2021-11-09T15:20:56-06:00 2020-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2020-01-01 041853650 ALLTRUST CREDIT UNION F/K/A SOUTHERN MASS CREDIT UNION ALLT 5089949971 123 ALDEN ROAD FAIRHAVEN MA 02719 JACQUELINE BOBOLA CFO 5089949971 2021-11-09 1 JACQUELINE BOBOLA 000003225 HARRY A KALAJIAN JR CPA P00464296 6174399700 2021-11-09 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z X CARMEN SYLVESTER 123 ALDEN ROAD FAIRHAVEN MA 02719 13969222 0 X ALLTRUSTCU.ORG X 1922 MA CREDIT UNION - THRIFT SERVICES 12 12 56 12 43114 0 0 0 8582966 9455510 1101407 4274594 309901 230945 9994274 13961049 13070 16805 0 0 4546166 4678424 0 0 0 5958349 6237448 10517585 10932677 -523311 3028372 251289089 293041975 226653806 265285444 24635283 27756531 CREDIT UNION - THRIFT SERVICES 0 0 MAINTENANCE OF MEMBERS' DEPOSIT AND LOAN ACCOUNTS. NUMBER OF DEPOSIT ACCOUNTS IS 29,651. NUMBER OF LOAN ACCOUNTS IS 4,137. 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 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 4789 0 1 56 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 0 0 X X JACQUELINE BOBOLA 5089949971 123 ALDEN ROAD FAIRHAVEN MA 027194733 MARK MORRIS DIRECTOR 3.00 X 0 0 0 DARLENE ALFERES DIRECTOR 3.00 X 0 0 0 KRISTEN SNIEZEK DIRECTOR 3.00 X 0 0 0 ROBERT WALLACE 2ND VICE CHAIRPERSON 3.00 X X 0 0 0 SANDRA TYNAN DIRECTOR 3.00 X 0 0 0 PAUL SYLVIA DIRECTOR 3.00 X 0 0 0 MARK SYLVIA CHAIRMAN 8.00 X X 0 0 0 ALFRED PECCINI ASST. CLERK/TREASURER 3.00 X X 0 0 0 CHARLES MURPHY DIRECTOR 3.00 X 0 0 0 RICHARD ELLIS CLERK/TREASURER 3.00 X X 0 0 0 DAVE DARMOFAL DIRECTOR 3.00 X 0 0 0 CARMEN F SYLVESTER CEO-PRESIDENT AND CEO 40.00 X 296099 0 107078 JACQUELINE BOBOLA CFO-CHIEF FINANCIAL OFFICE 40.00 X 154558 0 25662 MICHAEL S GAGO CLO-CHIEF LENDING OFFICER 40.00 X 200510 0 7015 KEVIN MELO AVP, MORTGAGE LOAN OFFICE 40.00 X 266350 0 24300 JEAN CORREIA AVP, MORTGAGE LOAN OFFICE 40.00 X 385925 0 19491 STEPHANIE BUZZELL AVP, MORTGAGE LOAN OFFICE 40.00 X 202326 0 13486 LEA BENSON AVP, MORTGAGE LOAN OFFICE 40.00 X 238787 0 19372 RAYMOND GOULART AVP, MORTGAGE LOAN OFFICE 40.00 X 462290 0 31249 2206845 0 247653 12 0 1 0 FISERV INC PO BOX 934057 ATLANTA GA 311924057 PROCESSING SERVICES 498529 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 900740641 DIGITAL BANKING 268806 CORELATION INC 2305 HISTORIC DECATUR RD STE 200 SAN DIEGO CA 92106 DIGITAL BANKING 216219 MICRO TECHNOLOGY SOLUTIONS 132 ALDEN RD FAIRHAVEN MA 02719 TECHNOLOGY 138716 ICE MORTGAGE TECHNOLOGY INC PO BOX 7410442 CHICAGO IL 60674 TECHNOLOGY 110769 7 LOAN INCOME 522100 8362466 8362466 MEMBER SERVICE FEES 522100 1093044 1049930 43114 9455510 458648 458648 3824119 8173 3815946 3815946 3815946 MISC REVENUE 900099 230945 230945 230945 13961049 9643341 43114 4274594 11779 5026 651167 2713780 312185 678714 322578 34387 147361 205145 366117 230846 918818 346389 1356 2371907 383244 97078 SERVICE FEES 566767 ATM/CREDIT CARD CHARGES 299915 AMORT CORE DEPOSIT 108388 SERVICE CONTRACT 59000 100730 10932677 14440000 26318144 3290220 824681 202497688 238208941 294980 361148 8859898 3499476 4304084 5360422 19274890 13105136 854200 1130000 6333027 7733503 251289089 293041975 874811 1193746 568582 1438208 15000000 20000000 210210413 242653490 226653806 265285444 X 0 0 0 0 24635283 27756531 24635283 27756531 251289089 293041975 3028372 92876 0 X X 0 1 X 1 0 0 1 X 1245334 1245334 6306962 2896898 3410064 1075092 602578 472514 232510 232510 5360422 SHARES AND DEPOSIT ACCOUNTS 242653490 242653490 X 14053925 92876 92876 13961049 0 13961049 10932677 0 10932677 0 10932677 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, 2020 AND 2019 AND HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE. CURRENTLY TAX YEARS FROM 2017 THROUGH PRESENT ARE OPEN AND SUBJECT TO EXAMINATION BY TAXING AUTHORITIES. 0 0 0 SCHOLARSHIPS 4 5026 X 1 1 X X X 0 1 0 RAYMOND GOULART AVP, MORTGAGE LOAN OFFICE 462290 0 0 0 0 0 10042 0 21207 0 493539 0 0 0 JEAN CORREIA AVP, MORTGAGE LOAN OFFICE 385925 0 0 0 0 0 11531 0 7960 0 405416 0 0 0 CARMEN F SYLVESTER CEO-PRESIDENT AND CEO 248610 0 47489 0 0 0 85404 0 21674 0 403177 0 0 0 KEVIN MELO AVP, MORTGAGE LOAN OFFICE 266350 0 0 0 0 0 3655 0 20645 0 290650 0 0 0 LEA BENSON AVP, MORTGAGE LOAN OFFICE 238787 0 0 0 0 0 6141 0 13231 0 258159 0 0 0 STEPHANIE BUZZELL AVP, MORTGAGE LOAN OFFICE 202326 0 0 0 0 0 6008 0 7478 0 215812 0 0 0 MICHAEL S GAGO CLO-CHIEF LENDING OFFICER 173493 0 27017 0 0 0 4964 0 2051 0 207525 0 0 0 JACQUELINE BOBOLA CFO-CHIEF FINANCIAL OFFICE 138147 0 16411 0 0 0 4618 0 21044 0 180220 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS A 457(F) DEFERRED COMPENSATION AGREEMENT FOR THE PRESIDENT AND CHIEF EXECUTIVE OFFICER, 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, 2020 AND 2019, THE CREDIT UNION RECORDED EARNINGS ON THE POLICIES OF $92,000 AND $75,000, RESPECTIVELY, AND INCURRED RELATED EXPENSES OF $77,000 AND $70,000, RESPECTIVELY. THE POLICIES' CASH SURRENDER VALUE WAS $3,181,000 AND $3,089,000 AT DECEMBER 31, 2020 AND 2019, RESPECTIVELY. CARMEN SYLVESTER - $77,461 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 2020.