Leominster Credit Union
- Assets
- $813.7m
- Revenue
- $30.4m
- Investments
- $3.1m
- Employees
- 170
- Location
- Leominster, MA
- Founding
- 04/1955
- Data as of
- 09/2021
- EIN
- 04-2348884
Organization Overview
Leominster Credit Union is located in Leominster, MA. The organization was established in 1955. 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 09/2021, Leominster Credit Union employed 170 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Leominster 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 09/2021, Leominster Credit Union generated $30.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $28.0m during the year ending 09/2021. While expenses have increased by 3.4% per year over the past 6 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 2015, Leominster Credit Union has awarded 52 individual grants totaling $412,447. 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
FULFILL OUR MEMBERS' FINANCIAL NEEDS THROUGH OUTSTANDING SERVICE AND EFFECTIVE TECHNOLOGY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO SERVE OUR MEMBERS, OUR HIGHEST EXPENSE IS INTEREST PAID ON CERTIFICATES OF DEPOSIT. AT YEAR-END, THE CREDIT UNION HAD 49,013 MEMBERS, AND INTEREST PAID ON CERTIFICATES OF DEPOSIT TOTALED $1,865,221
OUR SECOND HIGHEST EXPENSE IS INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 49,013 MEMBERS, AND INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS TOTALED $560,789
OUR THIRD HIGHEST EXPENSE IS INTEREST PAID ON DEMAND DEPOSIT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 49,013 MEMBERS, AND INTEREST PAID ON DEMAND DEPOSIT ACCOUNTS TOTALED $223,728
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John O'brien President/ceo (until 11/30/2020) | Officer | 40 | $540,560 |
Barbara Mahoney President/ceo | Officer | 40 | $284,400 |
Diane Farnsworth Sr. Mortgage Originator | 40 | $239,357 | |
Craig Madonia SVP Lending | Officer | 40 | $199,147 |
Kelli Rooney SVP Community Engagement & Marketing | Officer | 40 | $176,485 |
Joseph J Normant Svp/cfo | Officer | 40 | $175,924 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Davis Advertising Advertising | 9/29/21 | $349,787 |
Windstream Enterprises Communications | 9/29/21 | $225,792 |
Fiserv It Services | 9/29/21 | $3,113,287 |
Corelation Inc It Services | 9/29/21 | $1,153,344 |
Next Step Inc Consulting | 9/29/21 | $207,500 |
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 | $24,881,720 |
| Investment income | $3,967,570 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $117,110 |
| Net Gain/Loss on Asset Sales | $1,157,611 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,410,755 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $157,237 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,447,934 |
| Compensation of current officers, directors, key employees. | $1,429,475 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,892,093 |
| Pension plan accruals and contributions | $541,924 |
| Other employee benefits | $1,228,428 |
| Payroll taxes | $794,141 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $28,259 |
| Fees for services: Accounting | $228,386 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $639,951 |
| Advertising and promotion | $463,409 |
| Office expenses | $2,097,012 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,221,405 |
| Travel | $8,830 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $48,326 |
| Interest | $1,588,853 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,092,339 |
| Insurance | $445,474 |
| All other expenses | $796,949 |
| Total functional expenses | $28,035,594 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $107,865,308 |
| Savings and temporary cash investments | $8,715,000 |
| 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 | $521,655,982 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,083,226 |
| Net Land, buildings, and equipment | $12,427,151 |
| Investments—publicly traded securities | $135,072,034 |
| Investments—other securities | $3,130,300 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $23,770,348 |
| Total assets | $813,719,349 |
| Accounts payable and accrued expenses | $4,410,777 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,933,353 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $60,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $672,063,158 |
| Total liabilities | $739,407,288 |
| 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 | $74,312,061 |
| Total liabilities and net assets/fund balances | $813,719,349 |
Grants Awarded
Over the last fiscal year, Leominster Credit Union has awarded $36,063 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
Fitchburg, MA PURPOSE: PROGRAM SUPPORT | $10,000 |
Lynn, MA PURPOSE: PROGRAM SUPPORT | $10,000 |
Fitchburg, MA PURPOSE: PROGRAM SUPPORT | $9,263 |
Leominster, MA PURPOSE: PROGRAM SUPPORT | $6,800 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Municipal Credit Union New York, NY | $4,195,909,598 | $220,924,766 |
Navigant Credit Union Smithfield, RI | $3,081,655,511 | $116,968,150 |
Metro Credit Union Chelsea, MA | $2,510,941,078 | $92,937,477 |
American Eagle Financial Credit Union Incorporated East Hartford, CT | $2,355,398,570 | $80,581,273 |
Northeast Credit Union Portsmouth, NH | $1,982,489,459 | $75,179,197 |
Coastal1 Credit Union Pawtucket, RI | $2,840,412,596 | $91,925,616 |
Sunmark Credit Union Latham, NY | $1,009,786,367 | $61,777,524 |
Jeanne Darc Credit Union Lowell, MA | $1,792,528,408 | $59,293,841 |
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 |