Liberty Bay Credit Union
- Assets
- $785.6m
- Revenue
- $33.3m
- Investments
- $10.5m
- Employees
- 85
- Location
- Braintree, MA
- Founding
- 11/1937
- Data as of
- 12/2023
- 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 12/2023, Liberty Bay Credit Union employed 85 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 12/2023, Liberty Bay Credit Union generated $33.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $29.9m during the year ending 12/2023. While expenses have increased by 5.1% per year over the past 9 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
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gerard Burm Director | Trustee | 2 | $0 |
Thomas J Flynn Director | Trustee | 2 | $0 |
Edward R Foley Chairman | Trustee | 2 | $0 |
Patrick J Foley Director | Trustee | 2 | $0 |
Robert B Foley Jr Treasurer | Trustee | 2 | $12,000 |
Stephen J Kelley Sr Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rock Breakers Llc Rent - 300 Granite - New | 12/30/23 | $1,079,288 |
Fiserv Core Provider | 12/30/23 | $755,939 |
Ncr Corporation Data Processing/website | 12/30/23 | $637,905 |
Lucro Commercial Solutions Inc Cuso - Commerical Loans | 12/30/23 | $186,793 |
Darling Consulting Group Alm Consultant | 12/30/23 | $105,586 |
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 | $28,988,836 |
| Investment income | $4,303,979 |
| 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 | $33,292,815 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $13,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,030,749 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,110,397 |
| Pension plan accruals and contributions | $443,900 |
| Other employee benefits | $1,545,173 |
| Payroll taxes | $636,105 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $119,360 |
| Fees for services: Accounting | $90,082 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $188,726 |
| Office expenses | $153,116 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,483,823 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $163,781 |
| Interest | $11,283,054 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $302,109 |
| Insurance | $0 |
| All other expenses | $1,299,552 |
| Total functional expenses | $29,854,787 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,898,225 |
| Savings and temporary cash investments | $22,454,227 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $14,532,275 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $608,598,338 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $598,339 |
| Net Land, buildings, and equipment | $2,191,728 |
| Investments—publicly traded securities | $116,787,407 |
| Investments—other securities | $10,517,441 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,002,195 |
| Total assets | $785,580,175 |
| Accounts payable and accrued expenses | $8,897,183 |
| 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 | $139,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $537,215,653 |
| Total liabilities | $685,112,836 |
| 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 | $100,467,339 |
| Total liabilities and net assets/fund balances | $785,580,175 |