Brookline Municipal Credit Union
- Assets
- $45.0m
- Revenue
- $1.4m
- Investments
- $64.5k
- Employees
- 6
- Location
- Brookline, MA
- Founding
- 06/1944
- Data as of
- 12/2023
- EIN
- 04-2041245
Organization Overview
Brookline Municipal Credit Union is located in Brookline, MA. The organization was established in 1944. 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, Brookline Municipal Credit Union employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Brookline Municipal 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, Brookline Municipal Credit Union generated $1.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $1.2m during the year ending 12/2023. While expenses have increased by 2.4% per year over the past 8 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
CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTENANCE OF MEMBER SHARE AND DEPOSIT ACCOUNTS. NUMBER OF ACCOUNTS IS 4,309. MAKING OF LOANS TO MEMBERS. NUMBER OF LOAN ACCOUNTS IS 417.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul J Demaio President An | Officer | 40 | $115,162 |
Elizabeth A Mcdonald Treasurer/cl | OfficerTrustee | 2 | $3,300 |
Matthew S Baronas 1st Vice Cha | OfficerTrustee | 2 | $0 |
Jennifer Dopazo Gilbert Director | Trustee | 2 | $0 |
Philip J Harrington 2nd Vice Cha | OfficerTrustee | 2 | $0 |
Marjorie Lalli Chairperson | 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 | $575,954 |
| Investment income | $676,973 |
| 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 | $1,387,613 |
| 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. | $160,466 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $222,501 |
| Pension plan accruals and contributions | $22,527 |
| Other employee benefits | $50,255 |
| Payroll taxes | $27,648 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $31,573 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $7,929 |
| Office expenses | $64,156 |
| Information technology | $120,972 |
| Royalties | $0 |
| Occupancy | $56,864 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,144 |
| Interest | $249,861 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,792 |
| Insurance | $6,264 |
| All other expenses | $20,776 |
| Total functional expenses | $1,178,044 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $506,068 |
| Savings and temporary cash investments | $24,473,300 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $14,533,420 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $16,882 |
| Net Land, buildings, and equipment | $42,878 |
| Investments—publicly traded securities | $4,799,827 |
| Investments—other securities | $64,500 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $574,873 |
| Total assets | $45,011,748 |
| Accounts payable and accrued expenses | $73,943 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $39,616 |
| 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 | $39,055,811 |
| Total liabilities | $39,169,370 |
| 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 | $5,842,378 |
| Total liabilities and net assets/fund balances | $45,011,748 |