Holy Rosary Credit Union FY2023 filing

Rochester, NHUnknown exempt organizationSince 1962EIN 02-0272024

To be a responsible, community-focused credit union

$1.3M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $2.6M a year · 14% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$1.3M
to officers and key staff · 8% of spending
Looks good: pay to officers and key staff is 8% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
93 mo
of spending, in cash
Looks good: 92.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$391.0M
92% of total assets
Concern: liabilities are 92% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$20.6M
+22% vs prior year
Spent
$17.6M
Net assets
$32.9M
By yearFY2020–FY2024
Revenue
$20.6M
FY2023▲ +22%
Revenue by fiscal year
FY2020$15.3M
FY2021$15.4M
FY2022$16.9M
FY2023$20.6M
FY2024$24.4M
Expenses
$17.6M
FY2023▲ +23%
Expenses by fiscal year
FY2020$13.8M
FY2021$13.4M
FY2022$14.4M
FY2023$17.6M
FY2024$20.6M
Net assets
$32.9M
FY2023▲ +18%
Net assets by fiscal year
FY2020$28.1M
FY2021$30.1M
FY2022$27.8M
FY2023$32.9M
FY2024$38.5M

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

14 people listed on the 990; $1.3M paid to officers and key staff.

Part VII, Section A · reportable compensation
President/CEO
$342,249Pt VII · Sec A
$206,333Pt VII · Sec A
Chief Financial Officer
$190,792Pt VII · Sec A
Chief Information Officer
$177,274Pt VII · Sec A
SVP of Member Experience
$163,956Pt VII · Sec A
SVP of Lending
$151,140Pt VII · Sec A
VP of Digital Operations & Compliance
$108,401Pt VII · Sec A
Treasurer
$0Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Brian Hughes$358,398$342,249$319,441$296,532$276,189
Rosemary Shields$267,562$206,333$211,106$206,556$189,168
Brian Therrien$205,181$190,792$170,241$162,724$147,366
Ken Mauser$195,909$177,274$156,611$136,471$124,985
Cynthia McCormick$183,096$163,956———
Travis Bissonnette$166,075$151,140$116,598——
Tyler Hudson———$138,097$122,001
Ginger Gagne——$127,548$127,479$11,637

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes
  • Loans to or from officersSch L · Pt II3 listed

Programs and updates

Provides financial services and community support as a responsible credit union.

Provided by the organization

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1 program service, described in the organization's own filed words · FY2023.
01

Maintenance of members' share, deposit, and loan accounts.

Pt IX · col B

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 5 grants · $55K · 2020–2024
Unitemized GrantFY2024$16,500
Unitemized GrantFY2023$11,500
Unitemized GrantFY2022$10,750
Unitemized GrantFY2021$9,000
Unitemized GrantFY2020$7,250

