Alltrust Credit Union
- Assets
- $299.3m
- Revenue
- $13.0m
- Investments
- $1.1m
- Employees
- 71
- Location
- Fairhaven, MA
- Founding
- 10/1934
- Data as of
- 12/2021
- EIN
- 04-1853650
Organization Overview
Alltrust Credit Union is located in Fairhaven, 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 12/2021, Alltrust Credit Union employed 71 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Alltrust 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, Alltrust Credit Union generated $13.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.5% each year. All expenses for the organization totaled $11.6m during the year ending 12/2021. While expenses have increased by 7.4% 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
CREDIT UNION - THRIFT SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTENANCE OF MEMBERS' DEPOSIT AND LOAN ACCOUNTS. NUMBER OF DEPOSIT ACCOUNTS IS 28,687. NUMBER OF LOAN ACCOUNTS IS 3,590 . SCHOLARSHIPS AWARDED TO QUALIFYING APPLICANTS - MEMBERS/MEMBERS' FAMILY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Raymond Goulart Avp, Mortgage Loan Office | 40 | $446,155 | |
Carmen F Sylvester President & CEO | Officer | 40 | $323,162 |
Lea Benson Avp, Mortgage Loan Office | 40 | $253,288 | |
Michael S Gago Chief Lending Officer | Officer | 40 | $227,018 |
Jean Correia Avp, Mortgage Loan Office | 40 | $222,987 | |
Kevin Melo Avp, Mortgage Loan Office | 40 | $174,143 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Soldus Inc Building Construction | 12/30/21 | $3,211,551 |
Ncr Corporation Digital Banking | 12/30/21 | $313,042 |
New England Money Handling Systems Money Handling | 12/30/21 | $422,562 |
Corelation Inc Digital Banking | 12/30/21 | $313,631 |
Fiserv Inc Processing Services | 12/30/21 | $285,147 |
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 | $9,901,463 |
| Investment income | $243,098 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,576,190 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,016,630 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $32,240 |
| Grants and other assistance to domestic individuals. | $5,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $550,180 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $3,499,953 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $371,072 |
| Other employee benefits | $811,444 |
| Payroll taxes | $460,426 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $40,117 |
| Fees for services: Accounting | $151,017 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $302,885 |
| Advertising and promotion | $534,839 |
| Office expenses | $275,390 |
| Information technology | $932,498 |
| Royalties | $0 |
| Occupancy | $409,061 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,201 |
| Interest | $1,122,146 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $473,715 |
| Insurance | $92,645 |
| All other expenses | $112,247 |
| Total functional expenses | $11,561,477 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,384,109 |
| Savings and temporary cash investments | $826,269 |
| 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 | $242,098,259 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $386,829 |
| Net Land, buildings, and equipment | $9,584,337 |
| Investments—publicly traded securities | $8,385,538 |
| Investments—other securities | $1,139,300 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $11,460,330 |
| Total assets | $299,264,971 |
| Accounts payable and accrued expenses | $1,114,977 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,459,366 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $20,000,000 |
| Other liabilities | $247,347,466 |
| Total liabilities | $269,921,809 |
| 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 | $29,343,162 |
| Total liabilities and net assets/fund balances | $299,264,971 |
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 |