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Nonprofiteer
← NORTHEAST CREDIT UNION

Form 990 for tax year 2023

Filed by NORTHEAST CREDIT UNION.

This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.

What the amendment changed

Compared with the latest return for 2023 , filed 30 January 2025. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Total revenue
$105,909,094 changed to $78,609,434
Total expenses
$92,220,522 changed to $73,523,184
Grants paid
$1,415,985 changed to $67,480
Program service revenue
$95,817,814 changed to $71,801,215
Investment income
$10,091,280 changed to $6,808,219
Total assets, end of year
$1,947,452,259 changed to $0
Total liabilities, end of year
$1,754,991,520 changed to $0
Net assets or fund balances, end of year
$192,460,739 changed to $0

Totals

Total revenue
$105,909,094
Total expenses
$92,220,522
Contributions and grants received
$0
Grants paid
$1,415,985
Program service revenue
$95,817,814
Investment income
$10,091,280
Other revenue
$0
Total assets, end of year
$1,947,452,259
Total liabilities, end of year
$1,754,991,520
Net assets or fund balances, end of year
$192,460,739
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 $73,285,554 · related or exempt $73,285,554

  • 2b · Program service revenue: OTHER INCOME

    total $15,346,130 · related or exempt $15,166,235 · unrelated business $179,895

  • 2c · Program service revenue: TOTAL FEES INCOME

    total $7,186,130 · related or exempt $7,186,130

  • 3 · Investment income

    total $8,471,719 · excluded $8,471,719

  • 7a · Gross sales of assets other than inventory

    securities $34,578,206 · other assets $31,641

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

    securities $32,990,286 · other assets $0

  • 7c · Gain or loss

    securities $1,587,920 · other assets $31,641

  • 7d · Net gain or loss

    total $1,619,561 · excluded $1,619,561

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,377,485

  • 2 · Grants to domestic individuals

    total $38,500

  • 5 · Compensation of officers, directors and key employees

    total $4,199,283

  • 7 · Other salaries and wages

    total $25,841,095

  • 8 · Pension plan contributions

    total $2,424,270

  • 9 · Other employee benefits

    total $5,046,016

  • 10 · Payroll taxes

    total $2,249,323

  • 11b · Fees: legal

    total $109,357

  • 11c · Fees: accounting

    total $203,984

  • 11f · Fees: investment management

    total $8,400

  • 11g · Fees: other

    total $1,785,080

  • 12 · Advertising and promotion

    total $2,130,996

  • 13 · Office expenses

    total $6,950,576

  • 14 · Information technology

    total $3,278,310

  • 16 · Occupancy

    total $3,020,991

  • 17 · Travel

    total $126,987

  • 19 · Conferences, conventions and meetings

    total $1,062,004

  • 20 · Interest

    total $11,747,692

  • 22 · Depreciation, depletion and amortization

    total $2,783,092

  • 23 · Insurance

    total $348,825

  • 24a · Other expenses: PROVISIONS FOR LOSS

    total $6,207,895

  • 24b · Other expenses: LOAN SERVICING EXPENSES

    total $4,550,447

  • 24c · Other expenses: PROCESSING FEES

    total $4,056,499

  • 24d · Other expenses: MISC OPERATING EXPENSES

    total $1,326,856

  • 24e · All other expenses

    total $1,346,559

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $99,169,532 · end of year $51,424,575

  • 4 · Accounts receivable

    beginning of year $24,029,321 · end of year $24,558,054

  • 7 · Other notes and loans receivable

    beginning of year $1,511,002,696 · end of year $1,615,369,469

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,976,823 · end of year $4,656,280

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

    $65,311,843

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

    $26,149,324

  • 10c · Land, buildings and equipment, net

    beginning of year $34,567,176 · end of year $39,162,519

  • 11 · Investments: publicly traded securities

    beginning of year $120,533,172 · end of year $95,597,065

  • 12 · Investments: other securities

    beginning of year $91,611,832 · end of year $103,356,513

  • 15 · Other assets

    beginning of year $8,467,404 · end of year $13,327,784

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,931,677 · end of year $19,237,012

  • 21 · Escrow or custodial account liability

    beginning of year $4,111,049 · end of year $3,005,128

  • 24 · Unsecured notes and loans payable

    beginning of year $55,411,999 · end of year $117,907,443

  • 25 · Other liabilities

    beginning of year $1,653,405,177 · end of year $1,614,841,937

  • 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 $169,498,054 · end of year $192,460,739

Mission and programs · 2023

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 2023 return.

