Merrimack Valley Credit Union
- Assets
- $1.4b
- Revenue
- $47.0m
- Investments
- $281.2m
- Employees
- 259
- Location
- Lawrence, MA
- Founding
- Data as of
- 12/2022
- EIN
- 04-2206928
Organization Overview
Merrimack Valley Credit Union is located in Lawrence, MA. As of 12/2022, Merrimack Valley Credit Union employed 259 individuals. Merrimack Valley 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, Merrimack Valley Credit Union generated $47.0m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $40.4m during the year ending 12/2022. While expenses have increased by 1.3% per year over the past 4 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Merrimack Valley Credit Union has awarded 18 individual grants totaling $279,789. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
MEMBER OWNED FINANCIAL INSTITUTION OFFERING A VARIETY OF SAVINGS AND LOAN PRODUCTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SERVE APPROXIMATELY 84,000 MEMBERS OFFERING A WIDE VARIETY OF LOAN AND DEPOSIT PRODUCTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Domenic Mazzocoo Chairman | OfficerTrustee | 3 | $0 |
Arthur O'dea 2nd Vice Chair | OfficerTrustee | 3 | $0 |
Maureen Ronayne Secretary | OfficerTrustee | 3 | $0 |
Mukesh Dave Treasurer | OfficerTrustee | 3 | $0 |
Catherine Deburro Director | Trustee | 3 | $0 |
Ronald Guilmette Director | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
John M Floyd & Associates Consulting | 12/30/22 | $356,339 |
Delta & Delta Realty Trust Rent | 12/30/22 | $204,998 |
Bedel Technology Llc It Consulting | 12/30/22 | $170,550 |
500 Riverwalk Llc Branch Rent, Lawrence & Condo Fee | 12/30/22 | $165,145 |
Xactus Llc Credit Reports | 12/30/22 | $170,125 |
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 | $41,518,840 |
| Investment income | $5,558,049 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$31,921 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $47,044,968 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,181 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,195,254 |
| Compensation of current officers, directors, key employees. | $5,336,427 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,710,631 |
| Pension plan accruals and contributions | $848,145 |
| Other employee benefits | $1,810,148 |
| Payroll taxes | $1,093,662 |
| Fees for services: Management | $1,220,551 |
| Fees for services: Legal | $121,621 |
| Fees for services: Accounting | $356,625 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $100,000 |
| Advertising and promotion | $202,239 |
| Office expenses | $992,058 |
| Information technology | $2,189,532 |
| Royalties | $0 |
| Occupancy | $2,033,982 |
| Travel | $77,543 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,057,141 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,571,640 |
| Insurance | $251,747 |
| All other expenses | $874,177 |
| Total functional expenses | $40,390,557 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,030,000 |
| Savings and temporary cash investments | $71,488,280 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $25,330,770 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $917,187,352 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $825,413 |
| Net Land, buildings, and equipment | $13,977,813 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $281,212,079 |
| Investments—program-related | $5,148,181 |
| Intangible assets | $892,645 |
| Other assets | $26,818,239 |
| Total assets | $1,350,910,772 |
| Accounts payable and accrued expenses | $7,465,792 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $4,725,190 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $80,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,181,732,147 |
| Total liabilities | $1,273,923,129 |
| 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 | $76,987,643 |
| Total liabilities and net assets/fund balances | $1,350,910,772 |
Grants Awarded
Over the last fiscal year, Merrimack Valley Credit Union has awarded $61,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
CU KIDS AT HEART PURPOSE: GENERAL SUPPORT | $16,000 |
EMMAUS INC PURPOSE: ANNUAL SPONSORSHIP AND GENERAL SUPPORT | $30,000 |
LAWRENCE PARTNERSHIPS PURPOSE: GENERAL SUPPORT | $15,000 |