Leominster Credit Union
- Assets
- $905.4m
- Revenue
- $40.7m
- Investments
- $7.8m
- Employees
- 185
- Location
- Leominster, MA
- Founding
- 04/1955
- Data as of
- 09/2023
- EIN
- 04-2348884
Organization Overview
Leominster Credit Union is located in Leominster, MA. The organization was established in 1955. 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 09/2023, Leominster Credit Union employed 185 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Leominster 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 09/2023, Leominster Credit Union generated $40.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $38.6m during the year ending 09/2023. While expenses have increased by 6.7% 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 2015, Leominster Credit Union has awarded 67 individual grants totaling $526,040. 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
FULFILL OUR MEMBERS' FINANCIAL NEEDS THROUGH OUTSTANDING SERVICE AND EFFECTIVE TECHNOLOGY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO SERVE OUR MEMBERS, OUR HIGHEST EXPENSE IS INTEREST PAID ON CERTIFICATES OF DEPOSIT. AT YEAR-END, THE CREDIT UNION HAD 38,086 MEMBERS, AND INTEREST PAID ON CERTIFICATES OF DEPOSIT TOTALED $4,789,159.
OUR SECOND HIGHEST EXPENSE IS INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 38,086 MEMBERS, AND INTEREST PAID ON MONEY MARKET ACCOUNTS TOTALED $647,696.
OUR THIRD HIGHEST EXPENSE IS INTEREST PAID ON MONEY MARKET ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 38,086 MEMBERS, AND INTEREST PAID ON MONEY MARKET ACCOUNTS TOTALED $414,308.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Dellechiaie Director | Trustee | 1 | $0 |
Nancy Graves Former Treasurer | OfficerTrustee | 1 | $0 |
Giulio Greco Assistant Treasurer | OfficerTrustee | 1 | $0 |
Henry Kulik Director | Trustee | 1 | $0 |
Joyce Leger Director | Trustee | 1 | $0 |
Joseph Quintal Clerk | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv It Services | 9/29/23 | $1,092,164 |
Alkami Technology It Services | 9/29/23 | $477,693 |
Davis Advertising Advertising | 9/29/23 | $404,294 |
Corelation Inc It Services | 9/29/23 | $308,810 |
Alogent It Services | 9/29/23 | $300,728 |
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 | $32,484,750 |
| Investment income | $7,932,301 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $92,395 |
| Net Gain/Loss on Asset Sales | $5,082 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $40,678,234 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $168,142 |
| 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. | $1,064,917 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,297,301 |
| Pension plan accruals and contributions | $723,291 |
| Other employee benefits | $1,431,608 |
| Payroll taxes | $839,353 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $177,500 |
| Fees for services: Accounting | $241,935 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,033,143 |
| Advertising and promotion | $380,531 |
| Office expenses | $2,096,642 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,206,985 |
| Travel | $17,788 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $49,645 |
| Interest | $7,082,501 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,310,413 |
| Insurance | $142,155 |
| All other expenses | $1,353,850 |
| Total functional expenses | $38,607,870 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,514,767 |
| Savings and temporary cash investments | $24,662,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $7,664,519 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $646,931,249 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,040,307 |
| Net Land, buildings, and equipment | $12,504,508 |
| Investments—publicly traded securities | $177,985,839 |
| Investments—other securities | $7,766,100 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $19,370,077 |
| Total assets | $905,439,366 |
| Accounts payable and accrued expenses | $5,965,785 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,802,799 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $173,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $673,330,092 |
| Total liabilities | $855,598,676 |
| 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 | $49,840,690 |
| Total liabilities and net assets/fund balances | $905,439,366 |
Grants Awarded
Over the last fiscal year, Leominster Credit Union has awarded $65,019 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF LEOMINSTER PURPOSE: PROGRAM SUPPORT AND STARBURST 2023 | $16,100 |
CLINTON COUNCIL ON AGING PURPOSE: PROGRAM SUPPORT | $11,000 |
GREATER LOWELL COMMUNITY FOUNDATION PURPOSE: TWIN CITIES RAIL TRIAL | $10,000 |
WORCESTER STATE FOUNDATION PURPOSE: PROGRAM SUPPORT | $6,000 |
UNITED WAY OF NORTH CENTRAL MASS PURPOSE: PROGRAM SUPPORT | $5,619 |
NORTH CENTRAL MASS CHAMBER OF COMMERCE PURPOSE: PROGRAM SUPPORT | $5,500 |