New Bedford Credit Union
- Assets
- $161.9m
- Revenue
- $5.7m
- Investments
- $0.0
- Employees
- 71
- Location
- New Bedford, MA
- Founding
- 04/1942
- Data as of
- 12/2022
- EIN
- 04-1659235
Organization Overview
New Bedford Credit Union is located in New Bedford, MA. The organization was established in 1942. 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, New Bedford Credit Union employed 71 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Bedford 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, New Bedford Credit Union generated $5.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $5.0m during the year ending 12/2022. While expenses have increased by 3.5% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CREDIT UNION - PROVIDE THRIFT SERVICES TO MEMBERS WITH THE BEST SERVICE POSSIBLE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTENANCE OF MEMBER SHARES AND DEPOSITS.
MAKING OF LOANS TO MEMBERS AT MARKET RATES OF INTEREST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dennis Audette Director | Trustee | 2 | $0 |
Haden Corediro Director | Trustee | 2 | $0 |
Lawrence J Finnerty Director | Trustee | 2 | $0 |
Lawrence Oliveira Vice Chairman | OfficerTrustee | 2 | $0 |
Nora Barnes Director | Trustee | 2 | $0 |
Steve White Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Data Processing And Debt Card Services | 12/30/22 | $392,644 |
Pscu Credit Card Services | 12/30/22 | $132,855 |
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 | $5,172,415 |
| Investment income | $518,667 |
| 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 | $5,691,082 |
| 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 | $288,823 |
| Compensation of current officers, directors, key employees. | $832,645 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $920,456 |
| Pension plan accruals and contributions | $16,270 |
| Other employee benefits | $149,190 |
| Payroll taxes | $128,290 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,033 |
| Fees for services: Accounting | $20,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $531,841 |
| Advertising and promotion | $144,542 |
| Office expenses | $1,147,485 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $226,903 |
| Travel | $3,242 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $7,545 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $99,294 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,998,471 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,654,166 |
| Savings and temporary cash investments | $19,901,976 |
| 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 | $107,827,167 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $156,713 |
| Net Land, buildings, and equipment | $531,721 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $25,565,935 |
| Intangible assets | $0 |
| Other assets | $6,245,783 |
| Total assets | $161,883,461 |
| Accounts payable and accrued expenses | $352,915 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $217,496 |
| 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 | $146,928,811 |
| Total liabilities | $147,499,222 |
| 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 | $14,384,239 |
| Total liabilities and net assets/fund balances | $161,883,461 |