FIRST RESPONDERS CREDIT UNION: Form 990, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- FIRST RESPONDERS CREDIT UNION (EIN 04-2077206)
- Tax period
- 2023-01-01 to 2023-12-31
- Filed
- 2024-10-03
- IRS object ID
- 202442779349300209
- Schema version
- 2023v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-10-03T06:30:59-05:00 | ReturnTs |
| Tax Period End | 2023-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 042689883 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | WOLF & COMPANY PC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 255 STATE STREET | AddressLine1Txt |
| City | BOSTON | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02109 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 042077206 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BOSTON FIREFIGHTERS CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | BOST | BusinessNameControlTxt |
| Phone | 6172882420 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 60 HALLET STREET | AddressLine1Txt |
| City | DORCHESTER | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02124 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | CRISTINA PRENTIS | PersonNm |
| Person Title | SVP/CHIEF FINANCIAL OFFICER | PersonTitleTxt |
| Phone | 6172882420 | PhoneNum |
| Signature | 2024-10-02 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (1) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | KAREN S NG | PreparerPersonNm |
| PTIN | P01067482 | PTIN |
| Phone | 6174399700 | PhoneNum |
| Preparation | 2024-10-02 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-10-15 13:58:12Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | RICHARD HAYWARD JR | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 60 HALLET STREET | AddressLine1Txt |
| City | DORCHESTER | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02124 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $20,477,676 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.BOSFIRECU.COM | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1947 | FormationYr |
| Legal Domicile State | MA | LegalDomicileStateCd |
| Activity Or Mission | PROVIDE FINANCIAL SERVICES TO OUR MEMBERS | ActivityOrMissionDesc |
| Voting Members Governing Body | 12 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 11 | VotingMembersIndependentCnt |
| Total Employee | 56 | TotalEmployeeCnt |
| Total Volunteers | 13 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $14,524,260 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $18,405,205 | CYProgramServiceRevenueAmt |
| PY Investment Income | $1,564,773 | PYInvestmentIncomeAmt |
| CY Investment Income | $1,961,749 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $38,878 | CYOtherRevenueAmt |
| PY Total Revenue | $16,089,033 | PYTotalRevenueAmt |
| CY Total Revenue | $20,405,832 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $168,625 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $175,000 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $4,798,230 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $5,272,780 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $7,466,093 | PYOtherExpensesAmt |
| CY Other Expenses | $11,222,909 | CYOtherExpensesAmt |
| PY Total Expenses | $12,432,948 | PYTotalExpensesAmt |
| CY Total Expenses | $16,670,689 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $3,656,085 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $3,735,143 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $426,852,511 | TotalAssetsBOYAmt |
