2024-11-14T13:33:45-06:00 2023-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2023-01-01 041231965 JEANNE D'ARC CREDIT UNION JEAN 9784525001 1 TREMONT PLACE LOWELL MA 01854 JOSEPH PRINCI SVP/CFO 9784525001 2024-11-14 1 1 KAREN S NG P01067482 6174399700 2024-11-14 2023 2024-10-15 13:58:12Z MARK S COCHRAN 1 TREMONT PLACE LOWELL MA 01854 91170511 0 X WWW.JDCU.COM X 1912 MA JEANNE D'ARC CREDIT UNION IS A FULL SERVICE, MEMBER-OWNED COMMUNITY BASED CREDIT UNION. 8 7 345 216 112921 0 0 1736000 46904000 66832105 5258875 7705959 14406995 14486867 66569870 90760931 301747 566141 0 0 21434834 25001213 0 0 0 35260084 55330946 56996665 80898300 9573205 9862631 2051657522 2129780000 1902017530 1972414908 149639992 157365092 SEE SCHEDULE O 0 0 JEANNE D'ARC CREDIT UNION IS THE THIRD OLDEST CREDIT UNION IN THE COUNTRY FOUNDED IN LOWELL MASSACHUSETTS IN 1912. IT CURRENTLY HAS 100,102 MEMBERS WHO HAVE $1,634 MILLION IN DEPOSIT ACCOUNTS & NET LOANS OUTSTANDING OF $1,714 MILLION AS OF DECEMBER 31, 2023. 0 1 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 1 53956 0 1 345 1 1 1 0 0 0 0 0 0 0 X 8 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X JOSEPH PRINCI II 9783234798 JEANNE DARC CU 1 TREMONT PLACE LOWELL MA 01854 JOHN CHEMALY VICE CHAIR 1.00 X X 6950 0 0 NAOMI PRENDERGAST CHAIRMANT 1.00 X X 6950 0 0 SUSAN GREEN DIRECTOR 1.00 X 7034 0 0 SOCRATES DE LA CRUZ DIRECTOR (AS OF 2/23) 1.00 X 4633 0 0 HENRI MARCHAND DIRECTOR 1.00 X 6950 0 0 WILLIAM SOUCY DIRECTOR 1.00 X 6950 0 0 JOANNE YESTRAMSKI DIRECTOR 1.00 X 6950 0 0 MARK COCHRAN PRESIDENT/CEO/DIRECTOR 40.00 X X 2393636 0 234676 BRIAN SOUSA SVP CLO 40.00 X 463053 0 92475 JOSEPH M PRINCI II SVP CFO 40.00 X 393913 0 96323 CAROLYN PELLETIER SVP CIO 40.00 X 418361 0 39087 MARK O'NEIL SVP CAO 40.00 X 491463 0 67246 MICHAEL P DUBUQUE EVP COO 40.00 X 482139 0 102154 ROBIN LORENZEN SVP CMO 40.00 X 287596 0 49419 GERARD L STEVENS SENIOR LOAN OFFICER 40.00 X 302456 0 12421 JAMES HIRBOUR SENIOR LOAN OFFICER 40.00 X 703856 0 35671 KARA DOYLE VP COMMERCIAL LENDING 40.00 X 236022 0 28529 PAUL MCDONALD VP RESIDENTIAL & CONSUMER LENDING 40.00 X 202513 0 42941 JASON E DUBOIS MORTGAGE LOAN ORIGINATOR 40.00 X 228783 0 31998 6650208 0 832940 37 0 1 0 ACRE CROSSING LLC PO BOX 981 PELHAM NH 03076 CONSTRUCTION 10119293 FISERV INC PO BOX 934057 ATLANTA GA 31193 IT-CORE SYSTEM 1492568 ALKAMI TECHNOLOGY INC PO BOX 670397 DALLAS TX 75267 INTERNET BANKING 1426865 CUSTOMIZED SERVICE CONCEPTS LLC 18 COTE AVENUE SUITE 13 GOFFSTOWN NH 03045 ATM MAINTENANCE/SOFTWARE 802982 WORLDCOM EXCHANGE INC 43 NORTHWESTERN DR SALEM NH 03079 IT SERVICES 650809 38 1736000 1736000 INTEREST INCOME 522100 66832105 66832105 