HOLYOKE CREDIT UNION: Form 990, tax year 2022
View the entire original 990 at ProPublica ↗
- Organization
- HOLYOKE CREDIT UNION (EIN 04-1448660)
- Tax period
- 2022-01-01 to 2022-12-31
- Filed
- 2023-06-12
- IRS object ID
- 202341639349300614
- Schema version
- 2022v5.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2023-06-12T11:16:14-05:00 | ReturnTs |
| Tax Period End | 2022-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 042513210 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | GERALD T REILLY & COMPANY | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 424 ADAMS STREET | AddressLine1Txt |
| City | MILTON | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02186 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2022-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 041448660 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | HOLYOKE CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | HOLY | BusinessNameControlTxt |
| Phone | 4132786848 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 490 WESTFIELD ROAD | AddressLine1Txt |
| City | HOLYOKE | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 01040 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | MICHAEL E MURPHY | PersonNm |
| Person Title | PRESIDENT/CEO | PersonTitleTxt |
| Phone | 4132786848 | PhoneNum |
| Signature | 2023-06-09 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | MICHAEL | PersonFirstNm |
| Person Last | MURPHY | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | XXX-XX-XXXX | SSN |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | GIUSEPPE FEMIA CPA | PreparerPersonNm |
| PTIN | P01438848 | PTIN |
| Phone | 6176968900 | PhoneNum |
| Preparation | 2023-06-09 | PreparationDt |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 2 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2022 | TaxYr |
| Build TS | 2023-04-26 12:10:37Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | MICHAEL E MURPHY | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 490 WESTFIELD ROAD | AddressLine1Txt |
| City | HOLYOKE | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 01040 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $21,058,762 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.HOLYOKECU.COM | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Other Organization Dsc | CREDIT UNION | OtherOrganizationDsc |
| Formation | 1911 | FormationYr |
| Legal Domicile State | MA | LegalDomicileStateCd |
| Activity Or Mission | THE HOLYOKE CREDIT UNION MISSION IS TO PROVIDE MEMBERS WITH AN EXCELLENT SELECTION OF HIGH-QUALITY AND PROVIDE AFFORDABLE FINANCIAL PRODUCTS AND SERVICES IN A SOCIALLY RESPONSIBLE MANNER. OUR CREDIT UNION ADHERES TO THE HIGHEST ETHICAL STANDARDS OF THE BANKING INDUSTRY, WHILE WE MAINTAIN FINANCIAL SECURITY AND PROVIDE OUR EMPLOYEES WITH GAINFUL AND SECURE EMPLOYMENT. | ActivityOrMissionDesc |
| Voting Members Governing Body | 10 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 10 | VotingMembersIndependentCnt |
| Total Employee | 51 | TotalEmployeeCnt |
| Total Volunteers | 0 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $7,759,702 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $6,711,797 | CYProgramServiceRevenueAmt |
| PY Investment Income | $1,773,871 | PYInvestmentIncomeAmt |
| CY Investment Income | $2,143,931 | CYInvestmentIncomeAmt |
| PY Other Revenue | $892,006 | PYOtherRevenueAmt |
| CY Other Revenue | $1,582,408 | CYOtherRevenueAmt |
| PY Total Revenue | $10,425,579 | PYTotalRevenueAmt |
| CY Total Revenue | $10,438,136 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $3,560,054 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $3,509,723 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $5,349,792 | PYOtherExpensesAmt |
| CY Other Expenses | $5,844,675 | CYOtherExpensesAmt |
| PY Total Expenses | $8,909,846 | PYTotalExpensesAmt |
| CY Total Expenses | $9,354,398 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $1,515,733 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $1,083,738 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $242,121,845 | TotalAssetsBOYAmt |
| Total Assets EOY | $254,372,424 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $220,863,049 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $243,653,988 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $21,258,796 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $10,718,436 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | THE HOLYOKE CREDIT UNION MISSION IS TO PROVIDE MEMBERS WITH AN EXCELLENT SELECTION OF HIGH-QUALITY AND AFFORDABLE FINANCIAL PRODUCTS AND SERVICES IN A SOCIALLY RESPONSIBLE MANNER. OUR CREDIT UNION ADHERES TO THE HIGHEST ETHICAL STANDARDS OF THE BANKING INDUSTRY, WHILE WE MAINTAIN FINANCIAL SECURITY AND PROVIDE OUR EMPLOYEES WITH GAINFUL AND SECURE EMPLOYMENT. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Expense | $9,354,398 | ExpenseAmt |
