LIBERTY BAY CREDIT UNION: Form 990, tax year 2025
View the entire original 990 at ProPublica ↗
- Organization
- LIBERTY BAY CREDIT UNION (EIN 04-1896000)
- Tax period
- 2025-01-01 to 2025-12-31
- Filed
- 2026-05-21
- IRS object ID
- 202631419349301328
- Schema version
- 2025v4.1
- 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 | 2026-05-21T15:18:11-05:00 | ReturnTs |
| Tax Period End | 2025-12-31 | 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 | 2025-01-01 | 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 | 2026-05-21 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | SEAN MCNEIL CPA | PreparerPersonNm |
| PTIN | P01731264 | PTIN |
| Phone | 6176968900 | PhoneNum |
| Preparation | 2026-05-21 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2025 | 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 | $40,864,966 | 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 | 84 | 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 | $34,203,656 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $35,888,419 | CYProgramServiceRevenueAmt |
| PY Investment Income | $4,980,145 | PYInvestmentIncomeAmt |
| CY Investment Income | $4,976,547 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $39,183,801 | PYTotalRevenueAmt |
| CY Total Revenue | $40,864,966 | 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 | $10,798,445 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $10,916,174 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $25,898,234 | PYOtherExpensesAmt |
| CY Other Expenses | $25,423,137 | CYOtherExpensesAmt |
| PY Total Expenses | $36,709,679 | PYTotalExpensesAmt |
| CY Total Expenses | $36,352,311 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $2,474,122 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $4,512,655 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $808,088,791 | TotalAssetsBOYAmt |
| Total Assets EOY | $819,637,288 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $704,965,231 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $707,198,300 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $103,123,560 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $112,438,988 | 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 | 9130 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 84 | 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 (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 | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $51 | ||
| THOMAS J FLYNN | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $51 | ||
| EDWARD R FOLEY | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $51 | ||
| PATRICK J FOLEY | |||||||
| TREASURER | 2.00 | Yes (X) | $12,000 | $0 | $133 | ||
| ROBERT B FOLEY JR | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $82 | ||
| STEPHEN J KELLEY SR | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $51 | ||
| EUGENE LEAHY | |||||||
| SECRETARY | 2.00 | Yes (X) | $12,000 | $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 | |||||||
| CHAIRMAN | 6.00 | Yes (X) | $24,000 | $0 | $204 | ||
| PETER LINCOLN | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $51 | ||
| JOSEPH BEARS | |||||||
| SVP & CIO | 40.00 | $241,275 | $0 | $58,812 | Yes (X) | ||
| FREDERICK WILLIAMS | |||||||
| SVP & CHIEF FINANCIAL OFFI | 40.00 | $260,522 | $0 | $57,915 | Yes (X) | ||
| PAUL GRAVELLESE | |||||||
| SVP & SENIOR LENDING OFFIC | 40.00 | $241,558 | $0 | $55,429 | Yes (X) | ||
| MARK CONSTABLE | |||||||
| CHIEF COMPLIANCE & CRA OFF | 40.00 | $256,757 | $0 | $57,792 | Yes (X) | ||
| BRENDA MCGILLICUDDY | |||||||
| SVP PEOPLE OPERATIONS | 40.00 | $240,239 | $0 | $58,026 | Yes (X) | ||
| MARCIA LYONS | |||||||
| ANALYTICS ENGINEER | 40.00 | $64,480 | $0 | $12,599 | Yes (X) | ||
| JOHN BARRON | |||||||
| PRESIDENT & CEO | 40.00 | $520,942 | $0 | $44,361 | Yes (X) | ||
| MARGUERITE MURPHY | |||||||
| VP MORTGAGE | 40.00 | $165,931 | $0 | $30,048 | Yes (X) | ||
| MARIA DIBENEDETTO | |||||||
