Liberty Bay Credit Union
- Assets
- $714.7m
- Revenue
- $24.2m
- Investments
- $8.2m
- Employees
- 92
- Location
- Braintree, MA
- Founding
- 11/1937
- Data as of
- 12/2021
- EIN
- 04-1896000
Organization Overview
Liberty Bay Credit Union is located in Braintree, MA. The organization was established in 1937. 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, Liberty Bay Credit Union employed 92 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Liberty Bay 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, Liberty Bay Credit Union generated $24.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $23.2m during the year ending 12/2021. While expenses have increased by 2.8% 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
TO OFFER FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LIBERTY BAY CREDIT UNION EXISTS TO BE A RESPONSIBLE AND RELEVANT FINANCIAL PARTNER TO ITS MEMBERS, EMPLOYEES, AND THE COMMUNITIES THAT IT SERVES.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
M Lyndon Matteson III Former President / CEO | Officer | 40 | $515,210 |
John Parillo Interim President & CEO | Officer | 40 | $416,797 |
Paola Ferrara Mortgage Loan Officer | 40 | $321,071 | |
Stephen Hile Mortgage Loan Officer | 40 | $286,730 | |
Katherine Peila Chief Admin Officer | Officer | 40 | $198,360 |
Frederick Williams SVP And CFO | Officer | 40 | $182,628 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ncr Corporation Data Processing | 12/30/21 | $483,537 |
Lucro Commercial Solutions Inc Cuso - Commerical Loans | 12/30/21 | $184,672 |
Getfused Branding, Marketing, Design & Technology | 12/30/21 | $182,084 |
Spectrotel Telecommunication | 12/30/21 | $154,828 |
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 | $21,855,844 |
| Investment income | $2,344,451 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $8,102 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,208,397 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $12,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,419,779 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,401,729 |
| Pension plan accruals and contributions | $587,285 |
| Other employee benefits | $1,474,757 |
| Payroll taxes | $726,266 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $70,529 |
| Fees for services: Accounting | $79,910 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $289,562 |
| Office expenses | $156,822 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,250,241 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $81,348 |
| Interest | $2,142,346 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $636,174 |
| Insurance | $0 |
| All other expenses | $1,636,729 |
| Total functional expenses | $23,163,998 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,852,556 |
| Savings and temporary cash investments | $26,638,740 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $14,652,600 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $485,614,831 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,208,876 |
| Net Land, buildings, and equipment | $3,521,625 |
| Investments—publicly traded securities | $169,281,688 |
| Investments—other securities | $8,188,469 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,705,853 |
| Total assets | $714,665,238 |
| Accounts payable and accrued expenses | $5,817,418 |
| 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 | $27,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $577,780,121 |
| Total liabilities | $610,597,539 |
| 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 | $104,067,699 |
| Total liabilities and net assets/fund balances | $714,665,238 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Sikorsky Financial Credit Union Inc Stratford, CT | $1,094,000,567 | $34,623,993 |
Leominster Credit Union Leominster, MA | $813,719,349 | $30,410,755 |
St Marys Credit Union Inc Marlborough, MA | $985,400,554 | $32,310,700 |
Triangle Credit Union Nashua, NH | $877,280,050 | $30,352,425 |
Northern Credit Union Watertown, NY | $435,001,865 | $31,512,409 |
Connex Credit Union Inc North Haven, CT | $868,570,264 | $30,771,499 |
Align Credit Union Lowell, MA | $748,085,438 | $24,193,748 |