ALL ONE CREDIT UNION: Form 990, tax year 2022
View the entire original 990 at ProPublica ↗
- Organization
- ALL ONE CREDIT UNION (EIN 04-2348884)
- Tax period
- 2022-10-01 to 2023-09-30
- Filed
- 2024-08-13
- IRS object ID
- 202412269349302141
- Schema version
- 2022v5.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-08-13T16:09:41-05:00 | ReturnTs |
| Tax Period End | 2023-09-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 420714325 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RSM US LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4650 EAST 53RD STREET | AddressLine1Txt |
| City | DAVENPORT | CityNm |
| State Abbreviation | IA | StateAbbreviationCd |
| ZIP | 528073479 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2022-10-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 042348884 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | LEOMINSTER CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | LEOM | BusinessNameControlTxt |
| Phone | 9785378021 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20 ADAMS STREET | AddressLine1Txt |
| City | LEOMINSTER | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 01453 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | JOSEPH NORMANT | PersonNm |
| Person Title | SVP/CFO | PersonTitleTxt |
| Phone | 9785378021 | PhoneNum |
| Signature | 2024-08-01 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (1) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | JENIFER L CHASE | PreparerPersonNm |
| PTIN | P01306883 | PTIN |
| Phone | 5638884000 | PhoneNum |
| Preparation | 2024-08-01 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2022 | TaxYr |
| Build TS | 2024-08-08 14:25:15Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | BARBARA MAHONEY | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20 ADAMS STREET | AddressLine1Txt |
| City | LEOMINSTER | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 01453 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $48,127,963 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.LEOMINSTERCU.COM | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1954 | FormationYr |
| Legal Domicile State | MA | LegalDomicileStateCd |
| Activity Or Mission | FULFILL OUR MEMBERS' FINANCIAL NEEDS THROUGH OUTSTANDING SERVICE AND EFFECTIVE TECHNOLOGY. | ActivityOrMissionDesc |
| Voting Members Governing Body | 8 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 8 | VotingMembersIndependentCnt |
| Total Employee | 185 | TotalEmployeeCnt |
| Total Volunteers | 9 | TotalVolunteersCnt |
| Total Gross UBI | $57,409 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $24,867,106 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $32,484,750 | CYProgramServiceRevenueAmt |
| PY Investment Income | $5,147,647 | PYInvestmentIncomeAmt |
| CY Investment Income | $7,937,383 | CYInvestmentIncomeAmt |
| PY Other Revenue | $370,164 | PYOtherRevenueAmt |
| CY Other Revenue | $256,101 | CYOtherRevenueAmt |
| PY Total Revenue | $30,384,917 | PYTotalRevenueAmt |
| CY Total Revenue | $40,678,234 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $197,942 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $168,142 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $12,622,076 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $13,356,470 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $15,410,123 | PYOtherExpensesAmt |
| CY Other Expenses | $25,083,258 | CYOtherExpensesAmt |
| PY Total Expenses | $28,230,141 | PYTotalExpensesAmt |
| CY Total Expenses | $38,607,870 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $2,154,776 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $2,070,364 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $864,317,243 | TotalAssetsBOYAmt |