| Total Assets EOY | $424,274,895 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $384,912,748 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $377,979,401 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $41,939,763 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $46,295,494 | NetAssetsOrFundBalancesEOYAmt |
| Mission | PROVIDE FINANCIAL SERVICES TO OUR MEMBERS | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Expense | $16,670,689 | ExpenseAmt |
| Revenue | $18,444,083 | RevenueAmt |
| Desc | PROVIDE FINANCIAL SERVICES TO OUR MEMBERS | Desc |
| Total Program Service Expenses | $16,670,689 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | Yes (1) | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | 0 | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | Yes (1) | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | Yes (1) | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 6155 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 56 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 12 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 11 | IndependentVotingMemberCnt |
| Family Or Business Rln | Yes (1) | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | Yes (1) | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CRISTINA PRENTIS | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 6172882420 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 60 HALLET ST | AddressLine1Txt |
| City | DORCHESTER | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02124 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (25 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|
| CHARLES BUCHANAN | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| CHRISTOPHER BURKE | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| DANIEL DOWLING | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| DANIEL MAGOON | |||||||
| CHAIRMAN | 3.00 | Yes (X) | $12,504 | $0 | $0 | Yes (X) | |
| EDMUND STREET | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| JOSEPH CASPER | |||||||
| TREASURER/CLERK | 3.00 | Yes (X) | $6,252 | $0 | $0 | Yes (X) | |
| KEVIN MEEHAN | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| MARC SANDERS | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| RALPH DOWLING | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| SEAN COSTELLO | |||||||
| VICE CHAIR | 3.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | |
| SEAN O'BRIEN | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| WILLIAM O'SULLIVAN | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| ANDY PUGA | |||||||
| SVP/CIO | 35.00 | $161,922 | $0 | $47,858 | Yes (X) | ||
| CATHERINE GUERARD | |||||||
| VP MEMBER SERVICES | 35.00 | $126,036 | $0 | $20,456 | Yes (X) | ||
| CATHY BOUCHER | |||||||
| EVP/COO | 35.00 | $245,116 | $0 | $44,394 | Yes (X) | ||
| CRAIG MACKENZIE | |||||||
| EVP/COO | 35.00 | $91,467 | $0 | $2,812 | Yes (X) | ||
| CRISTINA PRENTIS | |||||||
| SVP/CFO | 35.00 | $196,838 | $0 | $29,485 | Yes (X) | ||
| KAITRYN THORNTON | |||||||
| VP LENDING | 35.00 | $139,704 | $0 | $20,461 | Yes (X) | ||
| KENNETH NASIFF | |||||||
| SVP MBL | 35.00 | $96,084 | $0 | $11,881 | Yes (X) | ||
| KRISTEN RUSSELL | |||||||
| VP BUSINESS DEVELOPMENT | 35.00 | $130,601 | $0 | $42,862 | Yes (X) | ||
| RICHARD HAYWARD JR | |||||||
| PRESIDENT & CEO | 35.00 | $375,311 | $0 | $77,605 | Yes (X) | ||
| ALEXA CAHILL | |||||||
| AVP HR | 35.00 | $105,984 | $0 | $17,184 | Yes (X) | ||
| JENNIFER COOK | |||||||