Listed in Part VII

  • Brian Gibb

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Theresa Palumbo

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Terrance Beers

    VICE CHARIMAN

    Total calculated
    $0
    Hours/week
    1

  • David Paciencia

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Regis Saucier

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Julie Cutting-Kelly

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Justin Gamester

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Raymond Bald

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Victor Collinino

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Christopher G Parker

    PRESIDENT/CEO

    Total calculated
    $967,541
    From this org
    $926,083
    From related orgs
    $0
    Other
    $41,458
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $625,295
    Bonus
    $300,300
    Other
    $488
    Deferred
    $34,868
    Nontaxable benefits
    $6,590
    Filer's total
    $967,541

  • Andrea Pruna

    SVP CGO

    Total calculated
    $388,319
    From this org
    $346,084
    From related orgs
    $0
    Other
    $42,235
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $267,839
    Bonus
    $78,245
    Other
    $0
    Deferred
    $35,876
    Nontaxable benefits
    $6,359
    Filer's total
    $388,319

  • Traci Tenggren

    SVP CHRO

    Total calculated
    $437,296
    From this org
    $403,530
    From related orgs
    $0
    Other
    $33,766
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $230,539
    Bonus
    $48,100
    Other
    $124,891
    Deferred
    $27,762
    Nontaxable benefits
    $6,004
    Filer's total
    $437,296

  • Neil Gordon

    SVP CFO

    Total calculated
    $539,269
    From this org
    $522,581
    From related orgs
    $0
    Other
    $16,688
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $296,154
    Bonus
    $41,173
    Other
    $185,254
    Deferred
    $12,354
    Nontaxable benefits
    $4,334
    Filer's total
    $539,269

  • Kenneth Lawrence

    SVP CIO

    Total calculated
    $479,997
    From this org
    $465,963
    From related orgs
    $0
    Other
    $14,034
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $290,000
    Bonus
    $100
    Other
    $175,863
    Deferred
    $9,993
    Nontaxable benefits
    $4,041
    Filer's total
    $479,997

  • Kelly McGrath

    SVP CRO

    Total calculated
    $528,712
    From this org
    $496,533
    From related orgs
    $0
    Other
    $32,179
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $266,661
    Bonus
    $74,930
    Other
    $154,942
    Deferred
    $30,186
    Nontaxable benefits
    $1,993
    Filer's total
    $528,712

  • Lee P Schafer

    SVP COO/GENERAL COUNSEL

    Total calculated
    $571,918
    From this org
    $536,936
    From related orgs
    $0
    Other
    $34,982
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $292,009
    Bonus
    $73,320
    Other
    $171,607
    Deferred
    $33,752
    Nontaxable benefits
    $1,230
    Filer's total
    $571,918

  • Sean McNair

    SVP CME

    Total calculated
    $535,662
    From this org
    $501,572
    From related orgs
    $0
    Other
    $34,090
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $289,326
    Bonus
    $81,000
    Other
    $131,246
    Deferred
    $34,012
    Nontaxable benefits
    $78
    Filer's total
    $535,662

  • Richard Lipari

    VP, OPERATIONS AND BUSINESS INTELLIGENCE & AU

    Total calculated
    $254,619
    From this org
    $226,449
    From related orgs
    $0
    Other
    $28,170
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,586
    Bonus
    $35,863
    Other
    $0
    Deferred
    $18,338
    Nontaxable benefits
    $9,832
    Filer's total
    $254,619

  • Gina Marie Jones

    VP PRODUCT

    Total calculated
    $217,542
    From this org
    $197,160
    From related orgs
    $0
    Other
    $20,382
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,064
    Bonus
    $12,096
    Other
    $0
    Deferred
    $13,792
    Nontaxable benefits
    $6,590
    Filer's total
    $217,542

  • Christina J Zaudke

    VP BRANCH STRATEGY AND INNOVATION

    Total calculated
    $258,851
    From this org
    $227,790
    From related orgs
    $0
    Other
    $31,061
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,695
    Bonus
    $37,095
    Other
    $0
    Deferred
    $24,471
    Nontaxable benefits
    $6,590
    Filer's total
    $258,851

  • John L Gallagher

    VP INTERNAL AUDIT

    Total calculated
    $244,801
    From this org
    $220,660
    From related orgs
    $0
    Other
    $24,141
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $200,198
    Bonus
    $20,462
    Other
    $0
    Deferred
    $17,624
    Nontaxable benefits
    $6,517
    Filer's total
    $244,801

  • Douglas Sites

    VP CONSUMER & INDIRECT LENDING

    Total calculated
    $208,344
    From this org
    $182,848
    From related orgs
    $0
    Other
    $25,496
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,078
    Bonus
    $28,770
    Other
    $0
    Deferred
    $19,137
    Nontaxable benefits
    $6,359
    Filer's total
    $208,344