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$20.6M
Ln 12
Fees for servicesLn 2g$17.8M
Investment incomeLn 3$2.8M
Money outPt IX
$17.6M
Ln 25
Owns and owesPt X
$32.9M
net assets · Ln 32
Cash and savingsLn 1–2$136.1M
Total assetsLn 16$423.8M
LiabilitiesLn 26$391.0M
PeoplePt VI, VII
14
listed · VII A
PaidVII A7
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$17.8M
Investment incomeLn 3$2.8M
Gains on assetsLn 7$23K
Total revenueLn 12$20.6M
Assets in detailPt X, end of year
CashLn 1$5.3M
SavingsLn 2$130.7M
Cash and savings togetherLn 1–2$136.1M
InvestmentsLn 11–13$7.1M
Land, buildings, equipmentLn 10c$5.4M
Other assetsLn 15$1.7M
Total assetsLn 16$423.8M
LiabilitiesLn 26$391.0M
Net assetsLn 32$32.9M
OperationsPt I, VI
EmployeesI 5115
VolunteersI 620
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$134.9M$136.1M
InvestmentsLn 11–13$7.2M$7.1M
Land, buildings, equipmentLn 10c$6.1M$5.4M
Total assetsLn 16$413.2M$423.8M
LiabilitiesLn 26$385.4M$391.0M
Net assetsLn 32$27.8M$32.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$12K
Pay of current officers, directors and key staffLn 5$1.5M
Other salaries and wagesLn 7$4.1M
Pension plan contributionsLn 8$109K
Other employee benefitsLn 9$652K
Payroll taxesLn 10$407K
Legal feesLn 11b$98K
Accounting feesLn 11c$134K
Advertising and promotionLn 12$445K
Office expensesLn 13$85K
Information technologyLn 14$987K
OccupancyLn 16$429K
Conferences, conventions and meetingsLn 19$119K
InterestLn 20$3.9M
Depreciation, depletion and amortizationLn 22$639K
InsuranceLn 23$149K
Other expenses (24a–d)Ln 24$2.8M
All other expensesLn 24e$1.0M
Total functional expensesLn 25$17.6M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $24.4M$20.6M$3.8M$38.5M 990 PDF
FY2023 Viewing $20.6M$17.6M$3.0M$32.9M 990 PDF
FY2022 $16.9M$14.4M$2.5M$27.8M 990 PDF
FY2021 $15.4M$13.4M$2.0M$30.1M 990 PDF
FY2020 $15.3M$13.8M$1.5M$28.1M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (4 parts)
Part VIII · Statement of revenue $20,615,997 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $17,775,509 · Unrelated business $72,953$17,848,462
VIII-3 Investment incomeExcluded from tax $2,745,014$2,745,014
VIII-7 Net gain or loss on sales of assetsRelated to mission $22,521$22,521
VIII-12 Total revenueRelated to mission $17,798,030 · Unrelated business $72,953 · Excluded from tax $2,745,014$20,615,997
Part IX · Statement of functional expenses $17,613,404 across 18 lines filed
IX-2 Grants to domestic individuals$11,500
IX-5 Pay of current officers, directors and key staff$1,530,419
IX-7 Other salaries and wages$4,119,984
IX-8 Pension plan contributions$108,627
IX-9 Other employee benefits$651,697
IX-10 Payroll taxes$407,284
IX-11b Legal fees$98,388
IX-11c Accounting fees$133,836
IX-12 Advertising and promotion$444,653
IX-13 Office expenses$84,957
IX-14 Information technology$987,305
IX-16 Occupancy$429,245
IX-19 Conferences, conventions and meetings$118,843
IX-20 Interest$3,855,459
IX-22 Depreciation, depletion and amortization$638,786
IX-23 Insurance$148,540
IX-24 Other expenses (24a–d)$2,801,498
IX-24e All other expenses$1,042,383
IX-25 Total functional expenses$17,613,404
Part X · Balance sheet $423,821,520 assets, 13 lines filed
Asset lines not itemized here account for $272,655,987; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $6,624,371$5,343,866
X-2 Savings and temporary cash investmentsStart of year $128,229,288$130,747,598
X-4 Accounts receivableStart of year $35,600$53,734
X-9 Prepaid expenses and deferred chargesStart of year $797,161$696,315
X-10c Land, buildings and equipment, netStart of year $6,052,284$5,435,585
X-12 Other securitiesStart of year $7,174,827$7,139,370
X-15 Other assetsStart of year $1,617,769$1,749,065
X-16 Total assetsStart of year $413,178,224$423,821,520
X-17 Accounts payable and accrued expensesStart of year $1,529,076$1,637,674
X-25 Other liabilitiesStart of year $383,831,759$389,317,140
X-26 Total liabilitiesStart of year $385,360,835$390,954,814
X-32 Total net assets or fund balancesStart of year $27,817,389$32,866,706
X-33 Total liabilities and net assetsStart of year $413,178,224$423,821,520
Part XI · Reconciliation of net assets $32,866,706 net assets at year end
XI-1 Total revenue$20,615,997
XI-2 Total expenses$17,613,404
XI-3 Revenue less expenses$3,002,593
XI-4 Net assets at start of year$27,817,389
XI-5 Net unrealized gains (losses) on investments$2,197,540
XI-9 Other changes in net assets−$150,816
XI-10 Net assets at end of year$32,866,706

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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