Boston Firefighters Credit Union (EIN 042077206) - 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

1947

Legal Domicile

Principal Officer

RICHARD HAYWARD JR

Phone

6172882420

Tax Period

2024-01-01 to 2024-12-31

Boston Firefighters Credit Union, founded in 1947, is a mid-sized nonprofit that reported $21.8M in total revenue in fiscal year 2024. The organization ran a surplus of $3.5M, a strong 16% operating margin.

Mission

PROVIDE FINANCIAL SERVICES TO OUR MEMBERS

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $19,749,635

Investment Income $2,054,997

Other Revenue $0

TOTAL REVENUE $21,804,632

Expense Breakdown

Grants Paid $200,000

Salaries & Benefits $6,127,724

Fundraising Expenses $0

Program Expenses $18,274,622

Other Expenses $11,946,898

TOTAL EXPENSES $18,274,622

Year-over-Year Comparison

	2024	2023	Change
Revenue	$21,804,632	$20,405,832	+0.1%
Expenses	$18,274,622	$16,670,689	+0.1%
Net Income	$3,530,010	$3,735,143	-0.1%

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

$2,164,165

Total Directors

$18,756

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
richard Hayward Jr	President & CEO	37.5	Officer	$430,660	$86,074	$516,734
craig mackenzie	EVP/COO (Resigned 12/2024)	37.5	Officer	$327,571	$26,125	$353,696
cristina Prentis	SVP/CFO	37.5	Officer	$213,639	$32,550	$246,189
kenneth Nasiff	SVP MBL	37.5	Officer	$202,910	$39,011	$241,921
Andy Puga	SVP/CIO	37.5	Officer	$172,690	$50,926	$223,616
Cathy Boucher	EVP/COO (Retired 4/2024)	37.5	Officer	$202,041	$17,716	$219,757
catherine guerard	VP Member Services	37.5	Officer	$153,750	$24,469	$178,219
wendy reiter	Controller	37.5	Highest	$134,315	$37,332	$171,647
kaitryn Thornton	VP Lending	37.5	Officer	$144,273	$21,004	$165,277
Raymond Lazcano	Financial Advisor	37.5	Highest	$124,063	$27,401	$151,464
Carlos Fontes	IT Systems Officer	37.5	Highest	$104,716	$41,045	$145,761
Daniel Magoon	Chairman	3.0	Officer Director	$12,504	$0	$12,504
Joseph Casper	Treasurer/Clerk	3.0	Officer Director	$6,252	$0	$6,252
Charles Buchanan	Director	1.0	Director	$0	$0	$0
Christopher Burke	Director	1.0	Director	$0	$0	$0
Edmund Street	Director	1.0	Director	$0	$0	$0
Kevin Meehan	Director	1.0	Director	$0	$0	$0
Marc Sanders	Director	1.0	Director	$0	$0	$0
Ralph Dowling	Director	1.0	Director	$0	$0	$0
Sean Costello	Vice Chair	1.0	Officer Director	$0	$0	$0
William O'Sullivan	Director	1.0	Director	$0	$0	$0
John Broderick	Director	1.0	Director	$0	$0	$0
Sean O'Brien	Director (Ended 11/19/2024)	1.0	Director	$0	$0	$0

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	$21,804,632	$18,274,622	$420,586,232	$3,530,010
2023	$20,405,832	$16,670,689	$424,274,895	$3,735,143
2022	$16,089,033	$12,432,948	$426,852,511	$3,656,085
2021	$13,830,110	$11,184,191	$398,016,214	$2,645,919
2020	$13,311,458	$10,747,727	$359,788,534	$2,563,731
2019	$13,734,069	$11,272,659	$300,083,530	$2,461,410
2018	$12,742,712	$9,809,632	$269,283,599	$2,933,080

Boston Firefighters Credit Union