2023-09-26T08:16:55-05:00 2022-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2022-01-01 041853650 ALLTRUST CREDIT UNION ALLT 5089949971 123 ALDEN ROAD FAIRHAVEN MA 02719 SHARON MEDEIROS CFO 5089797702 2023-09-25 1 SHARON MEDEIROS 000005547 1 HARRY A KALAJIAN JR CPA P00464296 6174399700 2023-09-25 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z CARMEN SYLVESTER 123 ALDEN ROAD FAIRHAVEN MA 02719 12729044 0 X ALLTRUSTCU.ORG X 1922 MA CREDIT UNION - THRIFT SERVICES 11 11 91 10 89591 1548 0 0 9901463 11627909 2819288 805197 295879 295938 13016630 12729044 37240 55188 0 0 5693075 5787988 0 0 0 5831162 6593894 11561477 12437070 1455153 291974 299264971 345809637 269921809 316009001 29343162 29800636 CREDIT UNION - THRIFT SERVICES 0 0 MAINTENANCE OF MEMBERS' DEPOSIT AND LOAN ACCOUNTS. NUMBER OF DEPOSIT ACCOUNTS IS 28,331. NUMBER OF LOAN ACCOUNTS IS 3,832 . SCHOLARSHIPS AWARDED TO QUALIFYING APPLICANTS - MEMBERS/MEMBERS' FAMILY. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 2445 0 1 91 1 1 1 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 0 0 X X SHARON MEDEIROS 5089797702 123 ALDEN ROAD FAIRHAVEN MA 027194733 DAVID S DARMOFAL DIRECTOR 3.00 X 0 0 0 PAMELA BOURGAULT 1ST VICE CHAIR 3.00 X X 0 0 0 KRISTEN SNIEZEK 2ND VICE CHAIR 3.00 X X 0 0 0 SANDRA TYNAN RESIGNED 81622 DIRECTOR 3.00 X 0 0 0 MARK MORRIS RESIGNED 2622 DIRECTOR 3.00 X 0 0 0 MARK SYLVIA CHAIRMAN 3.00 X X 11500 0 0 CHARLES MURPHY ASST. CLERK/TREASURER 3.00 X X 0 0 0 PAUL SYLVIA DIRECTOR 3.00 X 0 0 0 RICHARD ELLIS CLERK/TREASURER 3.00 X X 5000 0 0 ROBERT WALLACE ENDED 32422 2ND VICE CHAIR 3.00 X X 0 0 0 ALFRED J PECCINI DIRECTOR 3.00 X 0 0 0 MICHAEL S GAGO CHIEF LENDING OFFICER 40.00 X 229808 0 78531 CARMEN F SYLVESTER PRESIDENT & CEO 40.00 X 358283 0 123448 RAYMOND GOULART AVP, MORTGAGE LOAN OFFICE 40.00 X 145838 0 19918 SUSAN ST PIERRE VICE PRESIDENT IT 40.00 X 145087 0 15354 LOREN SARNO COMMERCIAL LOAN OFFICER 40.00 X 172583 0 18997 NICOLE FORTIER SR. VICE PRESIDENT RETAIL 40.00 X 125884 0 11285 KIMBERLY TRAHAN SR. VICE PRESIDENT HR 40.00 X 139981 0 5073 1333964 0 272606 9 0 1 0 CORELATION INC 2305 HISTORIC DECATUR RD STE 200 SAN DIEGO CA 92106 DIGITAL BANKING 258608 SINCLAIR BROADCAST GROUP C/O WJAR PO BOX 206270 DALLAS TX 753206270 MARKETING 210225 BANKJOY 145 S LIVERNOIS RD SUITE 261 ROCHESTER HILLS MI 48307 DIGITAL BANKING 126656 NEW ENGLAND MONEY HANDLING SYSTEMS 86 SOUTH STREET SUITE 1 HOPKINTON MA 01748 HARDWARE/SOFTWARE SUPPORT 123867 4 LOAN INCOME 522100 10266422 10266422 MEMBER SERVICE FEES 522100 1361487 1271896 89591 11627909 482410 482410 322787 0 322787 322787 322787 MISC REVENUE 900099 295938 295938 295938 12729044 11834256 89591 805197 50188 5000 604591 3660577 271571 899680 351569 2755 121796 184978 491857 255858 1353200 496056 810 1509550 812452 69486 SERVICE FEES 568146 PROVISION FOR LOAN LOSS 261000 ATM/CREDIT CARD CHARGES 222876 OTHER EXPENSES 111210 131864 12437070 25384109 19265633 826269 423421 242098259 296507569 386829 534417 13810361 4785643 9584337 9024718 8385538 6115972 1139300 1749700 11460330 12188207 299264971 345809637 1114977 2478607 1459366 749889 20000000 40000000 247347466 272780505 269921809 316009001 X 0 0 0 0 29343162 29800636 29343162 29800636 299264971 345809637 291974 165500 0 X X 0 1 X 1 0 0 1 X 1245334 1245334 9379500 3540399 5839101 3185527 1245244 1940283 9024718 SHARES AND DEPOSIT ACCOUNTS 272116247 LEASE LIABILITIES 664258 272780505 X 12894544 165500 165500 12729044 0 12729044 12437070 0 12437070 0 12437070 PART IV, LINE 2B: MORTGAGE ESCROW ACCOUNTS HELD FOR THE PAYMENT OF REAL ESTATE TAXES FOR MUNICIPALITIES. