Align Credit Union FY2023 filing

Not tax-deductible

Lowell, MAMutual-benefit / member-servingSince 1922EIN 04-1680140Revenue $27.9M in FY2023

On file with the IRSaligncu.org87 Hale St, 01851-3340 · Lowell, MATax-exempt since Oct 1938

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Aligning our members and communities with financial tools to serve their needs.

$3.4M 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
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average deficit $2.5M a year · 9% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Pay to officers and key staff
$3.4M
to officers and key staff · 11% of spending
Looks good: pay to officers and key staff is 11% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
6 mo
of spending, in cash
Looks good: 6.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$669.0M
95% of total assets
Concern: liabilities are 95% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$27.9M
+14% vs prior year
Spent
$31.4M
Net assets
$37.7M
By yearFY2020–FY2025
Revenue
$27.9M
FY2023▲ +14%
Tap a bar for its year
Revenue by fiscal year
FY2020$28.7M
FY2021$24.2M
FY2022$24.4M
FY2023$27.9M
FY2024$29.5M
FY2025$30.4M
Expenses
$31.4M
FY2023▲ +31%
Tap a bar for its year
Expenses by fiscal year
FY2020$27.0M
FY2021$23.8M
FY2022$24.0M
FY2023$31.4M
FY2024$38.2M
FY2025$35.6M
Net assets
$37.7M
FY2023▲ +7%
Tap a bar for its year
Net assets by fiscal year
FY2020$81.9M
FY2021$74.6M
FY2022$35.3M
FY2023$37.7M
FY2024$33.4M
FY2025$38.8M

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

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 1938.

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

Who runs it and what they're paid

22 people listed on the 990; $3.4M paid to officers and key staff.

Part VII, Section A · reportable compensation
President and CEO
$1,826,749Pt VII · Sec A
CFO (termed Mar)
$307,230Pt VII · Sec A
Chief Operating Officer
$276,295Pt VII · Sec A
SVP Chief Retail Officer & Security Officer
$184,230Pt VII · Sec A
SVP Chief Strategy Officer
$169,098Pt VII · Sec A
Svp-Consumer Lending
$147,669Pt VII · Sec A
Svp-Operations
$136,903Pt VII · Sec A
$102,418Pt VII · Sec A

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

NameFY2025FY2024FY2023FY2022FY2021FY2020
Kenneth M Del Rossi—$331,228$1,826,749$1,840,349$522,798$510,558
Lydia Vazquez$527,945$424,563$276,295$163,564$159,616—
Gary Abrams—$521,553————
Thomas Hammond——$307,230$283,479$276,544$280,235
Caleb Schultz$268,255$166,419————
Brian Bacci————$255,973$214,516
Joanne McCarthy$173,447$206,704$184,230$166,017$163,787—
Abby Decoster$204,629—————

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.

See Align Credit Union executive salaries →

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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

Programs and updates

Empowering members and communities with financial tools to meet their needs.

Provided by the organization

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3 programs · in their own filed words · FY2023
01

Granting credit to members with various loan products.

Pt IX · col B
02

Member services including debit and credit cards.

Pt IX · col B
03

Dividends and interest paid on members deposits.

Pt IX · col B

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 · 10 grants · $109K · 2021–2022
Lowell Plan INCMA · FY2022$22,500
Lowell Management Grouplowell Memorial AuditoriumFY2022$10,000