| Total Assets EOY | $905,439,366 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $812,407,467 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $855,598,676 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $51,909,776 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $49,840,690 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | LEOMINSTER CREDIT UNION (LCU) IS A COMMUNITY-BASED FINANCIAL SERVICES PROVIDER. WE EXIST TO FULFILL OUR MEMBERS' FINANCIAL NEEDS THROUGH OUTSTANDING SERVICE AND EFFECTIVE TECHNOLOGY. AS A RESPONSIBLE CORPORATE CITIZEN, WE ARE COMMITTED TO ENRICHING THE COMMUNITIES IN WHICH WE LIVE AND WORK. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | TO SERVE OUR MEMBERS, OUR HIGHEST EXPENSE IS INTEREST PAID ON CERTIFICATES OF DEPOSIT. AT YEAR-END, THE CREDIT UNION HAD 38,086 MEMBERS, AND INTEREST PAID ON CERTIFICATES OF DEPOSIT TOTALED $4,789,159. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | OUR SECOND HIGHEST EXPENSE IS INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 38,086 MEMBERS, AND INTEREST PAID ON MONEY MARKET ACCOUNTS TOTALED $647,696. | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | OUR THIRD HIGHEST EXPENSE IS INTEREST PAID ON MONEY MARKET ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 38,086 MEMBERS, AND INTEREST PAID ON MONEY MARKET ACCOUNTS TOTALED $414,308. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | Yes (1) | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (1) | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | Yes (1) | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 14161 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 185 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 8 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 8 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | 0 | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | 0 | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | JOSEPH NORMANT | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 9785378021 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20 ADAMS STREET | AddressLine1Txt |
| City | LEOMINSTER | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 01453 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (18 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| ROBERT DELLECHIAIE | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| NANCY GRAVES | ||||||||
| FORMER TREASURER | 1.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | ||
| GIULIO GRECO | ||||||||
| ASSISTANT TREASURER | 1.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | ||
| HENRY KULIK | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| JOYCE LEGER | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| JOSEPH QUINTAL | ||||||||
| CLERK | 1.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | ||
| JOHN W REEDY | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| MICHAEL SAUVAGEAU | ||||||||
| VICE CHAIRMAN | 2.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | ||
| RICHARD SHEPPARD | ||||||||
| CHAIRMAN | 1.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | ||
| BARBARA MAHONEY | ||||||||
| PRESIDENT/CEO | 40.00 | $414,280 | $0 | $63,941 | Yes (X) | |||
| JOSEPH NORMANT | ||||||||
| CFO | 40.00 | $250,551 | $0 | $21,108 | Yes (X) | |||
| CRAIG MADONIA | ||||||||
| SVP LENDING | 40.00 | $200,224 | $0 | $46,772 | Yes (X) | |||
| KATIE NAJJAR | ||||||||
| SVP RETAIL | 40.00 | $188,752 | $0 | $55,310 | Yes (X) | |||
| MYCHELLE PHILLIPS | ||||||||
| VP OPERATIONS | 40.00 | $191,467 | $0 | $48,828 | Yes (X) | |||
| ELLEN COUGHLIN | ||||||||
| SVP HR & DEVELOPMENT | 40.00 | $138,002 | $0 | $42,072 | Yes (X) | |||