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES ON INCOME UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND MASSACHUSETTS STATUTES. TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN, INCLUDING THE POSITION THAT THE CREDIT UNION QUALIFIES AS A TAX EXEMPT ENTITY, ARE REQUIRED TO BE EVALUATED TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE-LIKELY-THAN-NOT" TO BE UPHELD UNDER REGULATORY REVIEW. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE ACCRUED AND DISCLOSED IN THE FINANCIAL STATEMENTS. THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AS OF DECEMBER 31, 2022 AND 2021 AND HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE. CURRENTLY TAX YEARS FROM 2019 THROUGH PRESENT ARE OPEN AND SUBJECT TO EXAMINATION BY TAXING AUTHORITIES. 0 0 0 SCHOLARSHIPS 5 5000 X 1 1 X X X 0 1 0 CARMEN F SYLVESTER PRESIDENT & CEO 336929 0 19836 0 1518 0 102592 0 20856 0 481731 0 0 0 MICHAEL S GAGO CHIEF LENDING OFFICER 204145 0 24433 0 1230 0 78531 0 0 0 308339 0 0 0 LOREN SARNO COMMERCIAL LOAN OFFICER 171594 0 0 0 989 0 5132 0 13865 0 191580 0 0 0 RAYMOND GOULART AVP, MORTGAGE LOAN OFFICE 144699 0 0 0 1139 0 4315 0 15603 0 165756 0 0 0 SUSAN ST PIERRE VICE PRESIDENT IT 133459 0 10541 0 1087 0 4269 0 11085 0 160441 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS 457(F) DEFERRED COMPENSATION AGREEMENTS FOR CERTAIN MEMBERS OF SENIOR MANAGEMENT, FROM WHICH THE CREDIT UNION ELECTED TO PURCHASE LIFE INSURANCE POLICIES WHERE THE CREDIT UNION IS THE BENEFICIARY AND POLICY OWNER. FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021, THE CREDIT UNION RECORDED EARNINGS ON THE POLICIES OF $166,000 AND $132,000, RESPECTIVELY, AND INCURRED RELATED EXPENSES OF $168,000 AND $130,000, RESPECTIVELY. THE POLICIES' CASH SURRENDER VALUE WAS $6,378,000 AND $6,213,000 AT DECEMBER 31, 2022 AND 2021, RESPECTIVELY. CARMEN SYLVESTER - $93,474 MICHAEL GAGO - $73,687 SEE SUPPLEMENTAL INFORMATION X 0 0 0 SCHEDULE L PART II - OFFICER & DIRECTOR LOANS SOME OF THE OFFICERS AND DIRECTORS HAVE LOANS OUTSTANDING WITH THE CREDIT UNION. THESE LOANS WERE OBTAINED IN THE NORMAL COURSE OF BUSINESS OF THE CREDIT UNION WITH THE SAME TERMS AND CONDITIONS AVAILABLE TO ALL MEMBERS. AS PER INSTRUCTIONS FOR SCHEDULE L, THESE LOANS ARE NOT TO BE LISTED ON SCHEDULE L. FORM 990, PART VI, SECTION A, LINE 6 PERSONS WHO MEET THE REQUIREMENT OF THE ORIGINIZATIONS'S FIELD OF MEMBERSHIP WHO HOLD AT LEAST ONE SHARE OF CAPITAL. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER HAS A VOTE AT THE ELECTION OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B ANY CHANGES TO THE INCORPORATING DOCUMENTS. I.E. BYLAWS, ARE APPROVED BY THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WILL BE REVIEWED AND APPROVED BY THE AUDIT COMMITTEE. DUE TO THE TIMING OF COMPLETION OF THE RETURN AND THE FILING DUE DATE, THE FORM 990 MAY BE REVIEWED AND APPROVED BY THE AUDIT COMMITTEE SUBSEQUENT TO FILING DUE DATE. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, DIRECTORS, AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE WHEN A POTENTIAL CONFLICT ARISES. ALSO, ANNUALLY, THE CODE OF ETHICS WHICH CONTAINS THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED TO ALL EMPLOYEES AND DIRECTORS WHICH EXPLAINS WHEN TO AND HOW TO REPORT ANY CONFLICTS OF INTEREST. EACH EMPLOYEE AND DIRECTOR MUST SIGN, ACKNOWLEDGING THE RECIEPT AND UNDERSTANDING OF THE POLICY. FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION PROCESS FOR TOP OFFICIAL THE CEO'S COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS, BASED ON THE INDUSTRY AND CONSULTANT. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS DISCLOSURE EXPLANATION INFORMATION IS AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE IN THE OVERSIGHT PROCESSS OR SELECTION PROCESS DURING THE TAX YEAR OF 2022.