Watertown Municipal Credit Union

Nonprofit profile at a glance

EIN
041950795
IRS 990 coverage
2010–2021
Forms available
Form 990 2021
Location
Watertown, MA, USA
Phone
6179240160
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$309,357
Expenses
$241,146
Assets
$11,264,494
Liabilities
$7,922,866

Source: IRS Form 990. Selected filing: tax year 2021. Amounts in USD.

Leadership & pay

9 people listed

Executive titles in this filing

  • ANTHONY FANTASIA (PRESIDENT/DIRECTOR)
  • WILLIAM LOGUE (VICE PRESIDENT/DIRECTOR)

Highest reported compensation

  • BARBARA SHEEHAN (TREASURER/CLERK/DIRECTOR): $16,059 total reported compensation
  • ANTHONY FANTASIA (PRESIDENT/DIRECTOR): $5,412 total reported compensation
  • DIANE RYAN (DIRECTOR): $3,401 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2021. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of the watertown municipal credit union is to serve the employees of watertown and their families by offering high quality financial products and services. The watertown municipal credit union shall protect its member's financial assets through a conservative management style that pays high rates on shares and charges reasonable interest rates on loans. This style will not be profit-oriented but will seek to ensure the financial stability of the credit union. The board, management and staff of the w.m.c.u. Are committed to the highest professional conduct and ethical standard.

What it reported doing in 2021

Maintenance of member deposit and loan accounts and the investment thereof - 812 deposit accounts and 119 loan accounts.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 70
  • Transparency & Controls: 90
  • Accountability: 77
  • Sustainability: 66
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 66.2%; rating input score 66
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 44
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 22%; rating input score 69; 69th percentile among comparable filings
  • Total-asset coverage ratio: 46.71; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0.7; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 10.3%; rating input score 30; 30th percentile among comparable filings

Growth

  • Program expense growth: 36.6% per year; rating input score 100; 92nd percentile among comparable filings
  • Revenue growth: -2.5% per year; rating input score 0; 22nd percentile among comparable filings
  • Asset growth: -1% per year; rating input score 0; 23rd percentile among comparable filings

Details

  • Where the money goes: 66.2% of revenue deployed · 100% of spending went to programs
  • Governance: 9 of 9 board members independent · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $241K in reported program spending
  • Leadership: top reported pay $16K · 9 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 12 filing years from 2010 to 2021
  • Contacts: How to reach this organization
  • Money network: 23 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Moderate — Accountability: Governance controls: 4 of 8 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.
  • Moderate — Sustainability: Officer compensation ratio scored 30/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.