Naveo Credit Union
Public records raise at least one point you should look into before giving.
What it says it does
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.
- Income
- $8.1 million
- Spending
- $8.0 million
- Employees
- 47
- Volunteers
- 8
- Highest pay
- $512,858, president/ce
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. How we rate
Financial health
We do not score finances when yearly spending is very small or the return has too little detail. The ratios stop meaning much at that size.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. How we rate
Governance
This return does not answer enough of the governance questions to score.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (1)
- 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.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(14) credit union.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.
Are donations tax-deductible? Caution.
The IRS master file records contributions to this 501(c)(14) credit union as not deductible.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2024.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since October 1934.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.