ST ANNES CREDIT UNION OF FALL RIVER MASS: Form 990, tax year 2024
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- Organization
- ST ANNES CREDIT UNION OF FALL RIVER MASS (EIN 04-2128094)
- Tax period
- 2024-01-01 to 2024-12-31
- Filed
- 2025-11-12
- IRS object ID
- 202503169349306865
- Schema version
- 2024v5.2
- 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 | 2025-11-12T14:42:28-06:00 | ReturnTs |
| Tax Period End | 2024-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 010494526 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Baker Newman & Noyes | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO Box 507 | AddressLine1Txt |
| City | Portland | CityNm |
| State Abbreviation | ME | StateAbbreviationCd |
| ZIP | 04112 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2024-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 042128094 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | St Anne's Credit Union | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | STAN | BusinessNameControlTxt |
| Phone | 5083247300 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 286 Oliver Street | AddressLine1Txt |
| City | Fall River | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02724 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | Peter Panaggio | PersonNm |
| Person Title | EVP/CFO | PersonTitleTxt |
| Phone | 5083247300 | PhoneNum |
| Signature | 2025-11-11 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | Connor Smart | PreparerPersonNm |
| PTIN | P02285543 | PTIN |
| Phone | 2078792100 | PhoneNum |
| Preparation | 2025-11-11 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2024 | TaxYr |
| Build TS | 2025-03-06 01:10:19Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | Peter Panaggio | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 286 Oliver Street | AddressLine1Txt |
| City | Fall River | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02724 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $57,274,815 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | www.stannes.com | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1935 | FormationYr |
| Legal Domicile State | MA | LegalDomicileStateCd |
| Activity Or Mission | St. Anne's Credit Union (the "Credit Union") provides a variety of financial services to its members through its full service offices and loan centers in southeastern Massachusetts. Its primary deposit products are savings, checking, money market, and term certificate accounts and its primary lending assets are residential mortgage, commercial mortgage and consumer loans. | ActivityOrMissionDesc |
| Voting Members Governing Body | 10 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 7 | VotingMembersIndependentCnt |
| Total Employee | 166 | TotalEmployeeCnt |
| Total Volunteers | 10 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $29,927,657 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $48,882,747 | CYProgramServiceRevenueAmt |
| PY Investment Income | $6,925,371 | PYInvestmentIncomeAmt |
| CY Investment Income | $6,094,556 | CYInvestmentIncomeAmt |
| PY Other Revenue | $4,174,548 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $41,027,576 | PYTotalRevenueAmt |
| CY Total Revenue | $54,977,303 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $152,992 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $179,253 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $13,888,133 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $12,972,526 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $24,962,104 | PYOtherExpensesAmt |
| CY Other Expenses | $38,952,585 | CYOtherExpensesAmt |
| PY Total Expenses | $39,003,229 | PYTotalExpensesAmt |
| CY Total Expenses | $52,104,364 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $2,024,347 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $2,872,939 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $1,199,974,669 | TotalAssetsBOYAmt |
| Total Assets EOY | $1,349,433,146 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $1,089,480,104 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $1,235,715,626 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $110,494,565 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $113,717,520 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | St. Anne's Credit Union (the "Credit Union") provides a variety of financial services to its members through its full service offices and loan centers in southeastern Massachusetts. Its primary deposit products are savings, checking, money market, and term certificate accounts and its primary lending assets are residential mortgage, commercial mortgage and consumer loans. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | St. Anne's Credit Union is a cooperative owned, directed by, and dedicated to is members. At the end of 2024, the Credit Union had $1,020,558,000 share account deposits and $1,024,892,000 in loans to members. | Desc |
