Worcester Fire Dept Credit Union
- Assets
- $50.2m
- Revenue
- $946.9k
- Investments
- $36.0m
- Employees
- 0
- Location
- Worcester, MA
- Founding
- 05/1942
- Data as of
- 12/2021
- EIN
- 04-1989205
Organization Overview
Worcester Fire Dept Credit Union is located in Worcester, MA. The organization was established in 1942. According to its NTEE Classification (M24) the organization is classified as: Fire Prevention, under the broad grouping of Public Safety, Disaster Preparedness & Relief and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Worcester Fire Dept 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, Worcester Fire Dept Credit Union generated $946.9k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.7%) each year. All expenses for the organization totaled $896.3k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.2%) per year over the past 7 years. 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 ENSURE THRIFT AMONG ITS MEMBERS BY THE ACCUMULATION OF THEIR SAVINGS AND LOANING OF SUCH SAVINGS TO ITS MEMBERS FOR PROVIDENT PURPOSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LOW COST LOANS, ATM, VISA CARDS, HOME BANKING, AND OTHER FINANCIAL SERVICES TO OUR MEMBERS
THE CREDIT UNION PROVIDES A .30% DIVIDEND TO OUR MEMBERS SAVINGS ACCOUNTS AND COMPETITITVE RATES TO OUR MEMBERS FOR THEIR CERTIFICATES OF DEPOSITS.
GAP INSURANCE FOR MEMBERS ARE RELATED TO BUSINESS INTENT.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Carmody Manager | Officer | 40 | $73,784 |
Daniel Spencer Treasurer | Officer | 20 | $37,319 |
Gerard Dio President | Officer | 15 | $29,606 |
Brian Tangney Director | Trustee | 3 | $8,730 |
Robert Johnson Vice President | Trustee | 0.5 | $0 |
Arthur Davison Director | Trustee | 0.5 | $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 | $371,142 |
| Investment income | $377,652 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $198,087 |
| 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 | $946,881 |
| 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 | $139,112 |
| Compensation of current officers, directors, key employees. | $149,439 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $152,149 |
| Pension plan accruals and contributions | $20,666 |
| Other employee benefits | $40,769 |
| Payroll taxes | $24,607 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,375 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,406 |
| Advertising and promotion | $1,852 |
| Office expenses | $54,438 |
| Information technology | $86,045 |
| Royalties | $0 |
| Occupancy | $72,412 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,463 |
| Interest | $3 |
| Payments to affiliates | $35,660 |
| Depreciation, depletion, and amortization | $42,860 |
| Insurance | $19,312 |
| All other expenses | $11,533 |
| Total functional expenses | $896,273 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $719,448 |
| Savings and temporary cash investments | $4,702,937 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $276,250 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,953,700 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $708,804 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $36,004,638 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $847,503 |
| Total assets | $50,213,280 |
| Accounts payable and accrued expenses | $15,884 |
| 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 | $44,563,563 |
| Total liabilities | $44,579,447 |
| 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 | $5,633,833 |
| Total liabilities and net assets/fund balances | $50,213,280 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Worcester Fire Dept Credit Union has recieved totaling $100.
| Awarding Organization | Amount |
|---|---|
Joseph W & Faith K Tiberio Charitable Foundation Holliston, MA PURPOSE: CHARITABLE | $100 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Boston Firefighters Credit Union Dorchester, MA | $398,016,214 | $13,830,110 |
East Farmingdale Volunteer Fire Co Inc East Farmingdale, NY | $16,218,094 | $4,768,607 |
Plainview Volunteer Fire Dept Inc Plainview, NY | $40,057,209 | $5,342,646 |
Port Washington Fire Department Inc Port Washington, NY | $4,314,426 | $4,561,855 |
International Association Of Fire Fighters Boston, MA | $7,227,013 | $4,228,502 |
North Amityville Fire Company Inc Amityville, NY | $5,750,428 | $3,153,661 |
Vigilant Engine & Hook & Ladder Co Inc Great Neck, NY | $6,071,973 | $2,993,685 |
Alert Engine Hook And Ladder And Hose Company No One Inc Great Neck, NY | $8,829,373 | $2,819,438 |
Brookfield Volunteer Fire Company Inc Brookfield, CT | $3,595,891 | $2,413,051 |
North Lindenhurst Volunteer Fire Department Inc Lindenhurst, NY | $5,759,800 | $2,293,245 |
Orchard Park Fire District - Ems Inc Orchard Park, NY | $913,599 | $2,112,787 |
Rescue Hook & Ladder Company No 1 Roslyn Heights, NY | $12,782,014 | $1,956,468 |