LIBERTY BAY CREDIT UNION: Form 990, tax year 2024
View the entire original 990 at ProPublica ↗
- Organization
- LIBERTY BAY CREDIT UNION (EIN 04-1896000)
- Tax period
- 2024-01-01 to 2024-12-31
- Filed
- 2025-04-30
- IRS object ID
- 202541209349301809
- Schema version
- 2024v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2025-04-30T12:02:38-05:00 | ReturnTs |
| Tax Period End | 2024-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 042513210 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | GERALD T REILLY & COMPANY | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 424 ADAMS STREET | AddressLine1Txt |
| City | MILTON | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02186 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2024-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 041896000 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | LIBERTY BAY CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | LIBE | BusinessNameControlTxt |
| Phone | 6174396500 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 300 GRANITE STREET | AddressLine1Txt |
| City | BRAINTREE | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02184 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | FREDERICK WILLIAMS | PersonNm |
| Person Title | SVP, CHIEF FINANCIAL OFFICER | PersonTitleTxt |
| Phone | 6174396500 | PhoneNum |
| Signature | 2025-04-17 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | SEAN MCNEIL CPA | PreparerPersonNm |
| PTIN | P01731264 | PTIN |
| Phone | 6176968900 | PhoneNum |
| Preparation | 2025-04-17 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2024 | TaxYr |
| Build TS | 2025-03-06 01:10:19Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | FREDERICK WILLIAMS | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 300 GRANITE STREET | AddressLine1Txt |
| City | BRAINTREE | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02184 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $41,682,178 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.LIBERTYBAYCU.ORG | WebsiteAddressTxt |
| Type Of Organization Other | Yes (X) | TypeOfOrganizationOtherInd |
| Other Organization Dsc | CREDIT UNION | OtherOrganizationDsc |
| Formation | 1917 | FormationYr |
| Legal Domicile State | MA | LegalDomicileStateCd |
| Activity Or Mission | TO OFFER FINANCIAL SERVICES. | ActivityOrMissionDesc |
| Voting Members Governing Body | 13 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 9 | VotingMembersIndependentCnt |
| Total Employee | 88 | TotalEmployeeCnt |
| Total Volunteers | 8 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $28,988,836 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $34,203,656 | CYProgramServiceRevenueAmt |
| PY Investment Income | $4,303,979 | PYInvestmentIncomeAmt |
| CY Investment Income | $4,980,145 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $33,292,815 | PYTotalRevenueAmt |
| CY Total Revenue | $39,183,801 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $13,000 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $13,000 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $10,766,324 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $10,798,445 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $19,075,463 | PYOtherExpensesAmt |
| CY Other Expenses | $25,898,234 | CYOtherExpensesAmt |
| PY Total Expenses | $29,854,787 | PYTotalExpensesAmt |
| CY Total Expenses | $36,709,679 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $3,438,028 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $2,474,122 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $785,580,175 | TotalAssetsBOYAmt |
| Total Assets EOY | $808,088,791 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $685,112,836 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $704,965,231 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $100,467,339 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $103,123,560 | NetAssetsOrFundBalancesEOYAmt |
