Mass Bay Credit Union
- Assets
- $324.3m
- Revenue
- $14.0m
- Investments
- $4.4m
- Employees
- 71
- Location
- South Boston, MA
- Founding
- 00/0000
- Data as of
- 12/2022
- EIN
- 04-1104060
Organization Overview
Mass Bay Credit Union is located in South Boston, MA. The organization was established in 0000. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Mass Bay Credit Union employed 71 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mass Bay Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, Mass Bay Credit Union generated $14.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $9.8m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
REFERENCE PART III, # 1 FOR FULL DESCRIPTION OF THE ORGANIZATION'S MISSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE FINANCIAL SERVICES TO ITS MEMBERS BY PROVIDING ACCESS TO LOANS AND ACCEPT DEPOSITS. AS OF 12/31/22 $261,438,938 OF LOANS WERE DUE FROM MEMBERS AND $250,300,032 OF DEPOSITS WERE RECEIVED FROM MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Theresa Dorilas President & CEO | Officer | 40 | $291,783 |
Kelli Cullen COO | Officer | 40 | $183,455 |
Anthony Bonomo CFO | Officer | 40 | $59,928 |
John Kineavy Chairman | OfficerTrustee | 1 | $0 |
Joseph N Mosca Treasurer | OfficerTrustee | 1 | $0 |
Kimberly A Kennedy Assistant Treasurer | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Member Close Llc Member Services | 12/30/21 | $139,341 |
Vantage Consulting Member Services | 12/30/21 | $105,385 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,118,037 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,118,037 |
| Total Program Service Revenue | $12,082,362 |
| Investment income | $768,604 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,969,003 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $677,186 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,448,753 |
| Pension plan accruals and contributions | $353,130 |
| Other employee benefits | $447,332 |
| Payroll taxes | $272,104 |
| Fees for services: Management | $109,770 |
| Fees for services: Legal | $57,000 |
| Fees for services: Accounting | $108,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $32,700 |
| Advertising and promotion | $385,000 |
| Office expenses | $86,271 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,110,031 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $89,708 |
| Interest | $1,183,363 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $432,756 |
| Insurance | $63,873 |
| All other expenses | $5,611 |
| Total functional expenses | $9,769,261 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,307,445 |
| Savings and temporary cash investments | $127,491 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $261,438,938 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,435,049 |
| Net Land, buildings, and equipment | $4,927,230 |
| Investments—publicly traded securities | $31,982,818 |
| Investments—other securities | $4,351,375 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,692,132 |
| Total assets | $324,262,478 |
| Accounts payable and accrued expenses | $6,824,647 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $287,797,567 |
| Total liabilities | $294,622,214 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $29,640,264 |
| Total liabilities and net assets/fund balances | $324,262,478 |