Worcester Credit Union
- Assets
- $105.1m
- Revenue
- $3.5m
- Investments
- $30.5m
- Employees
- 46
- Location
- Worcester, MA
- Founding
- 04/1941
- Data as of
- 12/2022
- EIN
- 04-1990205
Organization Overview
Worcester Credit Union is located in Worcester, MA. The organization was established in 1941. 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 12/2022, Worcester Credit Union employed 46 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Worcester 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 Credit Union generated $3.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $3.2m during the year ending 12/2022. 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
CREDIT UNION WITHOUT CAPITAL STOCK ORGANIZED AND OPERATED FOR MUTUAL PURPOSES AND WITHOUT PROFIT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Hennigan Chairman | OfficerTrustee | 2 | $0 |
Paula Harrity Vice-Chair | OfficerTrustee | 2 | $0 |
John Lauring Treasurer | OfficerTrustee | 2 | $0 |
Michael Traynor Secretary | OfficerTrustee | 2 | $0 |
Konstantin Eliadi Director | Trustee | 2 | $0 |
David Moore Director | Trustee | 2 | $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 | $2,836,934 |
| Investment income | $610,636 |
| 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 | $3,533,968 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $950,981 |
| Pension plan accruals and contributions | $13,338 |
| Other employee benefits | $105,347 |
| Payroll taxes | $79,727 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,004 |
| Fees for services: Accounting | $52,087 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $104,118 |
| Office expenses | $0 |
| Information technology | $99,725 |
| Royalties | $0 |
| Occupancy | $170,776 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $20,117 |
| Interest | $2,900 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $104,709 |
| Insurance | $0 |
| All other expenses | $273,820 |
| Total functional expenses | $3,224,289 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,049,412 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $2,450,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $60,219,396 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $199,515 |
| Net Land, buildings, and equipment | $975,823 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $30,542,550 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $623,709 |
| Total assets | $105,060,405 |
| Accounts payable and accrued expenses | $772,018 |
| Grants payable | $0 |
| Deferred revenue | $156,427 |
| 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 | $2,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $95,499,888 |
| Total liabilities | $98,428,333 |
| 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 | $6,632,072 |
| Total liabilities and net assets/fund balances | $105,060,405 |