| KELLI ROONEY | ||||||||
| SVP COMMUNITY ENGAGEMENT & MARKETING | 40.00 | $174,954 | $0 | $14,611 | Yes (X) | |||
| ANDREW LEBLANC | ||||||||
| VP INFORMATION TECHNOLOGY | 40.00 | $138,946 | $0 | $10,199 | Yes (X) | |||
| DONALD O'CONNOR | ||||||||
| FORMER VP LENDING OPERATIONS | 40.00 | $140,485 | $0 | $31,966 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,837,661 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $334,807 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 17 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| FISERV | |||||
| PO BOX 22705 | LINCOLN | NE | 68542 | IT SERVICES | $1,092,164 |
| ALKAMI TECHNOLOGY | |||||
| 5601 GRANITE PARKWAY SUITE 120 | PLANO | TX | 75024 | IT SERVICES | $477,693 |
| DAVIS ADVERTISING | |||||
| 1331 GRAFTON STREET | WORCESTER | MA | 01604 | ADVERTISING | $404,294 |
| CORELATION INC | |||||
| 2305 HISTORIC DECATUR RD | SAN DIEGO | CA | 92106 | IT SERVICES | $308,810 |
| ALOGENT | |||||
| 35 TECHNOLOGY PARKWAY SOUTH SUITE 2 | PEACHTREE CORNERS | GA | 30092 | IT SERVICES | $300,728 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 17 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| INTEREST ON LOANS | 522100 | $26,014,978 | $26,014,978 | |
| SERVICE CHARGES AND FEE INCOME | 522100 | $6,469,772 | $6,412,363 | $57,409 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $32,484,750 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $7,932,301 | TotalRevenueColumnAmt |
| Exclusion | $7,932,301 | ExclusionAmt |
Gross Rents GrossRentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $92,395 | RealAmt |
Less Rental Expenses LessRentalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $0 | RealAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $92,395 | RealAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $92,395 | TotalRevenueColumnAmt |
| Exclusion | $92,395 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $7,454,811 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $7,449,729 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $5,082 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $5,082 | TotalRevenueColumnAmt |
| Exclusion | $5,082 | ExclusionAmt |
Other Revenue Misc OtherRevenueMiscGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | CREDIT UNION OWNED LIFE INSURANCE | Desc |
| Business | 900099 | BusinessCd |
| Total Revenue Column | $163,706 | TotalRevenueColumnAmt |
| Exclusion | $163,706 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $163,706 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $40,678,234 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $32,427,341 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $57,409 | UnrelatedBusinessRevenueAmt |
| Exclusion | $8,193,484 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $168,142 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,064,917 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $9,297,301 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $723,291 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,431,608 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $839,353 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $177,500 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $241,935 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,033,143 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $380,531 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,096,642 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,206,985 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $17,788 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $49,645 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,082,501 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,310,413 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $142,155 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| BENEFITS PAID TO MEMBER | $6,389,281 |
