2025-08-12T15:05:50-05:00 2024-09-30 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2023-10-01 042348884 ALL ONE CREDIT UNION ALLO 9785378021 20 ADAMS STREET LEOMINSTER MA 01453 JOSEPH NORMANT SVP/CFO 9785378021 2025-08-11 1 0 JENIFER L CHASE P01306883 5638884000 2025-08-11 2023 2025-03-06 01:10:19Z X BARBARA MAHONEY 20 ADAMS STREET LEOMINSTER MA 01453 49045619 0 X WWW.ALL-ONECU.COM X 1954 MA FULFILL OUR MEMBERS' FINANCIAL NEEDS THROUGH OUTSTANDING SERVICE AND EFFECTIVE TECHNOLOGY. 8 8 187 9 43822 0 0 0 32484750 38311193 7937383 9844200 256101 262853 40678234 48418246 168142 160376 0 0 13356470 13186532 0 0 0 25083258 33603312 38607870 46950220 2070364 1468026 905439366 915908349 855598676 855201650 49840690 60706699 X ALL ONE CREDIT UNION 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. 0 0 TO SERVE OUR MEMBERS, OUR HIGHEST EXPENSE IS INTEREST PAID ON CERTIFICATES OF DEPOSIT. AT YEAR-END, ALL ONE CREDIT UNION HAD 36,855 MEMBERS, AND INTEREST PAID ON CERTIFICATES OF DEPOSIT TOTALED $10,066,929. OUR SECOND HIGHEST EXPENSE IS INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, ALL ONE CREDIT UNION HAD 36,855 MEMBERS, AND INTEREST PAID ON MONEY MARKET ACCOUNTS TOTALED $1,272,613. OUR THIRD HIGHEST EXPENSE IS INTEREST PAID ON MONEY MARKET ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, ALL ONE CREDIT UNION HAD 36,855 MEMBERS, AND INTEREST PAID ON MONEY MARKET ACCOUNTS TOTALED $383,945. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 12980 0 1 187 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 1 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X JOSEPH NORMANT 9785378021 20 ADAMS STREET LEOMINSTER MA 01453 ROBERT DELLECHIAIE TREASURER 1.00 X X 9569 0 0 MARC DOHAN DIRECTOR 1.00 X 0 0 0 GIULIO GRECO ASSISTANT TREASURER 1.00 X X 3006 0 0 HENRY KULIK FORMER DIRECTOR 1.00 X 8884 0 0 JOYCE LEGER VICE CHAIRMAN 1.00 X X 9403 0 0 JOSEPH QUINTAL CLERK 1.00 X X 8424 0 0 JOHN W REEDY DIRECTOR 1.00 X 8228 0 0 MICHAEL SAUVAGEAU CHAIRMAN 2.00 X X 8894 0 0 RICHARD SHEPPARD DIRECTOR 1.00 X 7348 0 0 BARBARA MAHONEY PRESIDENT/CEO 40.00 X 472911 0 48901 JOSEPH NORMANT CFO 40.00 X 274696 0 24321 CRAIG MADONIA SVP LENDING 40.00 X 216999 0 49817 KATIE NAJJAR SVP RETAIL 40.00 X 208652 0 74906 MYCHELLE PHILLIPS SVP OPERATIONS & IT 40.00 X 198259 0 38493 ELLEN COUGHLIN SVP HR & DEVELOPMENT 40.00 X 169615 0 47258 KELLI ROONEY SVP COMMUNITY ENGAGEMENT & MARKETING 40.00 X 176713 0 15064 ANDREW LEBLANC VP INFORMATION TECHNOLOGY 40.00 X 150446 0 12823 1932047 0 311583 18 0 1 0 SOLIDUS 1450 MAIN STREET EAST HARTFORD CT 06108 CONSTRUCTION SERVICES 1185629 FISERV PO BOX 22705 LINCOLN NE 68542 IT SERVICES 1024961 ALKAMI TECHNOLOGY 5601 GRANITE PARKWAY SUITE 120 PLANO TX 75024 IT SERVICES 562970 DAVIS ADVERTISING 1331 GRAFTON STREET WORCESTER MA 01604 ADVERTISING 495973 ALOGENT 35 TECHNOLOGY PARKWAY SOUTH SUITE 2 PEACHTREE CORNERS GA 30092 IT SERVICES 261342 20 INTEREST ON LOANS 522100 32336649 32336649 SERVICE CHARGES AND FEE INCOME 522100 5974544 5930722 43822 38311193 8587651 8587651 129550 0 129550 129550 129550 1547362 336560 363604 263769 1183758 72791 1256549 1256549 CREDIT UNION OWNED LIFE INSURANCE 900099 133303 133303 133303 48418246 38267371 43822 10107053 160376 1165875 8820455 831072 1478692 890438 89974 260500 1226492 513711 2130097 1114383 18706 81909 7811542 1305134 253857 DIVIDENDS PAID TO MEMBE 12218368 MAINTENANCE AND SERVICE 2412061 PROVISION FOR LOAN LOSS 2314377 COLLECTIONS EXPENSE 74415 1777786 46950220 7514767 13167453 24662000 24750000 7664519 7720506 646931249 647787373 1040307 1257729 27225880 14076745 12504508 13149135 177985839 181017576 7766100 7716700 19370077 19341877 905439366 915908349 5965785 2618964 2802799 2819093 173500000 178000000 673330092 671763593 855598676 855201650 X 0 0 0 0 49840690 60706699 49840690 60706699 905439366 915908349 X 1468026 10766465 -1368482 X X 0 1 X 1 0 0 1 X 2129813 2129813 14852408 8020077 6832331 508600 391705 116895 9735059 5664963 4070096 13149135 MEMBERS' SHARES 671763593 671763593 X PART IV, LINE 2B: ALL ONE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY HOMEOWNER'S INSURANCE AND REAL ESTATE TAXES ON BEHALF OF ITS MORTGAGE LOAN ACCOUNTS. PART X, LINE 2: ALL ONE 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. 