Sharon & Cresent United Credit Union
- Assets
- $1.2b
- Revenue
- $40.0m
- Investments
- $338.4m
- Employees
- 213
- Location
- Sharon, MA
- Founding
- 04/1957
- Data as of
- 12/2022
- EIN
- 04-2391206
Organization Overview
Sharon & Cresent United Credit Union is located in Sharon, MA. The organization was established in 1957. 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, Sharon & Cresent United Credit Union employed 213 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sharon & Cresent United 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, Sharon & Cresent United Credit Union generated $40.0m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 13.3% each year . All expenses for the organization totaled $32.1m during the year ending 12/2022. While expenses have increased by 13.0% 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
TO PROVIDE A FULL RANGE OF FINANCIAL SERVICES TO OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARON CREDIT UNION IS A MEMBER-OWNED ORGANIZATION COMMITTED TO PROVIDING SUPERIOR FINANCIAL SERVICES TO ITS MEMBERS AND THE COMMUNITY. AT 12/31/2022, THE CREDIT UNION HAD 24,681 LOANS OUTSTANDING TOTALING $823,332,143. ALSO MEMBERS HAD 138,902 DEPOSITS ACCOUNTS TOTALING $1,018,215,241. ADDITIONALLY MEMBERS HAD 1,437 SAFE DEPOSIT BOXES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alfred Niccoli Director | Trustee | 2 | $6,625 |
Andrew Mccormack Director | Trustee | 2 | $9,490 |
Anne Carney Secretary | OfficerTrustee | 2 | $3,948 |
Arthur Sullivan Director | Trustee | 2 | $1,284 |
Carl Huerth Director | Trustee | 2 | $5,424 |
David Doucette Vice Chairman | OfficerTrustee | 2 | $6,350 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Assoc Core System Provider | 12/30/22 | $919,006 |
Alkami Technology Online Banking Provider | 12/30/22 | $825,025 |
Cox Media Advertising | 12/30/22 | $156,044 |
Robert Half Management Resources Temp Employees | 12/30/22 | $142,435 |
Effectv Advertising | 12/30/22 | $117,775 |
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 | $36,770,599 |
| Investment income | $3,215,585 |
| 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 | $39,986,184 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $124,865 |
| Grants and other assistance to domestic individuals. | $25,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,942,514 |
| Compensation of current officers, directors, key employees. | $1,743,517 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,121,115 |
| Pension plan accruals and contributions | $924,299 |
| Other employee benefits | $2,108,746 |
| Payroll taxes | $895,948 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $72,342 |
| Fees for services: Accounting | $185,511 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $362,082 |
| Advertising and promotion | $689,253 |
| Office expenses | $3,973,689 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,938,910 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $292,485 |
| Interest | $620,795 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,181,279 |
| Insurance | $336,007 |
| All other expenses | $0 |
| Total functional expenses | $32,131,703 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $49,270,474 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $2,580,250 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $817,493,139 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $362,797 |
| Net Land, buildings, and equipment | $13,711,940 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $338,371,079 |
| Investments—program-related | $0 |
| Intangible assets | $1,585,019 |
| Other assets | $13,174,688 |
| Total assets | $1,236,549,386 |
| Accounts payable and accrued expenses | $10,784,111 |
| Grants payable | $0 |
| Deferred revenue | $2,589,504 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $3,106,280 |
| 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 | $1,083,521,482 |
| Total liabilities | $1,100,001,377 |
| 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 | $136,548,009 |
| Total liabilities and net assets/fund balances | $1,236,549,386 |
Grants Awarded
Over the last fiscal year, Sharon & Cresent United Credit Union has awarded $60,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
BOYS & GIRLS CLUBS OF AMERICA PURPOSE: TO CONTINUE PROGRAMS AND SERVICES. | $50,000 |
SAMARITAN'S PURSE PURPOSE: TO CONTINUE PROGRAMS AND SERVICES | $10,000 |