Lowell Firefighters Credit Union
- Assets
- $26.6m
- Revenue
- $812.6k
- Investments
- $0.0
- Employees
- 7
- Location
- Lowell, MA
- Founding
- 02/1945
- Data as of
- 12/2021
- EIN
- 04-1558025
Organization Overview
Lowell Firefighters Credit Union is located in Lowell, MA. The organization was established in 1945. 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, Lowell Firefighters Credit Union employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lowell Firefighters 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, Lowell Firefighters Credit Union generated $812.6k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $737.7k during the year ending 12/2021. While expenses have increased by 3.7% 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 MEMBER THRIFT
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTENANCE OF MEMBER SHARE AND DEPOSIT ACCOUNTS AND THE PAYMENT OF INTEREST THEREON.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Boldrighini Director/ceo/treasurer | OfficerTrustee | 28 | $64,205 |
David Provencher Director/vice President | OfficerTrustee | 4 | $14,730 |
Patrick R Mccabe Jr Director | Trustee | 2 | $0 |
Robert A Bennet Director | Trustee | 2 | $0 |
Ronald J Bouchard Director | Trustee | 2 | $0 |
Robert W Littlefield Director | 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 | $516,221 |
| Investment income | $90,065 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $34,800 |
| 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 | $812,586 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $132,121 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $102,821 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $18,779 |
| Payroll taxes | $19,481 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $45,449 |
| Advertising and promotion | $10,829 |
| Office expenses | $0 |
| Information technology | $25,980 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,584 |
| Interest | $74,984 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,573 |
| Insurance | $25,470 |
| All other expenses | $106,528 |
| Total functional expenses | $737,716 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $216,350 |
| Savings and temporary cash investments | $13,288,834 |
| 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 | $11,520,304 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $77,246 |
| Net Land, buildings, and equipment | $451,523 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,034,648 |
| Total assets | $26,588,905 |
| Accounts payable and accrued expenses | $73,248 |
| 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 | $23,237,118 |
| Total liabilities | $23,310,366 |
| 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 | $3,278,539 |
| Total liabilities and net assets/fund balances | $26,588,905 |