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Nonprofiteer
← ALIGN CREDIT UNION

Form 990 for tax year 2023

Filed by ALIGN CREDIT UNION.

Totals

Total revenue
$27,908,271
Total expenses
$31,391,959
Contributions and grants received
$0
Grants paid
$93,584
Program service revenue
$18,578,674
Investment income
$6,385,021
Other revenue
$2,944,576
Total assets, end of year
$706,708,681
Total liabilities, end of year
$668,987,920
Net assets or fund balances, end of year
$37,720,761
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: INTEREST ON LOANS

    total $17,373,759 · related or exempt $17,373,759

  • 2f · All other program service revenue

    total $1,204,915 · related or exempt $1,204,915

  • 3 · Investment income

    total $6,441,751 · excluded $6,441,751

  • 7a · Gross sales of assets other than inventory

    securities $18,179,749

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

    securities $18,236,479

  • 7c · Gain or loss

    securities -$56,730

  • 7d · Net gain or loss

    total -$56,730 · excluded -$56,730

  • 11a · Other revenue: ATM & CREDIT CARD INTERCHANGE INC

    total $1,950,573 · related or exempt $1,889,790 · unrelated business $60,783

  • 11b · Other revenue: MEMBER SERVICE FEES

    total $622,040 · related or exempt $622,040

  • 11c · Other revenue: WEALTH MANAGEMENT SERVICES

    total $371,963 · related or exempt $371,963

  • 11e · Other revenue, total

    $2,944,576

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $93,584

  • 4 · Benefits paid to or for members

    total $7,030,501

  • 5 · Compensation of officers, directors and key employees

    total $3,093,192

  • 7 · Other salaries and wages

    total $6,036,260

  • 8 · Pension plan contributions

    total $466,779

  • 9 · Other employee benefits

    total $1,369,234

  • 10 · Payroll taxes

    total $692,232

  • 11b · Fees: legal

    total $36,901

  • 11g · Fees: other

    total $901,981

  • 12 · Advertising and promotion

    total $272,170

  • 13 · Office expenses

    total $306,147

  • 16 · Occupancy

    total $1,511,110

  • 17 · Travel

    total $31,932

  • 19 · Conferences, conventions and meetings

    total $20,574

  • 20 · Interest

    total $3,998,975

  • 22 · Depreciation, depletion and amortization

    total $721,892

  • 23 · Insurance

    total $187,407

  • 24a · Other expenses: SERVICE CONTRACTS

    total $2,032,907

  • 24b · Other expenses: INTERCHANGE EXPENSE

    total $372,052

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $355,515

  • 24d · Other expenses: CREDIT CARD EXPENSE

    total $337,119

  • 24e · All other expenses

    total $1,523,495

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,006,688 · end of year $4,093,797

  • 2 · Savings and temporary cash investments

    beginning of year $11,422,260 · end of year $11,521,832

  • 4 · Accounts receivable

    beginning of year $0 · end of year $2,245,874

  • 7 · Other notes and loans receivable

    beginning of year $382,568,688 · end of year $399,248,578

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

    $18,629,577

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

    $10,629,665

  • 10c · Land, buildings and equipment, net

    beginning of year $8,357,799 · end of year $7,999,912

  • 11 · Investments: publicly traded securities

    beginning of year $277,485,689 · end of year $265,755,613

  • 12 · Investments: other securities

    beginning of year $2,896,400 · end of year $3,308,900

  • 15 · Other assets

    beginning of year $13,801,547 · end of year $12,534,175

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,348,332 · end of year $2,661,382

  • 21 · Escrow or custodial account liability

    beginning of year $1,782,413 · end of year $2,135,413

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $97,000,000

  • 25 · Other liabilities

    beginning of year $664,070,804 · end of year $567,191,125

  • 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 $35,337,522 · end of year $37,720,761

Mission and programs · 2023

Mission

BY PROVIDING EXPERT GUIDANCE AND THE RIGHT FINANCIAL TOOLS, WE BUILD MEANINGFUL CONNECTIONS WITH MEMBERS, DELIVERING A TRULY CUSTOMIZED BANKING EXPERIENCE.

  • DIVIDENDS AND INTEREST PAID ON MEMBERS DEPOSITS.

  • GRANTING CREDIT TO MEMBERS WITH VARIOUS LOAN PRODUCTS.

