Polish National Credit Union
- Assets
- $705.0m
- Revenue
- $26.9m
- Investments
- $51.0m
- Employees
- 152
- Location
- Chicopee, MA
- Founding
- 02/1935
- Data as of
- 12/2021
- EIN
- 04-1734980
Organization Overview
Polish National Credit Union is located in Chicopee, MA. The organization was established in 1935. 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, Polish National Credit Union employed 152 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Polish National 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, Polish National Credit Union generated $26.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.8% each year . All expenses for the organization totaled $21.1m during the year ending 12/2021. While expenses have increased by 7.9% 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.
Since 2019, Polish National Credit Union has awarded 16 individual grants totaling $170,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
AS A MEMBER-OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE, POLISH NATIONAL CREDIT UNION IS COMMITTED TO OUR MEMBERS. WE WILL UPHOLD OUR FUNDAMENTAL RESPONSIBILITY TO ACTIVELY SERVE PEOPLE WITHIN OUR FIELD OF MEMBERSHIP, AND AS APPROPRIATE, THE COMMUNITIES THEY LIVE IN. WE WILL TREAT ALL MEMBERS WITH RESPECT AND DIGNITY AND WE WILL OFFER HONEST, FAIR DEALS TO ALL MEMBERS. WE WILL DELIVER A RANGE OF LOW-COST PRODUCTS AND SERVICES TO THE DIVERSE ECONOMIC AND SOCIAL MAKE-UP OF OUR MEMBERS AND POTENTIAL MEMBERS. WE WILL LOOK FOR BETTER WAYS TO REACH THE UNDER-SERVED IN OUR FIELD OF MEMBERSHIP AND WE WILL CONTINUALLY, IN ALL FACETS OF OPERATION, DEMONSTRATE THE VALUE OF MEMBERSHIP IN OUR CREDIT UNION.WE WILL MONITOR AND COMMUNICATE OUR SERVICE IN A MEANINGFUL WAY SO THAT MEMBERS, POTENTIAL MEMBERS, LEGISLATORS, REGULATORS AND THE COMMUNITY AT LARGE WILL UNDERSTAND AND APPRECIATE THE UNIQUE ROLE THAT MEMBER-OWNED FINANCIAL COOPERATIVES PLAY IN THEIR LIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION MAINTAINED 44,950 DEPOSIT ACCOUNTS APPROXIMATING $567,000,000 AS OF DECEMBER 31, 2021. DIVIDENDS AND INTEREST ON MEMBER DEPOSITS APPROXIMATED $3,056,000 FOR THE YEAR ENDED DECEMBER 31, 2021. AS OF DECEMBER 31, 2021, THE CREDIT UNION HAD 6,900 LOANS OUTSTANDING TOTALING APPROXIMATELY $594,000,000. ADDITIONALLY, APPROXIMATELY 613 SAFE DEPOSIT BOXES WERE USED BY MEMBERS DURING 2021.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James P Kelly President & CEO | OfficerTrustee | 40 | $477,715 |
Kathi Donahue SVP Commercial Lending | 40 | $237,612 | |
Michael Sugrue Evp | Officer | 40 | $230,746 |
Charlotte Hansen Cfo/svp | Officer | 40 | $187,058 |
Kirk Burnham SVP Operations | Officer | 40 | $165,350 |
Maribel Torres-Rodrigues Avp, Loan Origination | 40 | $164,454 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nutter Mcclennen & Fish Llp Legal Services | 12/30/21 | $109,174 |
Convergint Technologies Llc Equipment Sale And Service | 12/30/21 | $345,163 |
Solidus Inc Design And Build Services | 12/30/21 | $164,626 |
Cpi Card Group Debit/credit Card Stock | 12/30/21 | $117,804 |
Connecticut Online Computer Center Core System Provider | 12/30/21 | $868,898 |
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 | $24,437,725 |
| Investment income | $507,571 |
| 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 | $26,906,300 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $139,824 |
| Grants and other assistance to domestic individuals. | $5,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,260,581 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,847,335 |
| Pension plan accruals and contributions | $799,824 |
| Other employee benefits | $1,169,243 |
| Payroll taxes | $602,470 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $173,835 |
| Fees for services: Accounting | $151,032 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $414,532 |
| Advertising and promotion | $547,930 |
| Office expenses | $1,103,794 |
| Information technology | $1,362,611 |
| Royalties | $0 |
| Occupancy | $652,166 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $83,692 |
| Interest | $3,055,647 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $777,784 |
| Insurance | $134,305 |
| All other expenses | $23,350 |
| Total functional expenses | $21,135,016 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,523,913 |
| Savings and temporary cash investments | $22,874,700 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,416,121 |
| Loans from Officers, Directors, or Controlling Persons | $3,458,025 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $592,051,679 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $501,684 |
| Net Land, buildings, and equipment | $12,863,019 |
| Investments—publicly traded securities | $7,802,558 |
| Investments—other securities | $51,037,695 |
| Investments—program-related | $0 |
| Intangible assets | $1,238,000 |
| Other assets | $7,251,661 |
| Total assets | $705,019,055 |
| Accounts payable and accrued expenses | $3,800,492 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,531,127 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $44,730,583 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $564,643,000 |
| Total liabilities | $615,705,202 |
| 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 | $89,313,853 |
| Total liabilities and net assets/fund balances | $705,019,055 |
Grants Awarded
Over the last fiscal year, Polish National Credit Union has awarded $38,500 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Hatfield, MA PURPOSE: CHARITABLE CONTRIBUTIONS | $25,000 |
Chicopee, MA PURPOSE: CHARITABLE CONTRIBUTIONS | $7,500 |
CITY OF CHICOPEE PURPOSE: CHARITABLE CONTRIBUTIONS | $6,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Vermont State Employees Credit Union Montpelier, VT | $1,088,463,473 | $48,370,084 |
Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |
St Annes Credit Union Of Fall River Mass Fall River, MA | $1,266,762,131 | $34,865,858 |
Granite State Credit Union Manchester, NH | $634,204,646 | $34,223,432 |
Sikorsky Financial Credit Union Inc Stratford, CT | $1,094,000,567 | $34,623,993 |
Leominster Credit Union Leominster, MA | $813,719,349 | $30,410,755 |
St Marys Credit Union Inc Marlborough, MA | $985,400,554 | $32,310,700 |
Triangle Credit Union Nashua, NH | $877,280,050 | $30,352,425 |
Northern Credit Union Watertown, NY | $435,001,865 | $31,512,409 |
Connex Credit Union Inc North Haven, CT | $868,570,264 | $30,771,499 |
Align Credit Union Lowell, MA | $748,085,438 | $24,193,748 |