2024-10-08T12:47:27-05:00 2024-05-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2024-01-01 046017806 HARVARD FEDERAL CREDIT UNION HARV 6174954460 104 MT AUBURN ST 4TH FLOOR CAMBRIDGE MA 02138 CRAIG E LEONARD PRESIDENT & CEO 6174954460 2024-10-07 1 1 KAREN S NG P01067482 6174399700 2024-10-07 2023 2024-10-15 13:58:12Z X X CRAIG E LEONARD 104 MT AUBURN ST 4TH FLOOR CAMBRIDGE MA 02138 24885772 0 X HARVARDFCU.ORG X 1939 MA PROVIDE CONVENIENT FINANCIAL AND PERSONAL SERVICES IN THE BEST INTEREST OF OUR MEMBERS, AS WELL AS EDUCATING OUR COMMUNITY ABOUT FINANCES. X 11 11 162 15 0 0 0 0 50715637 23632130 3255926 1253642 0 0 53971563 24885772 135572 89436 0 0 15807113 6709163 0 0 0 34681971 18008233 50624656 24806832 3346907 78940 1212810381 0 1115826833 0 96983548 0 X HARVARD FEDERAL CREDIT UNION F/K/A HARVARD UNIVERSITY EMPLOYEE CREDIT UNION ASPIRES TO BE A TRUSTED PARTNER IN OUR MEMBERS' FINANCIAL LIVES. WE ADD VALUE TO MEMBERSHIP BY OFFERING THE BEST POSSIBLE PRICE, THE HIGHEST QUALITY PERSONAL SERVICE, AND SINCERE, SOUND ADVICE.THE CREDIT UNION SEEKS TO BE KNOWN AS A COMMUNITY LEADER AND TO DEEPEN ITS LONG STANDING COMMITMENT TO HOUSING ISSUES, GREEN INITIATIVES, FINANCIAL LITERACY AND ACCESS TO CREDIT FOR LOW AND MODERATE INCOME BORROWERS. THE CREDIT UNION WORKS TOWARD TRANSFORMATIONAL GROWTH AND CHANGE WITHOUT RELINQUISHING THE CORE VALUES WE HOLD TODAY. WE ARE A NOT-FOR-PROFIT COOPERATIVE WHICH EXISTS SOLELY FOR THE BEST INTEREST OF OUR MEMBERS. WE VALUE INTEGRITY AND RESPONSIBILITY IN ALL OF OUR ACTIONS. WE STRIVE TO ENHANCE OUR COMMUNITIES AND CREATE SOLUTIONS FOR SOCIAL, ENVIRONMENTAL AND ECONOMIC ISSUES. 0 0 HARVARD FEDERAL CREDIT UNION F/K/A HARVARD UNIVERSITY EMPLOYEE CREDIT UNION (THE "CREDIT UNION") IS A CREDIT UNION ORGANIZED UNDER THE PROVISIONS OF THE MASSACHUSETTS CREDIT UNION ACT. 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 CHARTER AND BYLAWS. THE CREDIT UNION PROVIDES A VARIETY OF FINANCIAL SERVICES TO MEMBERS. ITS PRIMARY LENDING PRODUCTS ARE RESIDENTIAL REAL ESTATE AND CONSUMER LOANS AND ITS PRIMARY SHARE PRODUCTS ARE CHECKING, SAVINGS AND TERM CERTIFICATE ACCOUNTS. THE CREDIT UNION HAS OVER 55,000 MEMBERS. THE MEMBERSHIP IS COMPRISED OF EMPLOYEES, FACULTY, STUDENTS, AND ALUMNI OF HARVARD UNIVERSITY AND ITS AFFILIATED HOSPITALS, INDIVIDUALS THAT LIVE, WORK, WORSHIP OR ATTEND SCHOOL IN AN ELIGIBLE CENSUS TRACT OR INDIVIDUALS THAT ARE MEMBERS OF THE FINANCIAL FITNESS ASSOCIATION. 