New Bedford Credit Union
- Assets
- $151.8m
- Revenue
- $5.0m
- Investments
- $4.5m
- Employees
- 78
- Location
- New Bedford, MA
- Founding
- 04/1942
- Data as of
- 12/2021
- EIN
- 04-1659235
Organization Overview
New Bedford Credit Union is located in New Bedford, 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 12/2021, New Bedford Credit Union employed 78 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Bedford 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, New Bedford Credit Union generated $5.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $4.5m during the year ending 12/2021. While expenses have increased by 2.4% 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
CREDIT UNION - PROVIDE THRIFT SERVICES TO MEMBERS WITH THE BEST SERVICE POSSIBLE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTENANCE OF MEMBER SHARES AND DEPOSITS.
MAKING OF LOANS TO MEMBERS AT MARKET RATES OF INTEREST.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Humberta Varao President/ceo | Officer | 40 | $182,438 |
Michelle Greenwalt VP Finance/controller | Officer | 40 | $98,218 |
Jennifer Delgado VP Lending | Officer | 40 | $83,653 |
Tara Degrace VP Operations | Officer | 40 | $72,575 |
Lisa Arraial Avp Lending | Officer | 40 | $63,509 |
Lindsay Mullane Avp Operation | Officer | 40 | $49,977 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Data Processing And Debt Card Services | 12/30/21 | $412,000 |
Pscu Credit Card Services | 12/30/21 | $123,000 |
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 | $4,770,224 |
| Investment income | $186,935 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $356 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,012,548 |
| 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 | $205,737 |
| Compensation of current officers, directors, key employees. | $777,769 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $990,897 |
| Pension plan accruals and contributions | $16,056 |
| Other employee benefits | $179,196 |
| Payroll taxes | $125,264 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,144 |
| Fees for services: Accounting | $18,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $540,740 |
| Advertising and promotion | $59,753 |
| Office expenses | $1,033,077 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $197,353 |
| Travel | $94 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $85,331 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,504,583 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,824,752 |
| Savings and temporary cash investments | $39,588,103 |
| 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 | $84,473,423 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $81,098 |
| Net Land, buildings, and equipment | $481,346 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,464,000 |
| Investments—program-related | $15,513,126 |
| Intangible assets | $0 |
| Other assets | $5,412,959 |
| Total assets | $151,838,807 |
| Accounts payable and accrued expenses | $411,856 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $217,473 |
| 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 | $137,517,847 |
| Total liabilities | $138,147,176 |
| 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 | $13,691,631 |
| Total liabilities and net assets/fund balances | $151,838,807 |
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 |