| AVP ELEXTRONIC SERVICES | 35.00 | $106,715 | $0 | $32,718 | Yes (X) | ||
| RAYMOND LAZCANO | |||||||
| FINANCIAL ADVISOR | 35.00 | $127,497 | $0 | $27,465 | Yes (X) | ||
| WENDY REITER | |||||||
| CONTROLLER | 35.00 | $129,433 | $0 | $36,248 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $2,051,464 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $411,429 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 11 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| COCC | |||||
| 100 EXECUTIVE BLVD | SOUTHINGTON | CT | 06489 | DATA PROCESSOR | $969,864 |
| PSCU | |||||
| 560 CARILLON PARKWAY ST | PETERSBURG | FL | 33716 | CREDIT CARD SERVICER | $333,304 |
| MASTERCARD | |||||
| 2200 MASTERCARD BLVD | OFALLON | MO | 63368 | CARD SERVICES | $207,048 |
| FISERV | |||||
| 255 FISERV DRIVE | BROOKFIELD | WI | 53045 | CARD SERVICES | $165,693 |
| MECHANICA LLC | |||||
| 75 WATER STREET | NEWBURYPORT | MA | 01950 | BRANDING SERVICES | $160,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 6 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| INTEREST EARNED ON LOANS TO MEMBE | 522130 | $16,645,947 | $16,645,947 |
| SERVICE CHARGES AND FEES | 522130 | $1,759,258 | $1,759,258 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $18,405,205 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,862,652 | TotalRevenueColumnAmt |
| Exclusion | $1,862,652 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $170,941 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $71,844 | SecuritiesAmt |
| Other | $0 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | -$71,844 | SecuritiesAmt |
| Other | $170,941 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $99,097 | TotalRevenueColumnAmt |
| Exclusion | $99,097 | ExclusionAmt |
Other Revenue Misc OtherRevenueMiscGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| INTEREST INCOME ON SPLIT DOLLAR | 522130 | $30,080 | $30,080 |
| OTHER INCOME | 522130 | $8,798 | $8,798 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $38,878 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $20,405,832 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $18,444,083 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $1,961,749 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $149,000 | TotalAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $26,000 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,581,834 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,390,652 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $500,206 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $499,077 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $301,011 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $10,859 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $144,000 | TotalAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $88,979 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $211,483 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $491,291 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $344,261 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,476,568 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $382,410 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $67,935 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $205,000 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,899,131 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $189,523 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $91,685 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| ATM/NOW SERVICE | $550,486 |
