Dec, 31, 2023 — MASS. INSTITUTE OF TECH. FEDERAL CREDIT UNION is a federal credit union headquartered in LEXINGTON, MA with 4 branch locations and about $727.13 million in total assets. Opened 84 years ago in 1940, MASS. INSTITUTE OF TECH. FEDERAL CREDIT UNION has about 34,119 members and employs 82 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MASS. INSTITUTE OF TECH. FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 70 Westview St LEXINGTON, MA 02421-3142 |
| Phone: | (617) 253-2845 |
| Fax: | (617) 258-5709 |
| Website: | https://www.mitfcu.org |
| Branches: | 4 branch locations |
| Members: | 34,119 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 3830 |
|---|---|
| Membership Type: | Multiple common bond - Primarily educational |
| Corporate Credit Union: | No |
| Year Opened: | 1940 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $727,131,892 |
| CEO/Manager: | Rui F Domingos |
| Chairperson: | Clinton C Blackburn |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 52,965,040 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 498,972,013 |
| Unsecured Loans | 61,881,015 |
| Other Loans | 42,647,302 |
| TOTAL LOANS | 603,500,331 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -5,797,636 |
| Land And Building | 11,363,406 |
| Other Fixed Assets | 1,948,774 |
| NCUSIF Deposit | 5,829,613 |
| All Other Assets | 0 |
| TOTAL ASSETS | 727,131,892 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 20,000,000 |
| Accounts Payable & Other Liabilities | 7,297,011 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 203,685,056 |
| Regular shares | 270,619,582 |
| All Other Shares & Deposits | 168,045,923 |
| TOTAL SHARES & DEPOSITS | 642,350,561 |
| TOTAL LIABILITIES | 669,647,572 |
| Regular Reserve | 0 |
| Other Reserves | 98,408 |
| Undivided Earnings | 57,385,912 |
| TOTAL EQUITY | 57,484,320 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 727,131,892 |
| INCOME & EXPENSE | |
| Loan Income | 24,885,891 |
| Investment Income | 1,859,978 |
| Other Income | 3,331,071 |
| Total Employee Compensation & Benefits | 9,351,023 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 8,730,302 |
| Non-operating Income & (Expense) | 622,918 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 250,000 |
| Cost of Funds | 5,167,394 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 8,296,652 |
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