| Mission | LIBERTY BAY CREDIT UNION EXISTS TO BE A RESPONSIBLE AND RELEVANT FINANCIAL PARTNER TO ITS MEMBERS, EMPLOYEES, AND THE COMMUNITIES THAT IT SERVES. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | LIBERTY BAY CREDIT UNION EXISTS TO BE A RESPONSIBLE AND RELEVANT FINANCIAL PARTNER TO ITS MEMBERS, EMPLOYEES, AND THE COMMUNITIES THAT IT SERVES. | Desc |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | 0 | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | Yes (1) | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 9319 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 88 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Form8899 Filedind | 0 | Form8899Filedind |
| Form1098 C Filed | 0 | Form1098CFiledInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 13 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 9 | IndependentVotingMemberCnt |
| Family Or Business Rln | Yes (1) | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | Yes (1) | LocalChaptersInd |
| Policies Reference Chapters | Yes (1) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | FREDERICK WILLIAMS | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 6174396500 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 300 GRANITE STREET | AddressLine1Txt |
| City | BRAINTREE | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02184 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (26 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd | Former Ofcr Director TrusteeFormerOfcrDirectorTrusteeInd |
|---|---|---|---|---|---|---|---|---|
| GERARD BURM | ||||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $51 | |||
| THOMAS J FLYNN | ||||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $82 | |||
| EDWARD R FOLEY | ||||||||
| AUDIT COMMITTEE CHAIRMAN | 2.00 | Yes (X) | $0 | $0 | $82 | |||
| PATRICK J FOLEY | ||||||||
| DIRECTOR | 2.00 | Yes (X) | $7,500 | $0 | $133 | |||
| ROBERT B FOLEY JR | ||||||||
| TREASURER | 2.00 | Yes (X) | $4,500 | $0 | $82 | |||
| STEPHEN J KELLEY SR | ||||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $51 | |||
| EUGENE LEAHY | ||||||||
| DIRECTOR | 2.00 | Yes (X) | $7,500 | $0 | $51 | |||
| EDWARD MCCOLGAN | ||||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $51 | |||
| MICHAEL F MCCARTHY | ||||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $51 | |||
| ROBERT J MITCHELL | ||||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $51 | |||
| WILLIAM MURPHY | ||||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $51 | |||
| SEAN CASHMAN | ||||||||
| SECRETARY | 2.00 | Yes (X) | $19,500 | $0 | $204 | |||
| PETER LINCOLN | ||||||||
| BOD CHAIRMAN | 6.00 | Yes (X) | $9,000 | $0 | $51 | |||
| KATHERINE PEILATERMINATED JULY 2024 | ||||||||
| CHIEF ADMINISTRATIVE OFFIC | 40.00 | $138,653 | $0 | $21,292 | Yes (X) | |||
| JOSEPH BEARS | ||||||||
| SVP & CIO | 40.00 | $236,541 | $0 | $56,911 | Yes (X) | |||
| FREDERICK WILLIAMS | ||||||||
| SVP & CHIEF FINANCIAL OFFI | 40.00 | $252,811 | $0 | $56,144 | Yes (X) | |||
| PAUL GRAVELLESE | ||||||||
| SVP & SENIOR LENDING OFFIC | 40.00 | $234,020 | $0 | $53,664 | Yes (X) | |||
| MARK CONSTABLE | ||||||||
| CHIEF COMPLIANCE & CRA OFF | 40.00 | $251,819 | $0 | $56,045 | Yes (X) | |||
| BRENDA MCGILLICUDDY | ||||||||
| SVP PEOPLE OPERATIONS | 40.00 | $238,259 | $0 | $54,689 | Yes (X) | |||
| EDWARD LOPES | ||||||||
| PRESIDENT / CEO | 40.00 | $182,436 | $0 | $22,879 | Yes (X) | |||
| CINDI CARLSON | ||||||||
| VP BRAND & MEMBER EXPERIEN | 40.00 | $148,881 | $0 | $27,616 | Yes (X) | |||
| MARGUERITE MURPHY | ||||||||
| VP MORTGAGE | 40.00 | $162,177 | $0 | $29,360 | Yes (X) | |||
| SEAN CHASE | ||||||||
| BUSINESS BANKING OFFICER | 40.00 | $134,667 | $0 | $25,814 | Yes (X) | |||
| MARIA DIBENEDETTO | ||||||||
| VP HUMAN RESOURCES | 40.00 | $133,266 | $0 | $26,426 | Yes (X) | |||
| CAROL SHOUGHROW | ||||||||
| VP DEPOSIT OPERATIONS | 1.00 | $154,282 | $0 | $46,291 | Yes (X) | |||
| JOHN PARILLO | ||||||||
