Boston Firefighters Credit Union
- Assets
- $424.3m
- Revenue
- $20.4m
- Investments
- $57.4m
- Employees
- 56
- Location
- Dorchester, MA
- Founding
- 07/1950
- Data as of
- 12/2023
- EIN
- 04-2077206
Organization Overview
Boston Firefighters Credit Union is located in Dorchester, MA. The organization was established in 1950. 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. As of 12/2023, Boston Firefighters Credit Union employed 56 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Boston Firefighters 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, Boston Firefighters Credit Union generated $20.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.2% each year. All expenses for the organization totaled $16.7m during the year ending 12/2023. While expenses have increased by 9.6% 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.
Since 2022, Boston Firefighters Credit Union has awarded 13 individual grants totaling $255,750. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL SERVICES TO OUR MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES TO OUR MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Buchanan Director | Trustee | 1 | $0 |
Christopher Burke Director | Trustee | 1 | $0 |
Daniel Dowling Director | Trustee | 1 | $0 |
Daniel Magoon Chairman | OfficerTrustee | 3 | $12,504 |
Edmund Street Director | Trustee | 1 | $0 |
Joseph Casper Treasurer/clerk | OfficerTrustee | 3 | $6,252 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cocc Data Processor | 12/30/23 | $969,864 |
Pscu Credit Card Servicer | 12/30/23 | $333,304 |
Mastercard Card Services | 12/30/23 | $207,048 |
Fiserv Card Services | 12/30/23 | $165,693 |
Mechanica Llc Branding Services | 12/30/23 | $160,000 |
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 | $18,405,205 |
| Investment income | $1,862,652 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $99,097 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,405,832 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $149,000 |
| Grants and other assistance to domestic individuals. | $26,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,581,834 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,390,652 |
| Pension plan accruals and contributions | $500,206 |
| Other employee benefits | $499,077 |
| Payroll taxes | $301,011 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,859 |
| Fees for services: Accounting | $144,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $88,979 |
| Fees for services: Other | $211,483 |
| Advertising and promotion | $491,291 |
| Office expenses | $344,261 |
| Information technology | $1,476,568 |
| Royalties | $0 |
| Occupancy | $382,410 |
| Travel | $67,935 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $205,000 |
| Interest | $5,899,131 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $189,523 |
| Insurance | $91,685 |
| All other expenses | $164,031 |
| Total functional expenses | $16,670,689 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,549,915 |
| Savings and temporary cash investments | $5,526,997 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $3,135,329 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $344,151,175 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $436,258 |
| Net Land, buildings, and equipment | $3,217,863 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $57,403,907 |
| Investments—program-related | $500,000 |
| Intangible assets | $1,326,771 |
| Other assets | $7,026,680 |
| Total assets | $424,274,895 |
| Accounts payable and accrued expenses | $4,563,797 |
| 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 | $34,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $339,415,604 |
| Total liabilities | $377,979,401 |
| 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 | $46,295,494 |
| Total liabilities and net assets/fund balances | $424,274,895 |
Grants Awarded
Over the last fiscal year, Boston Firefighters Credit Union has awarded $117,500 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
BOSTON POLICE DEPARTMENT (BOSTON POLICE DETECTIVES BENEVOLENT SOCIETY) PURPOSE: DONATION | $25,000 |
BOSTON FIRE DEPT RELIEF FUND PURPOSE: DONATION | $25,000 |
MASS FALLEN HEROES PURPOSE: DONATION | $25,000 |
PROFESSIONAL FIRE FIGHTERS OF MASSACHUSETTS PURPOSE: DONATION | $15,000 |
BOSTON BRUINS FOUNDATION PURPOSE: DONATION | $10,000 |
SPAM BENEVOLENT FUND INC PURPOSE: DONATION | $17,500 |