Tremont Credit Union
- Assets
- $244.4m
- Revenue
- $9.9m
- Investments
- $4.0m
- Employees
- 69
- Location
- Milton, MA
- Founding
- 01/1999
- Data as of
- 12/2021
- EIN
- 04-3414490
Organization Overview
Tremont Credit Union is located in Milton, MA. The organization was established in 1999. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Tremont Credit Union employed 69 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tremont 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, Tremont Credit Union generated $9.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $9.3m during the year ending 12/2021. While expenses have increased by 5.4% 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
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES FINANCIAL PRODUCTS SUCH AS VARIOUS TYPES OF DEPOSIT ACCOUNTS AND LOANS TO ITS MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George Hardiman CEO | OfficerTrustee | 40 | $444,414 |
James Roy CFO | Officer | 40 | $173,672 |
Maria Costa SVP Lending | Officer | 40 | $154,346 |
Diane Papadakos Chief Growth Officer | Officer | 40 | $119,275 |
Joseph Bean SVP Administration | Officer | 40 | $35,757 |
Kevin Mullen Chair | Trustee | 4 | $24,000 |
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 | $9,219,393 |
| Investment income | $688,269 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,907,662 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $1,171,873 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $2,502,630 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $92,563 |
| Other employee benefits | $343,238 |
| Payroll taxes | $325,579 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $140,000 |
| Fees for services: Accounting | $138,489 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $428,490 |
| Advertising and promotion | $114,824 |
| Office expenses | $995,967 |
| Information technology | $660,112 |
| Royalties | $0 |
| Occupancy | $415,596 |
| Travel | $42,303 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,012 |
| Interest | $867,388 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $505,174 |
| Insurance | $50,531 |
| All other expenses | $0 |
| Total functional expenses | $9,307,134 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,062,193 |
| Savings and temporary cash investments | $54,156,075 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $264,048 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $145,104,272 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,631,439 |
| Net Land, buildings, and equipment | $726,885 |
| Investments—publicly traded securities | $34,831,521 |
| Investments—other securities | $3,954,235 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,670,471 |
| Total assets | $244,401,139 |
| Accounts payable and accrued expenses | $2,164,086 |
| 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 | $216,115,675 |
| Total liabilities | $218,279,761 |
| 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 | $26,121,378 |
| Total liabilities and net assets/fund balances | $244,401,139 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Granite State Management and Resources Concord, NH | $0 | $15,096,637 |
Tremont Credit Union Milton, MA | $244,401,139 | $9,907,662 |
One Credit Union Springfield, VT | $231,054,967 | $9,424,805 |
Connecticut Student Loan Foundtion Hartford, CT | $126,010,687 | $4,816,146 |
Provident Loan Society Of New York New York, NY | $16,413,058 | $4,285,682 |
Saint Elizabeth Community Warwick, RI | $33,952,734 | $6,477,601 |
The Diaper Bank Of Connecticut Inc North Haven, CT | $2,855,644 | $2,137,896 |
Rent Reporter Inc New York, NY | $2,937,581 | $1,945,762 |
St Lawrence County Indust Develop Agency Local Develop Corporation Canton, NY | $15,837,974 | $736,257 |
New Hampshire Higher Education Assistance Foundation Concord, NH | $24,303,150 | $1,466,909 |
Rhode Island Bankers Association Providence, RI | $265,369 | $280,556 |
Brooklyn Alliance Capital Inc Brooklyn, NY | $951,922 | $509,924 |