| 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 | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | 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 | Yes (1) | 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 | Yes (1) | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 31044 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 166 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| 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 | 10 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 7 | 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 | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | Yes (1) | LocalChaptersInd |
| Policies Reference Chapters | Yes (1) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | 0 | 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 | Peter Panaggio EVPCFO | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 5083247300 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 286 Oliver Street | AddressLine1Txt |
| City | Fall River | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02724 | 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 |
|---|---|---|---|---|---|---|---|---|
| Jo-Ann Bentley | ||||||||
| Director | 1.00 | Yes (X) | $762 | $0 | $3,799 | |||
| Colleen Brady | ||||||||
| Director | 1.00 | Yes (X) | $258 | $0 | $8,098 | |||
| Claire Entel | ||||||||
| Director | 1.00 | Yes (X) | $762 | $0 | $5,819 | |||
| Kevin C Fitzpatrick | ||||||||
| Director | 1.00 | Yes (X) | $396 | $0 | $7,967 | |||
| Bernard J McDonald III | ||||||||
| Director | 1.00 | Yes (X) | $396 | $0 | $4,452 | |||
| Yonaton Sunshine | ||||||||
| Director | 1.00 | Yes (X) | $60 | $0 | $8,098 | |||
| Kevin Vieira | ||||||||
| Director | 1.00 | Yes (X) | $60 | $0 | $6,842 | |||
| William R Bouchard | ||||||||
| Chair | 1.00 | Yes (X) | $23,878 | $0 | $7,962 | Yes (X) | ||
| John R Ledwidge | ||||||||
| Vice Chair | 1.00 | Yes (X) | $25,673 | $0 | $7,960 | Yes (X) | ||
| Bruce E Fernandes | ||||||||
| Treasurer/Clerk | 1.00 | Yes (X) | $16,680 | $0 | $8,098 | Yes (X) | ||
| Eileen Migliozzi | ||||||||
| President/CEO | 40.00 | $951,846 | $0 | $108,681 | Yes (X) | |||
| Peter Panaggio | ||||||||
| EVP/CFO | 40.00 | $290,086 | $0 | $86,658 | Yes (X) | |||
| Joseph Nash | ||||||||
| SVP/Chief Lending Officer | 40.00 | $239,350 | $0 | $52,592 | Yes (X) | |||
| Michelle Marcos | ||||||||
| SVP Human Resources | 40.00 | $204,596 | $0 | $37,798 | Yes (X) | |||
| Karen Skinner | ||||||||
| SVP Operations & Compliance | 40.00 | $186,780 | $0 | $37,915 | Yes (X) | |||
| Jeremy Turner | ||||||||
| VP Information Technology | 40.00 | $159,610 | $0 | $41,104 | Yes (X) | |||
| Luisa Rochester | ||||||||
| VP Residential Lending | 40.00 | $158,862 | $0 | $19,820 | Yes (X) | |||
| Robin Levesque | ||||||||
| SVP Branch Administration | 40.00 | $142,229 | $0 | $25,353 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $2,402,284 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $479,016 | 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 | |||||
| 255 Fiserv Drive | Brookfield | WI | 53045 | Technology solutions | $3,229,986 |
| Cornerstone Advisors of Arizona LLC | |||||
| 7272 E Indian School Road 400 | Scottsdale | AZ | 85251 | Contract consulting | $572,338 |
| EasCorp | |||||
| 35 Corporate Drive 300 | Burlington | MA | 01803 | Cash management services | $346,530 |
| Legacy General Contracting Inc | |||||
| 551 Warren Avenue | East Providence | RI | 02914 | Contractor services | $233,632 |
| Mallard Printing Inc | |||||
| PO Box 4158 | Fall River | MA | 02723 | Printing services | $223,699 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 16 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (4 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| Interest on loans | 525900 | $44,569,409 | $44,569,409 |
| Customer service fees | 525900 | $3,532,590 | $3,532,590 |
| Loan fees | 525900 | $667,291 | $667,291 |
| Life insurance plans | 524298 | $113,457 | $113,457 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $48,882,747 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $6,061,068 | TotalRevenueColumnAmt |
| Exclusion | $6,061,068 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $2,331,000 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $2,297,512 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $33,488 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $33,488 | TotalRevenueColumnAmt |
