Worcester Credit Union
- Assets
- $107.3m
- Revenue
- $3.8m
- Investments
- $36.1m
- Employees
- 41
- Location
- Worcester, MA
- Founding
- 04/1941
- Data as of
- 12/2021
- EIN
- 04-1990205
Organization Overview
Worcester Credit Union is located in Worcester, MA. The organization was established in 1941. 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, Worcester Credit Union employed 41 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Worcester 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 Credit Union generated $3.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $3.0m during the year ending 12/2021. 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
CREDIT UNION WITHOUT CAPITAL STOCK ORGANIZED AND OPERATED FOR MUTUAL PURPOSES AND WITHOUT PROFIT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Perrin President/ceo | Officer | 40 | $188,456 |
Wendy Matos Segura Former Avp Of Finance & Hr | Officer | 40 | $36,092 |
Robert Hennigan Chairman | OfficerTrustee | 2 | $0 |
Paula Harrity Vice-Chair | OfficerTrustee | 2 | $0 |
John Lauring Treasurer | OfficerTrustee | 2 | $0 |
Michael Traynor Secretary | OfficerTrustee | 2 | $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 | $2,766,886 |
| Investment income | $240,062 |
| 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 | $3,800,689 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $886,716 |
| Pension plan accruals and contributions | $17,419 |
| Other employee benefits | $151,955 |
| Payroll taxes | $83,209 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,482 |
| Fees for services: Accounting | $72,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $113,699 |
| Office expenses | $0 |
| Information technology | $81,373 |
| Royalties | $0 |
| Occupancy | $190,662 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $29,953 |
| Interest | $11 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $125,546 |
| Insurance | $0 |
| All other expenses | $18,481 |
| Total functional expenses | $3,016,123 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,397,627 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $2,450,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $53,015,809 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $221,369 |
| Net Land, buildings, and equipment | $1,054,267 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $36,105,790 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $22,233 |
| Total assets | $107,267,095 |
| Accounts payable and accrued expenses | -$111,753 |
| Grants payable | $0 |
| Deferred revenue | $166,540 |
| 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 | $97,990,082 |
| Total liabilities | $98,044,869 |
| 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 | $9,222,226 |
| Total liabilities and net assets/fund balances | $107,267,095 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Peoples Credit Union Middletown, RI | $619,991,757 | $25,020,386 |
Bellwether Community Credit Union Manchester, NH | $557,690,894 | $21,955,180 |
Sharon & Cresent United Credit Union Brockton, MA | $438,601,837 | $18,630,554 |
Quincy Credit Union Quincy, MA | $736,275,717 | $20,097,786 |
Holy Rosary Regional Credit Union Rochester, NH | $399,129,935 | $15,434,385 |
Rhode Island Credit Union Providence, RI | $387,896,384 | $16,678,289 |
Westerly Community Credit Union Wakefield, RI | $412,210,779 | $17,253,972 |
Mutual Security Credit Union Inc Shelton, CT | $354,262,560 | $14,669,690 |
Alltrust Credit Union Fairhaven, MA | $299,264,971 | $13,016,630 |
Ocean State Credit Union Coventry, RI | $328,452,290 | $14,903,508 |
Dutch Point Credit Union Inc Wethersfield, CT | $439,784,551 | $13,078,655 |
Members Plus Credit Union Medford, MA | $342,620,781 | $10,885,310 |