First Priority Credit Union
- Assets
- $118.0m
- Revenue
- $3.8m
- Investments
- $0.0
- Employees
- 33
- Location
- East Boston, MA
- Founding
- 09/1934
- Data as of
- 12/2020
- EIN
- 04-1106850
Organization Overview
First Priority Credit Union is located in East Boston, MA. The organization was established in 1934. 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 12/2020, First Priority Credit Union employed 33 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. First Priority 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 12/2020, First Priority Credit Union generated $3.8m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.5%) each year. All expenses for the organization totaled $5.0m during the year ending 12/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
MAINTENANCE OF MEMBER SHARE AND DEPOSIT ACCOUNTS AND THE PAYMENT OF INTEREST THEREON
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTENANCE OF MEMBER SHARE AND DEPOSIT ACCOUNTS AND THE PAYMENT OF INTEREST THEREON. LENDING AND INVESTING OF MEMBER DEPOSITS AT MARKET INTEREST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tommy Luu CFO | Officer | 40 | $147,578 |
Paul Travaglini Business Banking Officer | 40 | $145,151 | |
Rahul Kachru President | Officer | 40 | $143,505 |
Eric Rich Director Of Lending | 40 | $136,473 | |
Alexander Ciccone Treasurer | Trustee | 0 | $8,257 |
Carlton Tarpinian Board Member | Trustee | 0 | $8,146 |
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 | $3,753,355 |
| Investment income | $0 |
| 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 | $3,753,355 |
| 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 | $641,693 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,266,404 |
| Pension plan accruals and contributions | $245,594 |
| Other employee benefits | $259,630 |
| Payroll taxes | $191,877 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $85,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $89,567 |
| Office expenses | $418,778 |
| Information technology | $277,433 |
| Royalties | $0 |
| Occupancy | $146,647 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $542 |
| Interest | $344,022 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $198,402 |
| Insurance | $57,622 |
| All other expenses | $275,036 |
| Total functional expenses | $5,034,153 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,150,522 |
| Savings and temporary cash investments | $23,917,685 |
| 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 | $80,935,214 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $848,166 |
| Net Land, buildings, and equipment | $5,815,407 |
| Investments—publicly traded securities | $4,138,530 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,171,040 |
| Total assets | $117,976,564 |
| Accounts payable and accrued expenses | $414,120 |
| 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 | $99,166,633 |
| Total liabilities | $99,580,753 |
| 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 | $18,395,811 |
| Total liabilities and net assets/fund balances | $117,976,564 |
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 |