| VP HUMAN RESOURCES | 40.00 | $132,041 | $0 | $27,282 | Yes (X) | ||
| CAROL SHOUGHROW | |||||||
| VP DEPOSIT OPERATIONS | 40.00 | $171,587 | $0 | $49,090 | Yes (X) | ||
| MICHAEL BAKER | |||||||
| CONTROLLER | 40.00 | $158,508 | $0 | $47,828 | Yes (X) | ||
| WILLIAM SPRAGUE | |||||||
| VP NETWORK ADMIN | 40.00 | $135,054 | $0 | $26,236 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $2,636,894 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $526,347 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 23 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | 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 | $1,304,995 |
| FISERV | |||||
| PO BOX 934057 | ATLANTA | GA | 311934057 | CORE PROVIDER | $949,434 |
| NCR CORPORATION (DIGITAL FIRST HOLDINGS | |||||
| PO BOX 660367 | DALLAS | TX | 752660367 | DATA PROCESSING/WEBSITE | $541,568 |
| LUCRO COMMERCIAL SOLUTIONS INC | |||||
| 1591 SUMMIT LAKE DRIVE SUITE 100 | TALLAHASSEE | FL | 32317 | CUSO - COMMERICAL LOANS | $157,824 |
| JLS MAILING SERVICE | |||||
| 672 CRESCENT STREET | BROCKTON | MA | 02302 | MAILING SERVICES | $135,357 |
| 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 | $32,678,283 | $32,678,283 |
| MISCELLANEOUS INCOME | 522100 | $2,204,284 | $2,204,284 |
| FEES ON ACCOUNTS | 522100 | $1,005,852 | $1,005,852 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $35,888,419 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $4,976,547 | TotalRevenueColumnAmt |
| Exclusion | $4,976,547 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $40,864,966 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $35,888,419 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $4,976,547 | 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 | $3,163,240 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,972,940 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $499,545 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,612,301 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $668,148 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $247,401 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $123,690 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $343,406 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $159,753 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,522,670 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $111,371 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $17,117,574 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $88,661 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| MISCELLANEOUS | $2,228,394 |
| EQUIPMENT MAINTENANCE | $1,375,023 |
| LOAN COLLECTION & OTHER | $672,939 |
| POSTAGE | $370,003 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,062,252 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $36,352,311 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,259,300 | BOYAmt |
| EOY | $1,256,456 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $11,951,477 | BOYAmt |
| EOY | $23,057,488 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $12,513,424 | BOYAmt |
| EOY | $12,161,364 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $635,483,779 | BOYAmt |
| EOY | $633,232,781 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $491,549 | BOYAmt |
| EOY | $474,670 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $9,478,893 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $7,897,994 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,858,627 | BOYAmt |
| EOY | $1,580,899 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $122,443,034 | BOYAmt |
| EOY | $126,895,565 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $12,735,433 | BOYAmt |
| EOY | $11,985,351 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $9,352,168 | BOYAmt |
| EOY | $8,992,714 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $808,088,791 | BOYAmt |
| EOY | $819,637,288 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,953,303 | BOYAmt |
| EOY | $6,240,967 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $157,860,000 | BOYAmt |