| Revenue | $10,438,136 | RevenueAmt |
| Desc | MAINTENANCE OF MEMBERS' SHARE, DEPOSIT AND LOAN ACCOUNTS. | Desc |
| Total Program Service Expenses | $9,354,398 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | 0 | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (1) | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 3944 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 51 | EmployeeCnt |
| Employment Tax Returns Filed | 0 | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 10 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 10 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | Yes (1) | LocalChaptersInd |
| Policies Reference Chapters | Yes (1) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | HOLYOKE CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 4132786848 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 490 WESTFIELD ROAD | AddressLine1Txt |
| City | HOLYOKE | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 01040 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (19 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|
| THOMAS PAQUIN | |||||||
| CHAIRMAN | 3.00 | Yes (X) | $0 | $0 | $0 | ||
| MICHAEL GHAZIL | |||||||
| VICE CHAIRMAN | 3.00 | Yes (X) | $0 | $0 | $0 | ||
| JOSEPH BEAULIEU | |||||||
| TREASURER | 3.00 | Yes (X) | $0 | $0 | $0 | ||
| ROBERT FERRIER | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| ANNE MARIE MARONA | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| DENNIS MORAN | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| JEFFREY PRZEKOPOWSKI | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| BRIAN SMITH | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| CYNTHIA ANN SHEA-DESROCHES | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| DAVID N VIAMARI | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| WAYNE BENNETT | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| MICHAEL MURPHY | |||||||
| PRESIDENT/CEO | 40.00 | $236,396 | $0 | $43,806 | Yes (X) | ||
| JAMES WOLOHAN | |||||||
| EXECUTIVE VICE PRESIDENT | 40.00 | $165,161 | $0 | $28,595 | Yes (X) | ||
| GARY CLARKE | |||||||
| CHIEF FINANCIAL OFFICER | 40.00 | $104,536 | $0 | $12,507 | Yes (X) | ||
| JENNIFER BROOKS | |||||||
| SENIOR VP MORTGAGE | 40.00 | $112,185 | $0 | $19,708 | Yes (X) | ||
| CELIA ALVARADO | |||||||
| SMALL BUSINESS LENDING OFFICER | 40.00 | $104,504 | $0 | $9,887 | Yes (X) | ||
| STACEY O'SULLIVAN | |||||||
| VP LENDING ADMINISTRATION | 40.00 | $119,834 | $0 | $5,621 | Yes (X) | ||
| KARI TROMBLEY | |||||||
| OPERATIONS MANAGER | 40.00 | $106,878 | $0 | $13,928 | Yes (X) | ||
| BRIAN RISLEY | |||||||
| HOME LOAN CONSULTANT | 40.00 | $102,611 | $0 | $13,975 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,052,105 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $148,027 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 8 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (4 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| SOLIDUS | |||||
| 1450 MAIN STREET | EAST HARTFORD | CT | 06108 | CONSTRUCTION | $1,433,940 |
| ICI CONSULTING | |||||
| 739 PINTA DRIVE | ST PETERSBURG | FL | 33715 | CONSULTING | $1,161,819 |
| RH GOODROW & ASSOCIATES | |||||
| 1082 MAIN STREET | HOLYOKE | MA | 01040 | MAINTENANCE | $256,589 |
| K & L GATES | |||||
| PO BOX 844255 | BOSTON | MA | 02284 | LEGAL FEES | $106,132 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 4 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| LOAN INTEREST | 522100 | $4,864,257 | $4,864,257 |
| MEMBER SERVICE CHARGES | 522100 | $1,363,388 | $1,363,388 |
| MORTGAGE BANKING INCOM | 522100 | $484,152 | $484,152 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $6,711,797 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $2,135,623 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $2,135,623 | RelatedOrExemptFuncIncomeAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $10,628,934 | SecuritiesAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $10,620,626 | SecuritiesAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $8,308 | SecuritiesAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $8,308 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $8,308 | RelatedOrExemptFuncIncomeAmt |
Other Revenue Misc OtherRevenueMiscGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | OTHER INCOME | Desc |
| Business | 524298 | BusinessCd |