| Exclusion | $33,488 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $54,977,303 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $48,882,747 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $6,094,556 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $155,253 | TotalAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $24,000 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,867,233 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $8,265,596 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $448,898 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,631,863 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $758,936 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $340,511 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $182,338 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $622,873 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $798,415 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,789,938 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,048,990 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,729,980 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $38,045 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $178,114 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $22,892,742 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,205,746 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $286,228 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| Bank, loan, ATM Fees | $2,397,831 |
| Provision for bad debts | $1,353,774 |
| Banking/credit services | $811,212 |
| Credit reward programs | $275,848 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $52,104,364 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $5,210,452 | BOYAmt |
| EOY | $9,445,530 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $56,565,717 | BOYAmt |
| EOY | $58,708,589 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $9,425,344 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $837,749,249 | BOYAmt |
| EOY | $1,024,891,873 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $844,181 | BOYAmt |
| EOY | $1,652,383 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $45,430,486 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $25,046,454 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $19,145,311 | BOYAmt |
| EOY | $20,384,032 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $257,977,782 | BOYAmt |
| EOY | $205,929,686 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $22,481,977 | BOYAmt |
| EOY | $18,995,709 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,199,974,669 | BOYAmt |
| EOY | $1,349,433,146 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,754,311 | BOYAmt |
| EOY | $6,485,377 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,020,095 | BOYAmt |
| EOY | $2,142,518 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,084,705,698 | BOYAmt |
| EOY | $1,227,087,731 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,089,480,104 | BOYAmt |
| EOY | $1,235,715,626 | 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 | $110,494,565 | BOYAmt |
| EOY | $113,717,520 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $110,494,565 | BOYAmt |
| EOY | $113,717,520 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,199,974,669 | BOYAmt |
| EOY | $1,349,433,146 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $2,872,939 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $350,016 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| 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 | $5,266,335 | OtherCostOrOtherBasisAmt |
| Book Value | $5,266,335 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $26,009,010 | OtherCostOrOtherBasisAmt |
| Depreciation | $14,296,121 | DepreciationAmt |
| Book Value | $11,712,889 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,560,019 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,103,081 | DepreciationAmt |
| Book Value | $456,938 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $10,265,924 | OtherCostOrOtherBasisAmt |
| Depreciation | $7,513,361 | DepreciationAmt |
| Book Value | $2,752,563 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,329,198 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,133,891 | DepreciationAmt |
| Book Value | $195,307 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $20,384,032 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (4 entries)
| DescDesc | AmtAmt |
|---|---|
| Member deposits | $1,018,415,712 |
| FHLB advances | $207,689,884 |
| Lease liabilities | $747,652 |
| Other liabilities | $234,483 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $1,227,087,731 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $54,529,577 | TotalRevEtcAuditedFinclStmtAmt |
| Net Unrealized Gains Invst | $350,016 | NetUnrealizedGainsInvstAmt |
| Revenue Not Reported | $350,016 | RevenueNotReportedAmt |
| Revenue Subtotal | $54,179,561 | RevenueSubtotalAmt |
| Other Revenues Not Included | $797,742 | OtherRevenuesNotIncludedAmt |
| Revenue Not Reported Fincl Stmt | $797,742 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $54,977,303 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $51,306,622 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $51,306,622 | ExpensesSubtotalAmt |
| Other Expenses Not Included | $797,742 | OtherExpensesNotIncludedAmt |
