Westerly Community Credit Union
- Assets
- $412.2m
- Revenue
- $17.3m
- Investments
- $54.3m
- Employees
- 87
- Location
- Wakefield, RI
- Founding
- 02/1993
- Data as of
- 12/2021
- EIN
- 05-0255222
Organization Overview
Westerly Community Credit Union is located in Wakefield, RI. The organization was established in 1993. 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, Westerly Community Credit Union employed 87 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westerly Community 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, Westerly Community Credit Union generated $17.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.3% each year. All expenses for the organization totaled $12.8m during the year ending 12/2021. While expenses have increased by 4.6% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
FINANCIAL SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTENANCE OF MEMBERS' DEPOSIT ACCOUNT AND THE PAYMENT OF INTEREST AND DIVIDENDS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen White CEO | Officer | 40 | $309,179 |
Robert Falso CFO | Officer | 40 | $213,147 |
Andrew Rogers COO | Officer | 40 | $179,110 |
Robert Boucher VP Of Lending | Officer | 40 | $160,133 |
Margaret Sisco Cmo | Officer | 40 | $157,250 |
Richard Smith Director Of Business | 40 | $146,219 |
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 | $16,368,023 |
| Investment income | $507,720 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $378,229 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,253,972 |
| 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. | $1,874,211 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,021,788 |
| Pension plan accruals and contributions | $72,285 |
| Other employee benefits | $800,964 |
| Payroll taxes | $377,012 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,925 |
| Fees for services: Accounting | $159,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $179,088 |
| Advertising and promotion | $583,470 |
| Office expenses | $1,406,113 |
| Information technology | $665,877 |
| Royalties | $0 |
| Occupancy | $764,831 |
| Travel | $273,667 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $994,599 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $792,915 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $12,808,141 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $34,124,774 |
| Savings and temporary cash investments | $1,073,755 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $881,699 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $297,119,715 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $16,610,673 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $54,282,444 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,117,719 |
| Total assets | $412,210,779 |
| Accounts payable and accrued expenses | $3,834,233 |
| 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 | $1,125,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $372,731,655 |
| Total liabilities | $377,690,888 |
| 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 | $34,519,891 |
| Total liabilities and net assets/fund balances | $412,210,779 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Sikorsky Financial Credit Union Inc Stratford, CT | $1,094,000,567 | $34,623,993 |
Leominster Credit Union Leominster, MA | $813,719,349 | $30,410,755 |
St Marys Credit Union Inc Marlborough, MA | $985,400,554 | $32,310,700 |
Connex Credit Union Inc North Haven, CT | $868,570,264 | $30,771,499 |
Align Credit Union Lowell, MA | $748,085,438 | $24,193,748 |
Connecticut State Employees Credit Union Inc Hartford, CT | $2,481,303,480 | $34,343,368 |
Greenwood Credit Union Inc Warwick, RI | $681,592,383 | $32,311,818 |
Liberty Bay Credit Union Braintree, MA | $714,665,238 | $24,208,397 |
Freedom Credit Union Springfield, MA | $649,826,140 | $26,093,008 |