Lynn Teachers Credit Union
- Assets
- $5.0m
- Revenue
- $241.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Lynn, MA
- Founding
- 06/1946
- Data as of
- 12/2023
- EIN
- 04-1564245
Organization Overview
Lynn Teachers Credit Union is located in Lynn, MA. The organization was established in 1946. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lynn Teachers 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 12/2023, Lynn Teachers Credit Union generated $241.6k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $231.0k during the year ending 12/2023. While expenses have increased by 4.9% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
FINANCIAL INSTITUTION FOR MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED SAVINGS PROGRAMS FOR MEMBERS.
PROVIDED LOANS FOR MEMBERS.
CONSULTED WITH MEMBERS ABOUT FINANCIAL MATTERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Warren White Pres/ceo/audit/invest | OfficerTrustee | 1 | $0 |
Roger O Poor Treas/loan Officer | OfficerTrustee | 15 | $15,600 |
Maura Durgin-Scully Chair Audit/ Invest | Trustee | 1 | $0 |
James Ridley Security/audit/invest | Trustee | 1 | $0 |
Christy N Ofilos VP | OfficerTrustee | 1 | $0 |
Kathleen Bogart Secretary | OfficerTrustee | 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 | $127,529 |
| Investment income | $114,066 |
| 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 | $241,595 |
| 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 | $17,977 |
| Compensation of current officers, directors, key employees. | $85,050 |
| Compensation of current officers, directors, key employees. | $85,050 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $3,000 |
| Other employee benefits | $0 |
| Payroll taxes | $7,003 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $24,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $5,850 |
| Information technology | $13,579 |
| 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 | $2,511 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,486 |
| All other expenses | $0 |
| Total functional expenses | $231,011 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1 |
| Savings and temporary cash investments | $3,609,309 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $175,383 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,180,149 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,680 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $47,176 |
| Total assets | $5,017,698 |
| Accounts payable and accrued expenses | $69,749 |
| 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 | $4,063,586 |
| Total liabilities | $4,133,335 |
| 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 | $78,555 |
| Retained earnings, endowment, accumulated income, or other funds | $805,808 |
| Total liabilities and net assets/fund balances | $5,017,698 |