Skip to content
Nonprofiteer
← WESTERLY COMMUNITY CREDIT UNION

Form 990 for tax year 2022

Filed by WESTERLY COMMUNITY CREDIT UNION.

Totals

Total revenue
$18,312,399
Total expenses
$14,838,035
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$17,532,104
Investment income
$780,295
Other revenue
$0
Total assets, end of year
$452,757,930
Total liabilities, end of year
$420,996,863
Net assets or fund balances, end of year
$31,761,067
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 $13,762,874 · related or exempt $13,762,874

  • 2b · Program service revenue: MEMBER SERVICE FEES

    total $3,769,230 · related or exempt $3,769,230

  • 3 · Investment income

    total $837,301 · related or exempt $837,301

  • 7a · Gross sales of assets other than inventory

    securities $4,165,969 · other assets $404,509

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

    securities $4,227,484 · other assets $400,000

  • 7c · Gain or loss

    securities -$61,515 · other assets $4,509

  • 7d · Net gain or loss

    total -$57,006 · related or exempt -$57,006

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,325,792

  • 7 · Other salaries and wages

    total $4,116,464

  • 8 · Pension plan contributions

    total $10,787

  • 9 · Other employee benefits

    total $898,888

  • 10 · Payroll taxes

    total $431,669

  • 11b · Fees: legal

    total $55,785

  • 11c · Fees: accounting

    total $60,582

  • 11g · Fees: other

    total $177,095

  • 12 · Advertising and promotion

    total $723,503

  • 13 · Office expenses

    total $1,700,896

  • 14 · Information technology

    total $723,675

  • 16 · Occupancy

    total $652,821

  • 17 · Travel

    total $317,312

  • 20 · Interest

    total $1,224,945

  • 22 · Depreciation, depletion and amortization

    total $1,042,175

  • 24a · Other expenses: LOAN SERVICING EXP

    total $767,843

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $467,487

  • 24c · Other expenses: MISCELLANEOUS

    total $140,316

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $34,124,774 · end of year $8,900,195

  • 2 · Savings and temporary cash investments

    beginning of year $1,073,755 · end of year $2,319,630

  • 4 · Accounts receivable

    beginning of year $881,699 · end of year $1,253,320

  • 7 · Other notes and loans receivable

    beginning of year $297,119,715 · end of year $357,603,596

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

    $31,823,497

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

    $15,501,111

  • 10c · Land, buildings and equipment, net

    beginning of year $16,610,673 · end of year $16,322,386

  • 12 · Investments: other securities

    beginning of year $54,282,444 · end of year $58,063,942

  • 15 · Other assets

    beginning of year $8,117,719 · end of year $8,294,861

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,834,233 · end of year $5,963,578

  • 23 · Secured mortgages and notes payable

    beginning of year $1,125,000 · end of year $13,500,000

  • 25 · Other liabilities

    beginning of year $372,731,655 · end of year $401,533,285

  • 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 $34,519,891 · end of year $31,761,067

Mission and programs · 2022

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 2022 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
    $9,400
    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

  • Stephen White

    CEO

    Total calculated
    $355,702
    From this org
    $324,136
    From related orgs
    $0
    Other
    $31,566
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $324,136
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $31,566
    Filer's total
    $355,702

  • Robert Falso

    CFO

    Total calculated
    $285,034
    From this org
    $284,166
    From related orgs
    $0
    Other
    $868
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $284,166
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $868
    Filer's total
    $285,034

  • Andrew Rogers

    COO

    Total calculated
    $214,639
    From this org
    $198,727
    From related orgs
    $0
    Other
    $15,912
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $198,727
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $15,912
    Filer's total
    $214,639

  • Robert Boucher

    VP OF LENDING

    Total calculated
    $167,868
    From this org
    $165,274
    From related orgs
    $0
    Other
    $2,594
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,274
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $2,594
    Filer's total
    $167,868

  • Margaret Sisco

    CMO

    Total calculated
    $200,149
    From this org
    $180,248
    From related orgs
    $0
    Other
    $19,901
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,248
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $19,901
    Filer's total
    $200,149

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
2022
Filed
10 May 2023
IRS schema version
2022v5.0
Source object
202331319349302868

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.