| Total Revenue Column | $1,582,408 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $1,582,408 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $1,582,408 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $10,438,136 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $10,438,136 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,094,042 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,714,749 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $194,183 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $277,405 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $229,344 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $18,413 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $107,483 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $138,853 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $694,912 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $543,595 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $22,406 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $786,876 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $550,818 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $69,436 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| OUTSIDE SERVICES | $1,677,703 |
| LOAN SERVICING EXPENSES | $949,526 |
| BANK CHARGES | $192,548 |
| PROVISION FOR LOAN LOSS | $59,925 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $32,181 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $9,354,398 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,553,981 | BOYAmt |
| EOY | $2,033,307 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,337,344 | BOYAmt |
| EOY | $14,936,345 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,042,643 | BOYAmt |
| EOY | $4,103,282 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $105,870,340 | BOYAmt |
| EOY | $108,121,565 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $438,920 | BOYAmt |
| EOY | $1,583,891 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $9,001,083 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $4,170,286 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,035,588 | BOYAmt |
| EOY | $4,830,797 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $103,843,687 | BOYAmt |
| EOY | $103,572,054 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $12,704,071 | BOYAmt |
| EOY | $11,065,772 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,295,271 | BOYAmt |
| EOY | $4,125,411 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $242,121,845 | BOYAmt |
| EOY | $254,372,424 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,132,829 | BOYAmt |
| EOY | $2,369,407 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $20,077,000 | BOYAmt |
| EOY | $22,120,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $199,653,220 | BOYAmt |
| EOY | $219,164,581 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $220,863,049 | BOYAmt |
| EOY | $243,653,988 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $21,258,796 | BOYAmt |
| EOY | $10,718,436 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $21,258,796 | BOYAmt |
| EOY | $10,718,436 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $242,121,845 | BOYAmt |
| EOY | $254,372,424 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $1,083,738 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$12,192,575 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $568,477 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | 0 | FSAuditedInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $424,200 | OtherCostOrOtherBasisAmt |
| Book Value | $424,200 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $4,924,632 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,998,569 | DepreciationAmt |
| Book Value | $2,926,063 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,061,966 | OtherCostOrOtherBasisAmt |
| Depreciation | $5,494 | DepreciationAmt |
| Book Value | $1,056,472 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,590,285 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,166,223 | DepreciationAmt |
| Book Value | $424,062 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $4,830,797 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBER DEPOSITS | Desc |
| Amt | $219,164,581 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $219,164,581 | TotalLiabilityAmt |
| Total Rev Etc Audited Fincl Stmt | $10,438,136 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Not Reported | $0 | RevenueNotReportedAmt |
| Revenue Subtotal | $10,438,136 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $10,438,136 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $9,354,398 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $9,354,398 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $9,354,398 | TotalExpensesPerForm990Amt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (2 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MICHAEL MURPHY | ||||||||||||||