| PROVISION FOR LOAN LOSS | $459,000 |
| LOAN SERVICING EXPENSE | $287,621 |
| OTHER EXPENSES | $158,646 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $164,031 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $16,670,689 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,050,330 | BOYAmt |
| EOY | $1,549,915 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,707,137 | BOYAmt |
| EOY | $5,526,997 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,685,748 | BOYAmt |
| EOY | $3,135,329 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $337,019,421 | BOYAmt |
| EOY | $344,151,175 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $297,304 | BOYAmt |
| EOY | $436,258 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $6,391,758 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $3,173,895 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,272,808 | BOYAmt |
| EOY | $3,217,863 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $68,078,564 | BOYAmt |
| EOY | $57,403,907 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $500,000 | BOYAmt |
| EOY | $500,000 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $281,020 | BOYAmt |
| EOY | $1,326,771 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,960,179 | BOYAmt |
| EOY | $7,026,680 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $426,852,511 | BOYAmt |
| EOY | $424,274,895 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,050,422 | BOYAmt |
| EOY | $4,563,797 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $33,000,000 | BOYAmt |
| EOY | $34,000,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $348,862,326 | BOYAmt |
| EOY | $339,415,604 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $384,912,748 | BOYAmt |
| EOY | $377,979,401 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $41,939,763 | BOYAmt |
| EOY | $46,295,494 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $41,939,763 | BOYAmt |
| EOY | $46,295,494 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $426,852,511 | BOYAmt |
| EOY | $424,274,895 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $3,735,143 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $1,278,121 | NetUnrlzdGainsLossesInvstAmt |
| Prior Period Adjustments | -$657,533 | PriorPeriodAdjustmentsAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | 0 | FSAuditedInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $765,344 | OtherCostOrOtherBasisAmt |
| Book Value | $765,344 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $4,237,337 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,051,230 | DepreciationAmt |
| Book Value | $2,186,107 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $12,864 | OtherCostOrOtherBasisAmt |
| Depreciation | $643 | DepreciationAmt |
| Book Value | $12,221 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,111,340 | OtherCostOrOtherBasisAmt |
| Depreciation | $928,798 | DepreciationAmt |
| Book Value | $182,542 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $264,873 | OtherCostOrOtherBasisAmt |
| Depreciation | $193,224 | DepreciationAmt |
| Book Value | $71,649 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $3,217,863 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp (9 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| CMO FIXED AFS | $11,929,987 | F |
| CMO VARIABLE AFS | $4,351,332 | F |
| MBS AFS | $7,959,593 | F |
| MUNICIPAL BONDS AFS | $1,444,345 | F |
| TREASURIES AFS | $21,144,739 | F |
| ANNUITY-ALLIANZ | $2,000,000 | F |
| ANNUITY-MIDLAND | $4,000,000 | C |
