Quincy Credit Union
- Assets
- $736.3m
- Revenue
- $20.1m
- Investments
- $1.4m
- Employees
- 101
- Location
- Quincy, MA
- Founding
- 09/1941
- Data as of
- 12/2021
- EIN
- 04-2314232
Organization Overview
Quincy Credit Union is located in Quincy, 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 12/2021, Quincy Credit Union employed 101 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Quincy 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, Quincy Credit Union generated $20.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $16.0m during the year ending 12/2021. While expenses have increased by 3.6% per year over the past 7 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE OUR MEMBERS THE BEST FINANCIAL SERVICES POSSIBLE IN ORDER TO SUCCESSFULLY SATISFY THEIR FINANCIAL NEEDS AND REQUIREMENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DIVIDENDS AND INSURANCE PAID TO AND FOR OUR MEMBERS.
LOAN SERVICING EXPENSES AND OUTSIDE SERVICES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Miller CEO | Officer | 40 | $373,878 |
Denise Fillis CFO / Treasurer | Officer | 40 | $159,244 |
Matthew Lindblom Chief Technology Officer | Officer | 40 | $159,220 |
Daniel Marini Chief Risk Officer | Officer | 40 | $145,626 |
Christine Tobin Chief Human Resources Officer | Officer | 40 | $122,835 |
Catherine Harrington Clo | Officer | 40 | $116,019 |
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 | $17,150,582 |
| Investment income | $2,472,079 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $307,733 |
| Net Gain/Loss on Asset Sales | $167,392 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,097,786 |
| 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 | $2,890,741 |
| Compensation of current officers, directors, key employees. | $1,531,420 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,369,556 |
| Pension plan accruals and contributions | $435,294 |
| Other employee benefits | $626,458 |
| Payroll taxes | $364,648 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $86,887 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $669,876 |
| Office expenses | $1,317,773 |
| Information technology | $3,271,378 |
| 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 | $254,014 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $551,723 |
| Insurance | $79,321 |
| All other expenses | $0 |
| Total functional expenses | $16,041,014 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,140,691 |
| Savings and temporary cash investments | $76,512,932 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $680,946 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $369,043,320 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,771,549 |
| Net Land, buildings, and equipment | $10,869,934 |
| Investments—publicly traded securities | $266,902,745 |
| Investments—other securities | $1,353,600 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $736,275,717 |
| Accounts payable and accrued expenses | $4,895,432 |
| 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 | $649,118,831 |
| Total liabilities | $654,014,263 |
| Net assets without donor restrictions | $82,261,454 |
| 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 | $736,275,717 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Vermont State Employees Credit Union Montpelier, VT | $1,088,463,473 | $48,370,084 |
Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |
St Annes Credit Union Of Fall River Mass Fall River, MA | $1,266,762,131 | $34,865,858 |
Granite State Credit Union Manchester, NH | $634,204,646 | $34,223,432 |
Sikorsky Financial Credit Union Inc Stratford, CT | $1,094,000,567 | $34,623,993 |
Leominster Credit Union Leominster, MA | $813,719,349 | $30,410,755 |
St Marys Credit Union Inc Marlborough, MA | $985,400,554 | $32,310,700 |
Triangle Credit Union Nashua, NH | $877,280,050 | $30,352,425 |
Northern Credit Union Watertown, NY | $435,001,865 | $31,512,409 |
Connex Credit Union Inc North Haven, CT | $868,570,264 | $30,771,499 |
Align Credit Union Lowell, MA | $748,085,438 | $24,193,748 |