St Jeans Credit Union
- Assets
- $367.5m
- Revenue
- $17.6m
- Investments
- $17.8m
- Employees
- 79
- Location
- Salem, MA
- Founding
- 12/1935
- Data as of
- 12/2023
- EIN
- 04-1801520
Organization Overview
St Jeans Credit Union is located in Salem, 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 12/2023, St Jeans Credit Union employed 79 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. St Jeans 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 12/2023, St Jeans Credit Union generated $17.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 9.8% each year. All expenses for the organization totaled $15.2m during the year ending 12/2023. While expenses have increased by 8.9% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF ST. JEAN'S CREDIT UNION IS TO FULFILL THE NEEDS OF OUR DIVERSE MEMBERSHIP WITH THE UTMOST INTEGRITY AND PRIVACY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MAINTENANCE OF MEMBER ACCOUNTS AND PAYMENT OF DIVIDENDS THEREON. THE CREDIT UNION MAINTAINS 35,192 MEMBER ACCOUNTS AS OF THE CALENDAR YEAR-END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
C David Surface President/ceo | OfficerTrustee | 40 | $417,425 |
Ira Novoselsky Treasurer/clerk/director | OfficerTrustee | 2 | $0 |
Lawrence Rausch Director | Trustee | 2 | $0 |
Cheryl Crounse Director | Trustee | 2 | $0 |
Stephen Salvo Director | Trustee | 2 | $0 |
Steven Walsh Chairman | OfficerTrustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Synergent Core Data Provider | 12/30/23 | $920,845 |
Digital Insight Corpncr Home Banking | 12/30/23 | $299,352 |
Customized Sevice Concepts Llc Atm Supplier And Service | 12/30/23 | $150,311 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $363,621 |
| 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 | $363,621 |
| Total Program Service Revenue | $13,471,533 |
| Investment income | $2,614,232 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $67,442 |
| Net Gain/Loss on Asset Sales | $14,125 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,647,270 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $127,110 |
| 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. | $747,815 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,805,333 |
| Pension plan accruals and contributions | $615,220 |
| Other employee benefits | $495,066 |
| Payroll taxes | $385,477 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,290 |
| Fees for services: Accounting | $54,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $20,181 |
| Advertising and promotion | $0 |
| Office expenses | $304,207 |
| Information technology | $1,239,464 |
| Royalties | $0 |
| Occupancy | $827,576 |
| Travel | $19,388 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $42,637 |
| Interest | $4,174,157 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $590,863 |
| Insurance | $27,282 |
| All other expenses | $159,661 |
| Total functional expenses | $15,245,944 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,099,950 |
| Savings and temporary cash investments | $18,544,600 |
| 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 | $246,697,264 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $350,526 |
| Net Land, buildings, and equipment | $7,988,642 |
| Investments—publicly traded securities | $58,768,477 |
| Investments—other securities | $17,787,688 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,247,529 |
| Total assets | $367,484,676 |
| Accounts payable and accrued expenses | $274,173 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $887,538 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $22,147,031 |
| Other liabilities | $314,283,699 |
| Total liabilities | $337,592,441 |
| 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 | $29,892,235 |
| Total liabilities and net assets/fund balances | $367,484,676 |