66832105 7471227 7471227 644312 409580 234732 234732 234732 FEE INCOME 522100 14484199 14373946 110253 PARTNERSHIP INVESTMENT 523000 2668 2668 14486867 90760931 81206051 112921 7705959 546641 19500 4976579 14699295 1396383 2363302 1565654 320438 812974 1663210 1314104 1890005 3225625 2553578 213780 33887343 1406208 473738 DEBIT/CREDIT/ATM CHARGE 3519348 EQUIPMENT MAINTENANCE 2099510 MISCELLANEOUS EXPENSES 1682355 DUES & SUBSCRIPTIONS 319963 -51233 80898300 6617839 6852102 77049687 71714785 1569366000 1714198015 1529584 1918546 49534304 19182543 21213304 30351761 331486122 221859940 10009379 16487875 34385607 66396976 2051657522 2129780000 21770614 26308778 166967280 281519291 1713279636 1664586839 1902017530 1972414908 X 0 0 16000000 16000000 133639992 141365092 149639992 157365092 2051657522 2129780000 X 9862631 -120109 -2017422 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3872608 3872608 9486619 3725276 5761343 6143621 5035521 1108100 12740515 9316878 3423637 17290941 1104868 16186073 30351761 DEPOSITS 1633928753 DAILY SETTLEMENT 5658086 SUBORDINATED DEBT 25000000 1664586839 X 89105388 80457 80457 89024931 1736000 1736000 90760931 79162299 -1736000 -1736000 80898299 0 80898299 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE-CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS, THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. AT DECEMBER 31, 2023 AND 2022 THE CREDIT UNION HAS NOT ACCRUED FOR ANY UNRELATED BUSINESS INCOME TAX. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2022. DURING THE YEARS ENDED DECEMBER 31, 2023 AND 2022, THE CREDIT UNION RECEIVED AN EMPLOYEE RETENTION TAX CREDIT OF $1,736,000 AND $1,626,000, RESPECTIVELY, WHICH WAS REFLECTED AS A CREDIT AGAINST PAYROLL TAXES. THE CREDIT UNION'S 2019 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: EMPLOYEE RETENTION CREDIT RECEIVED 1,736,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: EMPLOYEE RETENTION CREDIT RECEIVED -1,736,000. PART XI, LINE 4B - OTHER ADJUSTMENTS: PER IRS REGULATIONS THE EMPLOYEE RETENTION CREDIT ("ERC") RECEIVED MUST BE REPORTED ON FORM 990 AS A GOVERNMENT GRANT. 1 GREATER MERRIMACK VALLEY CONVENTION AND VISTORS BUREAU PO BOX 8370 LOWELL MA 01853 043158302 501(C)(6) 25350 0 FMV CONTRIBUTIONS GREATER LOWELL CHAMBER OF COMMERCE 100 MERRIMACK ST SUITE 202 LOWELL MA 01852 043258590 501(C)(6) 8780 0 FMV CONTRIBUTIONS WE SHARE A COMMON THREAD FOUNDATION INC 1 TREMONT PLACE LOWELL MA 01854 452916988 501(C)(3) 319447 0 FMV CONTRIBUTIONS LOWELL SUMMER MUSIC SERIES 67 KIRK ST LOWELL MA 01852 042578293 501(C)(3) 19000 0 FMV CONTRIBUTIONS LOWELL PLAN 660 SUFFOLK ST SUITE 120 LOWELL MA 01854 042693109 501(C)(3) 