| FORMER PRESIDENT & CEO | 40.00 | $553,153 | $0 | $39,045 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $2,868,965 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $517,167 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 25 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | Yes (1) | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| ROCK BREAKERS LLC | |||||
| 370 MAIN STREET SUITE 880 | WORCESTER | MA | 01608 | RENT - 300 GRANITE - NEW | $1,169,177 |
| FISERV | |||||
| PO BOX 934057 | ATLANTA | GA | 311934057 | CORE PROVIDER | $886,614 |
| NCR CORPORATION | |||||
| PO BOX 660367 | DALLAS | TX | 752660367 | DATA PROCESSING/WEBSITE | $620,274 |
| PROFIT RESOURCES INC | |||||
| PO BOX 1248 | MONROE | GA | 30655 | INCLUDE - DEBIT CARD REBRANDING SERVICES | $263,477 |
| LUCRO COMMERCIAL SOLUTIONS INC | |||||
| 1591 SUMMIT LAKE DRIVE SUITE 100 | TALLAHASSEE | FL | 32317 | CUSO - COMMERICAL LOANS | $199,219 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 5 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| LOAN INTEREST | 522100 | $30,978,249 | $30,978,249 |
| MISCELLANEOUS INCOME | 522100 | $2,101,576 | $2,101,576 |
| FEES ON ACCOUNTS | 522100 | $1,123,831 | $1,123,831 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $34,203,656 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $4,994,694 | TotalRevenueColumnAmt |
| Exclusion | $4,994,694 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $2,483,828 | SecuritiesAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $2,498,377 | SecuritiesAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | -$14,549 | SecuritiesAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$14,549 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | -$14,549 | RelatedOrExemptFuncIncomeAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $39,183,801 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $34,189,107 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $4,994,694 | ExclusionAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $13,000 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,386,132 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,640,185 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $455,572 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,622,955 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $693,601 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $621,245 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $109,325 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $166,228 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $181,096 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,425,989 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $306,968 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $17,373,314 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $158,134 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| MISCELLANEOUS | $1,693,120 |
| EQUIPMENT MAINTENANCE | $1,077,188 |
| PROVISION FOR LOAN LOSS | $718,997 |
| LOAN COLLECTION & OTHER | $601,138 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,465,492 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $36,709,679 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,898,225 | BOYAmt |
| EOY | $1,259,300 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $22,454,227 | BOYAmt |
| EOY | $11,951,477 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $14,532,275 | BOYAmt |
| EOY | $12,513,424 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $608,598,338 | BOYAmt |
| EOY | $635,483,779 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $598,339 | BOYAmt |
| EOY | $491,549 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $9,707,654 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $7,849,027 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,191,728 | BOYAmt |
| EOY | $1,858,627 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $116,787,407 | BOYAmt |