| Expenses Not Rpt Fincl Stmt | $797,742 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $52,104,364 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (4 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Part IV, Line 2b: | St. Anne's Credit Union as part of loan operations collects payments from borrowers to be held in escrow to pay real estate taxes and homeowners insurance premiums. As of the end of this tax year, the Credit Union is reporting approximately $2,143,000 of mortgagers' escrow accounts within its financial statements. This balance is included within total deposit liabilities. Additionally, The Credit Union has transferred a portion of its originated commercial real estate loans to participating lenders. The amounts transferred have been accounted for as sales and are therefore not included in the Credit Union's accompanying balance sheets. The Credit Union and participating lenders share ratably in cash flows and any gains or losses that may result from a borrower's lack of compliance with contractual terms of the loan. The Credit Union continues to service the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments (net of servicing fees) to participating lenders and disburses required escrow funds to relevant parties. At December 31, 2024, the Credit Union was servicing loans for participants aggregating $1,732,000. |
| Part X, Line 2: | The Credit Union is exempt from federal and state taxes on income under provisions of the Internal Revenue Code and state 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. There are no uncertain tax positions that require accrual or disclosure at December 31, 2024 or 2023. |
| Part XI, Line 4b - Other Adjustments: | Loan and interest processing fees, net against revenue accounts 797,742. |
| Part XII, Line 4b - Other Adjustments: | Loan and interest processing fees, net against revenue accounts 797,742. |
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 |
|---|---|---|---|---|---|---|---|---|
| Cooperative Credit Union Association | ||||||||
| 845 Donald Lynch Boulevard | Marlborough | MA | 01752 | 043403594 | 501(c)(6) | $8,150 | $0 | Build a Bed and annual appeals |
| EasCorp Credit Unions at Heart | ||||||||
| 35 Corporate Drive Suite 300 | Burlington | MA | 01803 | 814905853 | 501(c)(3) | $11,500 | $0 | First Downs to Fight Pediatric Brain Cancer |
| Fall River Historical Society | ||||||||
| 451 Rock Street | Fall River | MA | 02720 | 042125012 | 501(c)(3) | $6,000 | $0 | Annual Fundraiser |
| Narragansett Council Boy Scouts of America | ||||||||
| 223 Scituate Avenue | Cranston | RI | 02921 | 050308384 | 501(c)(3) | $10,496 | $0 | Annual fundraiser |
| One Southcoast Chamber | ||||||||
| 200 Pocasset Street | Fall River | MA | 02721 | 843311136 | 501(c)(6) | $15,750 | $0 | Sponsorships for forums and public events |
| Plymouth Area Chamber of Commerce | ||||||||
| 100 Armstrong Road 204 | Plymouth | MA | 02360 | 042078732 | 501(c)(6) | $8,642 | $0 | Sponsorships for forums and public events |
| United Way of Greater Fall River | ||||||||
| 30 Bedford Street | Fall River | MA | 02720 | 042104026 | 501(c)(3) | $14,250 | $0 | Sponsorships and funding for charitable operations |
| United Way of Greater New Bedford Inc | ||||||||
| 128 Union Street 403 | New Bedford | MA | 02740 | 042104264 | 501(c)(3) | $12,000 | $0 | Sponsorships and funding for charitable operations |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 5 | Total501c3OrgCnt |
| Total Other Org | 3 | TotalOtherOrgCnt |
Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Type | Scholarships | GrantTypeTxt |
| Recipient | 12 | RecipientCnt |
| Cash Grant | $24,000 | CashGrantAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Part I, Line 2: | FormAndLineReferenceDesc |
| Explanation | St. Anne's Credit Union is committed to playing an active role in the betterment of its community. One way the Credit Union furthers this goal is to provide charitable grant and award programs. These grant programs include working to provide higher education advancement opportunities for the future leaders of our society. We offer a number of annual scholarship opportunities to help local students excel and reach their fullest potential. These scholarships are open to students from Massachusetts and Rhode Island communities in the Credit Union's service area. The Credit Union may also from time-to-time pay awards to other charitable and non-profit entities operating in its service area that advance causes that align with the goals and priorities of the Credit Union and its membership. The management team and Board of Directors reviews each application carefully to ensure any disbursements of funds are used on qualifying, charitable purposes. Grants and awards are monitored closely to ensure that expenditures are appropriate and awarded funds are used in accordance with their designated purposes. | 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 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Eileen Migliozzi | ||||||||||||||
| President/CEO | $526,722 | $0 | $31,250 | $0 | $393,874 | $0 | $70,700 | $0 | $37,981 | $0 | $1,060,527 | $0 | $392,951 | $0 |
| Peter Panaggio | ||||||||||||||
| EVP/CFO | $275,348 | $0 | $13,832 | $0 | $906 | $0 | $51,676 | $0 | $34,982 | $0 | $376,744 | $0 | $0 | $0 |
| Joseph Nash | ||||||||||||||
| SVP/Chief Lending Officer | $229,401 | $0 | $7,348 | $0 | $2,601 | $0 | $14,610 | $0 | $37,982 | $0 | $291,942 | $0 | $0 | $0 |
