Jeanne Darc Credit Union
- Assets
- $1.8b
- Revenue
- $59.3m
- Investments
- $9.1m
- Employees
- 375
- Location
- Lowell, MA
- Founding
- 01/1935
- Data as of
- 12/2021
- EIN
- 04-1231965
Organization Overview
Jeanne Darc Credit Union is located in Lowell, MA. The organization was established in 1935. 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, Jeanne Darc Credit Union employed 375 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Jeanne Darc 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, Jeanne Darc Credit Union generated $59.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $52.4m during the year ending 12/2021. While expenses have increased by 2.6% 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.
Since 2020, Jeanne Darc Credit Union has awarded 24 individual grants totaling $963,539. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
JEANNE D'ARC CREDIT UNION IS A FULL SERVICE, MEMBER-OWNED COMMUNITY BASED CREDIT UNION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
JEANNE D'ARC CREDIT UNION IS THE THIRD OLDEST CREDIT UNION IN THE COUNTRY FOUNDED IN LOWELL MASSACHUSETTS IN 1912. IT CURRENTLY HAS 92,522 MEMBERS WHO HAVE $1,566 MILLION IN DEPOSIT ACCOUNTS & NET LOANS OUTSTANDING OF $1,157 MILLION AS OF DECEMBER 31, 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Cochran President/ceo/director | OfficerTrustee | 40 | $915,761 |
James Hirbour Senior Loan Officer | 40 | $870,183 | |
Jason E Dubois Mortgage Loan Originator M | 40 | $730,890 | |
Gerard L Stevens Senior Loan Officer | 40 | $586,164 | |
Keith M Micavich Senior Loan Officer | 40 | $457,730 | |
Brian Sousa Senior Vice President Clo | Officer | 40 | $416,204 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Inc Banking Software | 12/30/21 | $2,408,263 |
Alkami Security Services | 12/30/21 | $1,234,511 |
Fidelity Info Services Banking Software | 12/30/21 | $384,361 |
Next Step Banking Technology Consulting | 12/30/21 | $355,967 |
Ring Central Software | 12/30/21 | $238,605 |
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 | $41,206,001 |
| Investment income | $1,548,359 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,377,129 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $59,293,841 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $599,219 |
| Grants and other assistance to domestic individuals. | $17,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,839,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,124,079 |
| Pension plan accruals and contributions | $1,231,834 |
| Other employee benefits | $2,186,362 |
| Payroll taxes | $1,380,688 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $541,120 |
| Fees for services: Accounting | $682,139 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,493,094 |
| Advertising and promotion | $512,472 |
| Office expenses | $2,009,978 |
| Information technology | $2,432,308 |
| Royalties | $0 |
| Occupancy | $2,979,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $78,019 |
| Interest | $9,063,084 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,466,984 |
| Insurance | $211,377 |
| All other expenses | $689,434 |
| Total functional expenses | $52,364,280 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,708,226 |
| Savings and temporary cash investments | $290,929,353 |
| 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 | $1,156,684,801 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,135,846 |
| Net Land, buildings, and equipment | $18,815,599 |
| Investments—publicly traded securities | $276,069,084 |
| Investments—other securities | $9,067,900 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $33,117,599 |
| Total assets | $1,792,528,408 |
| Accounts payable and accrued expenses | $13,827,725 |
| 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 | $44,967,280 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,592,501,808 |
| Total liabilities | $1,651,296,813 |
| 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 | $16,000,000 |
| Retained earnings, endowment, accumulated income, or other funds | $125,231,595 |
| Total liabilities and net assets/fund balances | $1,792,528,408 |
Grants Awarded
Over the last fiscal year, Jeanne Darc Credit Union has awarded $554,219 in support to 16 organizations.
| Grant Recipient | Amount |
|---|---|
Lowell, MA PURPOSE: CHARITABLE CONTRIBUTIONS | $293,770 |
LOWELL MEMORIAL AUDITORIUM PURPOSE: GENERAL DONATIONS | $50,000 |
Lowell, MA PURPOSE: CHARITABLE CONTRIBUTIONS | $30,449 |
Lowell, MA PURPOSE: CHARITABLE CONTRIBUTIONS | $20,000 |
Dracut, MA PURPOSE: CHARITABLE CONTRIBUTIONS | $20,000 |
Lowell, MA PURPOSE: CHARITABLE CONTRIBUTIONS | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Municipal Credit Union New York, NY | $4,195,909,598 | $220,924,766 |
Navigant Credit Union Smithfield, RI | $3,081,655,511 | $116,968,150 |
Metro Credit Union Chelsea, MA | $2,510,941,078 | $92,937,477 |
American Eagle Financial Credit Union Incorporated East Hartford, CT | $2,355,398,570 | $80,581,273 |
Northeast Credit Union Portsmouth, NH | $1,982,489,459 | $75,179,197 |
Coastal1 Credit Union Pawtucket, RI | $2,840,412,596 | $91,925,616 |
Sunmark Credit Union Latham, NY | $1,009,786,367 | $61,777,524 |
Jeanne Darc Credit Union Lowell, MA | $1,792,528,408 | $59,293,841 |
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 |