Lynn Police Credit Union
- Assets
- $12.6m
- Revenue
- $244.7k
- Investments
- $0.0
- Employees
- 8
- Location
- Lynn, MA
- Founding
- 06/1944
- Data as of
- 12/2021
- EIN
- 04-2025425
Organization Overview
Lynn Police Credit Union is located in Lynn, MA. The organization was established in 1944. 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, Lynn Police Credit Union employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lynn Police 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, Lynn Police Credit Union generated $244.7k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $252.0k 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 - THRIFT SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTENACE OF MEMBERS' SHARE AND DEPOSIT ACCOUNTS. NUMBER OF ACCOUNTS IS 1,296. MAINTENANCE OF MEMBERS' LOAN ACCOUNTS. NUMBER OF ACCOUNTS IS 252.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher P Reddy Assistant Tr | OfficerTrustee | 15 | $26,580 |
Kevin Coppinger Treasurer | OfficerTrustee | 15 | $26,580 |
Edward Shinnick President | OfficerTrustee | 4 | $15,000 |
Grace Mcmanus Director | Trustee | 4 | $12,080 |
Mark O'toole Clerk | OfficerTrustee | 5 | $3,500 |
Thomas N Reddy Vice Preside | OfficerTrustee | 6 | $3,500 |
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 | $140,237 |
| Investment income | $104,421 |
| 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 | $244,658 |
| 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. | $90,900 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $6,703 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,660 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $797 |
| Office expenses | $5,667 |
| Information technology | $0 |
| 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 | $74,185 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,816 |
| Insurance | $5,002 |
| All other expenses | $828 |
| Total functional expenses | $252,028 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $44,813 |
| Savings and temporary cash investments | $8,065,042 |
| 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 | $3,123,679 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,046 |
| Net Land, buildings, and equipment | $2,700 |
| Investments—publicly traded securities | $1,201,958 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $159,383 |
| Total assets | $12,604,621 |
| Accounts payable and accrued expenses | $6,798 |
| 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 | $9,649,153 |
| Total liabilities | $9,655,951 |
| 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 | $2,948,670 |
| Total liabilities and net assets/fund balances | $12,604,621 |
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