1 CITY OF LEOMINSTER 25 WEST ST LEOMINSTER MA 01453 046006004 CITY OF LEOMINSTER 8000 0 PROGRAM SUPPORT AND STARBURST 2024 WORCESTER REGIONAL CHAMBER OF COMMERCE 311 MAIN STREET 200 WORCESTER MA 01608 041988780 501(C)(6) 7300 0 PROGRAM SUPPORT HEART OF NEW ENGLAND BOY SCOUTS 394 PLEASANTDALE RD RUTLAND MA 01543 222583590 501(C)(3) 6500 0 PROGRAM SUPPORT BOYS AND GIRLS CLUB OF FITCHBURGLEOMINSTERGARDNER 365 LINDELL AVE LEOMINSTER MA 01453 043576700 501(C)(3) 6500 0 PROGRAM SUPPORT NORTH CENTRAL CHAMBER OF COMMERCE 860 SOUTH ST FITCHBURG MA 01420 222505324 501(C)(6) 5500 0 PROGRAM SUPPORT NORTH STAR FAMILY SERVICES 758 MAIN STREET LEOMINSTER MA 01453 030387748 501(C)(3) 5500 0 PROGRAM SUPPORT FITCHBURG STATE UNIVERSITY FOUNDATION 160 PEARL STREET FITCHBURG MA 01420 042661048 501(C)(3) 5500 0 PROGRAM SUPPORT 5 2 PART I, LINE 2: ALL ONE CREDIT UNION INFORMALLY FOLLOWS UP WITH GRANT RECIPIENTS AND ENSURES THAT THE GRANT FUNDS ARE USED FOR THE PURPOSE INTENDED. X 1 1 X X X X 0 1 0 BARBARA MAHONEY PRESIDENT/CEO 404972 0 50230 0 17709 0 26400 0 22501 0 521812 0 0 0 JOSEPH NORMANT CFO 251145 0 21467 0 2084 0 22059 0 2262 0 299017 0 0 0 KATIE NAJJAR SVP RETAIL 190420 0 17127 0 1105 0 43195 0 31711 0 283558 0 0 0 CRAIG MADONIA SVP LENDING 198616 0 14740 0 3643 0 17988 0 31829 0 266816 0 0 0 MYCHELLE PHILLIPS SVP OPERATIONS & IT 184259 0 11632 0 2368 0 16008 0 22485 0 236752 0 0 0 ELLEN COUGHLIN SVP HR & DEVELOPMENT 154761 0 13916 0 938 0 14305 0 32953 0 216873 0 0 0 KELLI ROONEY SVP COMMUNITY ENGAGEMENT & MARKETING 163127 0 12587 0 999 0 14137 0 927 0 191777 0 0 0 ANDREW LEBLANC VP INFORMATION TECHNOLOGY 145432 0 4207 0 807 0 12036 0 787 0 163269 0 0 0 PART I, LINE 1A ALL ONE 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 ROBERT DELLECHIAIE, RICHARD SHEPPARD, GIULIO GRECO, JOSEPH QUINTAL, MICHAEL SAUVAGEAU, JOYCE LEGER, HENRY KULIK, AND JOHN REEDY. THESE BENEFIT AMOUNTS ARE INCLUDED IN THE LISTED INDIVIDUALS' REPORTABLE COMPENSATION ON FORM 990, PART VII OR SCHEDULE J, PART II. PART I, LINE 4B KATIE NAJJAR PARTICIPATES IN A NONQUALIFIED DEFERRED COMPENSATION PLAN SPONSORED BY ALL ONE CREDIT UNION. $25,881 IS INCLUDED IN DEFERRED COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II AND REPRESENTS THE NONQUALIFIED RETIREMENT PLAN DEFINED BENEFIT ACCRUAL. BARBARA MAHONEY OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 5675000 5733725 0 1 1 JOSEPH NORMANT OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 2000000 1986781 0 1 1 7720506 FORM 990, PART VI, SECTION A, LINE 4 ALL ONE CREDIT UNION AMENDED ITS ARTICLES OF INCORPORATION TO REFLECT THE NAME CHANGE FROM LEOMINSTER CREDIT UNION TO ALL ONE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 6 ALL ONE CREDIT UNION HAS MEMBERS AS SPECIFIED BY ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A ALL ONE CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B ALL ONE CREDIT UNION MEMBERS HAVE THE POWER TO ELECT AND REMOVE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B ALL ONE 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 ALL ONE 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 15 ALL ONE 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 ALL ONE 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 XI, LINE 9: CURRENT EXPECTED CREDIT LOSS IMPLEMENTATION -1,368,482. FORM 990, PART XII, LINCE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. AOCU INSURANCE SERVICES LLC 20 ADAMS STREET LEOMINSTER MA 01453 452079582 FINANCIAL SERVICES ACTIVITIES MA 1081 19955 ALL ONE CREDIT UNION