Align Credit Union
- Assets
- $748.1m
- Revenue
- $24.2m
- Investments
- $2.6m
- Employees
- 171
- Location
- Lowell, MA
- Founding
- 10/1938
- Data as of
- 12/2021
- EIN
- 04-1680140
Organization Overview
Align Credit Union is located in Lowell, MA. The organization was established in 1938. 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 12/2021, Align Credit Union employed 171 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Align 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 12/2021, Align Credit Union generated $24.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $23.8m during the year ending 12/2021. While expenses have increased by 2.1% per year over the past 7 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
2021
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 AND GRANTING ACCESSIBLE CREDIT TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DIVIDENDS AND INTEREST PAID ON MEMBERS DEPOSITS.
GRANTING CREDIT TO MEMBERS WITH VARIOUS LOAN PRODUCTS.
MEMBER SERVICES INCLUDING DEBIT AND CREDIT CARDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth M Del Rossi President And CEO | OfficerTrustee | 40 | $522,798 |
Thomas Hammond CFO | Officer | 40 | $276,544 |
Brian Bacci Evp/coo | Officer | 40 | $255,973 |
Joanne Mccarthy SVP Retail & Chief Retention Officer | Officer | 40 | $163,787 |
Lydia Vazquez Chief Lending Officer | Officer | 40 | $159,616 |
Maryann Bedard Senior VP Consumer Lending | 40 | $138,059 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Shi International Corp It Services | 12/30/21 | $201,957 |
Vernco Centre Llc Management Company | 12/30/21 | $176,948 |
Rk Framingham Management Company | 12/30/21 | $153,142 |
Computer Services Inc It Services | 12/30/21 | $150,005 |
Fiserv Inc Fi Technology | 12/30/21 | $1,454,369 |
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 | $14,663,309 |
| Investment income | $4,588,236 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $387,701 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,193,748 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $210,933 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,997,465 |
| Compensation of current officers, directors, key employees. | $1,378,717 |
| Compensation of current officers, directors, key employees. | $1,055,315 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,554,368 |
| Pension plan accruals and contributions | $502,789 |
| Other employee benefits | $1,517,091 |
| Payroll taxes | $710,396 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $71,843 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $796,908 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,129,363 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,472 |
| Interest | $619,993 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $928,046 |
| Insurance | $0 |
| All other expenses | $157,944 |
| Total functional expenses | $23,783,699 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,618,775 |
| Savings and temporary cash investments | $44,265,483 |
| 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 | $344,772,102 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $9,045,022 |
| Investments—publicly traded securities | $317,132,396 |
| Investments—other securities | $2,620,600 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $11,631,060 |
| Total assets | $748,085,438 |
| Accounts payable and accrued expenses | $866,105 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| 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 | $672,587,200 |
| Total liabilities | $673,453,305 |
| 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 | $74,632,133 |
| Total liabilities and net assets/fund balances | $748,085,438 |
Grants Awarded
Over the last fiscal year, Align Credit Union has awarded $42,500 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
Lowell, MA PURPOSE: PROGRAM SUPPORT/LOCAL EVENT | $15,000 |
Dracut, MA PURPOSE: LOCAL COMMUNITY EVENT | $10,000 |
Lowell, MA PURPOSE: PROGRAM SUPPORT | $6,000 |
Lowell, MA PURPOSE: PROGRAM SUPPORT/LOCAL EVENT | $6,000 |
MIDDLESEX COMMUNITY COLLEGE PURPOSE: PROGRAM SUPPORT | $5,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Vermont State Employees Credit Union Montpelier, VT | $1,088,463,473 | $48,370,084 |
Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |
St Annes Credit Union Of Fall River Mass Fall River, MA | $1,266,762,131 | $34,865,858 |
Granite State Credit Union Manchester, NH | $634,204,646 | $34,223,432 |
Sikorsky Financial Credit Union Inc Stratford, CT | $1,094,000,567 | $34,623,993 |
Leominster Credit Union Leominster, MA | $813,719,349 | $30,410,755 |
St Marys Credit Union Inc Marlborough, MA | $985,400,554 | $32,310,700 |
Triangle Credit Union Nashua, NH | $877,280,050 | $30,352,425 |
Northern Credit Union Watertown, NY | $435,001,865 | $31,512,409 |
Connex Credit Union Inc North Haven, CT | $868,570,264 | $30,771,499 |
Align Credit Union Lowell, MA | $748,085,438 | $24,193,748 |