Cooperative Credit Union Association Inc
- Assets
- $10.4m
- Revenue
- $5.6m
- Investments
- $467.7k
- Employees
- 25
- Location
- Marlborough, MA
- Founding
- 03/2001
- Data as of
- 12/2021
- EIN
- 04-3403594
Organization Overview
Cooperative Credit Union Association Inc is located in Marlborough, MA. The organization was established in 2001. 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, Cooperative Credit Union Association Inc employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cooperative Credit Union Association Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Cooperative Credit Union Association Inc generated $5.6m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.7%) each year. All expenses for the organization totaled $5.0m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.8%) per year over the past 7 years. 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 MEMBERS WITH SERVICES ON A LOCAL AND NATIONAL LEVEL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE SERVICES TO MEMBERS ON A LOCAL AND NATIONAL LEVEL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald Mclean President/ceo | OfficerTrustee | 60 | $485,444 |
Mary Ann Clancy SVP General Counsel | 60 | $248,764 | |
Melissa Pomeroy Chief Revenue Officer | 50 | $242,312 | |
Walter J Laskos SVP Strategic Communicatio | 60 | $185,425 | |
William Nagle SVP Professional Developme | 50 | $154,942 | |
Dawn Roberts Controller | Officer | 50 | $123,815 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $773 |
| 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 | $773 |
| Total Program Service Revenue | $2,750,262 |
| Investment income | $67,253 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $4,504 |
| Net Gain/Loss on Asset Sales | $125,626 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,571,085 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $22,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,674,319 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $738,697 |
| Pension plan accruals and contributions | $58,883 |
| Other employee benefits | $217,967 |
| Payroll taxes | $153,131 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,644 |
| Fees for services: Accounting | $58,239 |
| Fees for services: Lobbying | $201,750 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $182,739 |
| Office expenses | $48,990 |
| Information technology | $11,245 |
| Royalties | $0 |
| Occupancy | $356,829 |
| Travel | $79,846 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,459 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $35,589 |
| Insurance | $70,836 |
| All other expenses | $201,374 |
| Total functional expenses | $4,991,300 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,888,966 |
| Savings and temporary cash investments | $131,583 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,087,963 |
| Loans from Officers, Directors, or Controlling Persons | $1,349,626 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $153,335 |
| Net Land, buildings, and equipment | $78,289 |
| Investments—publicly traded securities | $2,193,713 |
| Investments—other securities | $467,723 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $34,084 |
| Total assets | $10,385,282 |
| Accounts payable and accrued expenses | $1,761,460 |
| Grants payable | $0 |
| Deferred revenue | $1,223,218 |
| 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 | $0 |
| Total liabilities | $2,984,678 |
| Net assets without donor restrictions | $7,363,039 |
| Net assets with donor restrictions | $37,565 |
| 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 | $10,385,282 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Cooperative Credit Union Association Inc has recieved totaling $21,895.
| Awarding Organization | Amount |
|---|---|
Harvard University Employees Credit Union Cambridge, MA PURPOSE: DONATION | $8,800 |
St Annes Credit Union Of Fall River Mass Fall River, MA PURPOSE: CHARITABLE CONTRIBUTIONS | $7,095 |
Navigant Credit Union Smithfield, RI PURPOSE: CHARITABLE CONTRIBUTIONS | $6,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Peoples Credit Union Middletown, RI | $619,991,757 | $25,020,386 |
Bellwether Community Credit Union Manchester, NH | $557,690,894 | $21,955,180 |
Sharon & Cresent United Credit Union Brockton, MA | $438,601,837 | $18,630,554 |
Quincy Credit Union Quincy, MA | $736,275,717 | $20,097,786 |
Holy Rosary Regional Credit Union Rochester, NH | $399,129,935 | $15,434,385 |
Rhode Island Credit Union Providence, RI | $387,896,384 | $16,678,289 |
Westerly Community Credit Union Wakefield, RI | $412,210,779 | $17,253,972 |
Mutual Security Credit Union Inc Shelton, CT | $354,262,560 | $14,669,690 |
Alltrust Credit Union Fairhaven, MA | $299,264,971 | $13,016,630 |
Ocean State Credit Union Coventry, RI | $328,452,290 | $14,903,508 |
Dutch Point Credit Union Inc Wethersfield, CT | $439,784,551 | $13,078,655 |
Members Plus Credit Union Medford, MA | $342,620,781 | $10,885,310 |