Tremont Credit Union is located in Milton, MA. The organization was established in 1999. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Tremont Credit Union employed 64 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tremont 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 12/2023, Tremont Credit Union generated $14.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.2% each year. All expenses for the organization totaled $14.1m during the year ending 12/2023. While expenses have increased by 10.5% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES FINANCIAL PRODUCTS SUCH AS VARIOUS TYPES OF DEPOSIT ACCOUNTS AND LOANS TO ITS MEMBERS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Martin Connolly Director | Trustee | 2 | $0 |
Darrell Elow Director | Trustee | 2 | $0 |
George Hardiman CEO | OfficerTrustee | 40 | $434,946 |
Donald Smith Director | Trustee | 2 | $0 |
Kevin Mullen Chair | Trustee | 4 | $24,000 |
Edward Kennedy Director | Trustee | 2 | $0 |
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 | $12,576,258 |
Investment income | $1,377,674 |
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 | $13,953,932 |
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. | $828,217 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $2,323,073 |
Pension plan accruals and contributions | $96,231 |
Other employee benefits | $360,668 |
Payroll taxes | $270,249 |
Fees for services: Management | $0 |
Fees for services: Legal | $213,862 |
Fees for services: Accounting | $250,881 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $755,597 |
Advertising and promotion | $136,611 |
Office expenses | $791,723 |
Information technology | $653,232 |
Royalties | $0 |
Occupancy | $329,765 |
Travel | $51,847 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $12,414 |
Interest | $2,764,341 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $320,529 |
Insurance | $44,898 |
All other expenses | $0 |
Total functional expenses | $14,056,144 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $1,194,373 |
Savings and temporary cash investments | $19,094,644 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $1,131,641 |
Loans from Officers, Directors, or Controlling Persons | $10,304,345 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $191,804,347 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $3,216,429 |
Net Land, buildings, and equipment | $236,407 |
Investments—publicly traded securities | $26,887,447 |
Investments—other securities | $5,485,153 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $1,780,056 |
Total assets | $261,134,842 |
Accounts payable and accrued expenses | $2,715,275 |
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 | $26,995,089 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $209,496,087 |
Total liabilities | $239,206,451 |
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 | $21,928,391 |
Total liabilities and net assets/fund balances | $261,134,842 |