| Michelle Marcos | ||||||||||||||
| SVP Human Resources | $197,553 | $0 | $6,137 | $0 | $906 | $0 | $9,357 | $0 | $28,441 | $0 | $242,394 | $0 | $0 | $0 |
| Karen Skinner | ||||||||||||||
| SVP Operations & Compliance | $180,222 | $0 | $5,652 | $0 | $906 | $0 | $7,856 | $0 | $30,059 | $0 | $224,695 | $0 | $0 | $0 |
| Jeremy Turner | ||||||||||||||
| VP Information Technology | $153,714 | $0 | $5,568 | $0 | $328 | $0 | $9,982 | $0 | $31,122 | $0 | $200,714 | $0 | $0 | $0 |
| Luisa Rochester | ||||||||||||||
| VP Residential Lending | $152,079 | $0 | $5,417 | $0 | $1,366 | $0 | $4,820 | $0 | $15,000 | $0 | $178,682 | $0 | $0 | $0 |
| Robin Levesque | ||||||||||||||
| SVP Branch Administration | $136,098 | $0 | $4,409 | $0 | $1,722 | $0 | $8,689 | $0 | $16,664 | $0 | $167,582 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Part I, Line 1a | A Director may be reimbursed for actual expenses incurred in the performance of their responsibilities as a Director or as a Member of any Committee. Request for reimbursement must be submitted in writing along with the appropriate receipts attached and proper reimbursement form. Out of pocket expenses for incidentals, such as gratuities for porters and other luggage assistance personnel, bellboys, valets, room tips, food vendors, and airport assistance personnel, and other reasonable expenses in which receipts could not be obtained will be limited to $125 per conference. All expense forms submitted must be done so within 45 days of incurring the expense and will then be reviewed and approved by the Controller/Finance and reported to the Board of Directors monthly. The annual budget of the credit union shall contain a line item to address Directors' expenses. The Director may bring his or her spouse or other companion. The credit union will pay for travel, lodging, meals and related expenses of both the Director and the other person. It is very common and not unreasonable in any industry for conference and seminar attendees to bring a travel guest or companion. This policy therefore allows a Director to bring a spouse, relative, friend, employee, business associate, or caregiver. Having the Director attendee bring a guest further allows for comfortable participation, assistance in the travel process as well as having an opportunity to better inform and educate the guest about the credit union and the financial services industry. It also will give the guest an appreciation for the time and effort that the volunteer Directors give in discharging their responsibility as a Director. Attending such events affords Directors the opportunity to be exposed to additional information, knowledge, and ideas and to interact with other individuals performing similar responsibilities so they may better represent their members in their position. Directors and their spouse or companion will be limited to three such educational conferences, seminars, or conventions a year, unless otherwise recognized and voted by the Board of Directors. The three conference limit does not include expenses incurred in participation in any strategic planning sessions. Any expenditure associated with performance of their responsibility as a Director or member of a committee or in acting for or on behalf of the credit union shall include the conference, sponsor group, dates, location, amount to be approved, Directors name, and accompany guest for approval by the Board of Directors. During the period covered by this Form 990 tax return, the following individuals received reimbursements for companion travel costs: - Bill Bouchard: $1,291 - Bruce Fernandes: $2,087 - Claire Entel: $2,198 - John Ledwidge: $1,776 - Yoni Sunshine: $1,201 - Colleen Brady: $1,082 |
| Part I, Line 4b | The Credit Union maintains 457(f) supplemental executive retirement plans ("SERPs") with various key officers and top executives of the Organization. The SERP agreements allow for employer-paid contributions only. Under the SERP agreements, the Credit Union is to make contributions to a participants' accounts over a series of five years, which then cumulatively vest as of the last day of the fifth year. Subsequent employer-paid contributions to the participants' SERPs after the initial five years opening the agreement are subject to the review and approval of the Board of Directors and are based upon budgetary constraints and approved compensation and benefit arrangements. For the period covered by this Form 990 tax return, certain executives and officers of the Credit received credits into their SERP accounts. These credits are expected to be vested and payable in future years, along with other accumulative credits to the SERP accounts through the applicable vesting period. Accordingly, such amounts have been reported on this Form 990, Schedule J, Part II, Column C as deferred compensation. Individuals reported on this Form 990 who received such SERP credits are as follows: - Eileen Migliozzi: $50,000 - Peter Panaggio: $35,000 Additionally, during