Westerly Community Credit Union
- Assets
- $452.8m
- Revenue
- $18.3m
- Investments
- $58.1m
- Employees
- 92
- Location
- Wakefield, RI
- Founding
- 02/1993
- Data as of
- 12/2022
- EIN
- 05-0255222
Organization Overview
Westerly Community Credit Union is located in Wakefield, RI. The organization was established in 1993. 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 12/2022, Westerly Community Credit Union employed 92 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westerly Community 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 12/2022, Westerly Community Credit Union generated $18.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $14.8m during the year ending 12/2022. While expenses have increased by 5.9% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE HIGH QUALITY, LOW COST, FINANCIAL SERVICES TO IMPROVE THE FINANCIAL WELLBEING OF MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTENANCE OF MEMBERS' DEPOSIT ACCOUNT AND THE PAYMENT OF INTEREST AND DIVIDENDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Stefanski Chairperson | OfficerTrustee | 1 | $14,200 |
Steven Scales Vice Chairperson | OfficerTrustee | 1 | $10,600 |
Robert Delaney Board Treasurer | OfficerTrustee | 1 | $10,600 |
William Quirk Board Secretary | OfficerTrustee | 1 | $10,600 |
Sheilia Terranova-Beattie Board Member | Trustee | 1 | $9,400 |
Scott Harold Board Member | Trustee | 1 | $9,400 |
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 | $17,532,104 |
| Investment income | $837,301 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$57,006 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,312,399 |
| 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. | $1,325,792 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,116,464 |
| Pension plan accruals and contributions | $10,787 |
| Other employee benefits | $898,888 |
| Payroll taxes | $431,669 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $55,785 |
| Fees for services: Accounting | $60,582 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $177,095 |
| Advertising and promotion | $723,503 |
| Office expenses | $1,700,896 |
| Information technology | $723,675 |
| Royalties | $0 |
| Occupancy | $652,821 |
| Travel | $317,312 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,224,945 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,042,175 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $14,838,035 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,900,195 |
| Savings and temporary cash investments | $2,319,630 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,253,320 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $357,603,596 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $16,322,386 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $58,063,942 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,294,861 |
| Total assets | $452,757,930 |
| Accounts payable and accrued expenses | $5,963,578 |
| 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 | $13,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $401,533,285 |
| Total liabilities | $420,996,863 |
| 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 | $31,761,067 |
| Total liabilities and net assets/fund balances | $452,757,930 |