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 0 1 16086 0 1 162 1 0 0 0 0 0 0 0 0 X 11 11 0 0 1 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X CRAIG E LEONARD 6174963535 104 MT AUBURN ST 4TH FLOOR CAMBRIDGE MA 02138 JASON LUKE CHAIR/DIRECTOR 1.00 X X 0 0 0 KARRIE FORD VICE CHAIR/DIRECTOR 1.00 X X 0 0 0 DEE DEE CHEN VICE CHAIR/DIRECTOR 1.00 X X 0 0 0 APRIL EDRINGTON CLERK/DIRECTOR 1.00 X X 0 0 0 MARY STRAUB TREASURER/DIRECTOR 1.00 X X 0 0 0 MARTY RAY DIRECTOR 1.00 X 0 0 0 HARMAN KAUR DIRECTOR 1.00 X 0 0 0 MARY ANN O'BRIEN DIRECTOR 1.00 X 0 0 0 GONZALO SANZ DIRECTOR 1.00 X 0 0 0 SHAHAR ZIV DIRECTOR 1.00 X 0 0 0 JOHN LICHTEN DIRECTOR 1.00 X 0 0 0 CRAIG LEONARD PRESIDENT & CEO 40.00 X 556250 0 94820 THOMAS MONTILLI EVP & CHIEF EXPERIENCE OFF 40.00 X 345962 0 55587 KATHERINE ARMSTRONG SVP, CHIEF FINANCIAL OFFICER 40.00 X 265133 0 48104 JOHN DEGNAN SVP, OPERATIONS 40.00 X 282355 0 48840 HELEN LASKARIS MORTGAGE LOAN ORIGINATOR 40.00 X 216059 0 25765 SHARON CUMMINGS MORTGAGE LOAN ORIGINATOR 40.00 X 191077 0 27021 TANYA TANARO VP, EDUCATION & CONSUMER LENDING 40.00 X 185115 0 37688 MICHAEL LEVINE MORTGAGE LOAN ORIGINATOR 40.00 X 164638 0 24613 JAYNE MATTHEWS MORTGAGE LOAN ORIGINATOR 40.00 X 176648 0 36713 2383237 0 399151 24 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 DATA PROCESSING 1570301 FISERV PO BOX 99924 GRAPEVINE TX 76099 DATA PROCESSING 931481 ALKAMI TECHNOLOGY PO BOX 122223 DALLAS TX 75312 DATA PROCESSING 383619 ADRENALINE LLC 195 NEW HAMPSHIRE AVENUE SUITE 115 PORTSMOUTH NH 03801 BUILD BRAND PLATFORM 372530 UNIVERSITY ACCOUNTING SERVICE LLC 250 N SUNNY SLOPE ROAD SUITE 110 BROOKFIELD WI 53005 STUDENT LOAN PROCESSING 217222 11 INTEREST ON LOANS 522100 20818866 20818866 BANK FEES 522100 2813264 2813264 23632130 1253642 1253642 24885772 23632130 0 1253642 74436 15000 1449699 3640075 1619389 23715 53188 284278 447191 320265 1598556 1191559 122796 10116375 523375 45996 LOAN SERVICING EXPENSES 1848569 PROVISION FOR LOSSES 800000 OTHER SERVICE CONTRACTS 220830 MISC EXPENSES 219963 191577 24806832 25323245 0 6000000 0 0 2582731 0 0 0 1063754833 0 0 978689 0 0 0 2635256 0 0 78800901 0 0 0 32734726 0 1212810381 0 10340048 0 5824264 0 1099662521 0 1115826833 0 X 0 0 0 0 96983548 0 96983548 0 1212810381 0 X 78940 -314398 -96748090 X X 0 0 0 0 1 X 0 PART IV, LINE 2B: AS PART OF THE MORTGAGE AGREEMENT, AN ESCROW ACCOUNT IS MAINTAINED FOR EACH MORTGAGE WHERE ESCROW OF REAL ESTATE TAXES & HOME OWNERS INSURANCE IS REQUIRED. THE CREDIT UNION COMPLIES WITH ALL FEDERAL & STATE LAWS REGARDING DISCLOSURES AND OPERATION OF THESE ACCOUNTS. 