Massachusetts Postal Employees Credit Union
- Assets
- $22.7m
- Revenue
- $1.1m
- Investments
- $2.6m
- Employees
- 5
- Location
- Lynn, MA
- Founding
- 11/1934
- Data as of
- 12/2019
- EIN
- 04-1564035
Organization Overview
Massachusetts Postal Employees Credit Union is located in Lynn, 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 12/2019, Massachusetts Postal Employees Credit Union employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Massachusetts Postal 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 12/2019, Massachusetts Postal Employees Credit Union generated $1.1m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $962.4k during the year ending 12/2019. While expenses have increased by 3.1% per year over the past 5 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL SERVICES TO POSTAL EMPLOYEES AND THEIR FAMILIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES TO POSTAL EMPLOYEES
LOANS TO MEMBERS
FINANCIAL COUNSELLING
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cornelius Crean CEO | 40 | $121,000 | |
Richard Coppinger Chairman | Trustee | 5 | $3,000 |
Lawrence Day Vice Chairman | Trustee | 5 | $3,000 |
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 | $1,076,853 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $1,076,853 |
| 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 | $333,292 |
| Compensation of current officers, directors, key employees. | $121,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $167,015 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $26,100 |
| Other employee benefits | $27,303 |
| Payroll taxes | $20,696 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,691 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,000 |
| Office expenses | $133,527 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $50,690 |
| Travel | $11,656 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,383 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $36,038 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $962,391 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $437,474 |
| Savings and temporary cash investments | $845,782 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $73,725 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $18,569,152 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $128,179 |
| Net Land, buildings, and equipment | $57,144 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,599,544 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $22,711,000 |
| Accounts payable and accrued expenses | $17,648,645 |
| 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 | $1,126,322 |
| Total liabilities | $18,774,967 |
| Net assets without donor restrictions | $3,936,033 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $22,711,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Granite State Credit Union Manchester, NH | $634,204,646 | $34,223,432 |