Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $26,014,978 · related or exempt $26,014,978

• 2b · Program service revenue: SERVICE CHARGES AND FEE INCOME

  total $6,469,772 · related or exempt $6,412,363 · unrelated business $57,409

• 3 · Investment income

  total $7,932,301 · excluded $7,932,301

• 6a · Gross rents

  real property $92,395

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $92,395

• 6d · Net rental income or loss

  total $92,395 · excluded $92,395

• 7a · Gross sales of assets other than inventory

  other assets $7,454,811

• 7b · Less cost or other basis and sales expenses

  other assets $7,449,729

• 7c · Gain or loss

  other assets $5,082

• 7d · Net gain or loss

  total $5,082 · excluded $5,082

• 11a · Other revenue: CREDIT UNION OWNED LIFE INSURANCE

  total $163,706 · excluded $163,706

• 11e · Other revenue, total

  $163,706

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $168,142

• 5 · Compensation of officers, directors and key employees

  total $1,064,917

• 7 · Other salaries and wages

  total $9,297,301

• 8 · Pension plan contributions

  total $723,291

• 9 · Other employee benefits

  total $1,431,608

• 10 · Payroll taxes

  total $839,353

• 11b · Fees: legal

  total $177,500

• 11c · Fees: accounting

  total $241,935

• 11g · Fees: other

  total $1,033,143

• 12 · Advertising and promotion

  total $380,531

• 13 · Office expenses

  total $2,096,642

• 16 · Occupancy

  total $1,206,985

• 17 · Travel

  total $17,788

• 19 · Conferences, conventions and meetings

  total $49,645

• 20 · Interest

  total $7,082,501

• 22 · Depreciation, depletion and amortization

  total $1,310,413

• 23 · Insurance

  total $142,155

• 24a · Other expenses: BENEFITS PAID TO MEMBER

  total $6,389,281

• 24b · Other expenses: MAINTENANCE AND SERVICE

  total $2,292,623

• 24c · Other expenses: PROVISION FOR LOAN LOSS

  total $1,182,150

• 24d · Other expenses: SECURITY

  total $126,116

• 24e · All other expenses

  total $1,353,850

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $6,822,136 · end of year $7,514,767

• 2 · Savings and temporary cash investments

  beginning of year $21,165,000 · end of year $24,662,000

• 5 · Loans and receivables from officers and key people

  beginning of year $7,650,380 · end of year $7,664,519

• 7 · Other notes and loans receivable

  beginning of year $591,872,080 · end of year $646,931,249

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,429,239 · end of year $1,040,307

• 10a · Land, buildings and equipment: cost or other basis

  $25,948,742

• 10b · Land, buildings and equipment: accumulated depreciation

  $13,444,234

• 10c · Land, buildings and equipment, net

  beginning of year $13,073,823 · end of year $12,504,508

• 11 · Investments: publicly traded securities

  beginning of year $189,767,322 · end of year $177,985,839

• 12 · Investments: other securities

  beginning of year $6,276,500 · end of year $7,766,100

• 15 · Other assets

  beginning of year $26,260,763 · end of year $19,370,077

• 17 · Accounts payable and accrued expenses

  beginning of year $6,678,935 · end of year $5,965,785

• 21 · Escrow or custodial account liability

  beginning of year $2,852,409 · end of year $2,802,799

• 23 · Secured mortgages and notes payable

  beginning of year $140,975,000 · end of year $173,500,000

• 25 · Other liabilities

  beginning of year $661,901,123 · end of year $673,330,092

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $51,909,776 · end of year $49,840,690

The filer's explanations (Part III)

PART I, LINE 1A

LEOMINSTER CREDIT UNION (THE CREDIT UNION) REIMBURSES THE COST OF BOARD-APPROVED SPOUSAL OR SIGNIFICANT OTHER TRAVEL EXPENSES WHEN ACCOMPANYING A DIRECTOR ON AN EDUCATIONAL EVENT OR SPECIAL PLANNING MEETING HELD OFF-SITE FROM THE CREDIT UNION. COSTS INCLUDE TRAVEL, GUEST REGISTRATION, LODGING, MEALS, TELEPHONE CALLS, REFRESHMENTS AND REASONABLE TIPS TO HOTEL EMPLOYEES, CAB AND LIMOUSINE DRIVERS, AND RESTAURANT STAFF. THIS BENEFIT WAS PROVIDED TO RICHARD SHEPPARD, GIULIO GRECO, JOSEPH QUINTAL, MICHAEL SAUVAGEAU, JOYCE LEGER, HENRY KULIK, AND JOHN REEDY. THESE BENEFIT AMOUNTS ARE NOT INCLUDED IN THE LISTED INDIVIDUALS' REPORTABLE COMPENSATION ON FORM 990, PART VII OR SCHEDULE J, PART II.

PART I, LINE 4B

KATIE NAJJAR PARTICIPATED IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) SPONSORED BY LEOMINSTER CREDIT UNION (THE CREDIT UNION). THERE WERE NO CONTRIBUTIONS TO OR DISTRIBUTIONS FROM THE SERP PLAN. THE DEFINED BENEFIT ACCRUAL AMOUNT OF $10,482 IS INCLUDED IN REPORTABLE COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• LCU INSURANCE SERVICES LLC

  FINANCIAL SERVICES ACTIVITIES · MA · income -$1 · assets $18,445

  Directly controlled by LEOMINSTER CREDIT UNION