Merrimack Valley Credit Union
- Assets
- $1.3b
- Revenue
- $42.1m
- Investments
- $341.3m
- Employees
- 231
- Location
- Lawrence, MA
- Founding
- Data as of
- 12/2021
- EIN
- 04-2206928
Organization Overview
Merrimack Valley Credit Union is located in Lawrence, MA. As of 12/2021, Merrimack Valley Credit Union employed 231 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 12/2021, Merrimack Valley Credit Union generated $42.1m in total revenue. The organization has seen a slow decline revenue. Over the past 3 years, revenues have fallen by an average of 0.0% each year. All expenses for the organization totaled $39.0m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Merrimack Valley Credit Union has awarded 15 individual grants totaling $218,789. 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
2021
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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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Howard President/ceo | Officer | 37.5 | $540,158 |
Brad Egan Evp/chief Lending Officer | Officer | 37.5 | $285,742 |
Michael Valley Evp/cfo & COO | Officer | 37.5 | $266,194 |
Dante Dimassa VP Residental Lending | Officer | 37.5 | $203,100 |
Yean-Ai Long SVP Marketing | Officer | 37.5 | $186,177 |
Robert Piepenburg VP Commercial Lending | Officer | 37.5 | $178,603 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
500 Riverwalk Llc Branch Rent, Lawrence & Condo Fee | 12/30/21 | $263,105 |
Avantus Llc Credit Reports | 12/30/21 | $159,497 |
Plymouth Exit 5 Phase 2 Llc Branch Rent, Plymouth | 12/30/21 | $174,129 |
Ta Demoulas Trustee Branch Rent, N. Andover And Haverhill | 12/30/21 | $202,784 |
Catherine Cametti (The Appraisal Hub) Appraisal Services | 12/30/21 | $164,495 |
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 | $37,614,385 |
| Investment income | $4,448,801 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $56,835 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $42,120,021 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $87,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $4,223,338 |
| Compensation of current officers, directors, key employees. | $3,973,817 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,960,522 |
| Pension plan accruals and contributions | $783,351 |
| Other employee benefits | $1,560,952 |
| Payroll taxes | $1,017,882 |
| Fees for services: Management | $1,658,450 |
| Fees for services: Legal | $88,630 |
| Fees for services: Accounting | $368,517 |
| 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 | $550,830 |
| Office expenses | $1,166,558 |
| Information technology | $1,670,579 |
| Royalties | $0 |
| Occupancy | $1,892,513 |
| Travel | $28,566 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $680,397 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,295,368 |
| Insurance | $236,061 |
| All other expenses | $1,110,965 |
| Total functional expenses | $39,001,674 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,259,204 |
| Savings and temporary cash investments | $58,344,110 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $24,992,936 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $803,122,726 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,167,408 |
| Net Land, buildings, and equipment | $14,215,354 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $341,345,531 |
| Investments—program-related | $3,764,681 |
| Intangible assets | $1,766,822 |
| Other assets | $22,985,007 |
| Total assets | $1,277,963,779 |
| Accounts payable and accrued expenses | $5,758,352 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $4,394,279 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $25,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,136,240,270 |
| Total liabilities | $1,171,392,901 |
| 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 | $106,570,878 |
| Total liabilities and net assets/fund balances | $1,277,963,779 |
Grants Awarded
Over the last fiscal year, Merrimack Valley Credit Union has awarded $82,000 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
Haverhill, MA PURPOSE: ANNUAL SPONSORSHIP AND GENERAL SUPPORT | $20,000 |
LAWRENCE LIBRARY PURPOSE: PLEDGE TO IMPROVE LITERACY | $17,000 |
GROUNDWORKS LAWRENCE PURPOSE: PAYMENT TO RETRO | $15,000 |
EFOR ALL PURPOSE: PLEDGE TO HELP LOW INCOME BUSINESSES | $10,000 |
Burlington, MA PURPOSE: GENERAL SUPPORT | $10,000 |
Newburyport, MA PURPOSE: GENERAL SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Center For Discovery Inc Harris, NY | $136,967,391 | $121,112,657 |
Champlain College Inc Burlington, VT | $240,784,775 | $119,718,125 |
Behavioral Health Network Inc Springfield, MA | $65,551,106 | $133,127,177 |
Point Park University Pittsburgh, PA | $213,510,842 | $122,379,566 |
Bay Cove Human Services Inc Boston, MA | $73,611,314 | $126,196,963 |
Lucent Technologies Inc Postretirment Welfare Benefits Tru Murray Hill, NJ | $233,482,578 | $187,732,247 |
Core Physicians Llc Exeter, NH | $19,371,760 | $100,280,879 |
Northwestern Medical Center Inc St Albans, VT | $180,177,619 | $138,585,936 |
William Penn Foundation Philadelphia, PA | $0 | $175,834,650 |
Museum Of Fine Arts Boston, MA | $1,234,619,782 | $175,070,799 |
Rising Ground Inc Brooklyn, NY | $83,365,345 | $129,310,965 |
Lehigh Valley Hospital - Schuykill Allentown, PA | $123,931,422 | $141,448,853 |