2024-05-15T09:14:33-04:00 2023-12-31 264156406 WADOVICK & COMPANY 1300 DIVISION RD STE 104 WEST WARWICK RI 02893 990 2023-01-01 050255777 CRANSTON MUNICIPAL EMPLOYEES CREDIT UNION CRAN 4014633010 1615 PONTIAC AVENUE CRANSTON RI 02920 BRIAN W DUCHARME TREASURER/PRES/CEO 4014633010 2024-05-15 true BRIAN DUCHARME 999009999 false ROBERT C SALMANI CPA P01881819 4018234004 2024-05-13 2023 2023-04-26 12:10:37Z CME CREDIT UNION BRIAN W DUCHARME 7409903 false X WWW.CRANSTONMECU.ORG X 1946 RI THE MISSION OF THE CRANSTON MUNICIPAL EMPLOYEES CREDIT UNION IS TO PROVIDE OPPORTUNITY FOR MEMBERS TO SAVE AND BORROW FOR CURRENT AND FUTURE NEEDS AT A FINANCIALLY STRONG, MEMBER OWNED COOPERATIVE RESPONSIVE TO THEIR EXPANDING FINANCIAL SERVICE NEEDS. THE CREDIT UNION SEEKS TO PROVIDE OUTSTANDING SERVICE AT FAIR AND FAVORABLE RATES AND TERMS. 13 12 13 0 0 1247773 2343943 2141441 891551 220 3389214 3235714 0 0 946172 1058366 0 0 985842 1949512 1932014 3007878 1457200 227836 73342756 83595085 61402386 71560715 11940370 12034370 X THE MISSION OF THE CRANSTON MUNICIPAL EMPLOYEES CREDIT UNION IS TO PROVIDE OPPORTUNITY FOR MEMBERS TO SAVE AND BORROW FOR CURRENT AND FUTURE NEEDS AT A FINANCIALLY STRONG, MEMBER OWNED COOPERATIVE RESPONSIVE TO THEIR EXPANDING FINANCIAL SERVICE NEEDS. THE CREDIT UNION SEEKS TO PROVIDE OUTSTANDING SERVICE AT FAIR AND FAVORABLE RATES AND TERMS. false false INTEREST WAS PAID TO MEMBERS WITH SAVINGS ACCOUNTS AND CERTIFICATES OF DEPOSIT DURING 2023 WHICH TOTALED 800,855. DURING 2023, THE CREDIT UNION ISSUED 646 NEW LOANS TOTALING 33,774,182. TOTAL INTEREST INCOME ON LOANS ISSUED TO MEMBERS WAS 2,177,188. false false false false false false false false false true false false false true true true false false false false false false false false false false false false true false false false false false false false false false false false false false false false 970 0 true 13 true false false false false false false false false X 13 12 false false false false false false false true true false false false true false true true true true false false X X CRANSTON MUNCIPAL EMPLOYEES CREDIT UNION 4014633010 1615 PONTIAC AVENUE CRANSTON RI 02920 STEPHEN P HOGAN CHAIRPERSON 5.00 X X 10155 0 0 JOSEPH A BALDUCCI VICE-CHAIRPE 2.00 X X 4365 0 0 BRIAN W DUCHARME TREASURER/PR 40.00 X X 192178 0 30458 MARIA K MANZI ASSISTANT TR 2.00 X X 4635 0 0 JOHN R ZOLLI JR SECRETARY 2.00 X X 7135 0 0 BETTE ANN BERK BOARD MEMBER 2.00 X 2505 0 0 THOMAS M MILEWSKI BOARD MEMBER 2.00 X 2040 0 0 RICHARD DEGRANDPRE BOARD MEMBER 2.00 X 2220 0 0 PETER J LECLERC BOARD MEMBER 2.00 X 2280 0 0 DONALD SALVATORE JR BOARD MEMBER 2.00 X 2160 0 0 JOSEPH MORRIS BOARD MEMBER 2.00 X 2160 0 0 JASON ANDOSCIA BOARD MEMBER 2.00 X 0 0 0 PATRICIA CRUZ BOARD MEMBER 2.00 X 0 0 0 GAIL TOPAKIAN CREDIT COMMI 5.00 X 5690 0 0 ANTHONY J VECCHIO CREDIT COMMI 5.00 X 3430 0 0 BRYAN BAPTISTE CREDIT COMMI 40.00 X 141972 0 6304 JOSEPH DILORENZO SUPERVISORY 3.00 X 3630 0 0 MICHAEL J IGOE SUPERVISORY 