12000 0 FMV CONTRIBUTIONS LAWRENCE PARTNERSHIP 420 COMMON STREET 3RD FLOOR LAWRENCE MA 01840 471019447 501(C)(3) 15000 0 FMV CONTRIBUTIONS EASTERN CORPORATE FEDERAL CREDIT UNION 35 CORPORATE DRIVE SUITE 300 BURLINGTON MA 01803 042658574 501(C)(14) 12140 0 FMV CONTRIBUTIONS SPECTACLE MANAGEMENT 57 BEDFORD ST STE 115 LEXINGTON MA 02420 460925207 15000 0 FMV CONTRIBUTIONS LOWELL MEMORIAL AUDITORIUM 50 E MERRIMACK ST LOWELL MA 01852 50000 0 FMV CONTRIBUTIONS 5 4 COLLEGE SCHOLARSHIPS 29 19500 0 PART I, LINE 2: THE CREDIT UNION'S BOARD REVIEWS ALL THE DONATIONS AND ACTIVITIES ON A QUARTERLY BASIS. THE GRANT FUNDS THAT THE CREDIT UNION GIVES TO THE RECIPIENTS ARE NOT RESTRICTED FOR A PRE-DETERMINED USE. PART III, COLUMN (B) MEMBER SCHOLARSHIPS: IN 2023 JDCU AWARDED 25 SCHOLARSHIPS TO INCOMING COLLEGE FRESHMEN AND CURRENT COLLEGE STUDENTS ENROLLED IN A FOUR-YEAR PROGRAM, AS WELL AS ONE MBA CANDIDATE. EACH CANDIDATE SUBMITS AN APPLICATION ALONG WITH A WRITTEN ESSAY IN ANSWER TO A PROMPT SET BY THE CREDIT UNION. A PANEL OF INTERNAL JUDGES REVIEWS THE APPLICATIONS AND SELECTS THE CANDIDATES TO RECEIVE THE SCHOLARSHIPS. QUALITY OF THE ESSAY, HIGH SCHOOL/COLLEGE TRANSCRIPTS, VOLUNTEERISM, AND EXTRACURRICULAR ACTIVITIES ARE ALL TAKEN INTO CONSIDERATION BY THE PANEL. EMPLOYEE SCHOLARSHIPS: THE EMPLOYEE SCHOLARS ARE OPEN TO EMPLOYEES OR MEMBERS OF THEIR IMMEDIATE FAMILY. APPLICANTS WRITE ESSAYS ON TOPICS RELATING TO THE SPECIFIC SCHOLARSHIP THEY ARE APPLYING FOR, INCLUDE A CURRENT TRANSCRIPT WITH GRADES, ALONG WITH NUMBER OF COMMUNITY SERVICE HOURS COMPLETED. HUMAN RESOURCES REVIEWS THE APPLICATIONS AND GRADES THEM IN THE FOLLOWING CATEGORIES: GRADES, ESSAY, COMMUNITY SERVICE. THE EXECUTIVE TEAM THEN RANKS THE ESSAY AND A TOTAL SCORE PER APPLICATION IS DETERMINED. THE CANDIDATE WITH THE HIGHEST SCORE IN THE CATEGORY THEY APPLIED FOR IS AWARDED THE SCHOLARSHIP X X 1 1 X X X X X X 0 1 0 MARK COCHRAN PRESIDENT/CEO/DIRECTOR 2170768 0 204808 0 18060 0 220900 0 13776 0 2628312 0 1513502 0 JAMES HIRBOUR SENIOR LOAN OFFICER 18000 0 685642 0 214 0 12330 0 23341 0 739527 0 0 0 MICHAEL P DUBUQUE EVP COO 392440 0 81822 0 7877 0 78813 0 23341 0 584293 0 0 0 MARK O'NEIL SVP CAO 428587 0 53499 0 9377 0 43905 0 23341 0 558709 0 163539 0 BRIAN SOUSA SVP CLO 371143 0 82533 0 9377 0 77887 0 14588 0 555528 0 0 0 JOSEPH M PRINCI II SVP CFO 322459 0 69577 0 1877 0 72982 0 23341 0 490236 0 0 0 CAROLYN PELLETIER SVP CIO 354301 0 51365 0 12695 0 33878 0 5209 0 457448 0 107264 0 ROBIN LORENZEN SVP CMO 230027 0 48192 0 9377 0 49419 0 0 0 337015 0 0 0 GERARD L STEVENS SENIOR LOAN OFFICER 0 0 302445 0 11 0 11011 0 1410 0 314877 0 0 0 KARA DOYLE VP COMMERCIAL