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Nonprofiteer
← NORTHEAST CREDIT UNION

Form 990 for tax year 2022

Filed by NORTHEAST CREDIT UNION.

Totals

Total revenue
$83,517,105
Total expenses
$70,656,715
Contributions and grants received
$0
Grants paid
$40,000
Program service revenue
$75,602,259
Investment income
$7,914,846
Other revenue
$0
Total assets, end of year
$1,893,357,956
Total liabilities, end of year
$1,723,859,902
Net assets or fund balances, end of year
$169,498,054
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: LOAN INCOME

    total $54,163,737 · related or exempt $54,163,737

  • 2b · Program service revenue: OTHER INCOME

    total $14,742,576 · related or exempt $14,533,158 · unrelated business $209,418

  • 2c · Program service revenue: TOTAL FEES INCOME

    total $6,695,946 · related or exempt $6,695,946

  • 3 · Investment income

    total $7,764,105 · excluded $7,764,105

  • 7a · Gross sales of assets other than inventory

    other assets $150,741

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

    other assets $0

  • 7c · Gain or loss

    other assets $150,741

  • 7d · Net gain or loss

    total $150,741 · excluded $150,741

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $40,000

  • 5 · Compensation of officers, directors and key employees

    total $4,188,152

  • 7 · Other salaries and wages

    total $20,370,434

  • 8 · Pension plan contributions

    total $2,327,893

  • 9 · Other employee benefits

    total $2,981,130

  • 10 · Payroll taxes

    total $2,044,806

  • 11b · Fees: legal

    total $98,842

  • 11c · Fees: accounting

    total $607,002

  • 11f · Fees: investment management

    total $4,819

  • 11g · Fees: other

    total $789,735

  • 12 · Advertising and promotion

    total $1,593,313

  • 13 · Office expenses

    total $6,001,419

  • 14 · Information technology

    total $2,782,939

  • 16 · Occupancy

    total $2,496,730

  • 17 · Travel

    total $118,284

  • 19 · Conferences, conventions and meetings

    total $642,507

  • 20 · Interest

    total $7,822,066

  • 22 · Depreciation, depletion and amortization

    total $2,955,111

  • 23 · Insurance

    total $294,149

  • 24a · Other expenses: LOAN SERVICING EXPENSES

    total $4,247,406

  • 24b · Other expenses: PROCESSING FEES

    total $3,806,778

  • 24c · Other expenses: PROVISIONS FOR LOSS

    total $2,176,573

  • 24d · Other expenses: MISC OPERATING EXPENSES

    total $1,187,949

  • 24e · All other expenses

    total $1,078,678

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $250,982,503 · end of year $99,169,532

  • 4 · Accounts receivable

    beginning of year $25,046,443 · end of year $24,029,321

  • 7 · Other notes and loans receivable

    beginning of year $1,344,891,983 · end of year $1,511,002,696

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,510,726 · end of year $3,976,823

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

    $58,003,584

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

    $23,436,408

  • 10c · Land, buildings and equipment, net

    beginning of year $35,576,801 · end of year $34,567,176

  • 12 · Investments: other securities

    beginning of year $316,296,382 · end of year $212,145,004

  • 15 · Other assets

    beginning of year $6,184,621 · end of year $8,467,404

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,853,290 · end of year $10,931,677

  • 21 · Escrow or custodial account liability

    beginning of year $3,590,436 · end of year $4,111,049

  • 24 · Unsecured notes and loans payable

    beginning of year $67,874,041 · end of year $55,411,999

  • 25 · Other liabilities

    beginning of year $1,728,413,404 · end of year $1,653,405,177

  • 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 $168,758,288 · end of year $169,498,054

Mission and programs · 2022

Mission

PROVIDE CREDIT UNION SERVICES TO ITS MEMBERS

Activities or mission (Part I)

PROVIDE CREDIT UNION SERVICES TO ITS MEMBERS.

  • CONSISTENT WITH THE PRINCIPLES, PHILOSOPHY AND VALUES OF THE CREDIT UNION AND VALUES OF THE CREDIT UNION MOVEMENTS, NORTHEAST CREDIT UNION PROVIDES SAFE, HIGH QUALITY FINANCIAL SERVICES TO MEET THE NEEDS OF OUR MEMBERS OWNERS, ENHANCING THEIR FINANCIALS WELL BEING WHILE MAINTAINING THE STRENGTH OF THE CREDIT UNION.

As filed on the 2022 return.

