LIBERTY BAY CREDIT UNION: Form 990, tax year 2021
View the entire original 990 at ProPublica ↗
- Organization
- LIBERTY BAY CREDIT UNION (EIN 04-1896000)
- Tax period
- 2021-01-01 to 2021-12-31
- Filed
- 2022-05-16
- IRS object ID
- 202201369349308965
- Schema version
- 2021v4.2
- 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 | 2022-05-16T13:19:21-05:00 | ReturnTs |
| Tax Period End | 2021-12-31 | 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 | 2021-01-01 | 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 | GEORGE KELLY | PersonNm |
| Person Title | SVP, CHIEF STRATEGY OFFICER | PersonTitleTxt |
| Phone | 6174396500 | PhoneNum |
| Signature | 2022-05-16 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | GEORGE | PersonFirstNm |
| Person Last | KELLY | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | SEAN MCNEIL CPA | PreparerPersonNm |
| PTIN | P01731264 | PTIN |
| Phone | 6176968900 | PhoneNum |
| Preparation | 2022-05-16 | PreparationDt |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 3 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2021 | TaxYr |
| Build TS | 2022-09-23 18:48:47Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | GEORGE KELLY | 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 | $26,707,938 | 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 | 92 | TotalEmployeeCnt |
| Total Volunteers | 10 | 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 | $22,410,666 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $21,855,844 | CYProgramServiceRevenueAmt |
| PY Investment Income | $3,339,318 | PYInvestmentIncomeAmt |
| CY Investment Income | $2,352,553 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $25,749,984 | PYTotalRevenueAmt |
| CY Total Revenue | $24,208,397 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $11,500 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $12,500 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $11,418,178 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $12,609,816 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $12,987,544 | PYOtherExpensesAmt |
| CY Other Expenses | $10,541,682 | CYOtherExpensesAmt |
| PY Total Expenses | $24,417,222 | PYTotalExpensesAmt |
| CY Total Expenses | $23,163,998 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $1,332,762 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $1,044,399 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $701,131,908 | TotalAssetsBOYAmt |
| Total Assets EOY | $714,665,238 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $594,245,228 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $610,597,539 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $106,886,680 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $104,067,699 | 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 | Yes (1) | 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 | 10878 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 92 | 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 |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| 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 | GEORGE KELLY | 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 (25 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 |
|---|---|---|---|---|---|---|---|
| GERARD BURM | |||||||
| FORMER TREASURER | 2.00 | Yes (X) | $3,375 | $0 | $51 | ||
| EUGENE LEAHY | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $51 | ||
| EDWARD MCCOLGAN | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $82 | ||
| THOMAS J FLYNN | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $82 | ||
| EDWARD R FOLEY | |||||||
| FORMER CHAIRMAN | 2.00 | Yes (X) | $6,750 | $0 | $82 | ||
| PATRICK J FOLEY | |||||||
| VICE CHAIRMAN | 2.00 | Yes (X) | $0 | $0 | $204 | ||
| ROBERT B FOLEY JR | |||||||
| TREASURER | 2.00 | Yes (X) | $6,125 | $0 | $133 | ||
| STEPHEN J KELLEY SR | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $51 | ||
| WILLIAM T MURPHY | |||||||
| 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 | ||
| SEAN CASHMAN | |||||||
| SECRETARY | 2.00 | Yes (X) | $9,500 | $0 | $204 | ||
| PETER LINCOLN | |||||||
| CHAIRMAN | 6.00 | Yes (X) | $12,250 | $0 | $51 | ||
| STEPHEN FULCHINI | |||||||
| SVP, INFORMATION TECHNOLOG | 40.00 | $167,836 | $0 | $30,604 | Yes (X) | ||
| KATHERINE PEILA | |||||||
| CHIEF ADMIN OFFICER | 40.00 | $198,360 | $0 | $32,492 | Yes (X) | ||
| FREDERICK WILLIAMS | |||||||
| SVP AND CFO | 40.00 | $182,628 | $0 | $44,893 | Yes (X) | ||
| M LYNDON MATTESON III | |||||||
| FORMER PRESIDENT / CEO | 40.00 | $515,210 | $0 | $39,660 | Yes (X) | ||
| JOHN PARILLO | |||||||
| INTERIM PRESIDENT & CEO | 40.00 | $416,797 | $0 | $39,660 | Yes (X) | ||
| PAUL GRAVELLESE | |||||||
| SVP & CHIEF LENDING OFFIC | 40.00 | $178,427 | $0 | $28,503 | Yes (X) | ||
| GEORGE KELLY | |||||||
| SVP & CHIEF STRATEGY OFFIC | 40.00 | $181,788 | $0 | $44,809 | Yes (X) | ||
| BRIAN LEARY | |||||||
| DIRECTOR OF ADVANCED MEMBE | 40.00 | $181,951 | $0 | $29,573 | Yes (X) | ||