LENDING 204445 0 29700 0 1877 0 21186 0 7343 0 264551 0 0 0 JASON E DUBOIS MORTGAGE LOAN ORIGINATOR 24000 0 204498 0 285 0 9956 0 22042 0 260781 0 0 0 PAUL MCDONALD VP RESIDENTIAL & CONSUMER LENDING 182341 0 18300 0 1872 0 20899 0 22042 0 245454 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS SPOUSES OR GUESTS ARE WELCOME TO ACCOMPANY DIRECTORS, BUT IS LIMITED TO NO MORE THAN TWO TIMES PER CALENDAR YEAR. SPOUSE OR GUEST EXPENSES WHICH ARE REIMBURSABLE INCLUDE, BUT ARE NOT LIMITED TO AIR TRAVEL, MEALS, AND ORGANIZED ENTERTAINMENT SUCH AS EVENT DINNERS, GOLF OUTINGS OR OTHER CONFERENCE RELATED OUTINGS. SPOUSE AND GUEST TRAVEL EXPENSES MAY NOT EXCEED $2,000 PER YEAR. SPOUSE OR GUEST EXPENSES WHICH ARE NOT REIMBURSABLE INCLUDE, BUT ARE NOT LIMITED TO SEPARATE LODGING OR NON-CONFERENCE RELATED PERSONAL EXPENSES. COUNTRY CLUB MEMBERSHIPS THE CREDIT UNION PROVIDES COUNTRY CLUB MEMBERSHIPS TO SOME EXECUTIVE OFFICERS FOR BUSINESS DEVELPMENT PURPOSES. PART I, LINE 4B NONQUALIFIED RETIREMENT PLAN THE CREDIT UNION PROVIDES A NON-ELECTIVE EMPLOYER CONTRIBUTION PLAN COVERING ALL OF ITS EMPLOYEES WHO ARE ELIGIBLE AS TO AGE AND LENGTH OF SERVICE. THE PLAN PROVIDES FOR A DISCRETIONARY NON-ELECTIVE CONTRIBUTION EQUAL TO A PERCENTAGE AS ESTABLISHED BY THE BOARD OF DIRECTORS OF EACH PARTICIPANT'S TOTAL COMPENSATION, PLUS 5.7% OF ELIGIBLE COMPENSATION IN EXCESS OF THE SOCIAL SECURITY TAXABLE WAGE BASE, UP TO THE APPLICABLE IRS LIMITATIONS. THE CREDIT UNION'S CONTRIBUTIONS TO THE PLAN APPROXIMATED $971,000 AND $867,000 FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022, RESPECTIVELY. DURING THE TAX YEAR, THE CREDIT UNION MADE CONTRIBUTIONS TO THE FOLLOWING INDIVIDUALS: MARK COCHRAN $182,344 MICHAEL P. DUBUQUE $41,382 MARK O'NEIL $18,717 ROBIN P. LORENZEN $23,679 CAROLYN PELLITIER $15,005 JOSEPH M. PRINCI II $34,426 BRIAN SOUSA $39,331 SCHEDULE J, PART II, COLUMN F: MARK S. COCHRAN RECEIVED $1,513,502 SERP 457(F) DISTRIBUTION IN 2023, WHICH REPORTED AS DEFERRED COMPENSATION IN PRIOR YEARS. MARK O'NEIL RECEIVED $163,539 SERP 457(F) DISTRIBUTION IN 2023, WHICH REPORTED AS DEFERRED COMPENSATION IN PRIOR YEARS. CAROLYN PELLETIER RECEIVED $107,264 SERP 457(F) DISTRIBUTION IN 2023, WHICH REPORTED AS DEFERRED COMPENSATION IN PRIOR YEARS. WILLIAM SOUCY DIRECTOR, OWNER OF CU'S BUILDING 991962 RENTAL 0 SCHEDULE L PART II - OFFICER & DIRECTOR LOANS SOME OF THE OFFICERS AND DIRECTORS HAVE LOANS OUTSTANDING WITH THE CREDIT UNION. THESE LOANS WERE OBTAINED IN THE NORMAL COURSE OF BUSINESS OF THE CREDIT UNION WITH THE SAME TERMS AND CONDITIONS AVAILABLE TO ALL MEMBERS. AS PER INSTRUCTIONS FOR SCHEDULE L, THESE LOANS ARE NOT TO BE LISTED ON