this tax year, Eileen Migliozzi, Credit Union President/CEO, received taxable distributions from her SERP of $392,951. This payment relates to amounts credited to her SERP during the years 2019 through 2023, and which vested to her as of December 31, 2023. As these distributions are considered taxable income to her and relate to amounts deferred to her SERP account in previous years, these distributions have included within amounts reported on this Form 990, Schedule J, Part II, Column B(iii), Other Income; as well as within amounts reported on Column F, Compensation Reported as Deferred on Prior Forms 990. |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Directors and Officers | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Relationship With Org | Directors and Officers | RelationshipWithOrgTxt |
| Loan From Organization | Yes (X) | LoanFromOrganizationInd |
| Default | 0 | DefaultInd |
| Board Or Committee Approval | Yes (1) | BoardOrCommitteeApprovalInd |
| Written Agreement | Yes (1) | WrittenAgreementInd |
Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp
Name Of Interested NameOfInterested
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | Kevin Fitzpatrick | PersonNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Relationship Description | Director | RelationshipDescriptionTxt |
| Transaction | $148,677 | TransactionAmt |
| Transaction | Kevin Fitzpatrick served on St. Anne's Credit Union's Board of Directors in 2024. Kevin Fitzpatrick is also the owner and CEO of Advanced Alarm Systems, an alarm systems service provider. The Credit Union engaged in transactions with Advanced Alarm Systems to provide alarm services during this reporting period. These transactions individually exceeded $10,000 and in aggregate summed to $148,677 by the end of this tax year. All transactions between the Credit Union and Advanced Alarm Systems were negotiated at fair market value and at arm's-length in accordance with the Credit Union's conflict of interest policy. | TransactionDesc |
| Sharing Of Revenues | 0 | SharingOfRevenuesInd |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Form 990, Schedule L, Part II | FormAndLineReferenceDesc |
| Explanation | Some of the Credit Union's Officers and Directors have loans outstanding with the Credit Union. These loans were obtained in the ordinary course of business of the Credit Union, and the terms of the loans were agreed upon under the same terms and conditions as available to all members.Form 990, Schedule L, Part II, is intended to report all loans to and/or from Interested Persons and 990-filing tax-exempt organizations. However, Loans from a tax-exempt Credit Union made to an interested person under the same terms as offered to other members are explicitly excepted from such disclosure requirements. Therefore, specifics as to such Board Member loans and deposits with the Credit Union have been excluded from this Form 990, Schedule L, in accordance with IRS Instructions. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Form 990, Part VI, Section A, line 6 | The St. Anne Credit Union is a member-only credit union that is open to people who reside, work, attend school, or have a place of business in: (i) the Massachusetts counties of Bristol, Barnstable, Norfolk, Plymouth or Suffolk; (ii) the Rhode Island counties of Bristol, Newport, or Providence; (iii) the following additional cities/towns in Rhode Island: Coventry, East Greenwich, Warwick, West Warwick, or North Kingstown. |
| Form 990, Part VI, Section A, line 7a | The Credit Union's membership exerts powers and responsibilities over the Credit Union's board composition in the following ways: 1. A Special Nominating Meeting of the Credit Union's membership shall take place at least one month before the Annual Meeting for the purpose of presenting nominations for Directors to be elected at the next Annual Meeting. Nominations are made by the membership at the Nominating Meeting. 2. The Board of Directors are elected by the membership at the Credit Union's annual meetings. |
| Form 990, Part VI, Section A, line 7b | The Credit Union's membership exerts powers and responsibilities over the Credit Union's governance decisions in the following ways: 1. The Credit Union maintains a Credit Committee, responsible for assessing the credit worthiness of applicants for loans and lines of credit. This Committee is to be composed of at least one (1) member of the Board of Directors and not fewer than three (3) nor more than five (5) individuals from the Credit Union's membership. 2. The Credit Union maintains an Investment Committee, which is responsible for the hiring and oversight of investment advisors, brokers, accountants, and the Credit Union's financial performance. The Investment Committee shall be elected by the Board of Directors from among its members, and shall consist of at least one (1) member of the Board of Directors and not fewer than three (3) nor more than five (5) individuals from the Credit Union's membership. 