| BANK NOTES | $2,911,911 | F |
| FHLB STOCK | $1,662,000 | C |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $57,403,907 | TotalBookValueSecuritiesAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| MEMBER SHARE AND SAVINGS | $339,276,248 |
| MISCELLANEOUS | $139,356 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $339,415,604 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART X, LINE 2: | FormAndLineReferenceDesc |
| Explanation | THE CREDIT UNION IS GENERALLY EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(14) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, THERE IS NO PROVISION FOR FEDERAL OR STATE INCOME TAXES IN THE FINANCIAL STATEMENTS. THE CREDIT UNION FILES INFORMATIONAL TAX RETURNS IN THE U.S. FEDERAL JURISDICTION (IRS FORM 990). | ExplanationTxt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (6 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceAmt | Purpose Of GrantPurposeOfGrantTxt |
|---|---|---|---|---|---|---|---|---|
| BOSTON POLICE DEPARTMENT (BOSTON POLICE DETECTIVES BENEVOLENT SOCIETY) | ||||||||
| 434 HYDE PARK AVE | ROSLIDALE | MA | 02131 | 223010035 | 501(C)(5) | $25,000 | $0 | DONATION |
| BOSTON FIRE DEPT RELIEF FUND | ||||||||
| 115 SOUTHHAMPTON ST | BOSTON | MA | 02118 | 041104325 | 501(C)(3) | $25,000 | $0 | DONATION |
| MASS FALLEN HEROES | ||||||||
| 88 BLACK FALCON AVE SUITE 202 | BOSTON | MA | 02210 | 273495087 | 501(C)(3) | $25,000 | $0 | DONATION |
| PROFESSIONAL FIRE FIGHTERS OF MASSACHUSETTS | ||||||||
| 2 CENTER PLAZA SUITE 4M | BOSTON | MA | 02108 | 473377095 | 501(C)(3) | $15,000 | $0 | DONATION |
| BOSTON BRUINS FOUNDATION | ||||||||
| 100 LEGENDS WAY | BOSTON | MA | 021141303 | 200172439 | 501(C)(3) | $10,000 | $0 | DONATION |
| SPAM BENEVOLENT FUND INC | ||||||||
| 11 BEACON STREET SUITE 700 | BOSTON | MA | 02108 | 264331647 | 501(C)(3) | $17,500 | $0 | DONATION |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 7 | Total501c3OrgCnt |
| Total Other Org | 1 | TotalOtherOrgCnt |
Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Type | SCHOLARSHIPS | GrantTypeTxt |
| Recipient | 6 | RecipientCnt |
| Cash Grant | $26,000 | CashGrantAmt |
| Non Cash Assistance | $0 | NonCashAssistanceAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE I, PART I, LINE 2 | FormAndLineReferenceDesc |
| Explanation | SCHOLARSHIPS APPLICATIONS ARE REVIEWED FOR COMPLETION/INCLUSION OF ALL CATERGORIES SET FORTH BY THE CREDIT UNION | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (8 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RICHARD HAYWARD JR | ||||||||||||||
| PRESIDENT & CEO | $320,811 | $0 | $23,689 | $0 | $30,811 | $0 | $54,415 | $0 | $23,190 | $0 | $452,916 | $0 | $0 | $0 |
| CATHY BOUCHER | ||||||||||||||
| EVP/COO | $214,004 | $0 | $24,139 | $0 | $6,973 | $0 | $35,670 | $0 | $8,724 | $0 | $289,510 | $0 | $0 | $0 |
| CRISTINA PRENTIS | ||||||||||||||
| SVP/CFO | $172,282 | $0 | $16,632 | $0 | $7,924 | $0 | $29,355 | $0 | $130 | $0 | $226,323 | $0 | $0 | $0 |
| ANDY PUGA | ||||||||||||||
| SVP/CIO | $145,890 | $0 | $15,792 | $0 | $240 | $0 | $24,831 | $0 | $23,027 | $0 | $209,780 | $0 | $0 | $0 |
| KRISTEN RUSSELL | ||||||||||||||
| VP BUSINESS DEVELOPMENT | $115,751 | $0 | $11,540 | $0 | $3,310 | $0 | $19,685 | $0 | $23,177 | $0 | $173,463 | $0 | $0 | $0 |
| WENDY REITER | ||||||||||||||
| CONTROLLER | $117,082 | $0 | $9,633 | $0 | $2,718 | $0 | $19,862 | $0 | $16,386 | $0 | $165,681 | $0 | $0 | $0 |
| KAITRYN THORNTON | ||||||||||||||