| PRESIDENT/CEO | $194,620 | $0 | $400 | $0 | $41,376 | $0 | $0 | $0 | $43,806 | $0 | $280,202 | $0 | $0 | $0 |
| JAMES WOLOHAN | ||||||||||||||
| EXECUTIVE VICE PRESIDENT | $139,290 | $0 | $650 | $0 | $25,221 | $0 | $0 | $0 | $28,595 | $0 | $193,756 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 3 | THE CREDIT UNION'S BOARD OF DIRECTORS ASSIGNS THE RESPONSIBILITY TO THE BOARD'S PERSONNEL COMMITTEE TO INTERVIEW MEMBERS OF SENIOR MANAGEMENT FOR THE PREPARATION OF A WRITTEN PERFORMANCE EVALUATION OF THE CREDIT UNION'S PRESIDENT. THE PERSONNEL COMMITTEE IS COMPRISED OF INDEPENDENT DIRECTORS. THE PERSONNEL COMMITTEE WILL THEN PRESENT THE WRITTEN EVALUATION TO THE FULL BOARD, ALONG WITH A RECOMMENDATION FOR COMPENSATION. THE COMPENSATION LEVEL IS BASED ON A COMBINATION OF THE PRESIDENT'S PERCEIVED VALUE TO THE CREDIT UNION AND JOB PERFORMANCE. BASED ON THE PERSONNEL COMMITTEE'S RECOMMENDATION, THE FULL BOARD APPROVES THE PRESIDENT'S COMPENSATION. |
| PART I, LINE 4B | PRESIDENT/CEO MICHAEL MURPHY PARTICIPATES IN A SERP FUNDED BY SPLIT DOLLAR LIFE INSURANCE. |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MICHAEL MURPHY | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Relationship With Org | CEO | RelationshipWithOrgTxt |
| Loan Purpose | SERP | LoanPurposeTxt |
| Loan From Organization | Yes (X) | LoanFromOrganizationInd |
| Original Principal | $3,600,000 | OriginalPrincipalAmt |
| Balance Due | $4,103,282 | BalanceDueAmt |
| Default | 0 | DefaultInd |
| Board Or Committee Approval | Yes (1) | BoardOrCommitteeApprovalInd |
| Written Agreement | Yes (1) | WrittenAgreementInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $4,103,282 | TotalBalanceDueAmt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | MEMBERS CONSIST OF DEPOSITORS WITH A MINIMUM OF A $25 BALANCE IN A DEPOSIT ACCOUNT. MEMBERS HAVE VOTING RIGHTS WHICH ARE LIMITED TO THE ANNUAL MEETING AND ANY SPECIAL MEETINGS HELD DUE TO CHARTER CHANGES, MERGERS, ETC. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE BOARD OF DIRECTORS ARE VOTED ON BY THE MEMBERS AT THE ANNUAL MEETING. |
| FORM 990, PART VI, SECTION A, LINE 7B | ELECTION OF DIRECTORS, CHARTER CHANGES AND MERGERS REQUIRE A VOTE BY THE MEMBERS. ONLY MEMBERS THAT ATTEND THE ANNUAL MEETING OR SPECIAL MEETING ARE ALLOWED TO VOTE. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE BOARD OF DIRECTORS HAVE DELEGATED AUTHORITY FOR THE REVIEW OF THE FORM 990 TO THE PRESIDENT/CEO. THE CREDIT UNION ENGAGES THE SERVICES OF AN INDEPENDENT ACCOUNTING FIRM FOR THE PREPARATION OF THE FORM 990. UPON COMPLETION, THE FORM 990 IS REVIEWED AND SIGNED BY THE PRESIDENT/CEO AND FILED WITH THE IRS. |
| FORM 990, PART VI, SECTION B, LINE 12C | EACH YEAR THE CODE OF ETHICS, WHICH INCORPORATES A CONFLICT OF INTEREST POLICY, IS UPDATED AND RATIFIED BY THE BOARD OF DIRECTORS. ANNUALLY, ALL EMPLOYEES AND BOARD MEMBERS SIGN AN ACKNOWLEDGEMENT THAT THEY HAVE RECEIVED AND READ THE CODE OF ETHICS. FURTHERMORE, ALL EMPLOYEES AND BOARD MEMBERS MUST IDENTIFY, IN WRITING, ALL DEPOSIT AND LOAN ACCOUNTS IN WHICH THEY HAVE A RELATED INTEREST. LOANS GRANTED TO SENIOR MANAGEMENT, DIRECTORS, OR THEIR RELATED PARITES MUST BE APPROVED BY THE BOARD. IF THE LOAN IS FOR A BOARD MEMBER OR HIS/HER RELATED INTEREST THE BOARD MEMBER MUST LEAVE THE BOARD ROOM DURING DISCUSSION AND VOTE. THE BOARD MEMBER IS RECUSED FROM THE VOTE. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE CREDIT UNION'S BOARD OF DIRECTORS ASSIGNS THE RESPONSIBILITY TO THE BOARD'S PERSONNEL COMMITTEE TO INTERVIEW MEMBERS OF SENIOR MANAGEMENT FOR THE PREPARATION OF A WRITTEN PERFORMANCE EVALUATION OF THE CREDIT UNION'S PRESIDENT. THE PERSONNEL COMMITTEE IS COMPRISED OF INDEPENDENT DIRECTORS. THE PERSONNEL COMMITTEE WILL THEN PRESENT THE WRITTEN EVALUATION TO THE FULL BOARD, ALONG WITH A RECOMMENDATION FOR COMPENSATION. THE COMPENSATION LEVEL IS BASED ON A COMBINATION OF THE PRESIDENT'S PERCEIVED VALUE TO THE CREDIT UNION AND JOB PERFORMANCE. BASED ON THE PERSONNEL COMMITTEE'S RECOMMENDATION, THE FULL BOARD APPROVES THE PRESIDENT'S COMPENSATION. FOR MEMBERS OF SENIOR MANAGEMENT, WRITTEN PERFORMANCE EVALUATIONS ARE PREPARED BY THE IMMEDIATE SUPERVISOR AND REVIEWED BY THE BOARD'S PERSONNEL COMMITTEE. COMPENSATION IS BASED ON VALUE TO THE CREDIT UNION AND JOB PERFORMANCE. THE PERSONNEL COMMITTEE THEN MAKES A RECOMMENDATION TO THE FULL BOARD FOR ITS APPROVAL. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE CREDIT UNION'S FINANCIAL INFORMATION IS AVAILABLE BY ACCESSING THE CREDIT UNION'S CALL REPORT WHICH IS AVAILABLE THROUGH THE NCUA'S WEBSITE. THE CREDIT UNION DOES MAKE ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. |
| FORM 990, PART XI, LINE 9: | MERGER OF HOLYOKE POSTAL CREDIT UNION 568,477. |
Comments