The Cooperative Central Bank
- Assets
- $0.0
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 4
- Location
- Woburn, MA
- Founding
- 03/1934
- Data as of
- 03/2020
- EIN
- 04-1207240
Organization Overview
The Cooperative Central Bank is located in Woburn, MA. The organization was established in 1934. According to its NTEE Classification (H9B) the organization is classified as: Surgical Specialties Research, under the broad grouping of Medical Research and related organizations. As of 03/2020, Cooperative Central Bank employed 4 individuals. Cooperative Central Bank 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 03/2020, Cooperative Central Bank generated $2.1m in total revenue. The organization has seen a slow decline revenue. Over the past 5 years, revenues have fallen by an average of (1.6%) each year. All expenses for the organization totaled $13.1m during the year ending 03/2020. 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
TO PROVIDE CASH RESERVES AND DEPOSIT INSURANCE FOR MASSACHUSETTS COOPERATIVE BANKS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrew J Calamare President And CEO | Officer | 40 | $480,896 |
Judith M Javidpour Senior VP & Treasurer | Officer | 40 | $297,743 |
Annemarie Lee Vice President | Officer | 40 | $183,759 |
Joseph A Devito Director | Trustee | 1 | $8,475 |
Mark R Haranas Director | Trustee | 1 | $7,800 |
Joseph T Baptista Jr Vice Chair | Trustee | 1 | $7,575 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
K&l Gates Llp Legal Services | 8/30/19 | $161,029 |
Joyce And Joyce Legal Services | 8/30/19 | $125,000 |
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 | $682,356 |
| Investment income | $1,404,162 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $45,682 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,132,200 |
| 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. | $809,180 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $717,061 |
| Other employee benefits | -$28,832 |
| Payroll taxes | $41,248 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $139,132 |
| Fees for services: Accounting | $33,604 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $11,251 |
| Advertising and promotion | $0 |
| Office expenses | $12,704 |
| Information technology | $17,100 |
| Royalties | $0 |
| Occupancy | $44,085 |
| Travel | $29,000 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,585 |
| Interest | $11,240,000 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,039 |
| Insurance | $63,813 |
| All other expenses | $0 |
| Total functional expenses | $13,140,609 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $0 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Cooperative Central Bank Woburn, MA | $0 | $2,132,200 |
Aats Foundation Beverly, MA | $13,581,711 | $3,019,984 |
American Surgical Association Foundation Beverly, MA | $5,755,076 | $657,542 |
Vascular And Endovascular Surgery Society Beverly, MA | $1,121,888 | $594,853 |
The Plastic Surgery Research Council Beverly, MA | $745,383 | $234,184 |
International Institute Of Reconstructive Microsurgery Ltd New York, NY | $28,635 | $0 |
Difelice Foundation For Orthopaedics Inc New York, NY | $13,918 | $0 |
Hand Surgery Research And Education Foundation Inc Newton, MA | $16,489 | $0 |
Society For Functional Precision Medicine Boston, MA | $26,434 | $4,400 |
Parker Hill Orthopedic Researchfoundation Inc Winchester, MA | $160,324 | $0 |