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Nonprofit · EIN 04-1659235

NEW BEDFORD CREDIT UNION

Tax-exempt · NEW BEDFORD, MA 02740

Financials

$7.4M$6.2M2023$8.4M$7.1M2024
Revenue Expenses · by fiscal year end
Financials of NEW BEDFORD CREDIT UNION by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$8,445,640$7,130,806$1,314,834$162,575,618$145,841,909$16,733,709
December 31, 2023990$7,364,242$6,229,601$1,134,641$161,961,741$146,542,861$15,418,880
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$0
Program service revenue
$6,799,382
Investment income
$1,646,258
Other revenue
$0

Expenses

Grants and similar amounts paid
$0
Benefits paid to members
$1,613,194
Compensation of officers, directors and key employees
$480,061
Other salaries and wages
$1,786,106
Salaries, compensation and benefits (total)
$2,742,755
Professional fundraising fees
$0
Legal fees
$4,893
Accounting fees
$32,896
Occupancy
$196,647
Travel
$9,880
Depreciation
$90,593

Balance sheet and other

Total assets, start of year
$161,961,741
Total assets, end of year
$162,575,618
Total liabilities, end of year
$145,841,909
Net assets, end of year
$16,733,709
Land, buildings and equipment
$579,863
Gross unrelated business income
$28,638
Gross receipts
$8,445,640
Employees
72
Volunteers
7
Year formed
1932
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.

NameTitleHours / weekCompensationOther / benefits
HUMBERTA VARAOPRESIDENT/CEO
Officer
40$256,032$45,423
ERIC SCHIFRINECFO
Officer
40$148,846$3,202
PETER E BERTHIAUMECHAIRMAN
Trustee or director, Officer
2$19,404$0
THOMAS J CARREIROTREASURER & CLERK
Trustee or director, Officer
2$7,154$0
LAWRENCE OLIVEIRAVICE CHAIRMAN
Trustee or director, Officer
2$0$0
DENNIS AUDETTEDIRECTOR
Trustee or director
2$0$0
HADEN COREDIRODIRECTOR
Trustee or director
2$0$0
LAWRENCE J FINNERTYDIRECTOR
Trustee or director
2$0$0
D STEVEN WHITEDIRECTOR
Trustee or director
2$0$0
JACQUELINE EINSTEINDIRECTOR
Trustee or director
2$0$0
990 for the year ended December 31, 2023: 19 people
NameTitleHours / weekCompensationOther / benefits
HUMBERTA VARAOPRESIDENT/CEO
Officer
40$214,640$37,145
JENNIFER DELGADOVP RISK MANAGEMENT & TRAINING
Officer
40$88,403$34,737
TARA DEGRACECONTROLLER, VP
Officer
40$80,768$34,144
ALEXIA JACOBSONVP HUMAN RESOURCES
Officer
40$78,606$15,944
LISA ARRAIALVP LENDING
Officer
40$84,736$7,389
ERIC SCHIFRINECFO
Officer
40$91,866$0
MICHELLE GREENWALTVP FINANCE/CONTROLLER
Officer
40$22,707$1,212
HELENA MAGANOVP OPERATIONS
Officer
40$22,846$0
PETER E BERTHIAUMECHAIRMAN
Trustee or director, Officer
2$19,165$0
MARIA REGOVP RETAIL SERVICES/BRANCH ADMIN
Officer
40$14,426$3,013
JOYCE FERREIRAVP RETAIL SERVICES/BRANCH ADMINISTRATION
Officer
40$9,188$633
THOMAS J CARREIROTREASURER & CLERK
Trustee or director, Officer
2$7,065$0
MICHELLE NORMANVP OPERATIONS
Officer
40$4,355$1,883
LAWRENCE OLIVEIRAVICE CHAIRMAN
Trustee or director, Officer
2$0$0
DENNIS AUDETTEDIRECTOR
Trustee or director
2$0$0
HADEN COREDIRODIRECTOR
Trustee or director
2$0$0
LAWRENCE J FINNERTYDIRECTOR
Trustee or director
2$0$0
NORA BARNESDIRECTOR
Trustee or director
2$0$0
STEVE WHITEDIRECTOR
Trustee or director
2$0$0

Address and contacts

Address (IRS master file)
1150 PURCHASE ST, NEW BEDFORD, MA 02740-6635
In care of
% MICHELLE GREENWALT
Principal officer (990 for 2024)
HUMBERTA VARAO, 1150 PURCHASE ST, NEW BEDFORD, MA 027406687
Signed the 990
HUMBERTA VARAO, PRESIDENT & CEO
Phone
(508) 994-6546
Return prepared by
CLIFTONLARSONALLEN LLP

Mission

CREDIT UNION - PROVIDE THRIFT SERVICES TO MEMBERS WITH THE BEST SERVICE POSSIBLE.

990 for the year ended December 31, 2024

Program accomplishments

  • MAINTENANCE OF MEMBER SHARES AND DEPOSITS.
  • MAKING OF LOANS TO MEMBERS AT MARKET RATES OF INTEREST.

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 yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
04-1659235
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)
$162,575,618
Income (IRS master file)
$8,445,640

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$8,445,640$7,130,806$162,575,618IRS
990December 2023$7,364,242$6,229,601$161,961,741XML
990December 2022$5,691,082$4,998,471$161,883,461IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2018–––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 04-1659235).

Questions about NEW BEDFORD CREDIT UNION

What is the EIN of NEW BEDFORD CREDIT UNION?
The employer identification number (EIN) of NEW BEDFORD CREDIT UNION is 04-1659235.
Is NEW BEDFORD CREDIT UNION tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1942.
Are donations to NEW BEDFORD CREDIT UNION tax-deductible?
No. The IRS master file says contributions to it are not deductible.
Which annual return does NEW BEDFORD 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 NEW BEDFORD 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 NEW BEDFORD 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 NEW BEDFORD CREDIT UNION?
The 990 for the year ended December 31, 2024 names HUMBERTA VARAO.
Who are the officers and directors of NEW BEDFORD CREDIT UNION?
The 990 for the year ended December 31, 2024 lists 10 people; 4 received compensation from the organization, the highest $256,032 (HUMBERTA VARAO, PRESIDENT/CEO).
How much revenue does NEW BEDFORD CREDIT UNION have?
On its 990 for the year ended December 31, 2024 it reported revenue of $8,445,640, expenses of $7,130,806 and total assets of $162,575,618 at year end.

Other nonprofits in NEW BEDFORD

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