Mass Bay Credit Union
- Assets
- $300.7m
- Revenue
- $12.1m
- Investments
- $3.5m
- Employees
- 76
- Location
- South Boston, MA
- Founding
- 00/0000
- Data as of
- 12/2021
- 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 12/2021, Mass Bay Credit Union employed 76 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 12/2021, Mass Bay Credit Union generated $12.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $9.8m during the year ending 12/2021. While expenses have increased by 0.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2021
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 12/31/21 $231,663,979 OF LOANS WERE DUE FROM MEMBERS AND $251,001,416 OF DEPOSITS WERE RECEIVED FROM MEMBERS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Theresa Dorilas President & CEO | Officer | 40 | $274,987 |
Kelli Cullen COO | Officer | 40 | $172,094 |
Brian P Dwyer Treasurer | OfficerTrustee | 1 | $0 |
Kimberly A Kennedy Assistant Treasurer | OfficerTrustee | 1 | $0 |
Adam S Elias Chairman | OfficerTrustee | 1 | $0 |
Darrin Mcauliffe First Vice Chairperson | 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 | $0 |
| 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 | $0 |
| Total Program Service Revenue | $11,539,964 |
| Investment income | $569,833 |
| 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 | $12,109,797 |
| 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. | $579,413 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,772,794 |
| Pension plan accruals and contributions | $320,283 |
| Other employee benefits | $581,120 |
| Payroll taxes | $300,728 |
| Fees for services: Management | $113,700 |
| Fees for services: Legal | $73,000 |
| Fees for services: Accounting | $114,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $32,400 |
| Advertising and promotion | $385,000 |
| Office expenses | $81,280 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,026,667 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $15,562 |
| Interest | $976,798 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $463,239 |
| Insurance | $63,093 |
| All other expenses | $0 |
| Total functional expenses | $9,763,481 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,734,835 |
| Savings and temporary cash investments | $3,081,259 |
| 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 | $231,663,979 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $314,135 |
| Net Land, buildings, and equipment | $5,237,368 |
| Investments—publicly traded securities | $40,562,468 |
| Investments—other securities | $3,457,074 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $677,806 |
| Total assets | $300,728,924 |
| Accounts payable and accrued expenses | $4,761,882 |
| 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 | $266,001,416 |
| Total liabilities | $270,763,298 |
| 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 | $29,965,626 |
| Total liabilities and net assets/fund balances | $300,728,924 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Peoples Credit Union Middletown, RI | $619,991,757 | $25,020,386 |
Bellwether Community Credit Union Manchester, NH | $557,690,894 | $21,955,180 |
Sharon & Cresent United Credit Union Brockton, MA | $438,601,837 | $18,630,554 |
Quincy Credit Union Quincy, MA | $736,275,717 | $20,097,786 |
Holy Rosary Regional Credit Union Rochester, NH | $399,129,935 | $15,434,385 |
Rhode Island Credit Union Providence, RI | $387,896,384 | $16,678,289 |
Westerly Community Credit Union Wakefield, RI | $412,210,779 | $17,253,972 |
Mutual Security Credit Union Inc Shelton, CT | $354,262,560 | $14,669,690 |
Alltrust Credit Union Fairhaven, MA | $299,264,971 | $13,016,630 |
Ocean State Credit Union Coventry, RI | $328,452,290 | $14,903,508 |
Dutch Point Credit Union Inc Wethersfield, CT | $439,784,551 | $13,078,655 |
Members Plus Credit Union Medford, MA | $342,620,781 | $10,885,310 |