Skip to content
Nonprofiteer
← ALIGN CREDIT UNION

Form 990 for tax year 2022

Filed by ALIGN CREDIT UNION.

Totals

Total revenue
$24,433,942
Total expenses
$24,024,186
Contributions and grants received
$0
Grants paid
$99,290
Program service revenue
$14,524,787
Investment income
$5,692,843
Other revenue
$4,216,312
Total assets, end of year
$703,539,071
Total liabilities, end of year
$668,201,549
Net assets or fund balances, end of year
$35,337,522
Program services expenses (Part IX)
$14,883,126
Management and general expenses
$9,141,060
Fundraising expenses
$0
Program service expenses (Part III)
$14,883,126

Program services were 62.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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 $14,524,787 · related or exempt $14,524,787

  • 3 · Investment income

    total $5,834,460 · related or exempt $5,834,460

  • 7a · Gross sales of assets other than inventory

    securities $581,871

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

    securities $723,488

  • 7c · Gain or loss

    securities -$141,617

  • 7d · Net gain or loss

    total -$141,617 · excluded -$141,617

  • 11a · Other revenue: OTHER REVENUE

    total $2,246,559 · related or exempt $2,246,559

  • 11b · Other revenue: ATM INTERCHANGE INC

    total $1,298,801 · related or exempt $1,298,801

  • 11c · Other revenue: CREDIT CARD INTERCHANGE

    total $609,336 · related or exempt $609,336

  • 11d · All other revenue

    total $61,616 · unrelated business $61,616

  • 11e · Other revenue, total

    $4,216,312

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $99,290 · program services $99,290

  • 4 · Benefits paid to or for members

    total $2,665,290 · program services $2,665,290

  • 5 · Compensation of officers, directors and key employees

    total $2,453,409 · program services $329,581 · management and general $2,123,828

  • 7 · Other salaries and wages

    total $6,393,842 · program services $6,393,842

  • 8 · Pension plan contributions

    total $583,379 · program services $390,864 · management and general $192,515

  • 9 · Other employee benefits

    total $1,625,470 · program services $1,089,065 · management and general $536,405

  • 10 · Payroll taxes

    total $667,587 · program services $447,283 · management and general $220,304

  • 11b · Fees: legal

    total $3,641 · management and general $3,641

  • 13 · Office expenses

    total $763,999 · management and general $763,999

  • 16 · Occupancy

    total $1,175,221 · management and general $1,175,221

  • 19 · Conferences, conventions and meetings

    total $15,681 · program services $10,506 · management and general $5,175

  • 20 · Interest

    total $1,010,181 · program services $1,010,181

  • 22 · Depreciation, depletion and amortization

    total $760,999 · management and general $760,999

  • 24a · Other expenses: OTHER EXPENSES

    total $3,143,286 · management and general $3,143,286

  • 24b · Other expenses: SERVICE CONTRACT

    total $1,993,544 · program services $1,993,544

  • 24c · Other expenses: ALL OTHER EXPENSES

    total $239,151 · program services $239,151

  • 24d · Other expenses: ADVERTISING/MARKETING

    total $215,687 · management and general $215,687

  • 24e · All other expenses

    total $214,529 · program services $214,529

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $18,618,775 · end of year $7,006,688

  • 2 · Savings and temporary cash investments

    beginning of year $44,265,483 · end of year $11,422,260

  • 7 · Other notes and loans receivable

    beginning of year $344,772,102 · end of year $382,568,688

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

    $18,441,026

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

    $10,083,227

  • 10c · Land, buildings and equipment, net

    beginning of year $9,045,022 · end of year $8,357,799

  • 11 · Investments: publicly traded securities

    beginning of year $317,132,396 · end of year $277,485,689

  • 12 · Investments: other securities

    beginning of year $2,620,600 · end of year $2,896,400

  • 15 · Other assets

    beginning of year $11,631,060 · end of year $13,801,547

  • 17 · Accounts payable and accrued expenses

    beginning of year $866,105 · end of year $2,348,332

  • 21 · Escrow or custodial account liability

    beginning of year $1,774,265 · end of year $1,782,413

  • 25 · Other liabilities

    beginning of year $670,812,935 · end of year $664,070,804

  • 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 $74,632,133 · end of year $35,337,522

Mission and programs · 2022

Mission

THE CREDIT UNION ACCEPT DEPOSITS AND GRANT LOANS TO ITS MEMBERS. BENEFIT PAID ARE DIVIDENDS ON DEPOSIT ACCOUNTS AND GRANTING ACCESSIBLE CREDIT TO ITS MEMBERS.