  • MEMBER SERVICES INCLUDING DEBIT AND CREDIT CARDS.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • George R Gagan

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Karen A Morris

    CLERK

    Total calculated
    $0
    Hours/week
    1

  • Steven J Babbitt

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Frank H Lospennato

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • David R Morris

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Richard W Piecewicz

    2ND VICE CHAIRPERSON (TERMED NOV)

    Total calculated
    $0
    Hours/week
    1

  • Alan J Sexton

    DIRECTOR (TERMED MAR)

    Total calculated
    $0
    Hours/week
    1

  • Martin E Conway

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Joseph Forster

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kathleen E McKenney

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Morris

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kenneth M Del Rossi

    PRESIDENT AND CEO

    Total calculated
    $1,896,121
    From this org
    $1,826,749
    From related orgs
    $0
    Other
    $69,372
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $483,280
    Bonus
    $7,500
    Other
    $1,335,969
    Deferred
    $31,396
    Nontaxable benefits
    $37,976
    Filer's total
    $1,896,121

  • Thomas Hammond

    CFO (TERMED MAR)

    Total calculated
    $368,581
    From this org
    $307,230
    From related orgs
    $0
    Other
    $61,351
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $68,988
    Bonus
    $0
    Other
    $238,242
    Deferred
    $24,791
    Nontaxable benefits
    $36,560
    Filer's total
    $368,581

  • Lydia Vazquez

    CHIEF OPERATING OFFICER

    Total calculated
    $344,077
    From this org
    $276,295
    From related orgs
    $0
    Other
    $67,782
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $240,313
    Bonus
    $35,546
    Other
    $436
    Deferred
    $27,884
    Nontaxable benefits
    $39,898
    Filer's total
    $344,077

  • Mark Sanguinetti

    SVP CHIEF LENDING OFFICER

    Total calculated
    $64,857
    From this org
    $63,984
    From related orgs
    $0
    Other
    $873
    Hours/week
    40

  • Jennifer Huska

    SVP CHIEF STRATEGY OFFICER

    Total calculated
    $210,583
    From this org
    $169,098
    From related orgs
    $0
    Other
    $41,485
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,829
    Bonus
    $7,015
    Other
    $254
    Deferred
    $13,974
    Nontaxable benefits
    $27,511
    Filer's total
    $210,583

  • Joanne McCarthy

    SVP CHIEF RETAIL OFFICER & SECURITY OFFICER

    Total calculated
    $208,971
    From this org
    $184,230
    From related orgs
    $0
    Other
    $24,741
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,448
    Bonus
    $5,259
    Other
    $2,523
    Deferred
    $12,852
    Nontaxable benefits
    $11,889
    Filer's total
    $208,971

  • Maryann Bedard

    SVP-CONSUMER LENDING

    Total calculated
    $186,193
    From this org
    $147,669
    From related orgs
    $0
    Other
    $38,524
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,174
    Bonus
    $4,403
    Other
    $1,092
    Deferred
    $16,027
    Nontaxable benefits
    $22,497
    Filer's total
    $186,193

  • Sandra Lamplough

    SVP-OPERATIONS

    Total calculated
    $173,043
    From this org
    $136,903
    From related orgs
    $0
    Other
    $36,140
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $129,498
    Bonus
    $4,240
    Other
    $3,165
    Deferred
    $11,086
    Nontaxable benefits
    $25,054
    Filer's total
    $173,043

  • Todd Caron

    CIO

    Total calculated
    $132,711
    From this org
    $102,418
    From related orgs
    $0
    Other
    $30,293
    Hours/week
    40

  • Joanne Doulames

    SVP IT

    Total calculated
    $121,444
    From this org
    $101,876
    From related orgs
    $0
    Other
    $19,568
    Hours/week
    40

  • Kathleen Kay-Allen

    VP-SERVICING

    Total calculated
    $145,158
    From this org
    $100,978
    From related orgs
    $0
    Other
    $44,180
    Hours/week
    40

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

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINES 4A-B
KENNETH DEL ROSSI - 1,317,976.00

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

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.

Disregarded entities

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

  • INLIGN INSURANCE SERVICE LLC

    INSURANCE SERVICES · MA · income $49,845 · assets $0

    Directly controlled by ALIGN CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202433209349317788

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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