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Alpha Credit Union

Not tax-deductible

Boston, MAMutual-benefit / member-servingSince 1942EIN 04-6054447

Alpha Credit Union is a full service, member owned financial institution whose purpose is to promote thrift and to loan money at fair and reasonable rates of interest. We are not for profit, not charity, but rather for our members' service and benefit.

Run by 8 volunteers.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

Before you give

FY2025 · 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
6 of 6
filings with a surplus
Average surplus $320K a year · 23% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$203K
to officers and key staff · 17% of spending
Fine: pay to officers and key staff is 17% of spending; 15% to 20%.
Pt VII · Sec A
Cash reserves
159 mo
of spending, in cash
Looks good: 158.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$28.5M
82% of total assets
Concern: liabilities are 82% of assets; over 80%.
Pt X · Ln 26
Independent board members
8
of 9 voting members
Looks good: 8 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
$1.8M
+6% vs prior year
Spent
$1.2M
To programs
0%
Net assets
$6.2M
By yearFY2020–FY2025
Revenue
$1.8M
FY2025▲ +6%
Revenue by fiscal year
FY2020$1.1M
FY2021$1.2M
FY2022$1.2M
FY2023$1.5M
FY2024$1.7M
FY2025$1.8M
Expenses
$1.2M
FY2025▼ -3%
Expenses by fiscal year
FY2020$995K
FY2021$979K
FY2022$1.1M
FY2023$1.1M
FY2024$1.2M
FY2025$1.2M
Net assets
$6.2M
FY2025▲ +10%
Net assets by fiscal year
FY2020$4.5M
FY2021$4.7M
FY2022$4.8M
FY2023$5.2M
FY2024$5.7M
FY2025$6.2M

From the FY2025 Form 990 · figures checked against the IRS filing · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 1945.

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

Who runs it and what they're paid

9 people listed on the 990; $203K paid to officers and key staff.

Part VII, Section A · reportable compensation
$202,575Pt VII · Sec A
Kristine Hanscom
Board Chair
$0Pt VII · Sec A
Patricia Hayward ESQ.
Vice Chair Board
$0Pt VII · Sec A
Mary Leupold
Secretary
$0Pt VII · Sec A
Peter Macaulay
Board Member
$0Pt VII · Sec A
Jeannette Blackler
Board Member
$0Pt VII · Sec A
Jane Hayward
Board Member
$0Pt VII · Sec A
Susan Dunn
Board Member
$0Pt VII · Sec A

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Joette Demeo$202,575$187,400$175,000$160,000$147,980$142,138

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 Alpha 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

Offers accounts and loans to its 4485 members.

Provided by the organization

This section is blank until Alpha Credit Union claims this page.

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1 program service, described in the organization's own filed words · FY2025.
01

Provide accounts and loans to members.

Pt IX · col B

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By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.8M
Ln 12
Fees for servicesLn 2g$1.1M
Investment incomeLn 3$661K
Money outPt IX
$1.2M
Ln 25
Owns and owesPt X
$6.2M
net assets · Ln 32
Cash and savingsLn 1–2$15.8M
Total assetsLn 16$34.8M
LiabilitiesLn 26$28.5M
PeoplePt VI, VII
9
listed · VII A
PaidVII A1
Voting boardVI 1a9
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$1.1M
Investment incomeLn 3$661K
Total revenueLn 12$1.8M
Assets in detailPt X, end of year
CashLn 1$2.5M
SavingsLn 2$13.3M
Cash and savings togetherLn 1–2$15.8M
Land, buildings, equipmentLn 10c$3K
Other assetsLn 15$47K
Total assetsLn 16$34.8M
LiabilitiesLn 26$28.5M
Net assetsLn 32$6.2M
OperationsPt I, VI
EmployeesI 50
VolunteersI 68
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 FY25End FY25
Cash and savingsLn 1–2$16.2M$15.8M
Land, buildings, equipmentLn 10c$7K$3K
Total assetsLn 16$34.5M$34.8M
LiabilitiesLn 26$28.8M$28.5M
Net assetsLn 32$5.7M$6.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$655K
Accounting feesLn 11c$18K
Advertising and promotionLn 12$26K
Office expensesLn 13$90K
Information technologyLn 14$57K
OccupancyLn 16$51K
TravelLn 17$13K
InterestLn 20$26K
Depreciation, depletion and amortizationLn 22$6K
InsuranceLn 23$14K
Other expenses (24a–d)Ln 24$218K
All other expensesLn 24e$18K
Total functional expensesLn 25$1.2M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $1.8M$1.2M$590K$6.2M 990 PDF
FY2024 $1.7M$1.2M$458K$5.7M 990 PDF
FY2023 $1.5M$1.1M$414K$5.2M 990 PDF
FY2022 $1.2M$1.1M$137K$4.8M 990 PDF
FY2021 $1.2M$979K$204K$4.7M 990 PDF
FY2020 $1.1M$995K$118K$4.5M 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 FY2025 990 (4 parts)
Part VIII · Statement of revenue $1,781,911 across 4 lines filed
Lines not itemized here account for $1,121,231 of total revenue; see the IRS return.
VIII-1h Total contributions, gifts and grants$0
VIII-3 Investment incomeRelated to mission $660,680 · Unrelated business $0 · Excluded from tax $0$660,680
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-12 Total revenueRelated to mission $1,781,911 · Unrelated business $0 · Excluded from tax $0$1,781,911
Part IX · Statement of functional expenses $1,191,546 across 16 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staff$655,335
IX-11c Accounting fees$17,980
IX-12 Advertising and promotion$25,807
IX-13 Office expenses$90,064
IX-14 Information technology$56,725
IX-16 Occupancy$50,706
IX-17 Travel$13,057
IX-20 Interest$26,006
IX-22 Depreciation, depletion and amortization$5,822
IX-23 Insurance$14,020
IX-24 Other expenses (24a–d)$217,849
IX-24e All other expenses$18,175
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$1,191,546
Part X · Balance sheet $34,772,929 assets, 11 lines filed
Asset lines not itemized here account for $18,855,955; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $2,106,276$2,495,720
X-2 Savings and temporary cash investmentsStart of year $14,048,762$13,280,536
X-9 Prepaid expenses and deferred chargesStart of year $108,435$90,665
X-10c Land, buildings and equipment, netStart of year $6,606$2,893
X-15 Other assetsStart of year $55,950$47,160
X-16 Total assetsStart of year $34,452,132$34,772,929
X-17 Accounts payable and accrued expensesStart of year $251,596$243,976
X-25 Other liabilitiesStart of year $28,550,455$28,288,507
X-26 Total liabilitiesStart of year $28,802,051$28,532,483
X-32 Total net assets or fund balancesStart of year $5,650,081$6,240,446
X-33 Total liabilities and net assetsStart of year $34,452,132$34,772,929
Part XI · Reconciliation of net assets $6,240,446 net assets at year end
XI-1 Total revenue$1,781,911
XI-2 Total expenses$1,191,546
XI-3 Revenue less expenses$590,365
XI-4 Net assets at start of year$5,650,081
XI-5 Net unrealized gains (losses) on investments$0
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$6,240,446

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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