Listed in Part VII

  • Victor M Collinino

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Terrance Beers

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Theresa P Palumbo

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Raymond Bald

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • David Paciencia

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Justin Gamester

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Regis Saucier

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lee P Schafer

    SVP CHIEF HUMAN RESOURCES

    Total calculated
    $294,496
    From this org
    $257,489
    From related orgs
    $0
    Other
    $37,007
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $242,051
    Bonus
    $15,438
    Other
    $0
    Deferred
    $28,324
    Nontaxable benefits
    $8,683
    Filer's total
    $294,496

  • Susan Hannigan

    SVP CFO (ENDED 6/2022)

    Total calculated
    $272,672
    From this org
    $254,573
    From related orgs
    $0
    Other
    $18,099
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,361
    Bonus
    $17,029
    Other
    $84,183
    Deferred
    $18,099
    Nontaxable benefits
    $0
    Filer's total
    $272,672

  • Kelly McGrath

    SVP CHIEF LENDING OFFICER

    Total calculated
    $306,653
    From this org
    $269,389
    From related orgs
    $0
    Other
    $37,264
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $252,514
    Bonus
    $16,875
    Other
    $0
    Deferred
    $27,352
    Nontaxable benefits
    $9,912
    Filer's total
    $306,653

  • Ana Michele Foret

    SVP CRO (ENDED 9/2/2022)

    Total calculated
    $245,707
    From this org
    $225,333
    From related orgs
    $0
    Other
    $20,374
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,875
    Bonus
    $14,071
    Other
    $32,387
    Deferred
    $20,374
    Nontaxable benefits
    $0
    Filer's total
    $245,707

  • Sean Karas McNair

    CHIEF MEMBER EXPERIENCE AND DIGITAL OFFICER

    Total calculated
    $281,831
    From this org
    $260,798
    From related orgs
    $0
    Other
    $21,033
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $260,798
    Bonus
    $0
    Other
    $0
    Deferred
    $21,033
    Nontaxable benefits
    $0
    Filer's total
    $281,831

  • Michael H Gagnon

    SVP CHIEF TECHNOLOGY OFFIC

    Total calculated
    $259,419
    From this org
    $234,581
    From related orgs
    $0
    Other
    $24,838
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $216,647
    Bonus
    $17,934
    Other
    $0
    Deferred
    $24,838
    Nontaxable benefits
    $0
    Filer's total
    $259,419

  • Traci J Tenggren

    VP HUMAN RESOURCES

    Total calculated
    $262,666
    From this org
    $208,168
    From related orgs
    $0
    Other
    $54,498
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,313
    Bonus
    $12,855
    Other
    $0
    Deferred
    $22,769
    Nontaxable benefits
    $31,729
    Filer's total
    $262,666

  • Christopher G Parker

    PRESIDENT/CEO

    Total calculated
    $647,430
    From this org
    $573,700
    From related orgs
    $0
    Other
    $73,730
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $566,500
    Bonus
    $0
    Other
    $7,200
    Deferred
    $42,001
    Nontaxable benefits
    $31,729
    Filer's total
    $647,430

  • Andrea Pruna

    SVP CHIEF MARKETING & RETA

    Total calculated
    $342,819
    From this org
    $281,643
    From related orgs
    $0
    Other
    $61,176
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $263,932
    Bonus
    $17,711
    Other
    $0
    Deferred
    $29,447
    Nontaxable benefits
    $31,729
    Filer's total
    $342,819

  • Neil Gordon

    SVP CFO (AS OF 7/2022)

    Total calculated
    $48,874
    From this org
    $44,188
    From related orgs
    $0
    Other
    $4,686
    Hours/week
    40

  • Ken Lawrence

    SVP CIO

    Total calculated
    $37,056
    From this org
    $37,056
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Deborah Auger

    VP MARKETING

    Total calculated
    $176,087
    From this org
    $150,430
    From related orgs
    $0
    Other
    $25,657
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,911
    Bonus
    $9,301
    Other
    $5,218
    Deferred
    $15,178
    Nontaxable benefits
    $10,479
    Filer's total
    $176,087

  • Christina J Zaudke

    VP BRANCH STRATEGY AND INN

    Total calculated
    $250,652
    From this org
    $197,323
    From related orgs
    $0
    Other
    $53,329
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,477
    Bonus
    $11,846
    Other
    $0
    Deferred
    $21,600
    Nontaxable benefits
    $31,729
    Filer's total
    $250,652

  • Christopher Saucier

    VP MORTGAGE

    Total calculated
    $211,003
    From this org
    $168,067
    From related orgs
    $0
    Other
    $42,936
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $157,830
    Bonus
    $10,237
    Other
    $0
    Deferred
    $17,969
    Nontaxable benefits
    $24,967
    Filer's total
    $211,003