SCHEDULE L. SCHEDULE L PART IV - RELATED PARTY TRANSACTIONS TREMONT YARD LLC, SINGLE MEMBER LLC OWNED BY DIRECTOR SOUCY OWNS THE BUILDING WHICH THE CREDIT UNION LEASES AND HOUSES ITS ADMINISTRATIVE AND BACK-OFFICE STAFF. DIRECTOR SOUCY RECUSED HIMSELF FOR ALL BOARD OF DIRECTOR DISCUSSIONS REGARDING THE DECISION TO ENTER INTO THE LEASE FOR THE BUILDING. ADDITIONALLY, A THIRD-PARTY COMMERCIAL REAL ESTATE FIRM, NATIONAL COMMERCIAL BROKERS, INC. CONDUCTED A MARKET SURVEY FOR THE CREDIT UNION TO ENSURE THE CREDIT UNION WAS PAYING A FAIR MARKET LEASE RATE AND OTHER PERTINENT CONDITIONS. FINALLY, THE OFFICE OF THE COMMISSIONER OF BANKS OF MASSACHUSETTS REVIEWED THE BUSINESS TRANSACTION AND HAD NO NEGATIVE COMMENTS ON THE TRANSACTION AND APPROVED THE EXPENDITURE OF FUNDS.DIRECTOR SOUCY IS A 50% MEMBER OF ACRE CROSSING LLC WHICH CONSTRUCTED A NEW OFFICE IN NH FOR THE CREDIT UNION, TOTAL COST $9,529,381. FORM 990, PART VI, SECTION A, LINE 6 JEANNE D'ARC CREDIT UNION MEMBERSHIP IS AVAILABLE TO ANYONE WHO LIVES, WORKS, OR ATTENDS SCHOOL IN MIDDLESEX OR ESSEX COUNTIES, THE CITIES OR TOWNS OF FITCHBURG, LEOMINSTER, HARVARD, LUNENBURG OR LANCASTER, OR THE NEW HAMPSHIRE COUNTIES OF HILLSBOROUGH OR ROCKINGHAM. THE MEMBERS VOTE FOR THE BOARD OF DIRECTORS AT THE ANNUAL MEETING AND VOTE ON ANY BUSINESS BROUGHT BEFORE THEM AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7A JEANNE D'ARC CREDIT UNION MEMBERSHIP IS AVAILABLE TO ANYONE WHO LIVES, WORKS, OR ATTENDS SCHOOL IN MIDDLESEX OR ESSEX COUNTIES, THE CITIES OR TOWNS OF FITCHBURG, LEOMINSTER, HARVARD, LUNENBURG OR LANCASTER, OR THE NEW HAMPSHIRE COUNTIES OF HILLSBOROUGH OR ROCKINGHAM. THE MEMBERS VOTE FOR THE BOARD OF DIRECTORS AT THE ANNUAL MEETING AND VOTE ON ANY BUSINESS BROUGHT BEFORE THEM AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B JEANNE D'ARC CREDIT UNION MEMBERSHIP IS AVAILABLE TO ANYONE WHO LIVES, WORKS, OR ATTENDS SCHOOL IN MIDDLESEX OR ESSEX COUNTIES, THE CITIES OR TOWNS OF FITCHBURG, LEOMINSTER, HARVARD, LUNENBURG OR LANCASTER, OR THE NEW HAMPSHIRE COUNTIES OF HILLSBOROUGH OR ROCKINGHAM. THE MEMBERS VOTE FOR THE BOARD OF DIRECTORS AT THE ANNUAL MEETING AND VOTE ON ANY BUSINESS BROUGHT BEFORE THEM AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B A FULL COPY OF FORM 990 IS PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE CODE OF ETHICS, WHICH INCORPORATES THE CONFLICT OF INTEREST POLICY, IS UPDATED AND RATIFIED BY THE BOARD OF DIRECTORS. THE CODE OF ETHICS PERTAINS TO EMPLOYEES AS WELL AS THE BOARD OF DIRECTORS. ANNUALLY, ALL EMPLOYEES AND BOARD MEMBERS SIGN AN ACKNOWLEDGEMENT THAT THEY HAVE RECEIVED AND READ THE CODE OF ETHICS. FURTHER, ALL EMPLOYEES