2024-04-22T10:46:23-07:00 2023-12-31 990 2023-01-01 046054447 ALPHA CREDIT UNION ALPH 6176328164 One Deaconess Road Boston MA 022155321 Joette DeMeo CEO 6176328164 2024-04-22 Joette DeMeo 999009999 1 1 11 0 AAL2 2023 2023-04-26 12:10:37Z X Joette DeMeo One Deaconess Rd Boston MA 02215 1544374 0 X www.alphacu.com X Credit Union 1942 MA Credit Union: Provide accounts and loans to members with a current membership of 4091. 9 8 0 8 0 0 0 0 982464 1049112 232605 495262 0 0 1215069 1544374 0 0 0 0 594561 544234 0 0 0 483627 585959 1078188 1130193 136881 414181 38265467 36816826 33451792 31625136 4813675 5191690 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. 0 0 Provide accounts and loans to members. 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 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 0 0 0 0 0 0 0 0 0 0 0 0 X 9 8 0 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 MA X Joette DeMeo 6176328164 One Deaconess Road Boston MA 022155321 Joette DeMeo CEO 40 0 X X X X 175000 0 0 Kristine Hanscom Board Chair 3 0 X X 0 0 0 Patricia Hayward Esq Vice Chair Board 1 0 X X 0 0 0 Mary Leupold Secretary 1 0 X X 0 0 0 Peter Macaulay Board Member 1 0 X X 0 0 0 Jeannette Blackler Board Member 1.00 0 X 0 0 0 Jane Hayward Board Member 1 0 X 0 0 0 Susan Dunn Board Member 1 0 X 0 0 0 David Baker Board Member 1 0 X 0 0 0 175000 0 0 1 0 1 0 0 0 1049112 1049112 0 0 1049112 495262 495262 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1544374 1544374 0 0 544234 23520 11781 95417 58891 37466 977 8080 30261 60883 12366 Loan Servicing Expense 49515 Misc Dues 4522 Provision for Loan and Inv Loss 98963 ATM Debit Card Expenses 93317 0 1130193 0 0 0 919989 602438 16017251 15597054 430241 410728 18744385 18185057 123541 121032 318998 255180 113734 63818 1916326 1836699 38265467 36816826 140317 146498 33311475 31478638 33451792 31625136 X 0 0 0 0 4813675 5191690 4813675 5191690 38265467 36816826 X 414181 0 0 0 0 -36166 X 0 1 X 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 318998 0 255180 63818 63818 Member Share Deposits 31478638 31478638 X X X X 0 0 0 Joette DeMeo CEO 160000 0 10000 0 0 0 0 0 0 0 170000 0 160000 0 Form 990, Part VI, Section A, Line 4 In 2023 Alpha Credit Union opened it's field of membership to eligible family members, increasing our potential membership numbers. Form 990, Part VI, Section A, Line 6 Credit unions are comprised of members. Every account holder is a member. Form 990, Part VI, Section A, Line 7a The membership elects and votes on a governing body. Form 990, Part VI, Section A, Line 7b Each member/account has one vote at the election of the Board of Directors. If a joint account, still only one vote per account number. Governance decisions are reserved for the Board of Directors. Form 990, Part VI, Section B, Line 11b The form 990 is reviewed by the Board Chair prior to submission. Form 990, Part VI, Section B, Line 12c The directors are asked to disclose any conflicts of interest on an annual basis, per policy. Form 990, Part VI, Section B, Line 15 The Board of Directors review the salary of the CEO based on the CEO's overall performance and its peer and industry averages, prior to determining salary. The last review was conducted in January 2024. Form 990, Part VI, Section C, Line 19 Financial statements are posted in the lobby of the credit union. The 990 and conflict of interest policy are available upon request. Form 990, Part XI, Line 9 One-time adjustment to Undivided Earnings due to FASB required methodology change in Allowance for Loan Loss calculation; current expected credit losses (CECL).