Activities or mission (Part I)

THE CREDIT UNION ACCEPTS DEPOSITS AND GRANTS LOANS TO ITS MEMBERS. BENEFITS PAID ARE DIVIDENDS ON DEPOSIT ACCOUNTS AND GRANTING ACCESSIBLE CREDIT TO ITS MEMBERS.

  • DIVIDENDS AND INTEREST PAID ON MEMBERS DEPOSITS.

    Expenses $2,665,290

  • GRANTING CREDIT TO MEMBERS WITH VARIOUS LOAN PRODUCTS.

    Expenses $12,004,042

  • MEMBER SERVICES INCLUDING DEBIT AND CREDIT CARDS.

    Expenses $213,794

As filed on the 2022 return.

Listed in Part VII

  • George R Gagan

    CHAIRMAN

    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 CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Richard W Piecewicz

    2ND VICE-CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Alan J Sexton

    DIRECTOR

    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

  • Kenneth M Del Rossi

    PRESIDENT AND CEO

    Total calculated
    $1,989,581
    From this org
    $1,840,349
    From related orgs
    $0
    Other
    $149,232
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $489,042
    Bonus
    $9,405
    Other
    $1,341,902
    Deferred
    $30,203
    Nontaxable benefits
    $119,029
    Filer's total
    $1,989,581

  • Thomas Hammond

    CFO

    Total calculated
    $336,600
    From this org
    $283,479
    From related orgs
    $0
    Other
    $53,121
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $275,479
    Bonus
    $5,325
    Other
    $2,675
    Deferred
    $22,464
    Nontaxable benefits
    $30,657
    Filer's total
    $336,600

  • Joanne McCarthy

    SVP RETAIL & CHIEF RETENTI

    Total calculated
    $187,094
    From this org
    $166,017
    From related orgs
    $0
    Other
    $21,077
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,759
    Bonus
    $3,050
    Other
    $2,208
    Deferred
    $11,466
    Nontaxable benefits
    $9,611
    Filer's total
    $187,094

  • Lydia Vazquez

    CHIEF LENDING OFFICER

    Total calculated
    $207,208
    From this org
    $163,564
    From related orgs
    $0
    Other
    $43,644
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,212
    Bonus
    $2,971
    Other
    $381
    Deferred
    $13,054
    Nontaxable benefits
    $30,590
    Filer's total
    $207,208

  • Maryann Bedard

    SENIOR VP CONSUMER LENDING

    Total calculated
    $169,006
    From this org
    $139,786
    From related orgs
    $0
    Other
    $29,220
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,051
    Bonus
    $2,663
    Other
    $1,072
    Deferred
    $11,097
    Nontaxable benefits
    $18,123
    Filer's total
    $169,006

  • Jennifer Huska

    SVP CHIEF STRATEGY OFFICER

    Total calculated
    $174,023
    From this org
    $142,775
    From related orgs
    $0
    Other
    $31,248
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,852
    Bonus
    $2,674
    Other
    $249
    Deferred
    $11,402
    Nontaxable benefits
    $19,846
    Filer's total
    $174,023

  • Todd Caron

    CIO

    Total calculated
    $186,614
    From this org
    $146,228
    From related orgs
    $0
    Other
    $40,386
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,231
    Bonus
    $2,773
    Other
    $224
    Deferred
    $11,680
    Nontaxable benefits
    $28,706
    Filer's total
    $186,614

  • Sandra Lamplough

    SVP OPERATIONS

    Total calculated
    $158,157
    From this org
    $128,620
    From related orgs
    $0
    Other
    $29,537
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $123,095
    Bonus
    $2,448
    Other
    $3,077
    Deferred
    $9,970
    Nontaxable benefits
    $19,567
    Filer's total
    $158,157

  • Mark Palermo

    SVP CHIEF INVESTMENT OFFIC

    Total calculated
    $181,805
    From this org
    $140,307
    From related orgs
    $0
    Other
    $41,498
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,259
    Bonus
    $2,674
    Other
    $374
    Deferred
    $11,194
    Nontaxable benefits
    $30,304
    Filer's total
    $181,805

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

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 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

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 $49,398 · assets $118,267

    Directly controlled by ALIGN CREDIT UNION

Provenance

Return type
form_990
Tax year
2022
Filed
12 September 2023
IRS schema version
2022v5.0
Source object
202302559349301215

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

The source document this was parsed from is served over the API, which is where bulk and document access live.