Commonwealth Utilities Employees Credit Union
- Assets
- $49.4m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 9
- Location
- Marion, MA
- Founding
- 10/1934
- Data as of
- 12/2021
- EIN
- 04-6055566
Organization Overview
Commonwealth Utilities Employees Credit Union is located in Marion, MA. The organization was established in 1934. 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 12/2021, Commonwealth Utilities Employees Credit Union employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Commonwealth Utilities 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 12/2021, Commonwealth Utilities Employees Credit Union generated $1.1m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.1%) each year. All expenses for the organization totaled $904.2k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.2%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
FINANCIAL SERVICES TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTENANCE OF MEMBER LOAN ACCOUNTS. NUMBER OF LOAN ACCOUNTS IS 846. MAINTENANCE OF MEMBER SHARE AND DEPOSIT ACCOUNTS. NUMBER OF SHARE ACCOUNTS IS 3,696.
AWARDING OF SCHOLARSHIPS TO DESERVING STUDENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gloria Camara Operations/l | Officer | 40 | $94,481 |
Pat Saladino Former CEO | Officer | 40 | $74,025 |
Robert Conklin Asst Treasur | OfficerTrustee | 1.25 | $0 |
Brenda S Mahoney Chairperson | OfficerTrustee | 1.25 | $0 |
Vivian J Medeiros 2nd Vice Cha | OfficerTrustee | 1.25 | $0 |
Peter Mccoy 1st Vice Cha | OfficerTrustee | 1.25 | $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 | $521,895 |
| Investment income | $373,078 |
| 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 | $1,081,315 |
| 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. | $207,550 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $122,376 |
| Pension plan accruals and contributions | $7,327 |
| Other employee benefits | $12,869 |
| Payroll taxes | $27,206 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,658 |
| Fees for services: Accounting | $19,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,102 |
| Office expenses | $41,878 |
| Information technology | $44,766 |
| Royalties | $0 |
| Occupancy | $68,063 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $218 |
| Interest | $110,863 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,610 |
| Insurance | $20,216 |
| All other expenses | $33,788 |
| Total functional expenses | $904,194 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,398,322 |
| Savings and temporary cash investments | $26,030,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,944,501 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $18,168 |
| Net Land, buildings, and equipment | $25,524 |
| Investments—publicly traded securities | $1,487,572 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $514,996 |
| Total assets | $49,419,083 |
| Accounts payable and accrued expenses | $199,794 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $39,176 |
| 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 | $41,967,183 |
| Total liabilities | $42,206,153 |
| 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 | $7,212,930 |
| Total liabilities and net assets/fund balances | $49,419,083 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Navigant Credit Union Smithfield, RI | $3,081,655,511 | $116,968,150 |
Metro Credit Union Chelsea, MA | $2,510,941,078 | $92,937,477 |
American Eagle Financial Credit Union Incorporated East Hartford, CT | $2,355,398,570 | $80,581,273 |
Northeast Credit Union Portsmouth, NH | $1,982,489,459 | $75,179,197 |
Coastal1 Credit Union Pawtucket, RI | $2,840,412,596 | $91,925,616 |
Sunmark Credit Union Latham, NY | $1,009,786,367 | $61,777,524 |
Jeanne Darc Credit Union Lowell, MA | $1,792,528,408 | $59,293,841 |
Vermont State Employees Credit Union Montpelier, VT | $1,088,463,473 | $48,370,084 |
Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |
St Annes Credit Union Of Fall River Mass Fall River, MA | $1,266,762,131 | $34,865,858 |
Granite State Credit Union Manchester, NH | $634,204,646 | $34,223,432 |