2011-09-01T13:21:53-05:00 2010-12-31 MERCADANTE & MERCADANTE PC PO BOX 2125 FITCHBURG MA 01420 990 2010-01-01 041680140 NORTHERN MASS TELEPHONE WORKER'S COMMUNITY CREDIT UNION NORT 9784529961 40 MARKET STREET LOWELL MA 01851 KENNETH DEL ROSSI 9784529961 2011-08-29 ANTHONY J MERCADANTE 9783420647 2011-08-29 2010 2016-02-24 21:20:13Z KENNETH DEL ROSSI 40 MARKET STREET LOWELL MA 01851 24621723 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 246202 -134358 0 0 16136917 14994674 5733184 5720618 5698143 3906431 27568244 24621723 0 0 7105478 5807353 7643564 8074048 0 0 0 10103907 9816984 24852949 23698385 2715295 923338 473407090 518011481 405952198 451671546 67454892 66339935 THE CREDIT UNION ACCEPTS DEPOSITS AND GRANTS LOANS TO ITS MEMBERS. BENEFITS PAID ARE DIVIDENDS ON DEPOSIT ACCOUNTS. 0 0 5807353 DIVIDENDS AND INTEREST PAID ON MEMBERS DEPOSITS. 6067860 EMPLOYEES SALARIES, WAGES AND BENEFITS (EXCLUDING OFFICERS) 4551517 MEMBER SERVICES 16426730 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 8751 0 1 139 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 X 295069 0 141384 THOMAS HAMMOND 40.00 X X 165803 0 41557 PAUL DUFF 40.00 X X 129077 0 29591 JOANNE MCCARTHY 40.00 X X 120901 0 23762 SUE MORRISON 40.00 X X 119176 0 23472 830026 0 259766 5 0 1 0 0 PROG.SERV.REVENUE-RELA 522100 14994674 14994674 14994674 5720618 5720618 INTERCHANGE INCOME 522100 1211258 1211258 GAIN ON SALE OF LOANS 522100 776357 776357 MEMBER SERVICE FEES 522100 543990 543990 1374826 1128624 246202 3906431 24621723 24375521 246202 0 5807353 5807353 946630 946630 4881812 4881812 664136 442757 221379 1114937 743291 371646 466533 311022 155511 72168 72168 568769 568769 880616 880616 91957 22989 68968 622653 622653 570804 570804 LOAN LOSS PROVISION 2023890 2023890 NCUSIF STABILIZATION EX 965872 965872 MISC EXP 684977 684977 ADVERTISING 589615 589615 SERVICE CONTRACT 420041 420041 2325622 1227744 1097878 23698385 16426730 7271655 0 9587539 13155592 14966033 7408486 271246534 260478669 12833676 5161867 5905180 7671809 162589387 217754683 2583900 3686300 6528517 7855942 473407090 518011481 405952198 451671546 405952198 451671546 X 0 0 0 0 67454892 66339935 67454892 66339935 473407090 518011481 X 923338 -2038295 X X 0 1 1 X 0 1630000 1630000 8099949 3057272 5042677 3103727 2104595 999132 7671809 RESERVE FOR 457F 196500 ACCRUED EXPENSES 495442 POSTRETIREMENT HC RESERVE 316310 FEDERAL HOME LOAN BANK ADV 40500000 MORTGAGORS' TAX ESCROW ACCOUNT 709759 MEMBERS' SHARE ACCOUNTS 408845937 OTHER LIABILITIES(DETAIL)-990 607598 451671546 24621723 23698385 923338 -2038295 -2038295 -1114957 24621723 0 24621723 0 24621723 23698385 0 23698385 0 23698385 PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF INVESTMENTS SECURITIES AVAILABLE-FOR-SALE -2,038,295. X X X X 0 0 0 KENNETH M DEL ROSSI 286920 0 4000 0 4149 0 36750 0 104634 0 436453 0 0 0 THOMAS HAMMOND 162294 0 3149 0 360 0 24816 0 16741 0 207360 0 0 0 PAUL DUFF 125080 0 2418 0 1579 0 19125 0 10466 0 158668 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 CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: CHANGE IN FAIR VALUE OF INVESTMENTS SECURITIES AVAILABLE-FOR-SALE -2,038,295. TOTAL TO FORM 990, PART XI, LINE 5: -2,038,295. FORM 990, PART XII, LINE 2C RESPONSIBILITY FOR ANNUAL INDEPENDENT AUDIT: THE AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT AUDITOR.