Form 990 for tax year 2022
Filed by COOPERATIVE CREDIT UNION ASSOCIATION INC.
Totals
- Total revenue
- $5,243,149
- Total expenses
- $5,022,852
- Contributions and grants received
- $2,090
- Grants paid
- $22,500
- Program service revenue
- $3,103,496
- Investment income
- -$38,140
- Other revenue
- $2,175,703
- Total assets, end of year
- $11,210,165
- Total liabilities, end of year
- $3,666,904
- Net assets or fund balances, end of year
- $7,543,261
- 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.
-
1e · Government grants (contributions)
$2,090
-
2a · Program service revenue: MEMBERSHIP DUES AND RELATED
total $3,055,686 · related or exempt $3,055,686
-
2b · Program service revenue: CHAPTER FUNCTION INCOME
total $47,810 · related or exempt $47,810
-
3 · Investment income
total $130,602 · excluded $130,602
-
7a · Gross sales of assets other than inventory
securities $4,706,645
-
7b · Less cost or other basis and sales expenses
securities $4,875,387
-
7c · Gain or loss
securities -$168,742
-
7d · Net gain or loss
total -$168,742 · excluded -$168,742
-
11a · Other revenue: MIA & NECUS REVENUE
total $2,177,367 · unrelated business $2,177,367
-
11b · Other revenue: CU HOUSE, LLC
total -$1,664 · unrelated business -$1,664
-
11e · Other revenue, total
$2,175,703
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $22,500
-
7 · Other salaries and wages
total $2,279,084
-
8 · Pension plan contributions
total $38,138
-
9 · Other employee benefits
total $237,380
-
10 · Payroll taxes
total $144,809
-
11b · Fees: legal
total $3,135
-
11c · Fees: accounting
total $53,869
-
11d · Fees: lobbying
total $203,862
-
12 · Advertising and promotion
total $248,425
-
13 · Office expenses
total $53,422
-
14 · Information technology
total $84,193
-
16 · Occupancy
total $276,701
-
17 · Travel
total $183,734
-
19 · Conferences, conventions and meetings
total $231,322
-
22 · Depreciation, depletion and amortization
total $40,501
-
23 · Insurance
total $71,854
-
24a · Other expenses: CONTRACT SERVICES
total $350,696
-
24b · Other expenses: DUES AND FEES
total $141,312
-
24c · Other expenses: COMPLIANCE EXPENSES
total $121,696
-
24d · Other expenses: LEGISLATIVE AND REGULAT
total $60,199
-
24e · All other expenses
total $176,020
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $4,888,966 · end of year $5,999,078
-
2 · Savings and temporary cash investments
beginning of year $131,583 · end of year $121,006
-
4 · Accounts receivable
beginning of year $1,087,963 · end of year $569,828
-
5 · Loans and receivables from officers and key people
beginning of year $1,349,626 · end of year $1,583,256
-
9 · Prepaid expenses and deferred charges
beginning of year $153,335 · end of year $204,226
-
10a · Land, buildings and equipment: cost or other basis
$548,588
-
10b · Land, buildings and equipment: accumulated depreciation
$419,798
-
10c · Land, buildings and equipment, net
beginning of year $78,289 · end of year $128,790
-
11 · Investments: publicly traded securities
beginning of year $2,193,713 · end of year $1,978,550
-
12 · Investments: other securities
beginning of year $467,723 · end of year $467,723
-
15 · Other assets
beginning of year $34,084 · end of year $157,708
-
17 · Accounts payable and accrued expenses
beginning of year $1,761,460 · end of year $1,905,090
-
19 · Deferred revenue
beginning of year $1,223,218 · end of year $1,620,190
-
25 · Other liabilities
beginning of year $0 · end of year $141,624
-
27 · Net assets without donor restrictions
beginning of year $7,363,039 · end of year $7,503,606
-
28 · Net assets with donor restrictions
beginning of year $37,565 · end of year $39,655
Mission and programs · 2022
Mission
THE ASSOCIATION ACTIVELY SUPPORTS AND ENCOURAGES CREDIT UNIONS IN THEIR COMMUNITY OUTREACH EFFORTS. IN SUPPORT OF THOSE EFFORTS, THE ASSOCIATION MAINTAINS A COMMITTEE ON SOCIAL RESPONSIBILITY. THE PURPOSE OF THAT COMMITTEE IS TO DEVELOP A UNIFIED PLAN OF SOCIAL RESPONSIBILITY FOR THE ASSOCIATION THROUGH RECOMMENDATIONS TO THE BOARD OF DIRECTORS. THAT PLAN FEATURES PROGRAMS AND EVENTS THAT FOCUS STATEWIDE EFFORTS ON AFFORDABLE HOUSING, FINANCIAL LITERACY AND DESIGNATED CHARITABLE AND COMMUNITY ACTIVITIES THAT ENHANCE THE POSITIVE IMAGE OF CREDIT UNIONS AS WELL AS THE PUBLIC'S OVERALL AWARENESS OF THEM.TO CAPTURE THE ESSENCE OF THE GOODWILL AND OUTREACH THAT MASSACHUSETTS CREDIT UNIONS HAVE BEEN ENGAGED IN OVER THE YEARS, THE ASSOCIATION IN 2006 LAUNCHED THE CREDIT UNION COMMUNITY HOPE INITIATIVE.