| EOY | $122,443,034 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,517,441 | BOYAmt |
| EOY | $12,735,433 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,002,195 | BOYAmt |
| EOY | $9,352,168 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $785,580,175 | BOYAmt |
| EOY | $808,088,791 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,897,183 | BOYAmt |
| EOY | $6,953,303 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $139,000,000 | BOYAmt |
| EOY | $157,860,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $537,215,653 | BOYAmt |
| EOY | $540,151,928 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $685,112,836 | BOYAmt |
| EOY | $704,965,231 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $100,467,339 | BOYAmt |
| EOY | $103,123,560 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $100,467,339 | BOYAmt |
| EOY | $103,123,560 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $785,580,175 | BOYAmt |
| EOY | $808,088,791 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $2,474,122 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $293,104 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$111,005 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | 0 | FSAuditedInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $409,500 | OtherCostOrOtherBasisAmt |
| Book Value | $409,500 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,393,669 | OtherCostOrOtherBasisAmt |
| Depreciation | $572,259 | DepreciationAmt |
| Book Value | $821,410 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,734,733 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,267,017 | DepreciationAmt |
| Book Value | $467,716 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,910,237 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,850,446 | DepreciationAmt |
| Book Value | $59,791 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $3,259,515 | OtherCostOrOtherBasisAmt |
| Depreciation | $3,159,305 | DepreciationAmt |
| Book Value | $100,210 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $1,858,627 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| MEMBER DEPOSITS | $525,760,928 |
| NON-MEMBER DEPOSITS | $14,391,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $540,151,928 | TotalLiabilityAmt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Type | SCHOLARSHIPS TO ENROLLED COLLEGE FRESHMAN WHO ARE MEMBERS OF LBCU - MADE PAYABLE TO THE MEMBERS | GrantTypeTxt |
| Recipient | 12 | RecipientCnt |
| Cash Grant | $13,000 | CashGrantAmt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | Yes (1) | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (13 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JOHN PARILLO | ||||||||||||||
| FORMER PRESIDENT & CEO | $388,703 | $0 | $164,450 | $0 | $0 | $0 | $34,500 | $0 | $4,545 | $0 | $592,198 | $0 | $0 | $0 |
| FREDERICK WILLIAMS | ||||||||||||||
| SVP & CHIEF FINANCIAL OFFI | $225,147 | $0 | $27,664 | $0 | $0 | $0 | $25,281 | $0 | $30,863 | $0 | $308,955 | $0 | $0 | $0 |
| MARK CONSTABLE | ||||||||||||||
| CHIEF COMPLIANCE & CRA OFF | $224,259 | $0 | $27,560 | $0 | $0 | $0 | $25,182 | $0 | $30,863 | $0 | $307,864 | $0 | $0 | $0 |
| JOSEPH BEARS | ||||||||||||||
| SVP & CIO | $210,606 | $0 | $25,935 | $0 | $0 | $0 | $23,654 | $0 | $33,257 | $0 | $293,452 | $0 | $0 | $0 |
| BRENDA MCGILLICUDDY | ||||||||||||||
| SVP PEOPLE OPERATIONS | $212,259 | $0 | $26,000 | $0 | $0 | $0 | $23,826 | $0 | $30,863 | $0 | $292,948 | $0 | $0 | $0 |
| PAUL GRAVELLESE | ||||||||||||||
| SVP & SENIOR LENDING OFFIC | $208,332 | $0 | $25,688 | $0 | $0 | $0 | $23,402 | $0 | $30,262 | $0 | $287,684 | $0 | $0 | $0 |
| EDWARD LOPES | ||||||||||||||
| PRESIDENT / CEO | $182,436 | $0 | $0 | $0 | $0 | $0 | $18,244 | $0 | $4,635 | $0 | $205,315 | $0 | $0 | $0 |
| CAROL SHOUGHROW | ||||||||||||||
| VP DEPOSIT OPERATIONS | $142,094 | $0 | $12,188 | $0 | $0 | $0 | $15,428 | $0 | $30,863 | $0 | $200,573 | $0 | $0 | $0 |
| MARGUERITE MURPHY | ||||||||||||||