| VP LENDING | $120,697 | $0 | $11,650 | $0 | $7,357 | $0 | $20,461 | $0 | $0 | $0 | $160,165 | $0 | $0 | $0 |
| RAYMOND LAZCANO | ||||||||||||||
| FINANCIAL ADVISOR | $88,589 | $0 | $38,237 | $0 | $671 | $0 | $19,227 | $0 | $8,238 | $0 | $154,962 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (3 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 1A | THE CEO IS CONTRACTUALLY ALLOWED TO HAVE A GUEST TRAVEL WITH HIM TO TWO CONFERENCES PER YEAR. |
| PART I, LINE 1B | THE CEOS SALARY IS REVIEWED ANNUALLY IN FEBRUARY BY THE EXECUTIVE COMMITTEE OF THE CREDIT UNION. THE COMMITTEE IS COMPRISED OF THE THREE CHAIR OFFICERS OF THE BOARD OF DIRECTORS (BOD). THE COMMITTEE USES A COMPREHENSIVE COMPENSATION PROGRAM DEVELOPED BY AN INDEPENDENT 3RD PARTY WHICH INCLUDES ADMINISTRATION OF THE ANNUAL REVIEW AND USES INDUSTRY BENCHMARKS AS WELL AS CPI INDICES TO MAKE THEIR RECOMMENDATIONS. THE COMMITTEE REVIEWS THE CEOS PERFORMANCE EVALUATION THAT IS COMPILED BY THE INDEPENDENT 3RD PARTY WHICH INCLUDES A BOARD ASSESSMENT, PERFORMANCE ASSESSMENT AND SPECIAL PROJECTS ASSESSMENT. BASED ON METRICS ESTABLISHED BY THE EXECUTIVE COMMITTEE, THE PERFORMANCE EVALUATION CALCULATES A RECOMMENDED MERIT ADJUSTMENT TO THE CEOS BASE PAY AND AN ANNUAL BONUS. THE EXECUTIVE COMMITTEE WILL DISCUSS THE RESULTS OF THE EVALUATION AND RECOMMEND AN AMOUNT FOR THE MERIT ADJUSTMENT AND THE ANNUAL BONUS FOR THE CEO TO THE FULL BOD. THE FULL BOD VOTES ON THE INCREASE AND BONUS AND THIS IS DOCUMENTED IN THE MEETING MINUTES OF THE CREDIT UNION. THIS WAS LAST DONE IN FEBRUARY 2023. |
| PART I, LINE 4B | THE RETIRED AND CURRENT CEOS PARTICIPATE IN A SERP FUNDED BY SPLIT DOLLAR LIFE INSURANCE. ONE EVP HAS A DEFERRED COMP AGREEMENT IN PLACE. |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp (2 entries)
| Relationship With OrgRelationshipWithOrgTxt | Loan PurposeLoanPurposeTxt | Loan From OrganizationLoanFromOrganizationInd | Original PrincipalOriginalPrincipalAmt | Balance DueBalanceDueAmt | DefaultDefaultInd | Board Or Committee ApprovalBoardOrCommitteeApprovalInd | Written AgreementWrittenAgreementInd |
|---|---|---|---|---|---|---|---|
| JOHN B WINNE | |||||||
| FORMER CEO | SERP | Yes (X) | $2,320,000 | $2,715,829 | 0 | Yes (1) | Yes (1) |
| RICHARD R HAYWARD JR | |||||||
| CEO | SERP | Yes (X) | $419,500 | $419,500 | 0 | Yes (1) | Yes (1) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $3,135,329 | TotalBalanceDueAmt |
Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp
Name Of Interested NameOfInterested
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MASS FALLEN HEROES | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Relationship Description | THE CHARIMAN OF THE BOARD AT BFCU IS THE EXECUTIVE DIRECTOR AT MASS FALLEN | RelationshipDescriptionTxt |
| Transaction | $25,000 | TransactionAmt |
| Transaction | DONATIONS | TransactionDesc |
| Sharing Of Revenues | 0 | SharingOfRevenuesInd |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (11 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 2 | BOARD MEMBER DANIEL DOWLING IS BOARD MEMBER RALPH DOWLING'S SON. |
