Sharon & Cresent United Credit Union
- Assets
- $1.2b
- Revenue
- $40.9m
- Investments
- $330.1m
- Employees
- 207
- Location
- Sharon, MA
- Founding
- 04/1957
- Data as of
- 12/2021
- EIN
- 04-2391206
Organization Overview
Sharon & Cresent United Credit Union is located in Sharon, MA. The organization was established in 1957. 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, Sharon & Cresent United Credit Union employed 207 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sharon & Cresent United 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, Sharon & Cresent United Credit Union generated $40.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.7% each year . All expenses for the organization totaled $32.7m during the year ending 12/2021. While expenses have increased by 15.3% 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
TO PROVIDE A FULL RANGE OF FINANCIAL SERVICES TO OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARON CREDIT UNION IS A MEMBER-OWNED ORGANIZATION COMMITTED TO PROVIDING SUPERIOR FINANCIAL SERVICES TO ITS MEMBERS AND THE COMMUNITY. AT 12/31/2021, THE CREDIT UNION HAD 26,041 LOANS OUTSTANDING TOTALING $779,375,808. ALSO MEMBERS HAD 138,248 DEPOSITS ACCOUNTS TOTALING $1,043,434,519. ADDITIONALLY MEMBERS HAD 1,475 SAFE DEPOSIT BOXES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James L Carlson President/cfo | OfficerTrustee | 40 | $600,758 |
Robert W Gustafson Executive VP | Officer | 40 | $419,942 |
David Cox Former Cfo/treasurer | 40 | $231,058 | |
Linda Fountain Chief Lending Officer | Officer | 40 | $227,884 |
Maureen Gregory Chief Retail Officer | 40 | $179,583 | |
Paul Pijanowski SVP Information Technology | 40 | $168,007 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
National Credit Union Admin Regulator | 12/30/21 | $486,411 |
Jack Henry & Assoc Core System Provider | 12/30/21 | $984,115 |
Alkami Technology Online Banking Provider | 12/30/21 | $790,159 |
Accountemps Temp Employees | 12/30/21 | $221,902 |
Fiserv Software Provider | 12/30/21 | $231,330 |
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 | $38,784,603 |
| Investment income | $2,076,724 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $25,184 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $40,886,511 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $117,108 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,060,767 |
| Compensation of current officers, directors, key employees. | $1,473,614 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,366,959 |
| Pension plan accruals and contributions | $911,138 |
| Other employee benefits | $2,341,075 |
| Payroll taxes | $803,937 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $34,036 |
| Fees for services: Accounting | $158,566 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $578,615 |
| Advertising and promotion | $651,379 |
| Office expenses | $3,321,607 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,032,495 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $60,449 |
| Interest | $413,436 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,523,187 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $32,743,090 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $86,067,577 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $1,410,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $774,088,219 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $473,388 |
| Net Land, buildings, and equipment | $14,137,799 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $330,117,723 |
| Investments—program-related | $0 |
| Intangible assets | $2,509,674 |
| Other assets | $5,804,263 |
| Total assets | $1,214,608,643 |
| Accounts payable and accrued expenses | $12,007,283 |
| Grants payable | $0 |
| Deferred revenue | $2,705,610 |
| 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 | $1,054,078,700 |
| Total liabilities | $1,068,791,593 |
| 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 | $145,817,050 |
| Total liabilities and net assets/fund balances | $1,214,608,643 |
Grants Awarded
Over the last fiscal year, Sharon & Cresent United Credit Union has awarded $61,093 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Atlanta, GA PURPOSE: TO CONTINUE PROGRAMS AND SERVICES. | $50,000 |
Foxborough, MA PURPOSE: TO CONTINUE PROGRAMS AND SERVICES. | $6,000 |
Sharon, MA PURPOSE: TO CONTINUE PROGRAMS AND SERVICES. | $5,093 |
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 |