2012-05-14T11:45:03-05:00 2011-12-31 042865785 MERCADANTE & MERCADANTE PC PO BOX 2125 FITCHBURG MA 01420 990 2011-01-01 041680140 NORTHERN MASS TELEPHONE WORKER'S COMMUNITY CREDIT UNION NORT 9784529961 40 MARKET STREET LOWELL MA 01851 KENNETH DEL ROSSI 9784529961 2012-05-14 ANTHONY J MERCADANTE P00541053 9783420647 2012-05-14 2011 2016-02-24 21:20:13Z KENNETH DEL ROSSI 40 MARKET STREET LOWELL MA 01851 23654698 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 13 139 0 27126 -71311 0 0 14994674 13294985 5720618 5621757 3906431 4737956 24621723 23654698 0 0 5807353 4583416 8074048 8410972 0 0 0 9816984 10267231 23698385 23261619 923338 393079 518011481 527746056 451671546 458650728 66339935 69095328 THE CREDIT UNION ACCEPTS DEPOSITS AND GRANTS LOANS TO ITS MEMBERS. BENEFITS PAID ARE DIVIDENDS ON DEPOSIT ACCOUNTS. 0 0 4583416 DIVIDENDS AND INTEREST PAID ON MEMBERS DEPOSITS. 6294198 EMPLOYEES SALARIES, WAGES AND BENEFITS (EXCLUDING OFFICERS) 4457871 MEMBER SERVICES 15335485 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 0 1 13524 0 139 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 X 0 0 0 FRANCIS J MCKENNEY X 0 0 0 STEVEN P SOUSA X 0 0 0 KAREN A MORRIS X 0 0 0 STEVEN J BABBITT X 0 0 0 JOHN J CROWLEY X 0 0 0 DANIEL P GOLDEN X 0 0 0 FRANK H LOSPENNATO X 0 0 0 DAVID R MORRIS X 0 0 0 RICHARD W PIECEWICZ X 0 0 0 LINDA L PURTELL X 0 0 0 ALAN J SEXTON X 0 0 0 MAXWELL RODGERS X 0 0 0 KENNETH M DEL ROSSI 40.00 X X 311900 0 144012 THOMAS HAMMOND 40.00 X 175285 0 45670 PAUL DUFF 40.00 X 131246 0 31545 JOANNE MCCARTHY 40.00 X 120707 0 24429 SUE MORRISON 40.00 X 124788 0 25177 863926 0 270833 5 0 1 0 0 PROG.SERV.REVENUE-RELA 522100 13294985 13294985 13294985 5621757 5621757 GAIN ON SALE OF INVEST 522100 1216838 1216838 INTERCHANGE INCOME 522100 1216353 1216353 OTHER INCOME 522100 883465 883465 1421300 1394174 27126 4737956 23654698 23627572 27126 0 X 4583416 4583416 983151 983151 4993726 4993726 694731 463154 231577 1255977 837318 418659 483387 322258 161129 54278 54278 561011 561011 958489 958489 98344 24586 73758 760963 760963 683067 683067 LOAN LOSS PROVISION 1772218 1772218 NCUSIF STABILIZATION EX 971896 971896 ADVERTISING 688857 688857 MISC EXP 678044 678044 3040064 1366913 1673151 23261619 15335485 7926134 0 13155592 9860581 7408486 11587431 260478669 263350979 12943509 5249476 7671809 7694033 217754683 222825427 3686300 4142100 7855942 8285505 518011481 527746056 451671546 458650728 451671546 458650728 X 0 0 0 0 66339935 69095328 66339935 69095328 518011481 527746056 X 393079 2362314 X X 0 1 1 X 0 1630000 1630000 8187558 3307730 4879828 3125951 1941746 1184205 7694033 RESERVE FOR 457F 244500 ACCRUED EXPENSES 433685 POSTRETIREMENT HC RESERVE 349233 MORTGAGORS' TAX ESCROW ACCOUNT 795828 OTHER LIABILITIES 1495032 MEMBERS' SHARE AND DEPOSIT ACCOUNTS 405332450 BORROWINGS 50000000 458650728 23654698 23261619 393079 2362314 2362314 2755393 23654698 0 23654698 0 23654698 23261619 0 23261619 0 23261619 PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF INVESTMENTS SECURITIES AVAILABLE-FOR-SALE 2,362,314. X X X X 0 0 0 KENNETH M DEL ROSSI 296760 0 9707 0 5433 0 36750 0 107262 0 455912 0 0 0 THOMAS HAMMOND 170520 0 3306 0 1459 0 26340 0 19330 0 220955 0 0 0 PAUL DUFF 127186 0 2476 0 1584 0 19449 0 12096 0 162791 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 X, LINE 24F SERVICE CONTRACT: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 463,028. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 463,028. CREDIT CARD PROCESSING: PROGRAM SERVICE EXPENSES 448,992. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 448,992. CONSULTING FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 283,944. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 283,944. CREDIT UNION REWARDS EXP: PROGRAM SERVICE EXPENSES 278,667. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 278,667. ATM EXPENSES: PROGRAM SERVICE EXPENSES 244,600. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 244,600. EXAMINATION & AUDIT FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 215,000. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 215,000. DATA PROCESSING: PROGRAM SERVICE EXPENSES 214,546. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 214,546. PROMOTIONAL: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 161,467. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 161,467. DONATIONS: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 161,174. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 161,174. DEPOSITS/CHECK PROCESSING FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 142,656. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 142,656. STUDENT LOAN: PROGRAM SERVICE EXPENSES 125,258. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 125,258. INSURANCE: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 64,393. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 64,393. COURIER SERVICE: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 47,808. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 47,808. DIRECTOR'S EXPENSE: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 45,589. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 45,589. CREDIT BUREAU: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 44,387. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 44,387. PAYROLL FEE: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 43,705. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 43,705. N.O.W. CHARGES: PROGRAM SERVICE EXPENSES 38,746. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 38,746. TRAINING: PROGRAM SERVICE EXPENSES 16,104. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 16,104. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: CHANGE IN FAIR VALUE OF INVESTMENTS SECURITIES AVAILABLE-FOR-SALE 2,362,314. TOTAL TO FORM 990, PART XI, LINE 5: 2,362,314. 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.