Worcester Fire Dept Credit Union
- Assets
- $51.7m
- Revenue
- $974.9k
- Investments
- $40.5m
- Employees
- 0
- Location
- Worcester, MA
- Founding
- 05/1942
- Data as of
- 12/2022
- EIN
- 04-1989205
Organization Overview
Worcester Fire Dept Credit Union is located in Worcester, MA. The organization was established in 1942. According to its NTEE Classification (M24) the organization is classified as: Fire Prevention, under the broad grouping of Public Safety, Disaster Preparedness & Relief and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Worcester Fire Dept 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 12/2022, Worcester Fire Dept Credit Union generated $974.9k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $906.6k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.8%) per year over the past 8 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ENSURE THRIFT AMONG ITS MEMBERS BY THE ACCUMULATION OF THEIR SAVINGS AND LOANING OF SUCH SAVINGS TO ITS MEMBERS FOR PROVIDENT PURPOSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LOW COST LOANS, ATM, VISA CARDS, HOME BANKING, AND OTHER FINANCIAL SERVICES TO OUR MEMBERS
THE CREDIT UNION PROVIDES A .10% DIVIDEND TO OUR MEMBERS SAVINGS ACCOUNTS AND COMPETITITVE RATES TO OUR MEMBERS FOR THEIR CERTIFICATES OF DEPOSITS.
RECLAIMED CAPITAL FROM NCUA REGARDING MEMBERS UNITED CLOSURE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Carmody Manager | Officer | 40 | $102,539 |
Daniel Spencer Treasurer | OfficerTrustee | 20 | $37,949 |
Gerard Dio President | OfficerTrustee | 15 | $26,543 |
Brian Tangney Director | Trustee | 10 | $8,730 |
Robert Johnson Vice President | OfficerTrustee | 0.5 | $0 |
John Franco Director | Trustee | 0.5 | $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 | $460,804 |
| Investment income | $491,991 |
| 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 | $974,928 |
| 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 | $119,440 |
| Compensation of current officers, directors, key employees. | $195,261 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $124,632 |
| Pension plan accruals and contributions | $20,694 |
| Other employee benefits | $0 |
| Payroll taxes | $6,950 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,035 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | -$9,477 |
| Fees for services: Other | $1,723 |
| Advertising and promotion | $6,700 |
| Office expenses | $87,168 |
| Information technology | $102,362 |
| Royalties | $0 |
| Occupancy | $138,906 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,620 |
| Interest | $0 |
| Payments to affiliates | $52,740 |
| Depreciation, depletion, and amortization | $22,879 |
| Insurance | $4,096 |
| All other expenses | $0 |
| Total functional expenses | $906,557 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $296,714 |
| Savings and temporary cash investments | $1,296,242 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $250,104 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,584,406 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $675,445 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $40,517,573 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,035,489 |
| Total assets | $51,655,973 |
| Accounts payable and accrued expenses | $29,790 |
| 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 | $45,923,979 |
| Total liabilities | $45,953,769 |
| 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 | $5,702,204 |
| Total liabilities and net assets/fund balances | $51,655,973 |