| FORM 990, PART VI, SECTION A, LINE 4 | THE CREDIT UNION HAS MADE THE FOLLOWING AMENDMENTS TO THEIR BY-LAWS; ARTICLE XI NOMINATING COMMITTEE SECTION 2 - THE NOMINATING COMMITTEE SHALL PROVIDE NOTICE TO THE MEMBERS OF UPCOMING VACANCIES ON THE BOARD OF DIRECTORS AND SHALL DESCRIBE THE PROCESS FOR A MEMBER TO BECOME A POTENTIAL CANDIDATE FOR NOMINATION BY THE FIRST TUESDAY IN NOVEMBER. SECTION 3 - ANY MEMBER SEEKING ELECTION TO THE BOSTON FIREFIGHTERS CREDIT UNION'S BOARD OF DIRECTORS MUST MEET THE FOLLOWING CRITERIA: 1. MUST NOT BE A DIRECTOR OF ANOTHER DEPOSITORY INSTITUTION 2. MUST BE OF LEGAL AGE (18 YEARS OR OLDER) 3. MUST BE A MEMBER OF BFCU FOR MORE THAN THREE (3) MONTHS 4. MUST BE A MEMBER IN GOOD STANDING, DEFINED AS A MEMBER WHO: A. IS NOT DELINQUENT AS TO ANY OBLIGATION(S) TO THE CREDIT UNION B. HAS NO CAUSED THE CREDIT UNION ANY LOSS C. HAS NO VIOLATED ANY PROVISION OF THE BY-LAWS THE NOMINATING COMMITTEE SHALL BE THE SOLE JUDGE OF WHETHER A MEMBER IS IN GOOD STANDING AND ITS DETERMINATION SHALL BE FINAL. SECTION 4 INTERESTED CANDIDATES MUST COMPLETE AND SUBMIT A WRITTEN APPLICATION TO THE NOMINATING COMMITTEE. THE APPLICATION SHALL INCLUDE, BUT IS NOT LIMITED TO, BIOGRAPHICAL INFORMATION, A BRIEF STATEMENT OF QUALIFICATION, BACKGROUND CHECK AND A CREDIT REPORT CHECK. ALL POTENTIAL NOMINEES MUST BE INTERVIEWED BY THE NOMINATING COMMITTEE BY A DATE TO BE DETERMINED BY THE NOMINATING COMMITTEE. THE SLATE OF QUALIFIED CANDIDATES FOR THE GENERAL BOARD ELECTION OF THE MEMBERS, WILL BE PRESENTED AND VOTED ON AT THE JANUARY BOARD MEETING. OF THE BOARD OF DIRECTORS. IF A MEMBER WHO HAS PARTICIPATED IN THE NOMINATION PROCESS DOES NOT RECEIVE A NOMINATION FROM THE NOMINATING COMMITTEE AT THE JANUARY BOARD MEETING, THEY MAY STILL BE ELIGIBLE TO RUN FOR ELECTION BY WAY OF PETITION BY OBTAINING THE SIGNATURES OF 100 BFCU MEMBERS WHO ARE IN GOOD STANDING. EACH MEMBER SIGNING THE PETITION MUST BE THE PRIMARY ACCOUNT HOLDER. SIGNATURES MUST BE SUBMITTED TO THE NOMINATING COMMITTEE NO LATER THAN FOURTEEN (14) CALENDAR DAYS FROM THE WRITTEN NOTICE OF THE NOMINATING COMMITTEE'S DECISION. UPON RECEIPT AND CERTIFICATION OF THE REQUIRED SIGNATURES, AN ELECTION WILL BE SCHEDULED IN ACCORDANCE WITH THE BY-LAWS. THE NAMES OF MEMBERS NOMINATED BY THE NOMINATING COMMITTEE AS WELL AS THE NAMES OF MEMBERS NOMINATED BY VALID PETITIONS SHALL BE POSTED IN A CONSPICUOUS PLACE IN EACH CREDIT UNION OFFICE AND ON THE CREDIT UNION'S WEBSITE FOR AT LEASE SEVEN (7) DAYS BEFORE THE ANNUAL MEETING. THERE SHALL BE NO NOMINATION FROM THE FLOOR AT THE ANNUAL MEETING. |
| FORM 990, PART VI, SECTION A, LINE 6 | MEMBERSHIP IN THIS CREDIT UNION IS LIMITED TO: -THE MEMBERS OF THE FIRST RESPONDER COMMUNITY IN MASSACHUSETTS (EMPLOYEES AND RETIREES OF THE FIRE DEPARTMENTS, POLICE DEPARTMENTS AND MUNICIPALLY OPERATED EMS DEPARTMENTS) -EMPLOYEES AND RETIREES OF BOSTON FIREFIGHTERS CREDIT UNION -LABOR UNION EMPLOYEES AND RETIREES THEREOF SERVING THE FIRST RESPONDER COMMUNITY IN MASSACHUSETTS, -EMPLOYEES AND RETIREES OF THE SUFFOLK COUNTY SHERIFF'S DEPARTMENT -THE FAMILY MEMBERS OF THOSE PERSONS LISTED ABOVE -THE PROFESSIONAL FIREFIGHTERS OF MASSACHUSETTS -THE INTERNATIONAL ASSOCIATION OF FIREFIGHTERS, -THE STATE POLICE ASSOCIATION OF MASSACHUSETTS FOR THE PURPOSES OF THIS SECTION, THE TERM "FAMILY MEMBER" SHALL BE DEFINED TO INCLUDE SPOUSES, DOMESTIC PARTNERS, SHARING A PRINCIPAL RESIDENCE IN THE SAME HOUSEHOLD AS THE MEMBER, AND CHILDREN AS WELL AS PARENTS, GRANDPARENTS, GRANDCHILDREN, SIBLINGS, NIECES, AND NEPHEWS WHETHER RELATED BY BLOOD OR MARRIAGE. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE BOARD OF DIRECTORS (BOD) SHALL CONSIST OF 9-13 MEMBERS AND UP TO THREE ASSOCIATE DIRECTORS DIVIDED INTO 3 GROUPS, EACH GROUP CONSISTING OF A MAXIMUM OF FIVE MEMBERS. THE TERM OF EACH GROUP WILL EXPIRE IN SUCCESSIVE YEARS. AT EACH ANNUAL MEETING OF THE MEMBERS, SUCCESSORS TO THE RETIRING GROUP SHALL BE ELECTED BY PLURALITY FOR A TERM OF THREE YEARS. |
