251,735
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2015Summary only. Only limited summary data is available for this year.$13.6$12.2$1.45$0.26$0.51$0.25
2014Detailed filing. Detailed filing data is available for this year.$13.7$12.0$1.70$0.32$0.40$0.08
2013Detailed filing. Detailed filing data is available for this year.$12.9$11.1$1.78$0.37$0.50$0.13
2012Summary only. Only limited summary data is available for this year.$12.2$10.3$1.88$0.45$0.53$0.08
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.1$10.1$1.95$0.51
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.3$9.33$1.97$0.52
Latest Detailed Filing

The latest 2015 filing currently has summary financial data only. Showing the latest detailed filing from 2014 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 16, 2015
Return Version
2014v5.0
Gross Receipts
$324,173
Mission and Program Overview

Mission

The credit union provides cost effective loans and shares, and a varietyof banking services to our members.

The credit union takes deposits from members and makes loans to members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$5,625,625$5,978,340▲ $352,715
Other Notes and Loans Receivable, Net$4,370,801$4,339,311▼ $31,490
Savings and Temporary Cash Investments$2,507,098$3,155,914▲ $648,816
Rtn Earn Endowment Incm Other Fnds$1,782,881$1,699,218▼ $83,663
Receivables From Officers Etc$126,028$74,113▼ $51,915
Cash and Non-Interest-Bearing Accounts$45,232$62,408▲ $17,176
Investments in Publicly Traded Securities$156,160$50,540▼ $105,620
Land, Buildings, and Equipment, Net$39,710$23,951▼ $15,759
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$12,907,686$13,715,445▲ $807,759
Other Assets Total$37,032$30,868▼ $6,164
Liabilities
Other Liabilities$11,108,800$12,005,608▲ $896,808
Accounts Payable and Accrued Expenses$16,005$10,619▼ $5,386
Total Liabilities$11,124,805$12,016,227▲ $891,422
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,782,881$1,699,218▼ $83,663
Total Liabilities and Net Assets / Fund Balance$12,907,686$13,715,445▲ $807,759

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$23,951$54,212-
Other Securities$120,506--
Compensation and Service Providers
Top Officer Pay31st percentile

Employees

NameTitleFull / Part TimeBaseTotal
Roberta J ConnollyCEO/managerFT$65,000$65,000
Jody FaulknerDirector/operationsPT$35,000$35,000

Board Members and Trustees

NameTitle
Charles DuquetChairman
Jeffrey DonahueVice Chairman
Gary GottschalkDirector
George MackayDirector
John MarsinelliDirector
John PreziosaDirector
Karen BusheeDirector
Mike CaggianoDirector
Rocky BrooksDirector
Sheila WilcoxClerk
Kathy HannanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$241,081
Investment Income
$50,760
Other Revenue
$32,332
Change in Net Assets
$-78,216
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$210,835
Salaries, Compensation, and Employee Benefits$191,554
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees---$100,000
Information Technology---$72,419
Other Salaries and Wages---$49,020
Office Expenses---$34,941
Other Employee Benefits---$27,991
Interest---$24,052
Depreciation Depletion---$15,759
Payroll Taxes---$12,209
Insurance---$9,066
Occupancy---$2,400
Pension Plan Contributions---$2,334
Other Expenses---$1,103
Total Functional Expenses$0$0$0$402,389
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$126,028$74,113▼ $51,915
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Deposits$12,005,608
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
No
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

“The credit union has members as the credit union is owned by its members in a cooperative style”

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

“The credit union's members vote annually for candidates for the board of directors”

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

“Any major changes to the credit unions by-laws must be approved by the membership”

Form 990, Part VI, Section B, Line 11

“The board reviews the return as it is presented to them about 7 days before filing and they can respond with questions or suggestions”

Form 990, Part VI, Section B, Line 15

“The board uses industry wage statistics along with an annual review system to determine compensation for all employees”

Form 990, Part VI, Section C, Line 19

“The membership can request copies of board documents and policies. Financial statements are posted in the credit union for all to observe.”