0 BRIGHAM & WOMEN'S HOSPITAL 75 FRANCIS ST BOSTON MA 02215 042312909 501(C)(3) 0 20000 DONATION HARVARD SQUARE BUSINESS ASSOCIATION 18 BRATTLE ST STE 352 CAMBRIDGE MA 021383755 042647383 501(C)(3) 0 6150 DONATION PHILLIPS BROOKS HOUSE ASSOCIATION 1 HARVARD YARD CAMBRIDGE MA 02136 046046123 501(C)(3) 0 20000 DONATION 3 0 SCHOLARSHIPS 10 15000 0 PART I, LINE 2: SCHOLARSHIP APPLICATIONS ARE REVIEWED FOR COMPLETION/INCLUSION OF ALL CATEGORIES SET FORTH BY THE CREDIT UNION. THE GRANT COMMITTEE MEMBERS PERFORM A FINAL REVIEW AND MAKE THE FINAL SELECTION BASED ON THE CRITERIA SET FORTH BY THE CREDIT UNION. X 1 1 X X X X 0 0 0 CRAIG LEONARD PRESIDENT & CEO 450000 0 106250 0 0 0 71438 0 23382 0 651070 0 0 0 THOMAS MONTILLI EVP & CHIEF EXPERIENCE OFF 279712 0 66250 0 0 0 34419 0 21168 0 401549 0 0 0 JOHN DEGNAN SVP, OPERATIONS 239505 0 42850 0 0 0 29450 0 19390 0 331195 0 0 0 KATHERINE ARMSTRONG SVP, CHIEF FINANCIAL OFFICER 224573 0 40560 0 0 0 27653 0 20451 0 313237 0 0 0 HELEN LASKARIS MORTGAGE LOAN ORIGINATOR 216059 0 0 0 0 0 7732 0 18033 0 241824 0 0 0 TANYA TANARO VP, EDUCATION & CONSUMER LENDING 161865 0 23250 0 0 0 19308 0 18380 0 222803 0 0 0 SHARON CUMMINGS MORTGAGE LOAN ORIGINATOR 191077 0 0 0 0 0 7732 0 19289 0 218098 0 0 0 JAYNE MATTHEWS MORTGAGE LOAN ORIGINATOR 154818 0 21830 0 0 0 18424 0 18289 0 213361 0 0 0 MICHAEL LEVINE MORTGAGE LOAN ORIGINATOR 164638 0 0 0 0 0 6793 0 17820 0 189251 0 0 0 TRAVEL FOR COMPANION THE CREDIT UNION PROVIDES SPOUSE TRAVEL FOR ITS DIRECTORS AND OFFICERS. SEE PART IV X 0 0 1 SCHEDULE L, PART II LOANS TO INTERESTED PERSONSTHE CREDIT UNION GRANTS LOANS TO INTERESTED PERSON (OFFICERS, DIRECTORS,TRUSTEES, KEY EMPLOYEES AND THE FIVE HIGHEST COMPENSATED EMPLOYEES) AT THE SAME TERMS AND CONDITIONS AS OFFERED TO OTHER MEMBERS OF THE CREDIT UNION. PER SCHEDULE L INSTRUCTION, THESE LOANS SHOULD NOT BE DISCLOSED. CASH, PROPERTIES AND SECURITIES 2024-05-31 96748090 FMV 046017806 HARVARD FEDERAL CREDIT UNION 104 MOUNT AUBURN ST STE 4 CAMBRIDGE MA 02138 501(C)(14) 1 1 0 0 1 1 1 0 0 PART I, LINE 3: HARVARD UNIVERSITY EMPLOYEE CREDIT UNION PETITIONED THE FEDERAL REGULATOR OF CREDIT UNIONS, THE NCUA TO CONVERT TO A FEDERAL CHARTER FROM A STATE CHARTER. THE NCUA GRANTED PERMISSION AND THE CONVERSION WAS EFFECTIVE ON JUNE 1, 2024. ALL REGULATORY BODIES THAT ARE REQUIRED TO BE NOTIFIED HAVE BEEN NOTIFIED.ASSUMPTION OF LIABILITIES:AS A RESULT OF THE CONVERSION TO A FEDERAL CREDIT UNION CHARTER, THE RESULTANT ENTITY HARVARD FEDERAL CREDIT