Allcom Credit Union
- Assets
- $78.7m
- Revenue
- $3.3m
- Investments
- $93.7k
- Employees
- 24
- Location
- Worcester, MA
- Founding
- 11/1934
- Data as of
- 12/2023
- EIN
- 04-1163260
Organization Overview
Allcom Credit Union is located in Worcester, MA. The organization was established in 1934. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Allcom Credit Union employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Allcom Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2023, Allcom Credit Union generated $3.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $2.7m during the year ending 12/2023. While expenses have increased by 3.0% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CREDIT UNION ACCEPTS DEPOSITS AND GRANTS LOANS TO ITS MEMBERS. BENEFITS PAID ARE DIVIDENDS ON DEPOSIT ACCOUNTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DIVIDENDS AND INTEREST PAID ON MEMBERS DEPOSITS.
GRANTING OF CREDIT (CONSUMER AND MORTGAGE LOAN PRODUCTS) TO MEMBERS.
OFFERING OF DEBIT AND CREDIT CARD SERVICES FOR MEMBER PURCHASES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John J Naughton Chairman Of The Board | Trustee | 2 | $2,000 |
James A Ciullo Clerk & Director | Trustee | 0 | $0 |
Dennis F Grimaldi Director | Trustee | 0 | $0 |
Scott Morrison Treasurer & Director | OfficerTrustee | 2 | $1,375 |
Sean M Hunter Vice Chairman Of The Board | Trustee | 0 | $0 |
Kevin Maguire Jr Chairman, Credit Committee | Trustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nes Group Inc Construction | 12/30/21 | $355,083 |
Synergent It Services | 12/30/21 | $249,939 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,941,630 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $861,292 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,270,336 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $406,315 |
| Compensation of current officers, directors, key employees. | $236,390 |
| Compensation of current officers, directors, key employees. | $236,390 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $699,436 |
| Pension plan accruals and contributions | $46,924 |
| Other employee benefits | $93,759 |
| Payroll taxes | $72,153 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $27,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $60,740 |
| Office expenses | $67,144 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $139,953 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,758 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $131,856 |
| Insurance | $19,858 |
| All other expenses | $44,440 |
| Total functional expenses | $2,685,476 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $270,115 |
| Savings and temporary cash investments | $18,412,976 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $43,781,472 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $43,634 |
| Net Land, buildings, and equipment | $2,051,710 |
| Investments—publicly traded securities | $11,507,986 |
| Investments—other securities | $93,700 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,541,329 |
| Total assets | $78,702,922 |
| Accounts payable and accrued expenses | $167,321 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $366,867 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $66,712,213 |
| Total liabilities | $67,246,401 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $11,456,521 |
| Total liabilities and net assets/fund balances | $78,702,922 |