Post Office Credit Union Of Maryland is located in Baltimore, MD. The organization was established in 1998. 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 12/2023, Post Office Credit Union Of Maryland employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Post Office Credit Union Of Maryland 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, Post Office Credit Union Of Maryland generated $663.8k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2023. 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 OFFERING FINANCIAL SERVICES FOR U. S. POSTAL EMPLOYEES AND THEIR FAMILIES THAT LIVE OR WORK IN MARYLAND
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNION PROGRAMS INCLUDING, BUT NOT LIMITED TO, SHARE ACCOUNTS; SHARE DRAFT ACCOUNTS; MONEY MARKET ACCOUNTS; CHRISTMAS & VACATION CLUB ACCOUNTS; IRA ACCOUNTS; CERTIFICATES OF DEPOSITS; ATM CARDS; LOANS TO MEMBERS
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Joseph Amellio President/ceo | Officer | 40 | $107,000 |
Thomas Keefe Secretary/treasurer | Trustee | 1 | $4,910 |
Lawrence Schultz Jr Board Member | Trustee | 1 | $735 |
Ronald Bailey Chairperson | Trustee | 1 | $470 |
David Brignac Vice Chairperson | Trustee | 1 | $450 |
Roger Evans Board Member | Trustee | 1 | $445 |
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 | $417,985 |
Investment income | $131,378 |
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 | $663,816 |
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. | $9,220 |
Compensation of current officers, directors, key employees. | $9,220 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $343,791 |
Pension plan accruals and contributions | $34,379 |
Other employee benefits | $18,592 |
Payroll taxes | $26,468 |
Fees for services: Management | $0 |
Fees for services: Legal | -$1,256 |
Fees for services: Accounting | $14,854 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $62,235 |
Office expenses | $371,655 |
Information technology | $136,582 |
Royalties | $0 |
Occupancy | $4,146 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $5,465 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $3,978 |
Insurance | $0 |
All other expenses | $0 |
Total functional expenses | $1,168,336 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $142,472 |
Savings and temporary cash investments | $1,434,866 |
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 | $8,533,758 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $116,382 |
Net Land, buildings, and equipment | $17,547 |
Investments—publicly traded securities | $18,716,308 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $352,537 |
Total assets | $29,313,870 |
Accounts payable and accrued expenses | $92,244 |
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 | $0 |
Total liabilities | $92,244 |
Net assets without donor restrictions | $0 |
Net assets with donor restrictions | $0 |
Capital stock or trust principal, or current funds | $21,989,024 |
Paid-in or capital surplus, or land, building, or equipment fund | $0 |
Retained earnings, endowment, accumulated income, or other funds | $7,232,602 |
Total liabilities and net assets/fund balances | $29,313,870 |