  • Bonnie J Ward Ended 042423

    VP IT

    Total calculated
    $252,133
    From this org
    $226,567
    From related orgs
    $0
    Other
    $25,566
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $83,360
    Bonus
    $37,154
    Other
    $106,053
    Deferred
    $20,472
    Nontaxable benefits
    $5,094
    Filer's total
    $252,133

  • Ryan Francis Grace

    VP BRAND

    Total calculated
    $196,147
    From this org
    $184,488
    From related orgs
    $0
    Other
    $11,659
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $174,488
    Bonus
    $10,000
    Other
    $0
    Deferred
    $6,923
    Nontaxable benefits
    $4,736
    Filer's total
    $196,147

  • Christopher Saucier

    VP MORTGAGE LENDING AND PAYMENT RESOLUTION

    Total calculated
    $234,700
    From this org
    $219,251
    From related orgs
    $0
    Other
    $15,449
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $184,345
    Bonus
    $30,551
    Other
    $4,355
    Deferred
    $11,649
    Nontaxable benefits
    $3,800
    Filer's total
    $234,700

  • Daniel Raposa

    EXECUTIVE DIRECTOR OF FOUNDATION

    Total calculated
    $199,233
    From this org
    $189,748
    From related orgs
    $0
    Other
    $9,485
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $189,748
    Bonus
    $0
    Other
    $0
    Deferred
    $7,231
    Nontaxable benefits
    $2,254
    Filer's total
    $199,233

  • Suzanne R Ladd

    VP CONSUMER DIRECT LENDING

    Total calculated
    $241,449
    From this org
    $216,931
    From related orgs
    $0
    Other
    $24,518
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,641
    Bonus
    $33,290
    Other
    $0
    Deferred
    $22,523
    Nontaxable benefits
    $1,995
    Filer's total
    $241,449

  • Kathaleen P Hall-Grigalus

    VP BUSINESS DEVELOPMENT

    Total calculated
    $203,542
    From this org
    $189,190
    From related orgs
    $0
    Other
    $14,352
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,387
    Bonus
    $15,231
    Other
    $572
    Deferred
    $13,644
    Nontaxable benefits
    $708
    Filer's total
    $203,542

  • Stephanie Koch

    VP RISK MANAGEMENT

    Total calculated
    $195,139
    From this org
    $179,037
    From related orgs
    $0
    Other
    $16,102
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,817
    Bonus
    $10,868
    Other
    $352
    Deferred
    $16,102
    Nontaxable benefits
    $0
    Filer's total
    $195,139

  • David Authur Perron

    AVP IT

    Total calculated
    $164,422
    From this org
    $145,623
    From related orgs
    $0
    Other
    $18,799
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $55,385
    Bonus
    $15,338
    Other
    $74,900
    Deferred
    $15,324
    Nontaxable benefits
    $3,475
    Filer's total
    $164,422

  • Jeanne Ward

    AV PAYMENT RESOLUTION

    Total calculated
    $165,854
    From this org
    $146,241
    From related orgs
    $0
    Other
    $19,613
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,656
    Bonus
    $13,320
    Other
    $4,265
    Deferred
    $16,762
    Nontaxable benefits
    $2,851
    Filer's total
    $165,854

  • Sean Tipton

    AVP MEMBER CARE

    Total calculated
    $169,941
    From this org
    $146,700
    From related orgs
    $0
    Other
    $23,241
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,758
    Bonus
    $12,942
    Other
    $0
    Deferred
    $16,881
    Nontaxable benefits
    $6,360
    Filer's total
    $169,941

  • Arthur William MacGregor

    SALES REP

    Total calculated
    $263,362
    From this org
    $231,962
    From related orgs
    $0
    Other
    $31,400
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $50,507
    Bonus
    $181,455
    Other
    $0
    Deferred
    $26,952
    Nontaxable benefits
    $4,448
    Filer's total
    $263,362

  • Jacquelyn Michele Snow

    AVP DATA ANALYTICS

    Total calculated
    $192,861
    From this org
    $178,019
    From related orgs
    $0
    Other
    $14,842
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,508
    Bonus
    $9,538
    Other
    $973
    Deferred
    $14,842
    Nontaxable benefits
    $0
    Filer's total
    $192,861

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
DAVID ARTHUR PERRON RECEIVED $80,031 SEVERANCE PAYMENT IN 2023. BONNIE WARD RECEIVED $109,652 OF SEVERANCE PAYMENT IN 2023.

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

The 10 largest by cash amount. The API serves every itemized grant.

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 $37,300 · share of assets $242,412

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 $25,002 · share of assets $186,201 · controlled entity

    Directly controlled by NORTHEAST CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
21 October 2024
IRS schema version
2023v5.1
Source object
202442959349301969

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