Naveo Credit Union
- Assets
- $168.9m
- Revenue
- $5.5m
- Investments
- $0.0
- Employees
- 51
- Location
- Somerville, MA
- Founding
- 10/1934
- Data as of
- 12/2022
- EIN
- 04-1144988
Organization Overview
Naveo Credit Union is located in Somerville, MA. The organization was established in 1934. 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, Naveo Credit Union employed 51 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Naveo 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, Naveo Credit Union generated $5.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $5.4m during the year ending 12/2022. While expenses have increased by 4.1% 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
MEMBER THRIFT & SERVICE
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTENANCE OF MEMBER SHARE AND DEPOSIT ACCOUNTS, AND THE PAYMENT OF DIVIDENDS THEREON WITH THE PURPOSE OF LENDING TO MEMBERS AT COMPETITIVE INTEREST RATES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrea White Chief Executive Officer | Officer | 40 | $265,056 |
Albert Pinho Chief Lending Officer | Officer | 40 | $191,564 |
Kevin George VP Finance | Officer | 40 | $118,313 |
Jamie Levine VP Hr | 40 | $112,912 | |
Charles Montemor Director | Trustee | 2 | $0 |
Paulo J Ferreira Secretary/clerk | Trustee | 2 | $0 |
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 | $4,507,439 |
| Investment income | $1,002,338 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $28,481 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,538,258 |
| 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 | $321,562 |
| Compensation of current officers, directors, key employees. | $710,803 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,769,579 |
| Pension plan accruals and contributions | $69,685 |
| Other employee benefits | $282,814 |
| Payroll taxes | $137,699 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,500 |
| Fees for services: Accounting | $111,443 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,009,956 |
| Advertising and promotion | $98,334 |
| Office expenses | $147,826 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $329,632 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,334 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $177,933 |
| Insurance | $44,385 |
| All other expenses | $150,640 |
| Total functional expenses | $5,370,125 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $627,820 |
| Savings and temporary cash investments | $11,136,236 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $31,523 |
| Loans from Officers, Directors, or Controlling Persons | $2,605,284 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $89,262,254 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,644,501 |
| Investments—publicly traded securities | $61,707,431 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,933,446 |
| Total assets | $168,948,495 |
| Accounts payable and accrued expenses | $708,961 |
| 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 | $162,421,089 |
| Total liabilities | $163,130,050 |
| 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 | $5,818,445 |
| Total liabilities and net assets/fund balances | $168,948,495 |