| STEPHEN HILE | |||||||
| MORTGAGE LOAN OFFICER | 40.00 | $286,730 | $0 | $38,627 | Yes (X) | ||
| PAOLA FERRARA | |||||||
| MORTGAGE LOAN OFFICER | 40.00 | $321,071 | $0 | $58,032 | Yes (X) | ||
| MARGUERITE MURPHY | |||||||
| VP MORTGAGE | 40.00 | $148,615 | $0 | $26,240 | Yes (X) | ||
| JAMES DOWLING | |||||||
| VP, CONTROLLER | 40.00 | $146,821 | $0 | $41,312 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $2,964,234 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $455,549 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 21 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (4 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| NCR CORPORATION | |||||
| PO BOX 740641 | LOS ANGELES | CA | 90074 | DATA PROCESSING | $483,537 |
| LUCRO COMMERCIAL SOLUTIONS INC | |||||
| 3692 COOLIDGE CT | TALLAHASSEE | FL | 32311 | CUSO - COMMERICAL LOANS | $184,672 |
| GETFUSED | |||||
| 285 SUMMER ST 100 | BOSTON | MA | 02210 | BRANDING, MARKETING, DESIGN & TECHNOLOGY | $182,084 |
| SPECTROTEL | |||||
| PO BOX 1949 | NEWARK | NJ | 07101 | TELECOMMUNICATION | $154,828 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 4 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| LOAN INTEREST | 522100 | $18,558,781 | $18,558,781 |
| FEES ON ACCOUNTS | 522100 | $2,475,419 | $2,475,419 |
| MISCELLANEOUS INCOME | 522100 | $821,644 | $821,644 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $21,855,844 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $2,344,451 | TotalRevenueColumnAmt |
| Exclusion | $2,344,451 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $2,507,643 | SecuritiesAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $2,499,541 | SecuritiesAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $8,102 | SecuritiesAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $8,102 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $8,102 | RelatedOrExemptFuncIncomeAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $24,208,397 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $21,863,946 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $2,344,451 | ExclusionAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $12,500 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,419,779 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $6,401,729 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $587,285 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,474,757 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $726,266 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $70,529 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $79,910 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $289,562 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $156,822 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,250,241 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $81,348 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,142,346 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $636,174 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| MISCELLANEOUS | $1,850,210 |
| EQUIPMENT MAINTENANCE | $1,275,170 |
| LOAN COLLECTION & OTHER | $647,641 |
| PROVISION FOR LOAN LOSS | $425,000 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,636,729 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $23,163,998 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,816,840 | BOYAmt |
| EOY | $1,852,556 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $36,480,783 | BOYAmt |
| EOY | $26,638,740 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $14,460,794 | BOYAmt |
| EOY | $14,652,600 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $462,634,901 | BOYAmt |
| EOY | $485,614,831 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,572,990 | BOYAmt |
| EOY | $1,208,876 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $12,008,862 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $8,487,237 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,864,971 | BOYAmt |
| EOY | $3,521,625 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $167,458,112 | BOYAmt |
| EOY | $169,281,688 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $9,460,893 | BOYAmt |
| EOY | $8,188,469 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,381,624 | BOYAmt |
| EOY | $3,705,853 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $701,131,908 | BOYAmt |
| EOY | $714,665,238 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,200,141 | BOYAmt |
| EOY | $5,817,418 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $60,000,000 | BOYAmt |
| EOY | $27,000,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $530,045,087 | BOYAmt |
| EOY | $577,780,121 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $594,245,228 | BOYAmt |
| EOY | $610,597,539 | 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 | $106,886,680 | BOYAmt |
| EOY | $104,067,699 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $106,886,680 | BOYAmt |
