2013-05-09T12:49:13-05:00 2012-12-31 042865785 MERCADANTE & MERCADANTE PC PO BOX 2125 FITCHBURG MA 01420 990 2012-01-01 041680140 NORTHERN MASS TELEPHONE WORKER'S COMMUNITY CREDIT UNION NORT 9784529961 40 MARKET STREET LOWELL MA 01851 KENNETH DEL ROSSI 9784529961 2013-05-08 ANTHONY J MERCADANTE P00541053 9783420647 2013-05-08 2012 2016-02-25 16:41:14Z KENNETH DEL ROSSI 40 MARKET STREET LOWELL MA 01851 23565398 0 X WWW.NMTWCU.ORG X CREDIT UNION 1922 MA 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. 14 13 142 0 22202 -61357 0 0 13294985 12693476 5621757 4766456 4737956 6105466 23654698 23565398 0 0 4583416 3595280 8410972 8742921 0 0 0 10267231 9857406 23261619 22195607 393079 1369791 527746056 543411904 458650728 470832874 69095328 72579030 THE CREDIT UNION ACCEPTS DEPOSITS AND GRANTS LOANS TO ITS MEMBERS. BENEFITS PAID ARE DIVIDENDS ON DEPOSIT ACCOUNTS. 0 0 3595280 DIVIDENDS AND INTEREST PAID ON MEMBERS DEPOSITS. 6543573 EMPLOYEES SALARIES, WAGES AND BENEFITS (EXCLUDING OFFICERS) 3429618 MEMBER SERVICES 13568471 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 12355 0 142 0 1 1 0 0 0 0 0 0 0 X 14 13 0 0 0 0 1 1 1 1 1 0 0 1 1 0 0 1 1 1 1 0 MA X KENNETH M DEL ROSSI 9784529961 40 MARKET STREET LOWELL MA 01851 GEORGE R GAGAN 0.00 X 0 0 0 FRANCIS J MCKENNEY 0.00 X 0 0 0 STEVEN P SOUSA 0.00 X 0 0 0 KAREN A MORRIS 0.00 X 0 0 0 STEVEN J BABBITT 0.00 X 0 0 0 JOHN J CROWLEY 0.00 X 0 0 0 DANIEL P GOLDEN 0.00 X 0 0 0 FRANK H LOSPENNATO 0.00 X 0 0 0 DAVID R MORRIS 0.00 X 0 0 0 RICHARD W PIECEWICZ 0.00 X 0 0 0 LINDA L PURTELL 0.00 X 0 0 0 ALAN J SEXTON 0.00 X 0 0 0 MAXWELL RODGERS 0.00 X 0 0 0 KENNETH M DEL ROSSI 40.00 X X 333046 0 142266 THOMAS HAMMOND 40.00 X 190611 0 43835 PAUL DUFF 40.00 X 133507 0 29892 JOANNE MCCARTHY 40.00 X 124669 0 24240 SUE MORRISON 40.00 X 130489 0 24854 912322 0 265087 5 0 1 0 0 PROG.SERV.REVENUE-RELA 522100 12693476 12693476 12693476 4766456 4766456 GAIN ON SALE OF LOANS 522100 1992309 1992309 INTERCHANGE INCOME 522100 1377358 1377358 GAIN ON SALE OF INVESTMENTS 522100 1204596 1204596 1531203 1509001 22202 6105466 23565398 23543196 22202 0 X 3595280 3595280 1036370 1036370 5248024 5248024 678164 452109 226055 1265160 843440 421720 515203 343469 171734 38720 38720 662019 662019 932064 932064 137413 34353 103060 665246 665246 634514 634514 LOAN LOSS PROVISION 1325478 1325478 MISC EXP 981917 981917 ADVERTISING 908359 908359 SERVICE CONTRACT 664729 664729 2906947 1726318 1180629 22195607 13568471 8627136 0 9860581 4042701 11587431 6995419 263350979 268334955 13546213 5166061 7694033 8380152 222825427 241089970 4142100 4320100 8285505 10248607 527746056 543411904 458650728 470832874 458650728 470832874 X 0 0 0 0 69095328 72579030 69095328 72579030 527746056 543411904 1369791 2113911 0 X X 0 1 X 1 0 1630000 1630000 8394703 3476715 4917988 3521510 1689346 1832164 8380152 RESERVE FOR 457F 292500 ACCRUED EXPENSES 444558 POSTRETIREMENT RESERVE 440316 MORTGAGORS' TAX ESCROW ACCOUNT 901128 OTHER LIABILITIES 1797269 MEMBERS' SHARE AND DEPOSIT ACCOUNTS 406957103 BORROWINGS 60000000 470832874 23565398 0 23565398 0 23565398 22195607 0 22195607 0 22195607 X X X X 0 0 0 KENNETH M DEL ROSSI 320490 0 6038 0 6518 0 38250 0 104016 0 475312 0 0 0 THOMAS HAMMOND 184828 0 3472 0 2311 0 27668 0 16167 0 234446 0 0 0 PAUL DUFF 129346 0 2536 0 1625 0 19919 0 9973 0 163399 0 0 0 SUE MORRISON 127449 0 2471 0 569 0 19403 0 5451 0 155343 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION HOLDS AN ANNUAL MEETING ACCORDING TO ITS BYLAWS WHERE ALL MEMBERS ARE GIVEN PROPER NOTIFICATION. THE BYLAWS CALL FOR THE ELECTION OF DIRECTORS WHOSE TERMS