| MAINTENANCE AND SERVICE | $2,292,623 |
| PROVISION FOR LOAN LOSS | $1,182,150 |
| SECURITY | $126,116 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,353,850 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $38,607,870 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,822,136 | BOYAmt |
| EOY | $7,514,767 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $21,165,000 | BOYAmt |
| EOY | $24,662,000 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,650,380 | BOYAmt |
| EOY | $7,664,519 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $591,872,080 | BOYAmt |
| EOY | $646,931,249 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,429,239 | BOYAmt |
| EOY | $1,040,307 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $25,948,742 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $13,444,234 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $13,073,823 | BOYAmt |
| EOY | $12,504,508 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $189,767,322 | BOYAmt |
| EOY | $177,985,839 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,276,500 | BOYAmt |
| EOY | $7,766,100 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $26,260,763 | BOYAmt |
| EOY | $19,370,077 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $864,317,243 | BOYAmt |
| EOY | $905,439,366 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,678,935 | BOYAmt |
| EOY | $5,965,785 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,852,409 | BOYAmt |
| EOY | $2,802,799 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $140,975,000 | BOYAmt |
| EOY | $173,500,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $661,901,123 | BOYAmt |
| EOY | $673,330,092 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $812,407,467 | BOYAmt |
| EOY | $855,598,676 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $51,909,776 | BOYAmt |
| EOY | $49,840,690 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $51,909,776 | BOYAmt |
| EOY | $49,840,690 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $864,317,243 | BOYAmt |
| EOY | $905,439,366 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $2,070,364 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$4,139,450 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Cash | Yes (X) | MethodOfAccountingCashInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Agent Trustee Etc | 0 | AgentTrusteeEtcInd |
| Incl Escrow Custodial Acct Liab | Yes (1) | InclEscrowCustodialAcctLiabInd |
| Explanation Provided | Yes (X) | ExplanationProvidedInd |
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,129,813 | OtherCostOrOtherBasisAmt |
| Book Value | $2,129,813 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $15,498,708 | OtherCostOrOtherBasisAmt |
| Depreciation | $7,979,026 | DepreciationAmt |
| Book Value | $7,519,682 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $527,239 | OtherCostOrOtherBasisAmt |
| Depreciation | $396,460 | DepreciationAmt |
| Book Value | $130,779 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $7,792,982 | OtherCostOrOtherBasisAmt |
| Depreciation | $5,068,748 | DepreciationAmt |
| Book Value | $2,724,234 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $12,504,508 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBERS' SHARES | Desc |
| Amt | $673,330,092 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $673,330,092 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART IV, LINE 2B: | THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY HOME OWNER'S INSURANCE AND REAL ESTATE TAXES ON BEHALF OF ITS MORTGAGE LOAN ACCOUNTS. |
