Sharon & Cresent United Credit Union
- Assets
- $438.6m
- Revenue
- $18.6m
- Investments
- $53.3m
- Employees
- 125
- Location
- Brockton, MA
- Founding
- 05/1925
- Data as of
- 12/2018
- EIN
- 04-1217290
Organization Overview
Sharon & Cresent United Credit Union is located in Brockton, MA. The organization was established in 1925. 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 12/2018, Sharon & Cresent United Credit Union employed 125 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sharon & Cresent United 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 12/2018, Sharon & Cresent United Credit Union generated $18.6m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $16.1m during the year ending 12/2018. While expenses have increased by 3.3% per year over the past 4 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
2018
Describe the Organization's Mission:
Part 3 - Line 1
A COOPERATIVE SOCIETY ORGANIZED WITHIN A GROUP OF PEOPLE OPERATING UNDER STATE AND FEDERAL SUPERVISION PROVIDING A SYSTEM FOR ACCUMULATING SAVINGS AND CREDIT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CRESCENT CREDIT UNION OFFERS A COMPLETE RANGE OF PERSONAL AND BUSINESS FINANCIAL SERVICES TO APPROXIMATELY 45,000 MEMBERS. THESE SERVICES INCLUDE CHECKING, SAVINGS, CERTIFICATES OF DEPOSIT, AND ALL TYPES OF LOANS, INCLUDING MORTGAGES, LINES OF CREDIT, EQUITY LOANS, PERSONAL LOANS AND CAR LOANS. AS OF 12/31/2018 THE CREDIT UNION HAD 12,959 LOANS OUTSTANDING, 16,949 CHECKING ACCOUNTS, 27,813 SAVINGS ACCOUNTS, AND 3,713 CERTIFICATE & IRA ACCOUNTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert W Gustafson President/ceo | OfficerTrustee | 55 | $398,510 |
John Kolentsas Clerk | OfficerTrustee | 2 | $0 |
Howard Spiller Chairman Of The Board | OfficerTrustee | 10 | $15,000 |
Alfred Niccoli Vice Chairman | OfficerTrustee | 5 | $0 |
Arthur Sullivan Vice Chairman | OfficerTrustee | 5 | $0 |
David Goodman Treasurer | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Loan And Deposit Processing | 12/30/18 | $1,196,594 |
Gatehouse Media Advertising | 12/30/18 | $239,601 |
Lee And Mason Financial Services Vsi Insurance | 12/30/18 | $208,265 |
National Grid Utilities | 12/30/18 | $144,123 |
Patecwindstream Tele-comm | 12/30/18 | $118,057 |
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 | $17,428,215 |
| Investment income | $1,145,367 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $56,972 |
| 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 | $18,630,554 |
| 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 | $1,523,601 |
| Compensation of current officers, directors, key employees. | $637,124 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,346,812 |
| Pension plan accruals and contributions | $275,661 |
| Other employee benefits | $1,169,022 |
| Payroll taxes | $419,914 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $102,302 |
| Fees for services: Accounting | $120,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $277,006 |
| Advertising and promotion | $476,571 |
| Office expenses | $514,198 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,379,204 |
| Travel | $3,578 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $37,877 |
| Interest | $785,820 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $608,486 |
| Insurance | $171,512 |
| All other expenses | $1,076,104 |
| Total functional expenses | $16,099,298 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,323,253 |
| Savings and temporary cash investments | $401,491 |
| 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 | $366,196,575 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $337,379 |
| Net Land, buildings, and equipment | $9,158,627 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $53,338,266 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,846,246 |
| Total assets | $438,601,837 |
| Accounts payable and accrued expenses | $1,429,785 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,555,013 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $40,919,527 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $329,645,584 |
| Total liabilities | $373,549,909 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $65,051,928 |