Activities or mission (Part I)
TO PROVIDE MEMBERS WITH SERVICES ON A LOCAL AND NATIONAL LEVEL.
-
TO PROVIDE SERVICES TO MEMBERS ON A LOCAL AND NATIONAL LEVEL.
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Roland DraperROLAND DRAPER
BOARD CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Anabela P GrenierANABELA P GRENIER
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Fred ReinhardtFRED REINHARDT
2ND VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Maurice W DawkinsMAURICE W DAWKINS
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
A Scott MacknightA SCOTT MACKNIGHT
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
David AraujoDAVID ARAUJO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Robert M CashmanROBERT M CASHMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Eileen DanaheyEILEEN DANAHEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Rui F DomingosRUI F DOMINGOS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Blanche JacksonBLANCHE JACKSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Stephen J WhiteSTEPHEN J WHITE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Ronald McLeanRONALD MCLEAN
PRESIDENT/CEO
- Total calculated
- $556,137
- From this org
- $533,062
- From related orgs
- $0
- Other
- $23,075
- Hours/week
- 60
Schedule J breakdown matched by us
- Base
- $436,835
- Bonus
- $93,568
- Other
- $2,659
- Deferred
- $0
- Nontaxable benefits
- $23,075
- Filer's total
- $556,137
-
Dawn RobertsDAWN ROBERTS
CONTROLLER
- Total calculated
- $153,305
- From this org
- $126,204
- From related orgs
- $0
- Other
- $27,101
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $113,147
- Bonus
- $12,023
- Other
- $1,034
- Deferred
- $0
- Nontaxable benefits
- $27,101
- Filer's total
- $153,305
-
Melissa PomeroyMELISSA POMEROY
CHIEF REVENUE OFFICER
- Total calculated
- $279,261
- From this org
- $260,533
- From related orgs
- $0
- Other
- $18,728
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $234,404
- Bonus
- $25,000
- Other
- $1,129
- Deferred
- $0
- Nontaxable benefits
- $18,728
- Filer's total
- $279,261
-
Walter J LaskosWALTER J LASKOS
SVP STRATEGIC COMMUNICATIO
- Total calculated
- $215,642
- From this org
- $190,336
- From related orgs
- $0
- Other
- $25,306
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $172,270
- Bonus
- $17,352
- Other
- $714
- Deferred
- $0
- Nontaxable benefits
- $25,306
- Filer's total
- $215,642
-
William NagleWILLIAM NAGLE
SVP PROFESSIONAL DEVELOPME
- Total calculated
- $163,881
- From this org
- $151,178
- From related orgs
- $0
- Other
- $12,703
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $142,872
- Bonus
- $7,099
- Other
- $1,207
- Deferred
- $0
- Nontaxable benefits
- $12,703
- Filer's total
- $163,881
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 · Health or social club dues or initiation fees
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation committee
- 3 · Written employment contract
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- PART I, LINE 1A
- TWO FORMER PRESIDENTS NOT LISTED ABOVE HAVE SPLIT DOLLAR AGREEMENTS AS DISCLOSED ON SCHEDULE L
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.
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.
-
MEMBERS INSURANCE AGENCY
INSURANCE AGENT · MA · income $702,841 · assets $4,008,816
-
NEW ENGLAND CREDIT UNION SERVICES LLC
MANAGEMENT COMPANY · MA · income -$482,696 · assets $1,434,680
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 19 October 2023
- IRS schema version
- 2022v5.0
- Source object
- 202332979349300703
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