  • Douglas Sites

    VP CONSUMER & INDIRECT LENDING

    Total calculated
    $200,265
    From this org
    $153,264
    From related orgs
    $0
    Other
    $47,001
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,850
    Bonus
    $9,414
    Other
    $0
    Deferred
    $15,272
    Nontaxable benefits
    $31,729
    Filer's total
    $200,265

  • Richard Lipari

    VP OPERATIONS

    Total calculated
    $243,880
    From this org
    $191,262
    From related orgs
    $0
    Other
    $52,618
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,314
    Bonus
    $11,948
    Other
    $0
    Deferred
    $19,912
    Nontaxable benefits
    $32,706
    Filer's total
    $243,880

  • June Gouldsbrough

    AVP ECOMMERCE

    Total calculated
    $164,545
    From this org
    $150,334
    From related orgs
    $0
    Other
    $14,211
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,882
    Bonus
    $4,553
    Other
    $12,899
    Deferred
    $14,211
    Nontaxable benefits
    $0
    Filer's total
    $164,545

  • Suzanne R Ladd

    VP CONSUMER DIRECT LENDING

    Total calculated
    $207,223
    From this org
    $177,845
    From related orgs
    $0
    Other
    $29,378
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,502
    Bonus
    $11,343
    Other
    $0
    Deferred
    $19,466
    Nontaxable benefits
    $9,912
    Filer's total
    $207,223

  • David Arthur Perron

    AVP IT

    Total calculated
    $194,745
    From this org
    $156,559
    From related orgs
    $0
    Other
    $38,186
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,429
    Bonus
    $3,130
    Other
    $0
    Deferred
    $17,219
    Nontaxable benefits
    $20,967
    Filer's total
    $194,745

  • Bonnie J Ward

    VP IT

    Total calculated
    $235,927
    From this org
    $196,149
    From related orgs
    $0
    Other
    $39,778
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,824
    Bonus
    $10,325
    Other
    $0
    Deferred
    $19,629
    Nontaxable benefits
    $20,149
    Filer's total
    $235,927

  • Sean Tipton

    AVP CONTACT CENTER

    Total calculated
    $169,910
    From this org
    $133,912
    From related orgs
    $0
    Other
    $35,998
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $129,478
    Bonus
    $4,434
    Other
    $0
    Deferred
    $14,691
    Nontaxable benefits
    $21,307
    Filer's total
    $169,910

  • Arthur William MacGregor

    SALES REP

    Total calculated
    $263,805
    From this org
    $222,674
    From related orgs
    $0
    Other
    $41,131
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $215,835
    Bonus
    $6,839
    Other
    $0
    Deferred
    $23,386
    Nontaxable benefits
    $17,745
    Filer's total
    $263,805

  • Stephen William Becker

    VP FINANCIAL PLANNING & ANALYSIS

    Total calculated
    $153,718
    From this org
    $139,586
    From related orgs
    $0
    Other
    $14,132
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $129,486
    Bonus
    $10,100
    Other
    $0
    Deferred
    $10,572
    Nontaxable benefits
    $3,560
    Filer's total
    $153,718

  • Jeanne Ward

    AVP COLLECTIONS

    Total calculated
    $164,234
    From this org
    $137,783
    From related orgs
    $0
    Other
    $26,451
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,255
    Bonus
    $4,528
    Other
    $0
    Deferred
    $15,078
    Nontaxable benefits
    $11,373
    Filer's total
    $164,234

  • Michael Rumo

    AVP REGIONAL SALES MANAGER

    Total calculated
    $154,870
    From this org
    $120,692
    From related orgs
    $0
    Other
    $34,178
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $111,494
    Bonus
    $9,198
    Other
    $0
    Deferred
    $13,211
    Nontaxable benefits
    $20,967
    Filer's total
    $154,870

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4A
SUSAN HANNIGAN RECEIVED A $84,183 SEVERANCE PAYMENT

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • OCTANT BUSINESS SERVICES

    RELATED · PROVIDES BUSINESS LENDING SUPPORT · MA · 12.5% owned · share of income $29,890 · share of assets $221,612

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • BORTHWICK ASSOCIATES

    C · INSURANCE & INVESTMENTS · NH · 100% owned · share of income $10,692 · share of assets $164,106 · controlled entity

    Directly controlled by NORTHEAST CREDIT UNION

Provenance

Return type
form_990
Tax year
2022
Filed
15 September 2023
IRS schema version
2022v5.0
Source object
202302619349301035

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