Align Credit Union
- Assets
- $703.5m
- Revenue
- $24.4m
- Investments
- $2.9m
- Employees
- 174
- Location
- Lowell, MA
- Founding
- 10/1938
- Data as of
- 12/2022
- EIN
- 04-1680140
Organization Overview
Align Credit Union is located in Lowell, MA. The organization was established in 1938. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Align Credit Union employed 174 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Align Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, Align Credit Union generated $24.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $24.0m during the year ending 12/2022. While expenses have increased by 1.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DIVIDENDS AND INTEREST PAID ON MEMBERS DEPOSITS.
GRANTING CREDIT TO MEMBERS WITH VARIOUS LOAN PRODUCTS.
MEMBER SERVICES INCLUDING DEBIT AND CREDIT CARDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George R Gagan Chairman | Trustee | 1 | $0 |
Karen A Morris Clerk | Trustee | 1 | $0 |
Steven J Babbitt Director | Trustee | 1 | $0 |
Frank H Lospennato Treasurer | Trustee | 1 | $0 |
David R Morris Vice Chairman | Trustee | 1 | $0 |
Richard W Piecewicz 2nd Vice-Chairman | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rk Framingham Management Company | 12/30/22 | $168,173 |
Fiserv Inc Fi Technology | 12/30/22 | $1,263,868 |
Compass Facility Services It Services | 12/30/22 | $157,701 |
Wipfli Llp Accounting Services | 12/30/22 | $140,007 |
Vernco Centre Llc Management Company | 12/30/22 | $180,690 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $14,524,787 |
| Investment income | $5,834,460 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$141,617 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,433,942 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $99,290 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,665,290 |
| Compensation of current officers, directors, key employees. | $2,453,409 |
| Compensation of current officers, directors, key employees. | $2,123,828 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,393,842 |
| Pension plan accruals and contributions | $583,379 |
| Other employee benefits | $1,625,470 |
| Payroll taxes | $667,587 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,641 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $763,999 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,175,221 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $15,681 |
| Interest | $1,010,181 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $760,999 |
| Insurance | $0 |
| All other expenses | $214,529 |
| Total functional expenses | $24,024,186 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,006,688 |
| Savings and temporary cash investments | $11,422,260 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $382,568,688 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $8,357,799 |
| Investments—publicly traded securities | $277,485,689 |
| Investments—other securities | $2,896,400 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,801,547 |
| Total assets | $703,539,071 |
| Accounts payable and accrued expenses | $2,348,332 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,782,413 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $664,070,804 |
| Total liabilities | $668,201,549 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $35,337,522 |
| Total liabilities and net assets/fund balances | $703,539,071 |
Grants Awarded
Over the last fiscal year, Align Credit Union has awarded $66,492 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
BOYS & GIRLS CLUB OF GREATER LOWELL PURPOSE: PROGRAM SUPPORT/LOCAL EVENT | $15,000 |
LOWELL MANAGEMENT GROUPLOWELL MEMORIAL AUDITORIUM PURPOSE: LOCAL COMMUNITY EVENT | $10,000 |
GREATER LOWELL YMCA PURPOSE: PROGRAM SUPPORT | $7,500 |
MANOLIS FAMILY FOUNDATION INC PURPOSE: LOCAL COMMUNITY EVENT | $11,492 |
THE LOWELL PLAN PURPOSE: PROGRAM SUPPORT | $22,500 |