3. The Credit Union maintains an Audit Committee. The Auditing Committee shall make, or cause to be made, such audits, and to prepare and submit such written reports, as are required by applicable law and regulations and safe and sound practices. The Auditing Committee shall be elected by the Board of Directors from among its members, and shall consist of not fewer than three (3) nor more than five (5) Directors, provided that (i) no officer may be a member of the Auditing Committee and (ii) no person may be a member of both the Credit Committee and the Auditing Committee. The Auditing Committee members shall elect one (1) of the members as Chairperson. 4. The charter and bylaws of the Credit Union shall be made available for inspection by any member, and such documents may be amended by the members at an annual meeting or special meeting by majority vote. |
| Form 990, Part VI, Section B, line 11b | For the period covered by this Form 990, the Credit Union has engaged an independent public accounting firm to prepare the Credit Union's annual Form 990 tax return. The Form 990 was prepared in coordination with the Credit Union's chief financial officer. The Board of Directors delegated the responsibility to review and approve the Form 990 to the CFO. The Board may be provided a copy of the Form 990 upon request. |
| Form 990, Part VI, Section B, line 12c | Each St. Anne's Credit Union employee and board member must avoid any conflict of interest that might result in personal benefit to the employee or members of the employee's family. Similarly, any appearance of such conflict of interest should be avoided. Personal benefit is defined as any type of gift, favor, gratuity, service, entertainment, compensation, fee, loan or legacy and no such present or future benefit, which could be perceived as arising from a business relationship, shall be accepted by the employee from any member, potential member or supplier of St. Anne's Credit Union. In keeping with this policy, the giving or receiving of a gift is prohibited unless the gift is of nominal value (less than $25.00) and a refusal to accept it would be a business discourtesy. Under federal and state statutes, it is illegal for Credit Union directors or employees to receive gifts, fees or anything of value in connection with the extension of credit. St. Anne's Credit Union employees are not permitted to knowingly authorize the extension of credit, direct or indirect, to any person, partnership, association, corporation, other business entity or trust where there exists a family relationship to the employee. Family relationship is defined as employee's relative by blood, marriage or adoption. Members of the Credit Union's Board and the Credit Union's employees are expected to understand and comply with this conflict of interest policy during their term of service and to disclose any perceived or possible conflicts as they become known. |
| Form 990, Part VI, Section B, line 15a | The Credit Union employs a thorough and rigorous review and approval process for any compensation and benefits paid to its President and CEO. The Credit Union's human resources team coordinates with the Board's executive committee to evaluate the performance of the Credit Union's CEO based on a multi-point evaluation and analysis, adjusted for current market trends and conditions. Factors considered by this group of reviewers include return on assets under the considered individual's tenure; efficiency in operations and in use of assets; membership growth; budget constraints as well as adherence to budgetary guidelines and restrictions; and long-term organizational strategies. After arriving at an agreed upon executive compensation and benefits package, the recommendations are sent by the committees to the Board of Directors for their own review and consideration. CEO compensation then only becomes effective upon the approval of the Board. The Board may also review and approve incentive and discretionary compensation items as they may occur, for officers and key employees other than the CEO. However, because the compensation and benefits paid to officers and key employees other than the CEO are also subject to the review and insight of the CEO, this Form 990, Section B, Line 15b has been answered "no." |
| Form 990, Part VI, Section C, line 19 | The organization's governing documents, financial statements and Form 990 are available upon request to the general public. |
| Form 990, Part XII, Line 2c: | For its year ending December 31, 2024, the Organization engaged Baker Newman & Noyes, LLC, an independent certified public accounting firm, to audit its financial statements and to assist in the preparation and filing of its annual Form 990. Baker Newman & Noyes was not engaged by the Organization prior to this filing period. Accordingly, the engagement with Baker Newman & Noyes represents a change in audit procedures and processes. However, the audit was subject to the same oversight and review procedures by the Organization as was done with the predecessor firm. |