| EOY | $104,067,699 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $701,131,908 | BOYAmt |
| EOY | $714,665,238 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $1,044,399 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$3,873,523 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $10,143 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| 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 | $1,349,808 | OtherCostOrOtherBasisAmt |
| Depreciation | $333,708 | DepreciationAmt |
| Book Value | $1,016,100 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,128,541 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,177,162 | DepreciationAmt |
| Book Value | $951,379 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $3,525,722 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,710,038 | DepreciationAmt |
| Book Value | $815,684 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $4,595,291 | OtherCostOrOtherBasisAmt |
| Depreciation | $4,266,329 | DepreciationAmt |
| Book Value | $328,962 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $3,521,625 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBER DEPOSITS | Desc |
| Amt | $577,780,121 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $577,780,121 | TotalLiabilityAmt |
| Total Rev Etc Audited Fincl Stmt | $24,208,397 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Not Reported | $0 | RevenueNotReportedAmt |
| Revenue Subtotal | $24,208,397 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $24,208,397 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $23,163,998 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $23,163,998 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $23,163,998 | TotalExpensesPerForm990Amt |
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 | $12,500 | 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 (12 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| M LYNDON MATTESON III | ||||||||||||||
| FORMER PRESIDENT / CEO | $406,101 | $0 | $109,109 | $0 | $0 | $0 | $29,000 | $0 | $10,660 | $0 | $554,870 | $0 | $0 | $0 |
| JOHN PARILLO | ||||||||||||||
| INTERIM PRESIDENT & CEO | $301,297 | $0 | $115,500 | $0 | $0 | $0 | $29,000 | $0 | $10,660 | $0 | $456,457 | $0 | $0 | $0 |
| PAOLA FERRARA | ||||||||||||||
| MORTGAGE LOAN OFFICER | $320,571 | $0 | $500 | $0 | $0 | $0 | $32,107 | $0 | $25,925 | $0 | $379,103 | $0 | $0 | $0 |
| STEPHEN HILE | ||||||||||||||
| MORTGAGE LOAN OFFICER | $286,230 | $0 | $500 | $0 | $0 | $0 | $28,673 | $0 | $9,954 | $0 | $325,357 | $0 | $0 | $0 |
| KATHERINE PEILA | ||||||||||||||
| CHIEF ADMIN OFFICER | $198,360 | $0 | $0 | $0 | $0 | $0 | $19,836 | $0 | $12,656 | $0 | $230,852 | $0 | $0 | $0 |
| FREDERICK WILLIAMS | ||||||||||||||
| SVP AND CFO | $182,628 | $0 | $0 | $0 | $0 | $0 | $18,263 | $0 | $26,630 | $0 | $227,521 | $0 | $0 | $0 |
| GEORGE KELLY | ||||||||||||||
| SVP & CHIEF STRATEGY OFFIC | $181,788 | $0 | $0 | $0 | $0 | $0 | $18,179 | $0 | $26,630 | $0 | $226,597 | $0 | $0 | $0 |
| BRIAN LEARY | ||||||||||||||
| DIRECTOR OF ADVANCED MEMBE | $181,451 | $0 | $500 | $0 | $0 | $0 | $18,195 | $0 | $11,378 | $0 | $211,524 | $0 | $0 | $0 |
| PAUL GRAVELLESE | ||||||||||||||
| SVP & CHIEF LENDING OFFIC | $178,427 | $0 | $0 | $0 | $0 | $0 | $17,843 | $0 | $10,660 | $0 | $206,930 | $0 | $0 | $0 |
| STEPHEN FULCHINI | ||||||||||||||
| SVP, INFORMATION TECHNOLOG | $167,836 | $0 | $0 | $0 | $0 | $0 | $16,784 | $0 | $13,820 | $0 | $198,440 | $0 | $0 | $0 |
| JAMES DOWLING | ||||||||||||||
| VP, CONTROLLER | $146,821 | $0 | $0 | $0 | $0 | $0 | $14,682 | $0 | $26,630 | $0 | $188,133 | $0 | $0 | $0 |
| MARGUERITE MURPHY | ||||||||||||||
| VP MORTGAGE | $148,615 | $0 | $0 | $0 | $0 | $0 | $14,862 | $0 | $11,378 | $0 | $174,855 | $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 PRESIDENT AND CHIEF EXECUTIVE OFFICER, M. LYNDON MATTESON III ("MR. MATTESON"), AND LIBERTY BAY CREDIT UNION (THE "CREDIT UNION") PARTICIPATED IN A CONFIDENTIAL SEPARATION AGREEMENT AND RELEASE OF ALL CLAIMS (THE "AGREEMENT"), EFFECTIVE DECEMBER 15, 2021 (SEPARATION DATE). THE PAYMENT PERIOD IS FROM THE SEPARATION DATE THROUGH JANUARY 5, 2024. 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 | $5,311,330 | 0 | Yes (1) | Yes (1) |
| JOEL KELLER | |||||||
| FORMER EVP/CFO | SERP | Yes (X) | $1,765,500 | $1,869,824 | 0 | Yes (1) | Yes (1) |
| JOSEPH BEAN | |||||||
| FORMER SVP | SERP | Yes (X) | $1,706,227 | $1,928,413 | 0 | Yes (1) | Yes (1) |
| M LYNDON MATTESON III | |||||||
| FORMER CHIEF EXECUTIVE OFFICER | SERP | Yes (X) | $5,352,000 | $5,543,033 | 0 | Yes (1) | Yes (1) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $14,652,600 | TotalBalanceDueAmt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 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 CS0 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 MONITORS THIS 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 10,143. |
| FORM 990, PART IV, LINE 12 AND FORM 990, PART XI, LINE 2B | AUDITED FINANCIAL STATEMENTS WERE PREPARED AS OF 09/30/21 |