| FORM 990, PART VI, SECTION A, LINE 7B | THE MEMBERS AT EACH ANNUAL MEETING SHALL: (A) FIX SUBJECT TO THE PROVISIONS OF THE EXISTING STATUTES THE MAXIMUM AMOUNT OF CREDIT THAT MAY BE EXTENDED TO ANY ONE MEMBER, EITHER AS BORROWER, ENDORSER, OR BOTH, (B) ELECT THE DIRECTORS, (C) VOTE ON THE PROPOSED AMENDMENTS TO THE BY-LAWS, (D) APPROVE THE EXPENSES OF THE BOARD OF DIRECTORS AND (E) ACT ON ANY OTHER MATTERS THAT MAY COME BEFORE THEM IN ACCORDANCE WITH THESE BY-LAWS AND/OR AS REQUIRED BY LAW. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE FORM 990 IS PREPARED BY THE CREDIT UNION'S CPA FIRM USING INFORMATION PROVIDED BY MANAGEMENT. THE FORM 990 IS THEN REVIEWED AND ACCEPTED BY THE SVP/CFO AND PRESIDENT & CEO. THE FINANCIAL INFORMATION CONTAINED IN THE FORM 990 IS DERIVED FROM THE BALANCE SHEET AND INCOME STATEMENT OF THE CREDIT UNION WHICH ARE REGULARLY PRESENTED TO AND ACCEPTED BY THE BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE CREDIT UNION PROVIDES A FULL COPY OF FORM 990 TO ITS BOARD MEMBERS PRIOR TO FILING. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE CONFLICT OF INTERST POLICY IS REVIEWED BY THE FULL BOARD ON AN ANNUAL BASIS. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE CEOS SALARY IS REVIEWED ANNUALLY IN FEBRUARY BY THE EXECUTIVE COMMITTEE OF THE CREDIT UNION. THE COMMITTEE IS COMPRISED OF THE THREE DIFFERENT CHAIR OFFICERS OF THE BOARD OF DIRECTORS (BOD). THE COMMITTEE USES A COMPREHENSIVE COMPENSATION PROGRAM DEVELOPED BY AN INDEPENDENT 3RD PARTY WHICH INCLUDES ADMINISTRATION OF THE ANNUAL REVIEW AND USES INDUSTRY BENCHMARKS AS WELL AS CPI INDICES TO MAKE THEIR RECOMMENDATIONS. THE COMMITTEE REVIEWS THE CEOS PERFORMANCE EVALUATION THAT IS COMPILED BY THE INDEPENDENT 3RD PARTY WHICH INCLUDES A BOARD ASSESSMENT, PERFORMANCE ASSESSMENT AND SPECIAL PROJECTS ASSESSMENT. BASED ON METRICS ESTABLISHED BY THE EXECUTIVE COMMITTEE, THE PERFORMANCE EVALUATION CALCULATES A RECOMMENDED MERIT ADJUSTMENT TO THE CEOS BASE PAY AND AN ANNUAL BONUS. THE EXECUTIVE COMMITTEE WILL DISCUSS THE RESULTS OF THE EVALUATION AND RECOMMEND AN AMOUNT FOR THE MERIT ADJUSTMENT AND THE ANNUAL BONUS FOR THE CEO TO THE FULL BOD. THE FULL BOD VOTES ON THE INCREASE AND BONUS AND THIS IS DOCUMENTED IN THE MEETING MINUTES OF THE CREDIT UNION. THIS WAS LAST DONE IN MARCH 2023. THE SENIOR OFFICER SALARIES ARE APPROVED ANNUALLY IN JANUARY BY THE FULL BOD. THE EXECUTIVE COMMITTEE REVIEWS AND ACCEPTS THE RECOMMENDATIONS OF THE CEO AND FORWARDS ALL SALARY ADJUSTMENTS TO THE FULL BOD FOR APPROVAL. RECOMMENDATIONS ARE BASED ON PERFORMANCE REVIEWS PROVIDED BY THE CEO, COST OF LIVING INDICES, CPI FOR NORTHEAST URBAN CONSUMERS AND A COMPREHENSIVE COMPENSATION PROGRAM DEVELOPED BY AN INDEPENDENT 3RD PARTY WHICH INCLUDES ADMINISTRATION OF THE ANNUAL REVIEW AND BENCHMARKING ACROSS INDUSTRY STANDARDS. THE RECOMMENDATIONS OF THE EXECUTIVE COMMITTEE GO TO THE FULL BOD FOR FINAL APPROVAL AND ARE DOCUMENTED IN THE MEETING MINUTES OF THE CREDIT UNION. |
| FORM 990, PART VI, SECTION C, LINE 19 | QUARTERLY FINANCIAL STATEMENTS ARE AVAILABLE ON THE CREDIT UNION'S WEBSITE, AND THE PRIOR MONTH END BALANCE SHEET IS POSTED IN THE LOBBY OF THE MAIN BRANCH. AN ANNUAL REPORT IS ALSO PUBLISHED AND IS AVAILABLE TO OUR MEMBERS AT THE ANNUAL MEETING AND IN OUR MAIN BRANCH. AUDITED FINANCIAL STATEMENTS ARE ALSO AVAILABLE UPON REQUEST. |
| FORM 990, PART IV, LINE 12 AND PART XII, LINE 2C | AUDITED FINANCIAL STATEMENTS ARE PREPARED FOR THE CREDIT UNION AS OF MARCH 31 OF EACH YEAR |