AND BOARD MEMBERS MUST IDENTIFY, IN WRITING, ALL DEPOSITS AND LOAN ACCOUNTS IN WHICH THEY HAVE A RELATED INTEREST. LOANS GRANTED TO SENIOR MANAGEMENT, DIRECTORS, OR THEIR RELATED PARTIES MUST BE APPROVED BY THE BOARD. IF THE LOAN IS FOR A BOARD MEMBER OR HIS/HER RELATED INTEREST, THE BOARD MEMBER IS RECUSED FROM THE VOTE. FORM 990, PART VI, SECTION B, LINE 15 BOARD REVIEW OF OFFICER COMPENSATION THE CREDIT UNION'S BOARD OF DIRECTORS ASSIGNS RESPONSIBILITY TO THE BOARD'S PERSONNEL COMMITTEE FOR THE PREPARATION OF A VERBAL PERFORMANCE EVALUATION OF THE CREDIT UNION'S PRESIDENT. THE PERSONNEL COMMITTEE IS COMPRISED OF INDEPENDENT DIRECTORS. THE PERSONNEL COMMITTEE WILL THEN PRESENT THE WRITTEN EVALUATION TO THE FULL BOARD, ALONG WITH A RECOMMENDATION FOR COMPENSATION. THE COMPENSATION LEVEL IS BASED ON A COMBINATION OF THE PRESIDENT'S PERCEIVED VALUE TO THE CREDIT UNION AND JOB PERFORMANCE. BASED ON THE PERSONNEL COMMITTEE'S RECOMMENDATION, THE FULL BOARD APPROVES THE PRESIDENT'S COMPENSATION. FOR MEMBERS OF SENIOR MANAGEMENT, WRITTEN PERFORMANCE EVALUATIONS ARE PREPARED BY THE PRESIDENT. THE BOARD'S CHAIRMAN APPROVES TOTAL COMPENSATION FOR ALL OFFICERS. NO OTHER BOARD DIRECTORS ARE INVOLVED IN THE COMPENSATION DISCUSSIONS FOR SENIOR MANAGEMENT. COMPENSATION IS BASED ON THE VALUE TO THE CREDIT UNION AND JOB PERFORMANCE. THE CREDIT UNION ALSO UTILIZED THE THIRD PARTY INDEPENDENT CONSULTANT TO REVIEW AND ANALYZE THE OFFICERS' COMPENSATION FOR 2021. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S BYLAWS, CODE OF ETHICS, CONFLICT OF INTEREST POLICY, ETC. ARE AVAILABLE FOR INSPECTION AT THE CREDIT UNION'S ANNUAL MEETING OR AVAILABLE AT ANYTIME UPON A MEMBER'S REQUEST. THE CREDIT UNION'S PRIVACY POLICY IS MAILED TO EACH MEMBER ANNUALLY. WHEN THERE IS A CHANGE TO OUR POLICY, A STATEMENT OF CHANGE IS MADE ANNUALLY ON ACCOUNT STATEMENTS SENT TO MEMBERS. THE CREDIT UNION'S CALL REPORT (5300) DATA IS AVAILABLE TO THE GENERAL PUBLIC VIA THE NCUA'S WEBSITE. FORM 990, PART XI, LINE 9: CUMULATIVE CHANGE IN ACCOUNTING PRINCIPLE -2,017,422. FORM 990, PART XII, LINE 2C THE JEANNE D'ARC CREDIT UNION STATEMENTS ARE AUDITED BY CROWE HORWATH, LLP, A CERTIFIED PUBLIC ACCOUNTING FIRM. THE FINANCIAL STATEMENT YEAR END IS DECEMBER 31ST. THE JEANNE D'ARC CREDIT UNION BY-LAWS REQUIRE AN AUDIT COMMITTEE MADE UP OF BOARD MEMBERS TO REVIEW THE AUDITED FINANCIAL STATEMENTS AND ASSURE THAT ANY FINDINGS BY THE AUDITORS ARE IMPLEMENTED. WE SHARE A COMMON THREAD FOUNDATION INC 1 TREMONT PLACE LOWELL MA 01854 452916988 GRANT MAKING MA 501(C)(3) PF JEANN D'ARC CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 WE SHARE A COMMON THREAD B 319447 FMV