NEW BEDFORD CREDIT UNION (EIN 041659235) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1932

Legal Domicile

Principal Officer

HUMBERTA VARAO

Phone

5089946546

Tax Period

2023-01-01 to 2023-12-31

NEW BEDFORD CREDIT UNION, founded in 1932, is a community nonprofit that reported $7.4M in total revenue in fiscal year 2023. Revenue surged 29% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.1M, a strong 15% operating margin.

Mission

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

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $6,268,541

Investment Income $1,095,701

Other Revenue $0

TOTAL REVENUE $7,364,242

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,337,534

Fundraising Expenses $0

Other Expenses $2,732,254

TOTAL EXPENSES $6,229,601

Year-over-Year Comparison

	2023	2022	Change
Revenue	$7,364,242	$5,691,082	+0.3%
Expenses	$6,229,601	$4,998,471	+0.2%
Net Income	$1,134,641	$692,611	+0.6%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$874,871

Total Directors

$26,230

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
PETER E BERTHIAUME	CHAIRMAN	2.00	Officer Director	$19,165	$0	$19,165
LAWRENCE OLIVEIRA	VICE CHAIRMAN	2.00	Officer Director	$0	$0	$0
THOMAS J CARREIRO	TREASURER & CLERK	2.00	Officer Director	$7,065	$0	$7,065
DENNIS AUDETTE	DIRECTOR	2.00	Director	$0	$0	$0
HADEN COREDIRO	DIRECTOR	2.00	Director	$0	$0	$0
LAWRENCE J FINNERTY	DIRECTOR	2.00	Director	$0	$0	$0
NORA BARNES	DIRECTOR	2.00	Director	$0	$0	$0
STEVE WHITE	DIRECTOR	2.00	Director	$0	$0	$0
HUMBERTA VARAO	PRESIDENT/CEO	40.00	Officer	$214,640	$37,145	$251,785
JENNIFER DELGADO	VP RISK MANAGEMENT & TRAINING	40.00	Officer	$88,403	$34,737	$123,140
TARA DEGRACE	CONTROLLER, VP	40.00	Officer	$80,768	$34,144	$114,912
ALEXIA JACOBSON	VP HUMAN RESOURCES	40.00	Officer	$78,606	$15,944	$94,550
LISA ARRAIAL	VP LENDING	40.00	Officer	$84,736	$7,389	$92,125
ERIC SCHIFRINE	CFO	40.00	Officer	$91,866	$0	$91,866
MICHELLE GREENWALT	VP FINANCE/CONTROLLER	40.00	Officer	$22,707	$1,212	$23,919
HELENA MAGANO	VP OPERATIONS	40.00	Officer	$22,846	$0	$22,846
MARIA REGO	VP RETAIL SERVICES/BRANCH ADMIN	40.00	Officer	$14,426	$3,013	$17,439
JOYCE FERREIRA	VP RETAIL SERVICES/BRANCH ADMINISTRATION	40.00	Officer	$9,188	$633	$9,821
MICHELLE NORMAN	VP OPERATIONS	40.00	Officer	$4,355	$1,883	$6,238

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$7,364,242	$6,229,601	$161,961,741	$1,134,641
2022	$5,691,082	$4,998,471	$161,883,461	$692,611
2021	$5,012,548	$4,504,583	$151,838,807	$507,965
2020	$5,245,138	$4,744,975	$140,656,028	$500,163
2019	$5,799,446	$5,192,553	$127,548,420	$606,893
2018	$5,242,744	$4,815,164	$126,480,555	$427,580

NEW BEDFORD CREDIT UNION