Nonprofit · EIN 04-1126132
BROTHERHOOD CREDIT UNION
Tax-exempt · LYNN, MA 01901
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $9,260,444 | $4,678,026 | $4,582,418 | $118,019,736 | $69,866,820 | $48,152,916 |
| December 31, 2023 | 990 | $4,754,323 | $4,156,523 | $597,800 | $111,888,397 | $68,317,899 | $43,570,498 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $2,687,433
- Investment income
- $6,349,272
- Other revenue
- $223,739
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $571,528
- Other salaries and wages
- $1,010,338
- Salaries, compensation and benefits (total)
- $1,873,722
- Professional fundraising fees
- $0
- Legal fees
- $4,301
- Accounting fees
- $22,750
- Occupancy
- $280,932
- Depreciation
- $115,767
Balance sheet and other
- Total assets, start of year
- $111,888,397
- Total assets, end of year
- $118,019,736
- Total liabilities, end of year
- $69,866,820
- Net assets, end of year
- $48,152,916
- Land, buildings and equipment
- $780,595
- Publicly traded securities
- $28,184,121
- Gross unrelated business income
- $11,782
- Gross receipts
- $9,260,444
- Employees
- 30
- Volunteers
- 8
- Year formed
- 1934
- State of legal domicile
- MA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| ADAM H SHERMAN | PRESIDENT/CE Officer | 40 | $193,185 | $38,942 |
| MARILYN DESIMONE | CHIEF OPER O Officer | 40 | $160,767 | $29,603 |
| JAMES J SHERMAN | ADVISORADMIN Trustee or director, Officer | 12 | $7,000 | $350 |
| JOSE ALAS-RUIZ | DIRECTOR Trustee or director | 2 | $0 | $0 |
| MICHAEL COHEN | DIRECTOR Trustee or director | 2 | $0 | $0 |
| HOWARD FIELD | DIRECTOR Trustee or director | 2 | $0 | $0 |
| RICHARD KESSEL | CLERK Trustee or director, Officer | 2 | $0 | $0 |
| DARREN KLEIN | DIRECTOR Trustee or director | 2 | $0 | $0 |
| SCOTT SAGAN | DIRECTOR Trustee or director | 2 | $0 | $0 |
| EDWARD I SHADOFF | DIRECTOR Trustee or director | 2 | $0 | $0 |
| MARTIN SHUMAN | TREASURER Trustee or director, Officer | 4 | $0 | $0 |
990 for the year ended December 31, 2023: 11 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| ADAM H SHERMAN | PRESIDENT/CE Officer | 40 | $173,383 | $35,659 |
| MARILYN DESIMONE | CHIEF OPER O Officer | 40 | $156,698 | $27,987 |
| JAMES J SHERMAN | ADVISORADMIN Trustee or director, Officer | 12 | $7,090 | $355 |
| JOSE ALAS-RUIZ | DIRECTOR Trustee or director | 2 | $0 | $0 |
| MICHAEL COHEN | DIRECTOR Trustee or director | 2 | $0 | $0 |
| HOWARD FIELD | DIRECTOR Trustee or director | 2 | $0 | $0 |
| RICHARD KESSEL | CLERK Trustee or director, Officer | 2 | $0 | $0 |
| DARREN KLEIN | DIRECTOR Trustee or director | 2 | $0 | $0 |
| SCOTT SAGAN | DIRECTOR Trustee or director | 2 | $0 | $0 |
| EDWARD I SHADOFF | DIRECTOR Trustee or director | 2 | $0 | $0 |
| MARTIN SHUMAN | TREASURER Trustee or director, Officer | 4 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 75 MARKET ST, LYNN, MA 01901-1111
- Principal officer (990 for 2024)
- ADAM H SHERMAN, 75 MARKET STREET, LYNN, MA 01901
- Signed the 990
- ADAM H SHERMAN, PRESIDENT/CEO
- Phone
- (781) 598-5555
- Website
- BROTHERHOODCU.ORG
- Return prepared by
- MYSTIC ACCOUNTING GROUP LLP
Mission
CREDIT UNION MEMBER SERVICES
Program accomplishments
- MAINTENANCE OF MEMBERS' ACCOUNTS AND THE PAYMENT OF INTEREST AND DIVIDENDS THEREON. NUMBER OF DEPOSIT ACCOUNTS IS 6,703. NUMBER OF LOAN ACCOUNTS IS 1,072.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 04-1126132
- Tax-exempt status
- 501(c)(14): State-chartered credit union
- Donations deductible
- No
- Exempt since
- 1942
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $118,019,736
- Income (IRS master file)
- $9,260,444
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $9,260,444 | $4,678,026 | $118,019,736 | XML |
| 990 | December 2023 | $4,754,323 | $4,156,523 | $111,888,397 | XML |
| 990 | December 2022 | $3,117,598 | $3,271,384 | $120,701,668 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 04-1126132).
Questions about BROTHERHOOD CREDIT UNION
- What is the EIN of BROTHERHOOD CREDIT UNION?
- The employer identification number (EIN) of BROTHERHOOD CREDIT UNION is 04-1126132.
- Is BROTHERHOOD CREDIT UNION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1942.
- Are donations to BROTHERHOOD CREDIT UNION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does BROTHERHOOD CREDIT UNION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of BROTHERHOOD CREDIT UNION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did BROTHERHOOD CREDIT UNION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of BROTHERHOOD CREDIT UNION?
- The 990 for the year ended December 31, 2024 names ADAM H SHERMAN.
- Who are the officers and directors of BROTHERHOOD CREDIT UNION?
- The 990 for the year ended December 31, 2024 lists 11 people; 3 received compensation from the organization, the highest $193,185 (ADAM H SHERMAN, PRESIDENT/CE).
- How much revenue does BROTHERHOOD CREDIT UNION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $9,260,444, expenses of $4,678,026 and total assets of $118,019,736 at year end.
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