| PART X, LINE 2: | LEOMINSTER CREDIT UNION (THE CREDIT UNION) IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN THE FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. THE INTERNAL REVENUE SERVICE (IRS) AND CERTAIN STATE TAXING AUTHORITIES ARE CURRENTLY REVISITING WHAT, IF ANY, PRODUCTS AND SERVICES PROVIDED BY THE CREDIT UNION ARE SUBJECT TO UBIT. THE IRS HAS INDICATED THAT THEY ARE STUDYING THE ISSUE AND MAY ISSUE ADDITIONAL GUIDANCE. AS A RESULT, AT THIS TIME THERE IS UNCERTAINTY REGARDING WHETHER THE CREDIT UNION SHOULD PAY INCOME TAX ON CERTAIN TYPES OF NET TAXABLE INCOME FROM ACTIVITIES THAT MAY BE CONSIDERED BY TAXING AUTHORITIES AS UNRELATED TO THE PURPOSE FOR WHICH THE CREDIT UNION WAS GRANTED NONTAXABLE STATUS. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES DEEMED TO BE UNRELATED TO THE CREDIT UNION'S NONTAXABLE STATUS IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATION. MANAGEMENT EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THAT THE CREDIT UNION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS. |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (8 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceAmt | Purpose Of GrantPurposeOfGrantTxt |
|---|---|---|---|---|---|---|---|---|
| CITY OF LEOMINSTER | ||||||||
| 25 WEST ST | LEOMINSTER | MA | 01453 | 046006004 | CITY OF LEOMINSTER | $16,100 | $0 | PROGRAM SUPPORT AND STARBURST 2023 |
| CLINTON COUNCIL ON AGING | ||||||||
| 271 CHURCH ST | CLINTON | MA | 01510 | 046001118 | CITY OF CLINTON | $11,000 | $0 | PROGRAM SUPPORT |
| GREATER LOWELL COMMUNITY FOUNDATION | ||||||||
| 100 MERRIMACK ST | LOWELL | MA | 01852 | 043401997 | 501(C)(3) | $10,000 | $0 | TWIN CITIES RAIL TRIAL |
| WORCESTER STATE FOUNDATION | ||||||||
| 486 CHANDLER ST | WORCESTER | MA | 01602 | 223248067 | 501(C)(3) | $6,000 | $0 | PROGRAM SUPPORT |
| UNITED WAY OF NORTH CENTRAL MASS | ||||||||
| 649 JOHN FITCH HIGHWAY | FITCHBURG | MA | 01420 | 042233021 | 501(C)(3) | $5,619 | $0 | PROGRAM SUPPORT |
| NORTH CENTRAL MASS CHAMBER OF COMMERCE | ||||||||
| 860 SOUTH ST | FITCHBURG | MA | 01420 | 222505324 | 501(C)(6) | $5,500 | $0 | PROGRAM SUPPORT |
| COOPERATIVE CREDIT UNION ASSOCIATION | ||||||||
| 845 DONALD LYNCH BLVD | MARLBOROUGH | MA | 01752 | 043403594 | 501(C)(6) | $5,400 | $0 | PROGRAM SUPPORT |
| HEART OF NEW ENGLAND COUNCIL BSA | ||||||||
| 394 PLEASANTDATE RD | RUTLAND | MA | 01543 | 042349692 | 501(C)(3) | $5,400 | $0 | PROGRAM SUPPORT |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 6 | Total501c3OrgCnt |
| Total Other Org | 2 | TotalOtherOrgCnt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | LEOMINSTER CREDIT UNION INFORMALLY FOLLOWS UP WITH GRANT RECIPIENTS AND ENSURES THAT THE GRANT FUNDS ARE USED FOR THE PURPOSE INTENDED. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (8 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BARBARA MAHONEY | ||||||||||||||
| PRESIDENT/CEO | $382,595 | $0 | $23,976 | $0 | $7,709 | $0 | $24,400 | $0 | $39,541 | $0 | $478,221 | $0 | $0 | $0 |
| JOSEPH NORMANT | ||||||||||||||
| CFO | $237,808 | $0 | $10,723 | $0 | $2,020 | $0 | $20,044 | $0 | $1,064 | $0 | $271,659 | $0 | $0 | $0 |
| CRAIG MADONIA | ||||||||||||||
| SVP LENDING | $189,181 | $0 | $7,600 | $0 | $3,443 | $0 | $16,625 | $0 | $30,147 | $0 | $246,996 | $0 | $0 | $0 |
| KATIE NAJJAR | ||||||||||||||
| SVP RETAIL | $179,238 | $0 | $8,476 | $0 | $1,038 | $0 | $26,184 | $0 | $29,126 | $0 | $244,062 | $0 | $0 | $0 |
| MYCHELLE PHILLIPS | ||||||||||||||
| VP OPERATIONS | $173,935 | $0 | $15,255 | $0 | $2,277 | $0 | $15,738 | $0 | $33,090 | $0 | $240,295 | $0 | $0 | $0 |
| KELLI ROONEY | ||||||||||||||
