Watertown Municipal Credit Union
- Assets
- $11.3m
- Revenue
- $309.4k
- Investments
- $0.0
- Employees
- 6
- Location
- Watertown, MA
- Founding
- 10/1947
- Data as of
- 12/2021
- EIN
- 04-1950795
Organization Overview
Watertown Municipal Credit Union is located in Watertown, MA. The organization was established in 1947. 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, Watertown Municipal Credit Union employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Watertown Municipal 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, Watertown Municipal Credit Union generated $309.4k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $241.1k during the year ending 12/2021. 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
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTENANCE OF MEMBER DEPOSIT AND LOAN ACCOUNTS AND THE INVESTMENT THEREOF - 812 DEPOSIT ACCOUNTS AND 119 LOAN ACCOUNTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barbara Sheehan Treasurer/clerk/director | OfficerTrustee | 6 | $16,059 |
Anthony Fantasia President/director | OfficerTrustee | 4 | $5,412 |
Diane Ryan Director | Trustee | 1 | $3,401 |
William Logue Vice President/director | OfficerTrustee | 1 | $0 |
Thomas J Tracy Director | Trustee | 1 | $0 |
Domenic Arone Director | Trustee | 1 | $0 |
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 | $165,979 |
| Investment income | $143,033 |
| 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 | $309,357 |
| 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. | $24,871 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $92,669 |
| Pension plan accruals and contributions | $3,303 |
| Other employee benefits | $23,295 |
| Payroll taxes | $11,082 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,912 |
| Information technology | $4,966 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,569 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,178 |
| Insurance | $0 |
| All other expenses | $812 |
| Total functional expenses | $241,146 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $38,217 |
| Savings and temporary cash investments | $9,017,235 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $38,607 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,060,666 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $13,265 |
| Net Land, buildings, and equipment | $4,737 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $91,767 |
| Total assets | $11,264,494 |
| Accounts payable and accrued expenses | $90,020 |
| 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 | $7,832,846 |
| Total liabilities | $7,922,866 |
| 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 | $3,341,628 |
| Total liabilities and net assets/fund balances | $11,264,494 |
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