Fall River Municipal Employees Credit Union
- Assets
- $244.6m
- Revenue
- $7.2m
- Investments
- $1.6m
- Employees
- 68
- Location
- Fall River, MA
- Founding
- 00/0000
- Data as of
- 12/2022
- EIN
- 04-1298900
Organization Overview
Fall River Municipal Employees Credit Union is located in Fall River, MA. The organization was established in 0000. 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, Fall River Municipal Employees Credit Union employed 68 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fall River Municipal Employees 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, Fall River Municipal Employees Credit Union generated $7.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $6.4m during the year ending 12/2022. 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
STRIVE TO PROVIDE A FULL RANGE OF QUALITY FINANCIAL SERVICES TO OUR MEMBERS, DELIVERED BY PROFESSIONAL AND MOTIVATED EMPLOYEES, WHILE MAINTAINING THE STABILITY AND SECURITY OF OUR MEMBERS AND THE CREDIT UNION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FALL RIVER MUNICIPAL CREDIT UNION IS A MEMBER-OWNED CREDIT UNION THAT IS COMMITTED TO PROVIDE ITS MEMBERS WITH SUPERIOR FINANCIAL SERVICES. ITS PRIMARY FUNCTION IS TO PROVIDE LOANS TO ITS MEMBERS AS WELL AS ACCEPT DEPOSITS FROM MEMBERS. AS OF 12/31/2022 THE CREDIT UNION HAD LOANS TOTALING $134 MILLION DUE FROM MEMBERS AND $204 MILLION OF DEPOSITS FROM MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Santi Diruzza Director | OfficerTrustee | 1 | $2,145 |
David M Machado Director | Trustee | 1 | $0 |
James Machado Treasurer | OfficerTrustee | 1 | $3,003 |
Mildred C Shaughnessy Treasurer | OfficerTrustee | 1 | $429 |
Carl Garcia Chairman | OfficerTrustee | 1 | $5,448 |
Michael L Shea Vice Chair | Trustee | 1 | $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 | $5,470,080 |
| Investment income | $1,710,280 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $23,261 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,203,621 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $13,950 |
| Grants and other assistance to domestic individuals. | $7,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $536,780 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,108,621 |
| Pension plan accruals and contributions | -$792,378 |
| Other employee benefits | $442,127 |
| Payroll taxes | $217,178 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,000 |
| Fees for services: Accounting | $142,987 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $96,778 |
| Advertising and promotion | $217,965 |
| Office expenses | $209,703 |
| Information technology | $1,046,562 |
| Royalties | $0 |
| Occupancy | $424,628 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,571 |
| Interest | $1,039,942 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $190,501 |
| Insurance | $161,158 |
| All other expenses | -$23,554 |
| Total functional expenses | $6,407,076 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,562,211 |
| Savings and temporary cash investments | $11,782,061 |
| 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 | $133,776,157 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $217,286 |
| Net Land, buildings, and equipment | $2,563,760 |
| Investments—publicly traded securities | $77,296,145 |
| Investments—other securities | $1,634,400 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,793,861 |
| Total assets | $244,625,881 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $610,441 |
| 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 | $227,734,086 |
| Total liabilities | $228,344,527 |
| 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 | $16,281,354 |
| Total liabilities and net assets/fund balances | $244,625,881 |