| SVP COMMUNITY ENGAGEMENT & MARKETING | $166,478 | $0 | $7,556 | $0 | $920 | $0 | $13,996 | $0 | $615 | $0 | $189,565 | $0 | $0 | $0 |
| ELLEN COUGHLIN | ||||||||||||||
| SVP HR & DEVELOPMENT | $130,401 | $0 | $6,745 | $0 | $856 | $0 | $11,766 | $0 | $30,306 | $0 | $180,074 | $0 | $0 | $0 |
| DONALD O'CONNOR | ||||||||||||||
| FORMER VP LENDING OPERATIONS | $130,957 | $0 | $5,635 | $0 | $3,893 | $0 | $11,639 | $0 | $20,327 | $0 | $172,451 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 1A | LEOMINSTER CREDIT UNION (THE CREDIT UNION) REIMBURSES THE COST OF BOARD-APPROVED SPOUSAL OR SIGNIFICANT OTHER TRAVEL EXPENSES WHEN ACCOMPANYING A DIRECTOR ON AN EDUCATIONAL EVENT OR SPECIAL PLANNING MEETING HELD OFF-SITE FROM THE CREDIT UNION. COSTS INCLUDE TRAVEL, GUEST REGISTRATION, LODGING, MEALS, TELEPHONE CALLS, REFRESHMENTS AND REASONABLE TIPS TO HOTEL EMPLOYEES, CAB AND LIMOUSINE DRIVERS, AND RESTAURANT STAFF. THIS BENEFIT WAS PROVIDED TO RICHARD SHEPPARD, GIULIO GRECO, JOSEPH QUINTAL, MICHAEL SAUVAGEAU, JOYCE LEGER, HENRY KULIK, AND JOHN REEDY. THESE BENEFIT AMOUNTS ARE NOT INCLUDED IN THE LISTED INDIVIDUALS' REPORTABLE COMPENSATION ON FORM 990, PART VII OR SCHEDULE J, PART II. |
| PART I, LINE 4B | KATIE NAJJAR PARTICIPATED IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) SPONSORED BY LEOMINSTER CREDIT UNION (THE CREDIT UNION). THERE WERE NO CONTRIBUTIONS TO OR DISTRIBUTIONS FROM THE SERP PLAN. THE DEFINED BENEFIT ACCRUAL AMOUNT OF $10,482 IS INCLUDED IN REPORTABLE COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II. |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp (2 entries)
| Relationship With OrgRelationshipWithOrgTxt | Loan PurposeLoanPurposeTxt | Loan From OrganizationLoanFromOrganizationInd | Original PrincipalOriginalPrincipalAmt | Balance DueBalanceDueAmt | DefaultDefaultInd | Board Or Committee ApprovalBoardOrCommitteeApprovalInd | Written AgreementWrittenAgreementInd |
|---|---|---|---|---|---|---|---|
| BARBARA MAHONEY | |||||||
| OFFICER | COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY | Yes (X) | $5,675,000 | $5,701,246 | 0 | Yes (1) | Yes (1) |
| JOSEPH NORMANT | |||||||
| OFFICER | COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY | Yes (X) | $2,000,000 | $1,963,273 | 0 | Yes (1) | Yes (1) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $7,664,519 | TotalBalanceDueAmt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (9 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | LEOMINSTER CREDIT UNION HAS MEMBERS AS SPECIFIED BY ITS BYLAWS. |
| FORM 990, PART VI, SECTION A, LINE 7A | LEOMINSTER CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. |
| FORM 990, PART VI, SECTION A, LINE 8B | LEOMINSTER CREDIT UNION DOES NOT HAVE ANY COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE VICE PRESIDENT/TREASURER AND CHIEF FINANCIAL OFFICER WILL REVIEW THE FORM 990 BEFORE FILING IT WITH THE INTERNAL REVENUE SERVICE. A COPY IS ALSO PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. |
| FORM 990, PART VI, SECTION B, LINE 12C | LEOMINSTER CREDIT UNION'S CONFLICT OF INTEREST POLICY IS PART OF THE ETHICS POLICY. THE ETHICS POLICY COVERS ALL DIRECTORS, OFFICERS, AND EMPLOYEES OF THE CREDIT UNION. EMPLOYEES MAY NOT ACCEPT GIFTS OR GRATUITIES OF MORE THAN A NOMINAL VALUE ($100), FROM VENDORS AND SERVICE PROVIDERS EXCEPT IN MODERATION AND CONSISTENT WITH ACCEPTED GOODWILL-BUILDING PRACTICES. IF THE CREDIT UNION EMPLOYEE IS OFFERED OR RECEIVES SOMETHING OF VALUE THAT EXCEEDS THE NOMINAL VALUE ($100) THAT IS AUTHORIZED IN THE WRITTEN ETHICS POLICY, THE CREDIT UNION EMPLOYEE MUST DISCLOSE THAT FACT TO THE VP HUMAN RESOURCES & DEVELOPMENT. THE VP HUMAN RESOURCES & DEVELOPMENT WILL KEEP CONTEMPORANEOUS WRITTEN