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Nonprofiteer
← WESTERLY COMMUNITY CREDIT UNION

Form 990 for tax year 2024

Filed by WESTERLY COMMUNITY CREDIT UNION.

Totals

Total revenue
$25,769,590
Total expenses
$24,323,161
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$23,875,207
Investment income
$1,894,383
Other revenue
$0
Total assets, end of year
$497,668,725
Total liabilities, end of year
$459,335,689
Net assets or fund balances, end of year
$38,333,036
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 $20,060,411 · related or exempt $20,060,411

  • 2b · Program service revenue: MEMBER SERVICE FEES

    total $3,814,796 · related or exempt $3,814,796

  • 3 · Investment income

    total $1,797,976 · related or exempt $1,797,976

  • 7a · Gross sales of assets other than inventory

    other assets $8,797,272

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

    other assets $8,700,865

  • 7c · Gain or loss

    other assets $96,407

  • 7d · Net gain or loss

    total $96,407 · related or exempt $96,407

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,918,421

  • 7 · Other salaries and wages

    total $4,197,739

  • 8 · Pension plan contributions

    total $315,507

  • 9 · Other employee benefits

    total $833,885

  • 10 · Payroll taxes

    total $496,916

  • 11b · Fees: legal

    total $66,129

  • 11c · Fees: accounting

    total $121,576

  • 11g · Fees: other

    total $177,494

  • 12 · Advertising and promotion

    total $756,050

  • 13 · Office expenses

    total $1,770,469

  • 14 · Information technology

    total $724,012

  • 16 · Occupancy

    total $869,011

  • 17 · Travel

    total $328,578

  • 20 · Interest

    total $8,439,254

  • 22 · Depreciation, depletion and amortization

    total $1,009,231

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $1,339,294

  • 24b · Other expenses: LOAN SERVICING EXP

    total $803,925

  • 24e · All other expenses

    total $155,670

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $12,737,179 · end of year $7,159,956

  • 2 · Savings and temporary cash investments

    beginning of year $842,407 · end of year $5,319,267

  • 4 · Accounts receivable

    beginning of year $1,480,735 · end of year $1,724,667

  • 7 · Other notes and loans receivable

    beginning of year $370,606,682 · end of year $395,661,582

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

    $32,352,716

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

    $17,520,346

  • 10c · Land, buildings and equipment, net

    beginning of year $15,460,731 · end of year $14,832,370

  • 12 · Investments: other securities

    beginning of year $57,921,781 · end of year $62,375,816

  • 15 · Other assets

    beginning of year $9,631,583 · end of year $10,595,067

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,626,364 · end of year $4,569,296

  • 23 · Secured mortgages and notes payable

    beginning of year $19,250,000 · end of year $29,250,000

  • 25 · Other liabilities

    beginning of year $408,160,236 · end of year $425,516,393

  • 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 $35,644,498 · end of year $38,333,036

Mission and programs · 2024

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 2024 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
    $9,100
    From this org
    $9,100
    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
    $9,400
    From this org
    $9,400
    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

  • Paul Gencarella

    SUPERVISORY COMMITTEE CHAIRPERSON

    Total calculated
    $8,800
    From this org
    $8,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Danny Nesmith

    SUPERVISORY COMMITTEE MEMBER

    Total calculated
    $8,000
    From this org
    $8,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Nicholas Stahl

    SUPERVISORY COMMITTEE MEMBER

    Total calculated
    $8,000
    From this org
    $8,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kristin Martino

    SUPERVISORY COMMITTEE MEMBER

    Total calculated
    $8,000
    From this org
    $8,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Stephen White

    PRESIDENT & CEO

    Total calculated
    $401,938
    From this org
    $358,964
    From related orgs
    $0
    Other
    $42,974
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $313,537
    Bonus
    $45,427
    Other
    $0
    Deferred
    $19,337
    Nontaxable benefits
    $23,637
    Filer's total
    $401,938

  • Andrew Rogers

    COO & SENIOR VP OF OPERATI

    Total calculated
    $293,608
    From this org
    $279,576
    From related orgs
    $0
    Other
    $14,032
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $269,094
    Bonus
    $10,482
    Other
    $0
    Deferred
    $13,463
    Nontaxable benefits
    $569
    Filer's total
    $293,608

  • Margaret Sisco

    CMO

    Total calculated
    $249,543
    From this org
    $211,479
    From related orgs
    $0
    Other
    $38,064
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $201,947
    Bonus
    $9,532
    Other
    $0
    Deferred
    $12,233
    Nontaxable benefits
    $25,831
    Filer's total
    $249,543

  • Richard Champ

    VP OF LENDING

    Total calculated
    $207,370
    From this org
    $167,535
    From related orgs
    $0
    Other
    $39,835
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $159,105
    Bonus
    $8,430
    Other
    $0
    Deferred
    $10,538
    Nontaxable benefits
    $29,297
    Filer's total
    $207,370

  • Aaron Clark

    VP FINANCE AND ACCOUNTING

    Total calculated
    $187,214
    From this org
    $168,811
    From related orgs
    $0
    Other
    $18,403
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,828
    Bonus
    $7,983
    Other
    $0
    Deferred
    $10,228
    Nontaxable benefits
    $8,175
    Filer's total
    $187,214

  • Robert Boucher

    DIRECTOR OF CREDIT AND COMPLIANCE

    Total calculated
    $134,836
    From this org
    $118,972
    From related orgs
    $0
    Other
    $15,864
    Hours/week
    40

  • Laura Donohue

    CONTROLLER

    Total calculated
    $138,147
    From this org
    $117,515
    From related orgs
    $0
    Other
    $20,632
    Hours/week
    40

  • Brian Esten

    DIRECTOR OF COMMERCIAL LENDING

    Total calculated
    $122,870
    From this org
    $117,151
    From related orgs
    $0
    Other
    $5,719
    Hours/week
    40

  • Gwendolyn Gencarellli

    VP OF FINANCIAL SERVICES

    Total calculated
    $150,135
    From this org
    $124,014
    From related orgs
    $0
    Other
    $26,121
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $117,873
    Bonus
    $6,141
    Other
    $0
    Deferred
    $5,698
    Nontaxable benefits
    $20,423
    Filer's total
    $150,135

  • Joseph Stoy

    IT DIRECTOR

    Total calculated
    $150,610
    From this org
    $119,504
    From related orgs
    $0
    Other
    $31,106
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,566
    Bonus
    $3,938
    Other
    $0
    Deferred
    $7,372
    Nontaxable benefits
    $23,734
    Filer's total
    $150,610

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
2024
Filed
14 May 2025
IRS schema version
2024v5.1
Source object
202521359349304827

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