2025-05-05T11:48:33-05:00 2024-12-31 042513210 GERALD T REILLY & COMPANY 424 ADAMS STREET MILTON MA 02186 990 2024-01-01 041853650 ALLTRUST CREDIT UNION ALLT 5089949971 123 ALDEN ROAD FAIRHAVEN MA 02719 SHARON MEDEIROS CFO 5089797702 2025-05-01 1 1 SEAN MCNEIL CPA P01731264 6176968900 2025-05-01 2024 2025-03-06 01:10:19Z CARMEN SYLVESTER 123 ALDEN ROAD FAIRHAVEN MA 02719 14999875 0 X ALLTRUSTCU.ORG X 1922 MA CREDIT UNION - THRIFT SERVICES 9 7 65 9 77012 20898 0 0 13405540 12823884 1159574 1985225 300981 190766 14866095 14999875 33974 22426 0 0 5155169 4502373 0 0 0 9746456 11765761 14935599 16290560 -69504 -1290685 326560591 315022278 296658975 286231785 29901616 28790493 CREDIT UNION - THRIFT SERVICES 0 0 MAINTENANCE OF MEMBERS' DEPOSIT AND LOAN ACCOUNTS. NUMBER OF DEPOSIT ACCOUNTS IS 26,140. NUMBER OF LOAN ACCOUNTS IS 2,916. 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 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 3564 0 1 65 1 1 1 0 0 0 0 0 0 0 0 0 X 9 7 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 CHARLES MURPHY ASST. CLERK/TREASURER 3.00 X X 0 0 0 DAVID S DARMOFAL DIRECTOR 3.00 X 0 0 0 KRISTEN SNIEZEK 2ND VICE CHAIR 3.00 X X 0 0 0 MARK SYLVIA CHAIRMAN 3.00 X X 11500 0 0 PAMELA BOURGAULT 1ST VICE CHAIR 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 CHRISTOPHER HILLER DIRECTOR 3.00 X 0 0 0 WILLIAM KEEGAN DIRECTOR 3.00 X 0 0 0 CARMEN F SYLVESTER PRESIDENT & CEO 40.00 X 338148 0 33879 MICHAEL S GAGO CHIEF LENDING OFFICER 40.00 X 306652 0 4792 SHARON MEDEIROS CHIEF FINANCIAL OFFICER 40.00 X 173229 0 29046 KIMBERLY TRAHAN SR. VICE PRESIDENT HR 40.00 X 138948 0 6265 SHANON DUBOIS VP, RETAIL LENDING OPERATI 40.00 X 122270 0 27108 STEPHANIE MEDEIROS VICE PRESIDENT OPERATIONS 40.00 X 119797 0 27016 SUSAN ST PIERRE VICE PRESIDENT IT 40.00 X 134691 0 13607 SUZANNE CATRAIO VICE PRESIDENT OF MARKETING 40.00 X 111997 0 12196 1462232 0 153909 9 0 1 0 FISERV PO BOX 934057 ATLANTA GA 311934057 CARD SERVICING/DEBIT CARDS 301773 NEW ENGLAND MONEY HANDLING SYSTEMS 86 SOUTH ST SUITE 1 HOPKINTON MA 01748 ITM/ATM & RECYCLERS MAINTENANCE 138143 BANKJOY 145 S LIVERNOIS RD SUITE 261 ROCHESTER HILLS MI 48307 ONLINE/MOBILE BANKING 134876 MARQUIS SOFTWARE SOLUTIONS INC PO BOX 660919 DEPT 730069 DALLAS TX 752660919 MARKETING/CONSULTING 104296 4 LOAN INCOME 522100 11290493 11290493 MEMBER SERVICE FEES 522100 1533391 1456379 77012 12823884 1437180 1437180 548045 0 548045 548045 548045 MISC REVENUE 900099 190766 190766 190766 14999875 12937638 77012 1985225 20546 1880 902245 2625709 121837 548542 304040 2671 111146 152418 156251 228385 826648 672928 880 6558899 771045 PROVISION FOR LOAN LOSS 1213726 SERVICE FEES 339224 OTHER EXPENSES 328783 ATM/CREDIT CARD CHARGES 256930 145827 16290560 17275958 41352537 1014918 1064331 280103835 245391880 700360 681494 13985103 6234676 8337035 7750427 4681804 3473535 2244700 1898600 12201981 13409474 326560591 315022278 2541109 2116196 693860 709510 53500000 42000000 239924006 241406079 296658975 286231785 X 0 0 0 0 29901616 28790493 29901616 28790493 326560591 315022278 -1290685 179562 0 X X 0 1 X 1 0 0 1 X 1245334 1245334 9481570 4257284 5224286 3258199 1977392 1280807 7750427 SHARES AND DEPOSIT ACCOUNTS 240893483 LEASE LIABILITIES 512596 241406079 X 15183139 179562 179562 15003577 -3702 -3702 14999875 16294262 3702 3702 16290560 0 16290560 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, 2024 AND 2023 AND HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE. CURRENTLY TAX YEARS FROM 2021 THROUGH PRESENT ARE OPEN AND SUBJECT TO EXAMINATION BY TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT LOAN FEE INCOME -3,702. PART XII, LINE 2D - OTHER ADJUSTMENTS: ROUNDING STUDENT LOAN FEE INCOME 3,702. X 1 1 X X X 0 1 0 CARMEN F SYLVESTER PRESIDENT & CEO 338148 0 0 0 0 0 9918 0 23961 0 372027 0 0 0 MICHAEL S GAGO CHIEF LENDING OFFICER 206652 0 0 0 100000 0 3289 0 1503 0 311444 0 0 0 SHARON MEDEIROS CHIEF FINANCIAL OFFICER 173229 0 0 0 0 0 5186 0 23860 0 202275 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, 2024 AND 2023, THE CREDIT UNION RECORDED EARNINGS ON THE POLICIES OF $180,000 AND $170,000, RESPECTIVELY. DURING DECEMBER 31, 2024 AND 2023 THE CREDIT UNION INCURRED RELATED EXPENSES OF $122,000 AND $168,000, RESPECTIVELY. THE POLICIES' CASH SURRENDER VALUE WAS $6,728,000 AND $6,549,000 AT DECEMBER 31, 2024 AND 2023, RESPECTIVELY. MICHAEL GAGO - $100,000 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 2024.