REPORTS OF SUCH DISCLOSURES AND ADVISE THE EMPLOYEE WHAT SHOULD BE DONE WITH THE GIFT. IN NO INSTANCE MAY AN EMPLOYEE'S PERSONAL TRANSACTIONS CREATE A CONFLICT OF INTEREST OR POTENTIAL CONFLICT OF INTEREST. OFFICERS AND EMPLOYEES WHO BENEFIT DIRECTLY OR INDIRECTLY FROM A CREDIT UNION LOAN MAY NOT PARTICIPATE IN THE APPROVAL PROCESS. EMPLOYEES ARE NOT PERMITTED TO TRANSACT PAYMENT OR ADVANCES, PROCESS, VERIFY, UNDERWRITE, OR APPROVE ANY LOAN REQUESTS OF IMMEDIATE FAMILY, HOUSEHOLD MEMBERS, PERSONAL FRIENDS, OR WHERE THEY MAY HAVE A PERSONAL INTEREST OR ACT AS A JOINT OWNER OR CO-MAKER. ULTIMATELY, CREDIT UNION MANAGEMENT CONSISTENTLY MONITORS FOR CONFLICTS OF INTEREST. EMPLOYEES ARE REQUIRED TO SIGN THE ETHICS POLICY (WHICH CONTAINS THE CONFLICT-OF-INTEREST POLICY) ANNUALLY, AGREEING TO SELF-REPORT APPARENT CONFLICTS OF INTEREST TO THEIR RESPECTIVE MANAGERS. IF A CONFLICT OF INTEREST IS DISCOVERED BY MANAGEMENT (OR THE EMPLOYEE SELF-REPORTS), THEN THE EMPLOYEE'S MANAGER, IN COORDINATION WITH THE VICE PRESIDENT OF HUMAN RESOURCES, WILL REVIEW THE SITUATION AND REQUIRE THE EMPLOYEE TO RETURN THE GIFT OR TAKE OTHER ACTION WHICH IS WARRANTED BY THE SPECIFIC SITUATION. |
| FORM 990, PART VI, SECTION B, LINE 15A | LEOMINSTER CREDIT UNION'S (THE CREDIT UNION) COMPENSATION COMMITTEE IS THE GOVERNING BODY THAT REVIEWS AND APPROVES COMPENSATION PROGRAMS. COMPENSATION COMMITTEE MEETING MINUTES ARE RECORDED, AS ARE BOARD OF DIRECTOR MEETING MINUTES TO DOCUMENT ALL DISCUSSIONS AND DECISIONS MADE REGARDING COMPENSATION. THE COMPENSATION COMMITTEE, IN CONJUNCTION WITH AN OUTSIDE CONSULTANT, REVIEWS AND APPROVES THE SALARIES OF THE PRESIDENT AND CHIEF EXECUTIVE OFFICER ON AN ANNUAL BASIS EACH DECEMBER. THE CREDIT UNION WORKS WITH AN OUTSIDE COMPENSATION CONSULTING FIRM TO REVIEW JOB LEVELS FOR ALL OFFICERS AND EMPLOYEES AND PRE-DETERMINED SALARY RANGES FOR EACH POSITION. THE LEVELS AND SALARY RANGES ARE COMPARED TO SALARY SURVEYS PURCHASED BY THE CREDIT UNION, WHICH CONTAIN COMPENSATION DATA ON SIMILAR POSITIONS AT OTHER FINANCIAL INSTITUTIONS AND ARE USED TO ASSESS THE APPROPRIATENESS OF ANY COMPENSATION ADJUSTMENT RECOMMENDATIONS. HUMAN RESOURCES COMPARES ROLES AND COMPENSATION LEVELS WITHIN THE ORGANIZATION BEFORE APPROVING ANY ADJUSTMENT RECOMMENDATIONS TO ENSURE THEY ARE APPROPRIATE AND EQUITABLE ON AN ANNUAL BASIS EACH FEBRUARY. |
| FORM 990, PART VI, SECTION C, LINE 19 | LEOMINSTER CREDIT UNION MAKES ITS GOVERNING DOCUMENTS AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104. THE CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. |
| FORM 990, PART XII, LINE 2C: | THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. |
| FORM 990, PART I, LINES 14 & 17: | IN TAX YEAR 2022, LEOMINSTER CREDIT UNION DETERMINED THAT IT WAS MORE APPROPRIATE TO INCLUDE IN THE PRIOR YEAR COLUMN FOR LINE 17 (OTHER EXPENSES) CERTAIN ITEMS INCLUDED IN PRIOR YEAR FORMS 990, PART IX, IN LINE 4 (BENEFITS PAID TO OR FOR MEMBERS). CONFORMING ADJUSTMENTS HAVE BEEN MADE TO THE 2022 AMOUNTS LISTED IN THE CURRENT YEAR COLUMN OF PART I AND PART IX. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | LCU INSURANCE SERVICES LLC | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20 ADAMS STREET | AddressLine1Txt |
| City | LEOMINSTER | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 01453 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 452079582 | EIN |
| Primary Activities | FINANCIAL SERVICES ACTIVITIES | PrimaryActivitiesTxt |
| Legal Domicile State | MA | LegalDomicileStateCd |
| Total Income | -$1 | TotalIncomeAmt |
| End Of Year Assets | $18,445 | EndOfYearAssetsAmt |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | LEOMINSTER CREDIT UNION | BusinessNameLine1Txt |