Southbridge Credit Union

Organization Overview

Southbridge Credit Union is located in Southbridge, MA. The organization was established in 1942. 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, Southbridge Credit Union employed 53 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southbridge 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, Southbridge Credit Union generated $8.4m 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 $7.9m during the year ending 12/2021. While expenses have increased by 0.2% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

PROVIDE FINANCIAL PRODUCTS AND PERSONALIZED SERVICES THAT WILL ASSIST OUR MEMBERS IN ACHIEVING THEIR FINANCIAL GOALS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SOUTHBRIDGE CREDIT UNION IS A MEMBER-OWNED CREDIT UNION THAT COMMITTED TO PROVIDING ITS MEMBERS WITH SUPERIOR FINANCIAL SERVICES. ITS PRIMARY FUNCTION IS TO PROVIDE LOANS TO ITS MEMBERS AS WELL AS ACCEPT DEPOSITS FROM THEM. FOR YEAR ENDED 12/31/2021, LOAN INTEREST RECEIVED FROM MEMBERS WAS $6,281,342.


INTEREST PAID ON SHARE ACCOUNTS $468,977.


SAFE DEPOSIT BOXES RENTALS $14,065.


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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$7,131,965
Investment income $134,852
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $69,908
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 $8,395,141

Grants Awarded

Over the last fiscal year, Southbridge Credit Union has awarded $16,000 in support to 2 organizations.

Grant RecipientAmount

OLD STURBRIDGE VILLAGE

Org PageRecipient Profile

Sturbridge, MA

PURPOSE: EXEMPT PURPOSE

$10,000

TRI COMMUNITY YMCA

Org PageRecipient Profile

Worcester, MA

PURPOSE: EXEMPT PURPOSE

$6,000
View Grant Profile

Peer Organizations

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