Alltrust Credit Union
- Assets
- $326.6m
- Revenue
- $14.9m
- Investments
- $2.2m
- Employees
- 77
- Location
- Fairhaven, MA
- Founding
- 10/1934
- Data as of
- 12/2023
- 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 12/2023, Alltrust Credit Union employed 77 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 12/2023, Alltrust Credit Union generated $14.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $14.9m during the year ending 12/2023. While expenses have increased by 8.8% per year over the past 9 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
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 26,863. NUMBER OF LOAN ACCOUNTS IS 3,144 . SCHOLARSHIPS AWARDED TO QUALIFYING APPLICANTS - MEMBERS/MEMBERS' FAMILY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alfred J Peccini Director | Trustee | 3 | $0 |
Charles Murphy Asst. Clerk/treasurer | OfficerTrustee | 3 | $0 |
David S Darmofal Director | Trustee | 3 | $0 |
Kristen Sniezek 2nd Vice Chair | OfficerTrustee | 3 | $0 |
Mark Sylvia Chairman | OfficerTrustee | 3 | $11,500 |
Pamela Bourgault 1st Vice Chair | OfficerTrustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Card Servicing/debit Cards | 12/30/23 | $256,258 |
Sinclair Broadcast Group Marketing | 12/30/23 | $123,650 |
Cuna Mutualgroup Business Insurance | 12/30/23 | $151,748 |
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 | $13,405,540 |
| Investment income | $1,020,605 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $138,969 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,866,095 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $28,974 |
| 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. | $703,954 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,093,368 |
| Pension plan accruals and contributions | $274,279 |
| Other employee benefits | $742,927 |
| Payroll taxes | $340,641 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,217 |
| Fees for services: Accounting | $201,043 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $143,022 |
| Advertising and promotion | $292,619 |
| Office expenses | $221,713 |
| Information technology | $835,116 |
| Royalties | $0 |
| Occupancy | $501,818 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,034 |
| Interest | $4,788,241 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $830,054 |
| Insurance | $0 |
| All other expenses | $135,617 |
| Total functional expenses | $14,935,599 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,275,958 |
| Savings and temporary cash investments | $1,014,918 |
| 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 | $280,103,835 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $700,360 |
| Net Land, buildings, and equipment | $8,337,035 |
| Investments—publicly traded securities | $4,681,804 |
| Investments—other securities | $2,244,700 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,201,981 |
| Total assets | $326,560,591 |
| Accounts payable and accrued expenses | $2,541,109 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $693,860 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $53,500,000 |
| Other liabilities | $239,924,006 |
| Total liabilities | $296,658,975 |
| 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 | $29,901,616 |
| Total liabilities and net assets/fund balances | $326,560,591 |