ALDEN CREDIT UNION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1939

Legal Domicile

Principal Officer

ADAM CORCORAN

Phone

4135360475

Tax Period

2023-01-01 to 2023-12-31

ALDEN CREDIT UNION, founded in 1939, is a community nonprofit that reported $8.3M in total revenue in fiscal year 2023. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $7.9M left a modest 5% surplus.

Mission

MUTUAL CREDIT UNION THAT PROVIDES FINANCIAL SERVICES, PRIMARY DEPOSIT ACCOUNTS AND LOANS TO MEMBERS IN THE HAMPDEN AND HAMPSHIRE COUNTIES OF MASSACHUSETTS.

Program Service Accomplishments

Program 1

MUTUAL CREDIT UNION THAT PROVIDES FINANCIAL SERVICES, PRIMARY DEPOSIT ACCOUNTS AND LOANS TO MEMBERS IN THE HAMPDEN AND HAMPSHIRE COUNTIES OF MASSACHUSETTS. TOTAL MEMBERS AS OF DECEMBER 31, 2023...

MUTUAL CREDIT UNION THAT PROVIDES FINANCIAL SERVICES, PRIMARY DEPOSIT ACCOUNTS AND LOANS TO MEMBERS IN THE HAMPDEN AND HAMPSHIRE COUNTIES OF MASSACHUSETTS. TOTAL MEMBERS AS OF DECEMBER 31, 2023 TOTALED 13,853 .

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $7,449,476

Investment Income $814,843

Other Revenue $0

TOTAL REVENUE $8,264,319

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,974,764

Fundraising Expenses $0

Other Expenses $5,894,111

TOTAL EXPENSES $7,868,875

Year-over-Year Comparison

	2023	2022	Change
Revenue	$8,264,319	$7,263,216	+0.1%
Expenses	$7,868,875	$6,221,885	+0.3%
Net Income	$395,444	$1,041,331	-0.6%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$832,157

Total Directors

$319,894

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ADAM CORCORAN	PRESIDENT/CEO	40.00	Officer Director	$269,888	$50,006	$319,894
MARC DUGRE	CHAIRMAN	4.00	Director	$0	$0	$0
KEVIN GARVIN	CLERK	4.00	Director	$0	$0	$0
ROB DESORMIER	DIRECTOR	4.00	Director	$0	$0	$0
GLENN BEAUREGARD	2ND VICE CHAIRMAN	4.00	Director	$0	$0	$0
KAREN KIRBY	DIRECTOR	4.00	Director	$0	$0	$0
BENJAMIN SABBS	DIRECTOR	4.00	Director	$0	$0	$0
NEAL QUENSNEL	DIRECTOR	4.00	Director	$0	$0	$0
JAY HAMBLEY	1ST VICE CHAIRMAN	4.00	Director	$0	$0	$0
WILLIAM EZEDINE	DIRECTOR	4.00	Director	$0	$0	$0
LAURIE J ROLLINS	SVP OF FINANCE/TREASURER	40.00	Officer	$114,982	$29,468	$144,450
JENNIFER ALVES FAUSTINO	SVP- DEPOSIT OPERATIONS/BS	40.00	Officer	$122,604	$10,697	$133,301
KIMBERLY SEAVER	SVP LENDING	40.00	Officer	$122,379	$17,399	$139,778
SARA BARNES	VP OF SERVICING & FINANCE	40.00	Officer	$81,417	$13,317	$94,734

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$8,264,319	$7,868,875	$200,407,802	$395,444
2022	$7,263,216	$6,221,885	$195,454,691	$1,041,331
2021	$6,700,901	$5,648,519	$195,963,362	$1,052,382
2020	$7,027,622	$6,295,921	$174,535,444	$731,701
2019	$7,187,269	$6,634,971	$148,245,431	$552,298
2018	$7,234,011	$7,035,052	$164,262,617	$198,959