Community Credit Union Of Lynn
- Assets
- $151.8m
- Revenue
- $6.5m
- Investments
- $0.0
- Employees
- 46
- Location
- Lynn, MA
- Founding
- 01/1956
- Data as of
- 12/2021
- 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 12/2021, Community Credit Union Of Lynn employed 46 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 12/2021, Community Credit Union Of Lynn generated $6.5m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $6.9m 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 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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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nicholas Sarantopoulos President/ce | OfficerTrustee | 40 | $225,873 |
William Booras Director | Trustee | $0 | |
George Gianarikas Director | Trustee | $0 | |
John Demakes Director | Trustee | $0 | |
Peter Katsos Director | Trustee | $0 | |
Thomas Ldemakes 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 | $4,495,613 |
| Investment income | $1,985,809 |
| 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 | $6,481,422 |
| 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. | $225,873 |
| Compensation of current officers, directors, key employees. | $225,873 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,978,609 |
| Pension plan accruals and contributions | $62,934 |
| Other employee benefits | $234,426 |
| Payroll taxes | $182,308 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $116,045 |
| Fees for services: Accounting | $598,141 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $102,746 |
| Office expenses | $109,535 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $483,809 |
| Travel | $33,699 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $765,556 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $55,452 |
| All other expenses | $523,869 |
| Total functional expenses | $6,938,292 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $755,718 |
| Savings and temporary cash investments | $4,453,922 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $1,547,493 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $92,051,499 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,409,602 |
| Investments—publicly traded securities | $46,303,963 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,310,260 |
| Total assets | $151,832,457 |
| 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 | $4,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $132,718,260 |
| Total liabilities | $136,718,260 |
| 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 | $15,114,197 |
| Total liabilities and net assets/fund balances | $151,832,457 |
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 |