| EOY | $135,300,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $540,151,928 | BOYAmt |
| EOY | $565,657,333 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $704,965,231 | BOYAmt |
| EOY | $707,198,300 | 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 | $103,123,560 | BOYAmt |
| EOY | $112,438,988 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $103,123,560 | BOYAmt |
| EOY | $112,438,988 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $808,088,791 | BOYAmt |
| EOY | $819,637,288 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $4,512,655 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $4,787,260 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $15,513 | 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 | $1,397,545 | OtherCostOrOtherBasisAmt |
| Depreciation | $643,539 | DepreciationAmt |
| Book Value | $754,006 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,734,733 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,390,105 | DepreciationAmt |
| Book Value | $344,628 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,772,758 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,752,717 | DepreciationAmt |
| Book Value | $20,041 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $3,164,357 | OtherCostOrOtherBasisAmt |
| Depreciation | $3,111,633 | DepreciationAmt |
| Book Value | $52,724 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $1,580,899 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| MEMBER DEPOSITS | $552,440,333 |
| NON-MEMBER DEPOSITS | $13,217,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $565,657,333 | 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 (11 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 BARRON | ||||||||||||||
| PRESIDENT & CEO | $485,942 | $0 | $35,000 | $0 | $0 | $0 | $28,481 | $0 | $15,880 | $0 | $565,303 | $0 | $0 | $0 |
| FREDERICK WILLIAMS | ||||||||||||||
| SVP & CHIEF FINANCIAL OFFI | $229,538 | $0 | $30,984 | $0 | $0 | $0 | $26,078 | $0 | $31,837 | $0 | $318,437 | $0 | $0 | $0 |
| MARK CONSTABLE | ||||||||||||||
| CHIEF COMPLIANCE & CRA OFF | $225,890 | $0 | $30,867 | $0 | $0 | $0 | $25,955 | $0 | $31,837 | $0 | $314,549 | $0 | $0 | $0 |
| JOSEPH BEARS | ||||||||||||||
| SVP & CIO | $212,228 | $0 | $29,047 | $0 | $0 | $0 | $24,425 | $0 | $34,387 | $0 | $300,087 | $0 | $0 | $0 |
| BRENDA MCGILLICUDDY | ||||||||||||||
| SVP PEOPLE OPERATIONS | $211,119 | $0 | $29,120 | $0 | $0 | $0 | $24,486 | $0 | $33,540 | $0 | $298,265 | $0 | $0 | $0 |
| PAUL GRAVELLESE | ||||||||||||||
| SVP & SENIOR LENDING OFFIC | $212,787 | $0 | $28,771 | $0 | $0 | $0 | $24,192 | $0 | $31,237 | $0 | $296,987 | $0 | $0 | $0 |
| CAROL SHOUGHROW | ||||||||||||||
| VP DEPOSIT OPERATIONS | $157,937 | $0 | $13,650 | $0 | $0 | $0 | $17,253 | $0 | $31,837 | $0 | $220,677 | $0 | $0 | $0 |
| MICHAEL BAKER | ||||||||||||||
| CONTROLLER | $143,808 | $0 | $14,700 | $0 | $0 | $0 | $15,991 | $0 | $31,837 | $0 | $206,336 | $0 | $0 | $0 |
| MARGUERITE MURPHY | ||||||||||||||
| VP MORTGAGE | $150,834 | $0 | $15,097 | $0 | $0 | $0 | $16,423 | $0 | $13,625 | $0 | $195,979 | $0 | $0 | $0 |
| WILLIAM SPRAGUE | ||||||||||||||
| VP NETWORK ADMIN | $123,441 | $0 | $11,613 | $0 | $0 | $0 | $13,633 | $0 | $12,603 | $0 | $161,290 | $0 | $0 | $0 |
| MARIA DIBENEDETTO | ||||||||||||||
| VP HUMAN RESOURCES | $119,486 | $0 | $12,555 | $0 | $0 | $0 | $13,657 | $0 | $13,625 | $0 | $159,323 | $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 | $5,764,441 | 0 | Yes (1) | Yes (1) |
| JOEL KELLER | |||||||
| FORMER EVP/CFO | SERP | Yes (X) | $1,765,500 | $883,883 | 0 | Yes (1) | Yes (1) |
| JOSEPH BEAN | |||||||
| FORMER SVP | SERP | Yes (X) | $1,706,227 | $2,149,100 | 0 | Yes (1) | Yes (1) |
| M LYNDON MATTESON III | |||||||
| FORMER CHIEF EXECUTIVE OFFICER | SERP | Yes (X) | $5,352,000 | $3,363,940 | 0 | Yes (1) | Yes (1) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $12,161,364 | 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 15,513. |