Workers Federal Credit Union
- Assets
- $0.0
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 355
- Location
- Littleton, MA
- Founding
- 06/1938
- Data as of
- 01/2021
- EIN
- 04-2079901
Organization Overview
Workers Federal Credit Union is located in Littleton, MA. The organization was established in 1938. 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 12/2020, Workers Federal Credit Union employed 355 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Workers Federal 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 01/2021, Workers Federal Credit Union generated $1.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (48.4%) each year. All expenses for the organization totaled $1.2m during the year ending 01/2021. As we would expect to see with falling revenues, expenses have declined by (46.5%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Workers Federal Credit Union has awarded 19 individual grants totaling $568,624. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION IS A STATE CHARTERED CREDIT UNION THAT SERVES MEMBERS WHO LIVE OR WORK IN MASSACHUSETTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION IS COOPERATIVE OWNED, DIRECTED AND DEDICATED TO ITS MEMBERS. AS OF 12/31/2020, THE CREDIT UNION'S NET LOANS TOTALED $1.31 BILLION AND SHARE DEPOSITS TOTALED $1.39 BILLION.
THE CREDIT UNION IS COOPERATIVE OWNED, DIRECTED AND DEDICATED TO ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Douglas J Petersen President/ceo | Officer | 40 | $0 |
J Timothy Smith SVP - CFO & Treasurer | Officer | 40 | $0 |
Sandra Sagehorn Elliott Evp, COO (ended 9/2020) | Officer | 40 | $369,780 |
Mark Fantasia VP Retirement Planning & I | 40 | $355,172 | |
David Earls Financial Advisor | 40 | $310,776 | |
Joanne White SVP Information Technology | Officer | 40 | $297,716 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Law Offices Of Thomas Gibbons Legal | 12/30/20 | $249,983 |
Vector 5 Collaborative Construction | 12/30/20 | $946,955 |
Co Op Financial Services Call Center | 12/30/20 | $442,399 |
Nauset Construction Construction | 12/30/20 | $7,430,634 |
Insegment Marketing | 12/30/20 | $458,504 |
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 | $1,210,709 |
| Investment income | $8,759,359 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $763,452 |
| Net Gain/Loss on Asset Sales | $1,584,847 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,210,709 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $420,039 |
| 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. | $3,084,104 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $397,733 |
| Pension plan accruals and contributions | $1,708,451 |
| Other employee benefits | $170,198 |
| Payroll taxes | $1,928,957 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $305,828 |
| Fees for services: Accounting | $190,038 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,205 |
| Advertising and promotion | $757,928 |
| Office expenses | $168,998 |
| Information technology | $7,570,583 |
| Royalties | $0 |
| Occupancy | $46,357 |
| Travel | $136 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $119,867 |
| Interest | $282,295 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,513,900 |
| Insurance | $797,017 |
| All other expenses | $1,054 |
| Total functional expenses | $1,171,561 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $0 |
Grants Awarded
Over the last fiscal year, Workers Federal Credit Union has awarded $328,865 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
Fitchburg, MA PURPOSE: CHARITABLE CONTRIBUTIONS | $209,456 |
Gardner, MA PURPOSE: CHARITABLE CONTRIBUTIONS | $50,000 |
Americus, GA PURPOSE: CHARITABLE CONTRIBUTIONS | $16,409 |
MONTY TECH FOUNDATION PURPOSE: CHARITABLE CONTRIBUTIONS | $10,000 |
Fitchburg, MA PURPOSE: CHARITABLE CONTRIBUTIONS | $8,000 |
Fitchburg, MA PURPOSE: CHARITABLE CONTRIBUTIONS | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Peoples Credit Union Middletown, RI | $619,991,757 | $25,020,386 |
Bellwether Community Credit Union Manchester, NH | $557,690,894 | $21,955,180 |
Sharon & Cresent United Credit Union Brockton, MA | $438,601,837 | $18,630,554 |
Quincy Credit Union Quincy, MA | $736,275,717 | $20,097,786 |
Holy Rosary Regional Credit Union Rochester, NH | $399,129,935 | $15,434,385 |
Rhode Island Credit Union Providence, RI | $387,896,384 | $16,678,289 |
Westerly Community Credit Union Wakefield, RI | $412,210,779 | $17,253,972 |
Mutual Security Credit Union Inc Shelton, CT | $354,262,560 | $14,669,690 |
Alltrust Credit Union Fairhaven, MA | $299,264,971 | $13,016,630 |
Ocean State Credit Union Coventry, RI | $328,452,290 | $14,903,508 |
Dutch Point Credit Union Inc Wethersfield, CT | $439,784,551 | $13,078,655 |
Members Plus Credit Union Medford, MA | $342,620,781 | $10,885,310 |