Brotherhood Credit Union
- Assets
- $120.7m
- Revenue
- $3.1m
- Investments
- $298.3k
- Employees
- 27
- Location
- Lynn, MA
- Founding
- 05/1942
- Data as of
- 12/2022
- EIN
- 04-1126132
Organization Overview
Brotherhood Credit Union is located in Lynn, MA. The organization was established in 1942. 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, Brotherhood Credit Union employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Brotherhood 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, Brotherhood Credit Union generated $3.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $3.3m during the year ending 12/2022. While expenses have increased by 1.8% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CREDIT UNION MEMBER SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTENANCE OF MEMBERS' ACCOUNTS AND THE PAYMENT OF INTEREST AND DIVIDENDS THEREON. NUMBER OF DEPOSIT ACCOUNTS IS 6,579. NUMBER OF LOAN ACCOUNTS IS 1,099.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Adam H Sherman President | Officer | 40 | $156,838 |
Marilyn Desimone Chief Oper O | Officer | 40 | $144,468 |
Mark Skillman Vp/mortgage | 40 | $102,359 | |
James J Sherman Advisoradmin | OfficerTrustee | 12 | $7,000 |
Jose Alas-Ruiz Director | Trustee | 2 | $0 |
Michael Cohen Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Inc It | 12/30/22 | $352,820 |
Pannos Marketing Advertising Pr | 12/30/22 | $153,129 |
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 | $1,913,517 |
| Investment income | $976,417 |
| 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 | $3,117,598 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $4,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $373,766 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,044,060 |
| Pension plan accruals and contributions | $37,357 |
| Other employee benefits | $152,485 |
| Payroll taxes | $104,574 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,130 |
| Fees for services: Accounting | $22,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $165,666 |
| Office expenses | $52,031 |
| Information technology | $373,064 |
| Royalties | $0 |
| Occupancy | $188,720 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $21,125 |
| Interest | $262,817 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $79,142 |
| Insurance | $32,553 |
| All other expenses | $117,948 |
| Total functional expenses | $3,271,384 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,647,747 |
| Savings and temporary cash investments | $22,770,773 |
| 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 | $65,964,216 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $57,358 |
| Net Land, buildings, and equipment | $677,907 |
| Investments—publicly traded securities | $24,271,254 |
| Investments—other securities | $298,300 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,014,113 |
| Total assets | $120,701,668 |
| Accounts payable and accrued expenses | $134,247 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $446,633 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $6,000,000 |
| Other liabilities | $70,989,197 |
| Total liabilities | $77,570,077 |
| 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 | $43,131,591 |
| Total liabilities and net assets/fund balances | $120,701,668 |