City Of Boston Credit Union
- Assets
- $650.8m
- Revenue
- $22.9m
- Investments
- $492.7k
- Employees
- 100
- Location
- Boston, MA
- Founding
- 01/1936
- Data as of
- 12/2021
- EIN
- 04-1103180
Organization Overview
City Of Boston Credit Union is located in Boston, MA. The organization was established in 1936. 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, City Of Boston Credit Union employed 100 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. City Of Boston 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, City Of Boston Credit Union generated $22.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $21.1m during the year ending 12/2021. While expenses have increased by 6.3% 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
CREDIT UNION - THRIFT SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTENANCE OF MEMBERS' SHARE ACCOUNTS AND THE INVESTMENT OF SUCH FUNDS. NUMBER OF SHARE ACCOUNTS 56,940. MAINTENANCE OF MEMBERS' LOAN ACCOUNTS. NUMBER OF LOAN ACCOUNTS 14,181.
EXPENSES APPLIED AGAINST NON MEMBER ATM FEE INCOME.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Neil Gordon Ex CEO | Officer | 40 | $373,756 |
Catherine Mullen VP Of Member | Officer | 40 | $179,966 |
Robert Mccauley VP Of Lendin | Officer | 40 | $156,048 |
Karla Mccarron VP Of Market | Officer | 40 | $147,152 |
Richard Bonomo Comptroller | 40 | $141,908 | |
James Carden Consumer Loa | 40 | $116,746 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nes Group Nes Group Architect/desig | 12/30/21 | $1,164,365 |
Connecticut Online Connecticut Online Data Processor | 12/30/21 | $2,005,152 |
Blue Cross Blue Shield Blue Cross Blue Shield Health Ins | 12/30/21 | $1,363,374 |
One Union Street Ltd Partnership One Union Street Ltd Partnership Rent | 12/30/21 | $558,684 |
Boston Symphony Orchestra Boston Symphony Orchestra | 12/30/21 | $326,592 |
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 | $17,754,628 |
| Investment income | $1,526,602 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $901,756 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,922,558 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $15,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,290,244 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,673,723 |
| Pension plan accruals and contributions | $457,247 |
| Other employee benefits | $1,266,227 |
| Payroll taxes | $488,325 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,914,363 |
| Office expenses | $700,692 |
| Information technology | $1,947,513 |
| Royalties | $0 |
| Occupancy | $1,669,426 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $156,838 |
| Interest | $3,861,685 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $637,183 |
| Insurance | $576,343 |
| All other expenses | $500,020 |
| Total functional expenses | $21,096,102 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $32,761,634 |
| Savings and temporary cash investments | $33,796,025 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $403,350,258 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $388,150 |
| Net Land, buildings, and equipment | $15,572,231 |
| Investments—publicly traded securities | $154,694,247 |
| Investments—other securities | $492,700 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,761,522 |
| Total assets | $650,816,767 |
| Accounts payable and accrued expenses | $3,001,414 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $407,543 |
| 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 | $595,631,268 |
| Total liabilities | $599,040,225 |
| 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 | $51,776,542 |
| Total liabilities and net assets/fund balances | $650,816,767 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that City Of Boston Credit Union has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Bny Mellon Charitable Gift Fund Boston, MA PURPOSE: TO FURTHER THE ORGANIZATIONS EXEMPT PURPOSE | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Granite State Credit Union Manchester, NH | $634,204,646 | $34,223,432 |
Sikorsky Financial Credit Union Inc Stratford, CT | $1,094,000,567 | $34,623,993 |
Leominster Credit Union Leominster, MA | $813,719,349 | $30,410,755 |
St Marys Credit Union Inc Marlborough, MA | $985,400,554 | $32,310,700 |
Triangle Credit Union Nashua, NH | $877,280,050 | $30,352,425 |
Northern Credit Union Watertown, NY | $435,001,865 | $31,512,409 |
Connex Credit Union Inc North Haven, CT | $868,570,264 | $30,771,499 |
Align Credit Union Lowell, MA | $748,085,438 | $24,193,748 |