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$27.9M
Ln 12
Fees for servicesLn 2g$18.6M
Investment incomeLn 3$6.4M
Other incomeLn 4–11$2.9M
Money outPt IX
$31.4M
Ln 25
Owns and owesPt X
$37.7M
net assets · Ln 32
Cash and savingsLn 1–2$15.6M
Total assetsLn 16$706.7M
LiabilitiesLn 26$669.0M
PeoplePt VI, VII
22
listed · VII A
PaidVII A11
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$18.6M
Investment incomeLn 3$6.4M
Other incomeLn 4–11$2.9M
Gains on assetsLn 7−$57K
Total revenueLn 12$27.9M
Assets in detailPt X, end of year
CashLn 1$4.1M
SavingsLn 2$11.5M
Cash and savings togetherLn 1–2$15.6M
InvestmentsLn 11–13$269.1M
Land, buildings, equipmentLn 10c$8.0M
Other assetsLn 15$12.5M
Total assetsLn 16$706.7M
LiabilitiesLn 26$669.0M
Net assetsLn 32$37.7M
OperationsPt I, VI
EmployeesI 5186
VolunteersI 610
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
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$18.4M$15.6M
InvestmentsLn 11–13$280.4M$269.1M
Land, buildings, equipmentLn 10c$8.4M$8.0M
Total assetsLn 16$703.5M$706.7M
LiabilitiesLn 26$668.2M$669.0M
Net assetsLn 32$35.3M$37.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$94K
Benefits paid to or for membersLn 4$7.0M
Pay of current officers, directors and key staffLn 5$3.1M
Other salaries and wagesLn 7$6.0M
Pension plan contributionsLn 8$467K
Other employee benefitsLn 9$1.4M
Payroll taxesLn 10$692K
Legal feesLn 11b$37K
Other fees for servicesLn 11g$902K
Advertising and promotionLn 12$272K
Office expensesLn 13$306K
OccupancyLn 16$1.5M
TravelLn 17$32K
Conferences, conventions and meetingsLn 19$21K
InterestLn 20$4.0M
Depreciation, depletion and amortizationLn 22$722K
InsuranceLn 23$187K
Other expenses (24a–d)Ln 24$3.1M
All other expensesLn 24e$1.5M
Total functional expensesLn 25$31.4M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $30.4M$35.6M−$5.2M$38.8M 990 PDF
FY2024 $29.5M$38.2M−$8.7M$33.4M 990 PDF
FY2023 Viewing $27.9M$31.4M−$3.5M$37.7M 990 PDF
FY2022 $24.4M$24.0M$410K$35.3M 990 PDF
FY2021 $24.2M$23.8M$410K$74.6M 990 PDF
FY2020 $28.7M$27.0M$1.7M$81.9M 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 (6 parts)
Part I · Summary $27,908,271 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $14,524,787$18,578,674
I-10 Investment incomePrior year $5,692,843$6,385,021
I-11 Other revenuePrior year $4,216,312$2,944,576
I-12 Total revenuePrior year $24,433,942$27,908,271
I-13 Grants and similar amounts paidPrior year $99,290$93,584
I-14 Benefits paid to membersPrior year $2,665,290$7,030,501
I-15 Salaries and benefitsPrior year $11,723,687$11,657,697
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $9,535,919$12,610,177
I-18 Total expensesPrior year $24,024,186$31,391,959
I-19 Revenue less expensesPrior year $409,756−$3,483,688
Part VI · Governance 9 of 9 board members independent, no flags
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $27,908,271 across 5 lines filed
Lines not itemized here account for $1,204,915 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $17,373,759$17,373,759
VIII-3 Investment incomeExcluded from tax $6,441,751$6,441,751
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$56,730−$56,730
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $2,883,793 · Unrelated business $60,783$2,944,576
VIII-12 Total revenueRelated to mission $21,462,467 · Unrelated business $60,783 · Excluded from tax $6,385,021$27,908,271
Part IX · Statement of functional expenses $31,391,959 across 19 lines filed
IX-1 Grants to domestic organizations$93,584
IX-4 Benefits paid to or for members$7,030,501
IX-5 Pay of current officers, directors and key staff$3,093,192
IX-7 Other salaries and wages$6,036,260
IX-8 Pension plan contributions$466,779
IX-9 Other employee benefits$1,369,234
IX-10 Payroll taxes$692,232
IX-11b Legal fees$36,901
IX-11g Other fees for services$901,981
IX-12 Advertising and promotion$272,170
IX-13 Office expenses$306,147
IX-16 Occupancy$1,511,110
IX-17 Travel$31,932
IX-19 Conferences, conventions and meetings$20,574
IX-20 Interest$3,998,975
IX-22 Depreciation, depletion and amortization$721,892
IX-23 Insurance$187,407
IX-24 Other expenses (24a–d)$3,097,593
IX-24e All other expenses$1,523,495
IX-25 Total functional expenses$31,391,959
Part X · Balance sheet $706,708,681 assets, 13 lines filed
Asset lines not itemized here account for $399,248,578; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $7,006,688$4,093,797
X-2 Savings and temporary cash investmentsStart of year $11,422,260$11,521,832
X-4 Accounts receivableStart of year $0$2,245,874
X-10c Land, buildings and equipment, netStart of year $8,357,799$7,999,912
X-11 Publicly traded securitiesStart of year $277,485,689$265,755,613
X-12 Other securitiesStart of year $2,896,400$3,308,900
X-15 Other assetsStart of year $13,801,547$12,534,175
X-16 Total assetsStart of year $703,539,071$706,708,681
X-17 Accounts payable and accrued expensesStart of year $2,348,332$2,661,382
X-25 Other liabilitiesStart of year $664,070,804$567,191,125
X-26 Total liabilitiesStart of year $668,201,549$668,987,920
X-32 Total net assets or fund balancesStart of year $35,337,522$37,720,761
X-33 Total liabilities and net assetsStart of year $703,539,071$706,708,681
Part XI · Reconciliation of net assets $37,720,761 net assets at year end
XI-1 Total revenue$27,908,271
XI-2 Total expenses$31,391,959
XI-3 Revenue less expenses−$3,483,688
XI-4 Net assets at start of year$35,337,522
XI-5 Net unrealized gains (losses) on investments$6,358,339
XI-8 Prior period adjustments$727,935
XI-9 Other changes in net assets−$1,219,347
XI-10 Net assets at end of year$37,720,761

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

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