UNION ASSUMED ALL LIABILITIES AS OF THE CONVERSION DATE AS REQUIRED BY THE CONVERSION AGREEMENT WITH THE NCUA. FORM 990, PART VI, SECTION A, LINE 4 HARVARD FEDERAL CREDIT UNION F/K/A HARVARD UNIVERSITY EMPLOYEE CREDIT UNION PETITIONED THE FEDERAL REGULATOR OF CREDIT UNIONS, THE NCUA TO CONVERT TO A FEDERAL CHARTER FROM A STATE CHARTER. THE CREDIT UNION UPDATED ITS BYLAWS DUE TO THIS CHANGE. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS APPROXIMATELY 55,000 MEMBERS IN ITS FIELD OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER HAS ONE VOTING RIGHT TO CAST AT THE ANNUAL MEETING TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS. FIVE OF FIFTEEN DIRECTORS ARE VOTED IN EACH YEAR. FORM 990, PART VI, SECTION A, LINE 7B ANY BYLAW CHANGES MUST BE APPROVED BY THE MEMBERS AT THE ANNUAL MEETING. A SPECIAL MEETING MAY ALSO BE CALLED TO VOTE ON A BY LAW CHANGE. FORM 990, PART VI, SECTION B, LINE 11B THE DRAFT 990 IS PRESENTED TO THE AUDIT COMMITEE PRIOR TO SUBMISSION. THE SUPERVISORY COMMITTEE REVIEWS THE RETURN AND APPROVES IT FOR SUBMISSION. THE 990 WILL PROVIDED TO ANY MEMBERS OF THE GOVERNING BODY UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION HAS A CONFLICT OF INTEREST POLICY IN PLACE. THE BOARD OF DIRECTORS REVIEW THE CONFLICT OF INTEREST POLICY ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 EACH YEAR THE EXECUTIVE COMMITTEE AND PERSONNEL COMMITTEE REVIEW THE PERFORMANCE AND POSITION OF THE PRESIDENT/CEO. INDEPENDENT CREDIT UNION COMPENSATION DATA IS REFERENCED AND UTILIZED, AS WELL AS ENGAGING INDEPENDENT COMPENSATION CONSULTANTS, IN DETERMINING COMPENSATION. THE FINAL SALARY RECOMMENDATION IS PRESENTED AND APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 BYLAWS, CONFLICTS OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FINANCIAL STATEMENTS ARE POSTED IN EACH BRANCH MONTHLY. FORM 990, PART XI, LINE 9: ASSETS TRANSFERRED -96,748,090. FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING HARVARD FEDERAL CREDIT UNION F/K/A HARVARD UNIVERSITY EMPLOYEE CREDIT UNION HAS A FINANCIAL STATEMENT AUDIT ANNUALLY. ITS LAST AUDIT WAS FOR CALENDAR YEAR 2023. IT OPTED NOT TO PEFORM AN AUDIT THROUGH THE CONVERSION DATE. ITS NEXT AUDIT WILL BE FOR CALENDAR YEAR 2024. NAME CHANGE HARVARD UNIVERSITY EMPLOYEE CREDIT UNION PETITIONED THE FEDERAL REGULATOR OF CREDIT UNIONS, THE NCUA TO CONVERT TO A FEDERAL CHARTER FROM A STATE CHARTER. THE CREDIT UNION CHANGED ITS NAME FROM HARVARD UNIVERSITY EMPLOYEE CREDIT UNION TO HARVARD FEDERAL CREDIT UNION.