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Nonprofit · EIN 04-1144988

NAVEO CREDIT UNION

Tax-exempt · SOMERVILLE, MA 02143

Financials

$6.8M$6.5M2023$8.1M$8M2024
Revenue Expenses · by fiscal year end
Financials of NAVEO CREDIT UNION by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$8,053,625$7,968,830$84,795$171,284,500$162,727,120$8,557,380
December 31, 2023990$6,809,632$6,549,902$259,730$170,305,612$162,855,833$7,449,779
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$0
Program service revenue
$6,143,144
Investment income
$1,188,556
Other revenue
$721,925

Expenses

Grants and similar amounts paid
$6,000
Compensation of officers, directors and key employees
$989,578
Other salaries and wages
$1,838,492
Salaries, compensation and benefits (total)
$3,595,887
Professional fundraising fees
$0
Legal fees
$9,338
Accounting fees
$166,187
Occupancy
$298,289
Depreciation
$189,178

Balance sheet and other

Total assets, start of year
$170,305,612
Total assets, end of year
$171,284,500
Total liabilities, end of year
$162,727,120
Net assets, end of year
$8,557,380
Land, buildings and equipment
$1,437,007
Publicly traded securities
$53,328,079
Gross unrelated business income
$11,757
Gross receipts
$8,053,625
Employees
47
Volunteers
8
Year formed
1928
State of legal domicile
MA

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensationOther / benefits
ANDREA WHITEPRESIDENT/CE
Officer
40$496,828$16,030
KAREN YEESVP/CHIEF LE
Officer
40$190,542$18,762
BRENDA TAMCFO
Officer
40$196,695$12,351
JAMIE LEVINEVP HUMAN RES
Highest-paid employee
40$141,805$19,553
MICHAEL DWYERVP OF OPERAT
Highest-paid employee
40$121,368$22,569
ANA SANTOSAVP OF LENDI
Highest-paid employee
40$107,995$5,353
JASON ALVESDIRECTOR
Trustee or director
2$0$0
PAUL FERREIRASECRETARY
Trustee or director, Officer
2$0$0
MARIO G BRUM IIDIRECTOR
Trustee or director
2$0$0
JENNIFER LAWRENCEDIRECTOR
Trustee or director
2$0$0
ISAAC MACHADOVICE CHAIRPE
Trustee or director, Officer
2$0$0
LEONTINA MANCINICHAIRPERSON
Trustee or director, Officer
2$0$0
CHARLES MONTEMORTREASURER
Trustee or director, Officer
2$0$0
MANUEL DA SILVADIRECTOR
Trustee or director
2$0$0
990 for the year ended December 31, 2023: 16 people
NameTitleHours / weekCompensationOther / benefits
ANDREA WHITEPRESIDENT & CEO
Officer
40$267,205$6,115
ALBERT PINHOSVP LENDING
Key employee
40$202,264$12,631
JAMIE LEVINEVP HUMAN RESOURCES
Highest-paid employee
40$125,542$12,631
KEVIN GEORGEVP FIANCE
Highest-paid employee
40$116,326$17,468
MICHAEL DWYERVP OPERATIONS
Highest-paid employee
40$113,209$17,468
ADAM CARPENTERVP TECHNOLOGY
Highest-paid employee
40$117,276$6,115
LEONTINA MANCINICHAIRPERSON
Trustee or director, Officer
2$0$0
ISAAC MACHADO1ST VICE CHAIRMAN
Trustee or director, Officer
2$0$0
PAUL FERREIRA2ND VICE CHAIRMAN
Trustee or director, Officer
2$0$0
CHARLES MONTEMORTREASURER
Trustee or director, Officer
2$0$0
LINDSAY LUCKESECRETARY/CLERK
Trustee or director, Officer
2$0$0
MANUEL DA SILVADIRECTOR
Trustee or director
2$0$0
SONJA DARAIDIRECTOR
Trustee or director
2$0$0
JENNIFER LAWRENCEDIRECTOR
Trustee or director
2$0$0
MARIO BRUMDIRECTOR
Trustee or director
2$0$0
JASON ALVESDIRECTOR
Trustee or director
2$0$0

Address and contacts

Address (IRS master file)
493 SOMERVILLE AVE, SOMERVILLE, MA 02143-3246
Principal officer (990 for 2024)
ANDREA WHITE, 493 SOMERVILLE AVENUE, SOMERVILLE, MA 02143
Signed the 990
BRENDA TAM, CFO
Phone
(617) 702-5128
Return prepared by
MYSTIC ACCOUNTING GROUP LLP

Mission

THE PROMOTION OF THRIFT AMONG ITS MEMBERS BY THE ACCUMULATION OF THEIR SAVINGS AND THE LOANING OF SUCH SAVINGS BACK TO ITS MEMBERS AT A MODERATE RATE OF INTEREST. PARTICIPATION IN THE CREDIT UNION IS LIMITED TO THOSE INDIVIDUALS WHO QUALIFY FOR MEMBERSHIP. THE FIELD OF MEMBERSHIP IS DEFINED IN THE CREDIT UNION'S BYLAWS WITH A SIGNIFICANT CONCENTRATION OF MEMBERS RESIDING IN SOMERVILLE AND CAMBRIDGE, MASSACHUSETTS AND SURROUNDING COMMUNITIES.

990 for the year ended December 31, 2024

Program accomplishments

  • MAINTENANCE OF MEMBER SHARE AND DEPOSIT ACCOUNTS, AND THE PAYMENT OF DIVIDENDS THEREON WITH THE PURPOSE OF LENDING TO MEMBERS AT COMPETITIVE INTEREST RATES. TOTAL NUMBER OF DEPOSIT ACCOUNTS WERE 13,145 AND TOTAL NUMBER OF LOAN ACCOUNTS WERE 1,710.

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
04-1144988
Tax-exempt status
501(c)(14): State-chartered credit union
Donations deductible
No
Exempt since
1934
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$171,284,500
Income (IRS master file)
$8,053,625

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$8,053,625$7,968,830$171,284,500XML
990December 2023$6,809,632$6,549,902$170,305,612XML
990December 2022$5,538,258$5,370,125$168,948,495IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2018–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 04-1144988).

Questions about NAVEO CREDIT UNION

What is the EIN of NAVEO CREDIT UNION?
The employer identification number (EIN) of NAVEO CREDIT UNION is 04-1144988.
Is NAVEO CREDIT UNION tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1934.
Are donations to NAVEO CREDIT UNION tax-deductible?
No. The IRS master file says contributions to it are not deductible.
Which annual return does NAVEO CREDIT UNION file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of NAVEO CREDIT UNION due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did NAVEO CREDIT UNION last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of NAVEO CREDIT UNION?
The 990 for the year ended December 31, 2024 names ANDREA WHITE.
Who are the officers and directors of NAVEO CREDIT UNION?
The 990 for the year ended December 31, 2024 lists 14 people; 6 received compensation from the organization, the highest $496,828 (ANDREA WHITE, PRESIDENT/CE).
How much revenue does NAVEO CREDIT UNION have?
On its 990 for the year ended December 31, 2024 it reported revenue of $8,053,625, expenses of $7,968,830 and total assets of $171,284,500 at year end.

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