3.00 X 1630 0 0 ROBERT F STROM SUPERVISORY 3.00 X 865 0 0 389050 36762 2 false true false INTEREST ON LOANS 2177188 2177188 MEMBER SERVICE FEES 157096 157096 GAP INSURANCE INCOME 9659 9659 2343943 633771 633771 4431969 4174189 257780 257780 257780 OTHER INCOME 220 220 220 3235714 3235714 389050 145 470224 21524 121967 55456 32978 4362 4584 72913 24885 18739 46925 71 8034 1195901 21684 19533 CREDIT UNION SERVICES 241432 EQUITY LOAN EXPENSE 86654 BANK SERVICE CHARGES 37180 OUTSIDE SUPERVISORY SERVI 28484 105153 3007878 0 0 0 452903 442668 1533451 1293965 36835945 55325465 202792 468950 2298453 883711 270644 1414742 33080669 22985101 835989 1497466 130363 166728 73342756 83595085 257040 239323 12500000 61145346 58821392 61402386 71560715 X 11940370 12034370 11940370 12034370 73342756 83595085 X 227836 -78836 -55000 X false true X true false 1365027 1365027 578759 574842 3917 354667 308869 45798 1414742 SHARE CERTIFICATES 22852916 SHARES 18708101 MONEY MARKET SAVINGS 9723792 SHARE DRAFTS 5409424 NON-MEMBER CD 1985000 VACATION CLUB 99006 CHRISTMAS CLUB 38153 ALLOWANCE FOR UNFUNDED LOC 5000 58821392 X 3235714 3235714 3235714 3007878 3007878 3007878 SCHEDULE D, PAGE 3, PART X THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES BY THE INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. THE CREDIT UNION FOLLOWS THE CODIFICATION GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022. MANAGEMENT EVALUATED THE CREDIT UNIONS TAX POSITIONS AND CONCLUDED THAT THE CREDIT UNION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE CREDIT UNION ANNUALLY FILES IRS FORM 990 RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX REPORTING VARIOUS INFORMATION THAT THE IRS USES TO MONITOR THE ACTIVITIES OF TAX-EXEMPT ENTITIES. THESE INCOME TAX RETURNS ARE SUBJECT TO EXAMINATION BY THE APPROPRIATE TAXING JURISDICTION. AS OF DECEMBER 31, 2023, THE CREDIT UNIONS INCOME TAX RETURNS REMAIN OPEN FOR THREE YEARS FROM THE DATE FILED WITH EACH TAXING JURISDICTION. false false false BRIAN W DUCHARME TREASURER/PRES/CEO 192178 10896 19562 222636 FORM 990 - ORGANIZATION'S MISSION THE MISSION OF THE CRANSTON MUNICIPAL EMPLOYEES CREDIT UNION IS TO PROVIDE OPPORTUNITY FOR MEMBERS TO SAVE AND BORROW FOR CURRENT AND FUTURE NEEDS AT A FINANCIALLY STRONG, MEMBER OWNED COOPERATIVE RESPONSIVE TO THEIR EXPANDING FINANCIAL SERVICE NEEDS. THE CREDIT UNION SEEKS TO PROVIDE OUTSTANDING SERVICE AT FAIR AND FAVORABLE RATES AND TERMS. FORM 990, PAGE 6, PART VI, LINE 11B NO REVIEW WAS OR WILL BE CONDUCTED. FORM 990, PAGE 6, PART VI, LINE 12C THE ORGANIZATION ENCOURAGES VOLUNTARY DISCLOSURE BY EXISTING MEMBERS OF THE GOVERNING BODY. THE ORGANIZATION IS PREPARED TO ACT IN THE EVENT A CONFLICT OF INTEREST BECAME KNOWN. FORM 990, PAGE 6, PART VI, LINE 15A MANAGEMENT PAY IS DISCUSSED AND APPROVED BY THE BOARD OF DIRECTORS. MANAGMEENT IS REVIEWED ANNUALLY. FORM 990, PAGE 6, PART VI, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9 ADOPTION OF FASB ASC 326 -55,000