Billerica Municipal Employees Credit Union
- Assets
- $19.9m
- Revenue
- $435.7k
- Investments
- $0.0
- Employees
- 3
- Location
- Billerica, MA
- Founding
- 11/1979
- Data as of
- 12/2022
- EIN
- 04-2495191
Organization Overview
Billerica Municipal Employees Credit Union is located in Billerica, MA. The organization was established in 1979. 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, Billerica Municipal Employees Credit Union employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Billerica Municipal Employees 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, Billerica Municipal Employees Credit Union generated $435.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $345.2k during the year ending 12/2022. While expenses have increased by 2.3% per year over the past 7 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
DEPOSIT GATHERING AND LENDING TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERS OF THE CREDIT UNION ARE PROVIDED LOAN AND DEPOSIT SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Phil Loranger Chairperson/president | OfficerTrustee | 3 | $0 |
Edward Dunton Treasurer | Officer | 20 | $54,808 |
Donna Mccoy Clerk/secretary | OfficerTrustee | 2 | $0 |
Daniel Powderly Asst Clerk | OfficerTrustee | 2 | $0 |
Olivia Canario Director | Trustee | 2 | $0 |
Maureen Dunton Director | Trustee | 2 | $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 | $198,315 |
| Investment income | $233,780 |
| 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 | $435,732 |
| 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. | $160,822 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $8,041 |
| Other employee benefits | $8,175 |
| Payroll taxes | $13,221 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $454 |
| Fees for services: Accounting | $2,082 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $27,118 |
| Advertising and promotion | $7,707 |
| Office expenses | $21,622 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $100 |
| Travel | $6,000 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,620 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,518 |
| Insurance | $13,296 |
| All other expenses | $0 |
| Total functional expenses | $345,243 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $109,140 |
| Savings and temporary cash investments | $14,036,155 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $101,277 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,353,414 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $42,922 |
| Net Land, buildings, and equipment | $9,675 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $206,709 |
| Total assets | $19,859,292 |
| Accounts payable and accrued expenses | $31,774 |
| 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 | $16,307,633 |
| Total liabilities | $16,339,407 |
| Net assets without donor restrictions | $3,519,885 |
| 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 | $19,859,292 |