Cranston Municipal Employees Credit Union

Organization Overview

Cranston Municipal Employees Credit Union, operating under the name Cme Credit Union, is located in Cranston, RI. The organization was established in 1988. 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, Cme Credit Union employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cme 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, Cme Credit Union generated $2.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $1.8m during the year ending 12/2021. While expenses have increased by 4.0% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

THE MISSION OF THE CRANSTON MUNICIPAL EMPLOYEES CREDIT UNION IS TO PROVIDE OPPORTUNITY FOR MEMBERS TO SAVE AND BORROW FOR CURRENT AND FUTURE NEEDS AT A FINANCIALLY STRONG, MEMBER OWNED COOPERATIVE RESPONSIVE TO THEIR EXPANDING FINANCIAL SERVICE NEEDS. THE CREDIT UNION SEEKS TO PROVIDE OUTSTANDING SERVICE AT FAIR AND FAVORABLE RATES AND TERMS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

INTEREST WAS PAID TO MEMBERS WITH SAVINGS ACCOUNTS AND CERTIFICATES OF DEPOSIT DURING 2021 WHICH TOTALED 392,091.


DURING 2021, THE CREDIT UNION ISSUED 471 NEW LOANS TOTALING 9,544,793. TOTAL INTEREST INCOME ON LOANS ISSUED TO MEMBERS WAS 637,324.


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Board, Officers & Key Employees

Name (title)Compensation
Brian W Ducharme
Treasurer/pr
$162,447
Barbara A Blais
Credit Commi
$119,825
Stephen P Hogan
Chairperson
$3,365
Roberta Turchetta
Secretary
$2,305
Anthony J Vecchio
Credit Commi
$1,280
Gail Topakian
Credit Commi
$1,280

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$1,419,236
Investment income $578,094
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$18,818
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $1,978,512

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