Quincy Credit Union
- Assets
- $710.0m
- Revenue
- $23.3m
- Investments
- $879.3k
- Employees
- 105
- Location
- Quincy, MA
- Founding
- 09/1941
- Data as of
- 12/2022
- EIN
- 04-2314232
Organization Overview
Quincy Credit Union is located in Quincy, MA. The organization was established in 1941. 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 12/2022, Quincy Credit Union employed 105 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Quincy 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 12/2022, Quincy Credit Union generated $23.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $18.3m during the year ending 12/2022. While expenses have increased by 4.8% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE OUR MEMBERS THE BEST FINANCIAL SERVICES POSSIBLE IN ORDER TO SUCCESSFULLY SATISFY THEIR FINANCIAL NEEDS AND REQUIREMENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DIVIDENDS AND INSURANCE PAID TO AND FOR OUR MEMBERS.
LOAN SERVICING EXPENSES AND OUTSIDE SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Miller CEO | Officer | 40 | $486,274 |
Denise Fillis CFO / Treasurer | Officer | 40 | $213,990 |
Daniel Marini Chief Risk Officer | Officer | 40 | $184,729 |
Matthew Lindblom Chief Technology Officer | Officer | 40 | $203,179 |
Sean Dunn Clo | Officer | 40 | $166,576 |
William Barron Chairman | OfficerTrustee | 5 | $10,008 |
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 | $18,391,582 |
| Investment income | $4,623,804 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $295,000 |
| 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 | $23,310,386 |
| 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 | $2,893,376 |
| Compensation of current officers, directors, key employees. | $720,280 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,622,616 |
| Pension plan accruals and contributions | $513,038 |
| Other employee benefits | $730,869 |
| Payroll taxes | $393,951 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $119,716 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $819,684 |
| Office expenses | $1,339,800 |
| Information technology | $3,398,765 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $281,493 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $561,668 |
| Insurance | $83,872 |
| All other expenses | $0 |
| Total functional expenses | $18,310,153 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,918,388 |
| Savings and temporary cash investments | $41,162,700 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $551,552 |
| Loans from Officers, Directors, or Controlling Persons | $3,800,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $405,290,185 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $8,288,398 |
| Net Land, buildings, and equipment | $11,934,029 |
| Investments—publicly traded securities | $234,202,024 |
| Investments—other securities | $879,300 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $710,026,576 |
| Accounts payable and accrued expenses | $4,617,369 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $647,461,912 |
| Total liabilities | $652,079,281 |
| Net assets without donor restrictions | $57,947,295 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $710,026,576 |