HAVE EXPIRED. FORM 990, PART VI, SECTION A, LINE 7B THE CREDIT UNION MEMBERS RATIFY DECISIONS OF THE GOVERNING BODY AT THEIR ANNUAL MEETING AND ELECT DIRECTORS AT THAT TIME. FORM 990, PART VI, SECTION B, LINE 11 THE ORGANIZATION CONTRACTS WITH THEIR CPA FIRM TO PREPARE FORM 990. AFTER PREPARATION, A DRAFT COPY IS SENT TO THE PRESIDENT AND CEO AND THE CHIEF FINANCIAL OFFICER FOR REVIEW. ONCE APPROVED THE 990 IS FILED. A COPY OF THE 990 IS PROVIDED TO THE AUDIT COMMITTEE AND THE FULL BOARD FOR THEIR REVIEW AND RATIFICATION AT THE MEETING FOLLOWING THE FILING OF THE FORM 990. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION USES AN OUTSIDE CONSULTING FIRM THAT DOES COMPENSATION ANALYSIS. THE CONSULTING FIRM SURVEY ALL INDUSTRIES BOTH LOCALLY AND NATIONALLY AND PROVIDES THE CREDIT UNION WITH SALARY LEVEL RECOMMENDATIONS. THE CREDIT UNION'S BOARD OF DIRECTORS SPECIFICALLY SETS GOALS FOR THE CEO ANNUALLY AND HE IS THEN EVALUATED ON THESE GOALS AND OFFER SALARY WITHIN THE PROVIDED RANGES. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES THE DOCUMENTS AVAILABLE UPON REQUEST ALL OTHER FUNCTIONAL EXPENSES FORM 990, PART IX, LINE 24E CREDIT CARD PROCESSING: PROGRAM SERVICE EXPENSES 481,806. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 481,806. NCUSIF STABILIZATION EXPENSE: PROGRAM SERVICE EXPENSES 369,978. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 369,978. CREDIT UNION REWARDS EXP: PROGRAM SERVICE EXPENSES 246,490. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 246,490. ATM EXPENSES: PROGRAM SERVICE EXPENSES 243,007. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 243,007. CONSULTING FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 233,722. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 233,722. DATA PROCESSING: PROGRAM SERVICE EXPENSES 230,810. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 230,810. PROMOTIONAL: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 191,795. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 191,795. DONATIONS: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 152,637. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 152,637. DEPOSITS/CHECK PROCESSING FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 149,227. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 149,227. EXAMINATION & AUDIT FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 140,000. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 140,000. STUDENT LOAN: PROGRAM SERVICE EXPENSES 93,191. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 93,191. DIRECTOR'S EXPENSE: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 75,150. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 75,150. INSURANCE: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 71,768. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 71,768. CREDIT BUREAU: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 60,998. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 60,998. PAYROLL FEE: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 53,752. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 53,752. COURIER SERVICE: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 51,580. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 51,580. N.O.W. CHARGES: PROGRAM SERVICE EXPENSES 39,020. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 39,020. TRAINING: PROGRAM SERVICE EXPENSES 22,016. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 22,016. RESPONSIBILITY FOR ANNUAL INDEPENDENT AUDIT FORM 990, PAGE 12 PART XII, LINE 2C THE AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT AUDITOR.