| VP MORTGAGE | $148,697 | $0 | $13,480 | $0 | $0 | $0 | $16,218 | $0 | $13,142 | $0 | $191,537 | $0 | $0 | $0 |
| CINDI CARLSON | ||||||||||||||
| VP BRAND & MEMBER EXPERIEN | $137,247 | $0 | $11,634 | $0 | $0 | $0 | $14,888 | $0 | $12,728 | $0 | $176,497 | $0 | $0 | $0 |
| SEAN CHASE | ||||||||||||||
| BUSINESS BANKING OFFICER | $130,949 | $0 | $3,718 | $0 | $0 | $0 | $13,467 | $0 | $12,347 | $0 | $160,481 | $0 | $0 | $0 |
| KATHERINE PEILATERMINATED JULY 2024 | ||||||||||||||
| CHIEF ADMINISTRATIVE OFFIC | $112,718 | $0 | $25,935 | $0 | $0 | $0 | $13,865 | $0 | $7,427 | $0 | $159,945 | $0 | $0 | $0 |
| MARIA DIBENEDETTO | ||||||||||||||
| VP HUMAN RESOURCES | $122,057 | $0 | $11,209 | $0 | $0 | $0 | $13,327 | $0 | $13,099 | $0 | $159,692 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 1A | THE BOARD OF DIRECTORS MAY ALLOW A CONFERENCE ATTENDEE TO BRING A COMPANION WITH THEM TO THE EVENT WHICH MAY INCLUDE TRAVEL. THE CREDIT UNION WILL REIMBURSE REASONABLE COSTS ASSOCIATED WITH THE EVENT AS STATED IN CORPORATE POLICIES. |
| PART I, LINE 4A | THE FORMER CHIEF EXECUTIVE OFFICER, EDWARD LOPES, WAS PROVIDED WITH A SERP WHICH WAS FUNDED BY LIFE INSURANCE IN 2014. THE FORMER CHIEF FINANCIAL OFFICER, JOEL KELLER, WAS PROVIDED WITH A SERP WHICH WAS FUNDED BY LIFE INSURANCE IN 2016. THE FORMER SENIOR VICE PRESIDENT OF LENDING AND FINANCE, JOSEPH BEAN, WAS PROVIDED WITH A SERP WHICH WAS FUNDED BY LIFE INSURANCE IN 2017. THE FORMER PRESIDENT AND CHIEF EXECUTIVE OFFICER, M. LYNDON MATTESON III, WAS PROVIDED A SERP WHICH WAS FUNDED BY LIFE INSURANCE IN 2020. |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp (4 entries)
| Relationship With OrgRelationshipWithOrgTxt | Loan PurposeLoanPurposeTxt | Loan From OrganizationLoanFromOrganizationInd | Original PrincipalOriginalPrincipalAmt | Balance DueBalanceDueAmt | DefaultDefaultInd | Board Or Committee ApprovalBoardOrCommitteeApprovalInd | Written AgreementWrittenAgreementInd |
|---|---|---|---|---|---|---|---|
| ED LOPES | |||||||
| FORMER PRESIDENT/CEO | SERP | Yes (X) | $4,255,269 | $5,647,695 | 0 | Yes (1) | Yes (1) |
| JOEL KELLER | |||||||
| FORMER EVP/CFO | SERP | Yes (X) | $1,765,500 | $1,045,748 | 0 | Yes (1) | Yes (1) |
| JOSEPH BEAN | |||||||
| FORMER SVP | SERP | Yes (X) | $1,706,227 | $2,091,662 | 0 | Yes (1) | Yes (1) |
| M LYNDON MATTESON III | |||||||
| FORMER CHIEF EXECUTIVE OFFICER | SERP | Yes (X) | $5,352,000 | $3,728,319 | 0 | Yes (1) | Yes (1) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $12,513,424 | TotalBalanceDueAmt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (9 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 2 | THERE ARE FOUR INDIVIDUALS WHOM ARE RELATED ON THE BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION A, LINE 6 | DEPOSITORS WITH A MINIMUM OF $5 BALANCE IN THEIR SAVINGS ACCOUNT ARE MEMBERS OF THE CREDIT UNION. |
| FORM 990, PART VI, SECTION A, LINE 7A | ALL MEMBERS HAVE VOTING RIGHTS WHICH ARE LIMITED TO THE ANNUAL MEETING AND ANY SPECIAL MEETINGS HELD DUE TO CHARTER CHANGES, MERGERS, ETC. |
| FORM 990, PART VI, SECTION A, LINE 7B | THE BOARD OF DIRECTORS ARE VOTED BY THE MEMBERS AT THE ANNUAL MEETING. |
| FORM 990, PART VI, SECTION B, LINE 11B | A COPY OF THE FORM 990 IS REVIEWED BY THE CFO AND PROVIDED TO THE AUDIT COMMITTEE FOR THEIR REVIEW PRIOR TO IT BEING FILED WITH THE IRS. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE BOARD OF DIRECTORS REVIEWS ALL CORPORATE POLICIES AT LEAST ANNUALLY TO ENSURE COMPLIANCE. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE BOARD OF DIRECTORS APPROVES CEO COMPENSATION. THE CEO IN TURN IS RESPONSIBLE FOR COMPENSATION OF MANAGEMENT AND STAFF. A FORMAL, BOARD DESIGNATED COMPENSATION COMMITTEE AIDS IN THIS PROCESS. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE CREDIT UNION'S CALL REPORT AND FINANCIAL INFORMATION IS AVAILABLE THROUGH THE NCUA WEBSITE AND PRIVACY POLICIES ARE AVAILABLE UPON REQUEST. |
| FORM 990, PART XI, LINE 9: | FAS158 OCI ADJUSTMENT -111,005. |