St Marys Credit Union Inc
- Assets
- $985.4m
- Revenue
- $32.3m
- Investments
- $4.1m
- Employees
- 162
- Location
- Marlborough, MA
- Founding
- 06/1974
- Data as of
- 12/2022
- EIN
- 04-1802000
Organization Overview
St Marys Credit Union Inc is located in Marlborough, MA. The organization was established in 1974. 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, St Marys Credit Union Inc employed 162 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. St Marys Credit Union Inc 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, St Marys Credit Union Inc generated $32.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $27.1m during the year ending 12/2022. While expenses have increased by 2.9% per year over the past 8 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
TO PROVIDE OUR MEMBERS/OWNERS WITH SUPERIOR FINANCIAL PRODUCTS AND SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION IS A COOPERATIVE OWNED BY ITS MEMBERS AND DEDICATED TO SERVING ITS MEMBERS WITH LOAN AND DEPOSIT & SHARES PRODUCTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larissa Thurston CEO | Officer | 40 | $480,834 |
James Petkewich Evp & COO | Officer | 40 | $257,887 |
John Hendriske SVP Consumer Lending | Officer | 40 | $217,955 |
Sarah Day SVP Commercial Loan Office | Officer | 40 | $215,651 |
Christopher Mancini SVP It & Cto | Officer | 40 | $213,697 |
Lisa Kornachuk Cmo, SVP Marketing | Officer | 40 | $177,885 |
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 | $27,206,168 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $4,259,401 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $8,593 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $32,310,700 |
| 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. | $4,023,722 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,886,255 |
| Pension plan accruals and contributions | $583,029 |
| Other employee benefits | $1,201,612 |
| Payroll taxes | $649,615 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $48,311 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,318,754 |
| Advertising and promotion | $1,042,496 |
| Office expenses | $658,356 |
| Information technology | $477,030 |
| Royalties | $0 |
| Occupancy | $1,277,420 |
| Travel | $32,249 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $76,111 |
| Interest | $3,615,626 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,344,765 |
| Insurance | $137,007 |
| All other expenses | $1,242,256 |
| Total functional expenses | $27,139,233 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,721,575 |
| Savings and temporary cash investments | $17,320,291 |
| 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 | $706,766,960 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $947,552 |
| Net Land, buildings, and equipment | $17,117,153 |
| Investments—publicly traded securities | $220,481,708 |
| Investments—other securities | $4,083,300 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $11,962,015 |
| Total assets | $985,400,554 |
| Accounts payable and accrued expenses | $7,932,239 |
| 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 | $76,979,075 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $832,977,947 |
| Total liabilities | $917,889,261 |
| 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 | $67,511,293 |
| Total liabilities and net assets/fund balances | $985,400,554 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Municipal Credit Union New York, NY | $4,195,909,598 | $220,924,766 |
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 |