Community Credit Union Of Lynn
- Assets
- $157.4m
- Revenue
- $9.2m
- Investments
- $0.0
- Employees
- 42
- Location
- Lynn, MA
- Founding
- 01/1956
- Data as of
- 12/2023
- EIN
- 04-2207787
Organization Overview
Community Credit Union Of Lynn is located in Lynn, MA. The organization was established in 1956. 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, Community Credit Union Of Lynn employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Community Credit Union Of Lynn 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, Community Credit Union Of Lynn generated $9.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $9.1m during the year ending 12/2023. While expenses have increased by 3.3% per year over the past 9 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 MEMBER SERVICE/THRIFT
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTENANCE OF MEMBER SHARE AND DEPOSIT ACCOUNTS AND THE PAYMENT OF INTEREST THEREON
MAINTENANCE OF MEMBER SHARE AND DEPOSIT ACCOUNTS AND THE PAYMENT OF INTEREST THEREON
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nicholas Sarantopoulos President/ce | OfficerTrustee | 40 | $231,992 |
William Booras Director | Trustee | $0 | |
John Demakes Director | Trustee | $0 | |
George Gianarikas Director | Trustee | $0 | |
Jeremy Hmura Director | Trustee | $0 | |
Peter Katsos Director | Trustee | $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 | $5,962,617 |
| Investment income | $3,209,656 |
| 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 | $9,172,273 |
| 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. | $231,992 |
| Compensation of current officers, directors, key employees. | $231,992 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,994,845 |
| Pension plan accruals and contributions | $64,131 |
| Other employee benefits | $244,421 |
| Payroll taxes | $178,620 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $139,717 |
| Fees for services: Accounting | $563,546 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $162,741 |
| Office expenses | $121,940 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $459,824 |
| Travel | $58,785 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,106,925 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $85,540 |
| All other expenses | $588,871 |
| Total functional expenses | $9,066,697 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $823,572 |
| Savings and temporary cash investments | $1,917,929 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $322,530 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $115,687,901 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,126,667 |
| Investments—publicly traded securities | $31,088,865 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,408,373 |
| Total assets | $157,375,837 |
| Accounts payable and accrued expenses | $0 |
| 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 | $12,750,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $132,360,655 |
| Total liabilities | $145,110,655 |
| 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 | $12,265,182 |
| Total liabilities and net assets/fund balances | $157,375,837 |