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Nonprofiteer
← WESTERLY COMMUNITY CREDIT UNION

Form 990 for tax year 2023

Filed by WESTERLY COMMUNITY CREDIT UNION.

Totals

Total revenue
$22,886,086
Total expenses
$21,225,344
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$21,166,026
Investment income
$541,129
Other revenue
$1,178,931
Total assets, end of year
$468,681,098
Total liabilities, end of year
$433,036,600
Net assets or fund balances, end of year
$35,644,498
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: INTEREST INCOME ON LOANS

    total $18,008,604 · related or exempt $18,008,604

  • 2b · Program service revenue: MEMBER SERVICE FEES

    total $3,157,422 · related or exempt $3,157,422

  • 3 · Investment income

    total $1,021,695 · related or exempt $1,021,695

  • 7a · Gross sales of assets other than inventory

    securities $8,789,742 · other assets $1,282,320

  • 7b · Less cost or other basis and sales expenses

    securities $9,280,503 · other assets $1,272,125

  • 7c · Gain or loss

    securities -$490,761 · other assets $10,195

  • 7d · Net gain or loss

    total -$480,566 · related or exempt -$480,566

  • 11a · Other revenue: EMPLOYEE RETENTION CREDIT

    total $1,178,931 · related or exempt $1,178,931

  • 11e · Other revenue, total

    $1,178,931

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,188,126

  • 7 · Other salaries and wages

    total $4,448,419

  • 8 · Pension plan contributions

    total $334,726

  • 9 · Other employee benefits

    total $863,313

  • 10 · Payroll taxes

    total $453,408

  • 11b · Fees: legal

    total $25,333

  • 11c · Fees: accounting

    total $153,167

  • 11g · Fees: other

    total $246,103

  • 12 · Advertising and promotion

    total $902,478

  • 13 · Office expenses

    total $1,799,390

  • 14 · Information technology

    total $753,005

  • 16 · Occupancy

    total $819,786

  • 17 · Travel

    total $355,008

  • 20 · Interest

    total $5,643,569

  • 22 · Depreciation, depletion and amortization

    total $1,070,291

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $1,115,228

  • 24b · Other expenses: LOAN SERVICING EXP

    total $864,229

  • 24c · Other expenses: MISCELLANEOUS

    total $189,765

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,900,195 · end of year $12,737,179

  • 2 · Savings and temporary cash investments

    beginning of year $2,319,630 · end of year $842,407

  • 4 · Accounts receivable

    beginning of year $1,253,320 · end of year $1,480,735

  • 7 · Other notes and loans receivable

    beginning of year $357,603,596 · end of year $370,606,682

  • 10a · Land, buildings and equipment: cost or other basis

    $32,005,725

  • 10b · Land, buildings and equipment: accumulated depreciation

    $16,544,994

  • 10c · Land, buildings and equipment, net

    beginning of year $16,322,386 · end of year $15,460,731

  • 12 · Investments: other securities

    beginning of year $58,063,942 · end of year $57,921,781

  • 15 · Other assets

    beginning of year $8,294,861 · end of year $9,631,583

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,963,578 · end of year $5,626,364

  • 23 · Secured mortgages and notes payable

    beginning of year $13,500,000 · end of year $19,250,000

  • 25 · Other liabilities

    beginning of year $401,533,285 · end of year $408,160,236

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $31,761,067 · end of year $35,644,498

Mission and programs · 2023

Mission

WESTERLY COMMUNITY CREDIT UNION IS MEMBER OWNED AND OPERATED. THE MISSION OF THE CREDIT UNION IS TO IMPROVE THE FINANCIAL WELLBEING OF ITS MEMBER OWNERS. IT DOES SO BY PROVIDING MEMBERS VALUE IN THE PRODUCT DELIVERED AND COMPASSIONATE AND CARING SERVICE.

Activities or mission (Part I)

PROVIDE HIGH QUALITY, LOW COST, FINANCIAL SERVICES TO IMPROVE THE FINANCIAL WELLBEING OF MEMBERS.

  • MAINTENANCE OF MEMBERS' DEPOSIT ACCOUNT AND THE PAYMENT OF INTEREST AND DIVIDENDS.

As filed on the 2023 return.

Listed in Part VII

  • Peter Stefanski

    CHAIRPERSON

    Total calculated
    $14,200
    From this org
    $14,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Steven Scales

    VICE CHAIRPERSON

    Total calculated
    $10,600
    From this org
    $10,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Robert Delaney

    BOARD TREASURER

    Total calculated
    $10,600
    From this org
    $10,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • William Quirk

    BOARD SECRETARY

    Total calculated
    $10,600
    From this org
    $10,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Sheilia Terranova-Beattie

    BOARD MEMBER

    Total calculated
    $9,400
    From this org
    $9,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Scott Harold

    BOARD MEMBER

    Total calculated
    $9,400
    From this org
    $9,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Stephen J Iacoi

    BOARD MEMBER

    Total calculated
    $9,400
    From this org
    $9,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Paul Marsiglio

    BOARD MEMBER

    Total calculated
    $9,100
    From this org
    $9,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Joseph Ritacco

    BOARD MEMBER

    Total calculated
    $9,400
    From this org
    $9,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dawn Smith

    BOARD MEMBER

    Total calculated
    $9,400
    From this org
    $9,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Stephen White

    PRESIDENT & CEO

    Total calculated
    $378,915
    From this org
    $337,551
    From related orgs
    $0
    Other
    $41,364
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $337,551
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $41,364
    Filer's total
    $378,915

  • Andrew Rogers

    COO & SENIOR VP OF OPERATIONS

    Total calculated
    $234,494
    From this org
    $223,488
    From related orgs
    $0
    Other
    $11,006
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $223,488
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $11,006
    Filer's total
    $234,494

  • Margaret Sisco

    CMO

    Total calculated
    $228,234
    From this org
    $194,541
    From related orgs
    $0
    Other
    $33,693
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,541
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $33,693
    Filer's total
    $228,234

  • Robert Boucher

    VP OF RETAIL LEADING

    Total calculated
    $196,921
    From this org
    $175,663
    From related orgs
    $0
    Other
    $21,258
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,663
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $21,258
    Filer's total
    $196,921

  • Richard Champ

    VP OF LENDING

    Total calculated
    $186,711
    From this org
    $154,783
    From related orgs
    $0
    Other
    $31,928
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,783
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $31,928
    Filer's total
    $186,711

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
14 May 2024
IRS schema version
2023v5.0
Source object
202431359349305013

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