Filing and Contact Details

Filer

Filer Name
Malden City Employees Credit Union
EIN
04-6064443
Phone
7813213480
Address
200 PLEASANT ST, MALDEN, MA 02148

Signing Officer

Name
Roberta Connoly
Title
CEO
Phone
7813213480
Signed
2015-11-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Roberta Thurlow
Formed
1943
Legal Domicile
Ma
Voting Board Members
11
Independent Board Members
11
Employees
4
Volunteers
0

Preparer

Firm
Walsh & Co
Address
632A MAIN STREET, WINCHESTER, MA 01890
Preparer
Michael J Walsh CPA
Phone
7817210295
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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/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0370149
IRS990/QuidProQuoContributionsInd00
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt0126028
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt074113
IRS990/ReconcilationRevenueExpnssAmt0-78216
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt01782881
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt01699218
IRS990/SavingsAndTempCashInvstGrp/BOYAmt02507098
IRS990/SavingsAndTempCashInvstGrp/EOYAmt03155914
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/EquipmentGrp/BookValueAmt023951
IRS990ScheduleD/EquipmentGrp/DepreciationAmt054212
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt078163
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt012005608
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER DEPOSITS
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt05722623
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt1110211
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt225000
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt3120506
IRS990ScheduleD/OtherSecuritiesGrp/Desc0BANK CD'S
IRS990ScheduleD/OtherSecuritiesGrp/Desc1NCUSIF INSURANCE
IRS990ScheduleD/OtherSecuritiesGrp/Desc2PAID IN CAPITAL AT CORP
IRS990ScheduleD/OtherSecuritiesGrp/Desc3OTHER INVESTMENTS
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd2C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd3C
IRS990ScheduleD/TotalBookValueLandBuildingsAmt023951
IRS990ScheduleD/TotalBookValueSecuritiesAmt05978340
IRS990ScheduleD/TotalLiabilityAmt012005608
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt01467
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt18359
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt241812
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt321970
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt4505
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd01
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd11
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd21
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd31
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd41
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd10
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd20
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd30
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd40
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd1X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd2X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd3X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd4X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0CREDIT LINE
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt1PERSONAL LOAN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt2HOME EQUITY
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt3HOME EQUITY
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt4SECURED LOAN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt01500
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt18894
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt250000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt324080
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt43269
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0HELEN GRASSO
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1HELEN GRASSO
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm2ROCKY BROOKS
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm3MICHAEL CAGGIANO
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm4ROBERTA CONNOLLY
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd01
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd11
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd21
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd31
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd41
IRS990ScheduleL/TotalBalanceDueAmt074113
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION HAS MEMBERS AS THE CREDIT UNION IS OWNED BY ITS MEMBERS IN A COOPERATIVE STYLE
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CREDIT UNION'S MEMBERS VOTE ANNUALLY FOR CANDIDATES FOR THE BOARD OF DIRECTORS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ANY MAJOR CHANGES TO THE CREDIT UNIONS BY-LAWS MUST BE APPROVED BY THE MEMBERSHIP
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD REVIEWS THE RETURN AS IT IS PRESENTED TO THEM ABOUT 7 DAYS BEFORE FILING AND THEY CAN RESPOND WITH QUESTIONS OR SUGGESTIONS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE BOARD USES INDUSTRY WAGE STATISTICS ALONG WITH AN ANNUAL REVIEW SYSTEM TO DETERMINE COMPENSATION FOR ALL EMPLOYEES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE MEMBERSHIP CAN REQUEST COPIES OF BOARD DOCUMENTS AND POLICIES. FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION FOR ALL TO OBSERVE.
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 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt012907686
IRS990/TotalAssetsEOYAmt013715445
IRS990/TotalAssetsGrp/BOYAmt012907686
IRS990/TotalAssetsGrp/EOYAmt013715445
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt04
IRS990/TotalFunctionalExpensesGrp/TotalAmt0402389
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt011124805
IRS990/TotalLiabilitiesEOYAmt012016227
IRS990/TotalLiabilitiesGrp/BOYAmt011124805
IRS990/TotalLiabilitiesGrp/EOYAmt012016227
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01782881
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01699218
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceRevenueAmt0241081
IRS990/TotalReportableCompFromOrgAmt0100000
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0324173
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0324173
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt012907686
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt013715445
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0200 PLEASANT STREET
IRS990/USAddress/CityNm0MALDEN
IRS990/USAddress/StateAbbreviationCd0MA
IRS990/USAddress/ZIPCd002148
IRS990/VotingMembersGoverningBodyCnt011
IRS990/VotingMembersIndependentCnt011
IRS990/WebsiteAddressTxt0CITYOFMALDENCU.COM
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02016-03-07 17:11:31Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0ROBERTA CONNOLY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum07813213480
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-11-16
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MALDEN CITY EMPLOYEES CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0MALD
ReturnHeader/Filer/EIN0046064443

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