2023-05-10T15:58:44-05:00 2022-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2022-01-01 046017806 HARVARD UNIVERSITY EMPLOYEES CREDIT UNION HARV 6174954460 104 MT AUBURN ST 4TH FLOOR CAMBRIDGE MA 02138 CRAIG E LEONARD PRESIDENT & CEO 6174954460 2023-05-10 1 CRAIG LEONARD 000009874 1 HARRY A KALAJIAN JR CPA P00464296 6174399700 2023-05-10 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z CRAIG E LEONARD 104 MT AUBURN ST 4TH FLOOR CAMBRIDGE MA 02138 44999109 0 X WWW.HUECU.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. 15 15 169 15 0 0 0 0 36887045 41140375 5808556 3858734 0 0 42695601 44999109 225484 156755 0 0 14841789 15621438 0 0 0 18512683 20557513 33579956 36335706 9115645 8663403 1037994144 1145537469 950224242 1056564072 87769902 88973397 X HARVARD UNIVERSITY EMPLOYEES 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 UNIVERSITY EMPLOYEES CREDIT UNION (THE "CREDIT UNION") IS A STATE-CHARTERED 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 50,000 MEMBERS. THE MEMBERSHIP IS PRIMARILY LIMITED TO THOSE EMPLOYEES, FACULTY, STUDENTS, AND ALUMNI OF HARVARD UNIVERSITY AND ITS AFFILIATED HOSPITALS. 0 0 0 0 0 0 0 1 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 19960 0 1 169 1 0 0 0 0 0 0 0 0 X 15 15 0 0 0 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 HARMAN KAUR DIRECTOR 1.00 X 0 0 0 JASON LUKE CO-VICE CHAIRMAN/DIRECTOR 1.00 X X 0 0 0 GONZALO MUNOZ SANZ DIRECTOR 1.00 X 0 0 0 DENNIS CAMPBELL DIRECTOR 1.00 X 0 0 0 SHAHAR ZIV DIRECTOR 1.00 X 0 0 0 JOHN LICHTEN TREASURER/DIRECTOR 1.00 X X 0 0 0 KARRIE FORD DIRECTOR 1.00 X 0 0 0 DEE DEE CHEN DIRECTOR 1.00 X 0 0 0 APRIL EDRINGTON DIRECTOR 1.00 X 0 0 0 THOMAS LUCEY DIRECTOR 1.00 X 0 0 0 JEREMIAH MURPHY VICE-CHAIRMAN/DIRECTOR 1.00 X X 0 0 0 MARY STRAUB CLERK/DIRECTOR 1.00 X X 0 0 0 GEOERGE WHITE CHAIRMAN/DIRECTOR 1.00 X X 0 0 0 SUSAN G SIMON DIRECTOR 1.00 X 0 0 0 MARY ANN O'BRIEN DIRECTOR 1.00 X 0 0 0 CRAIG LEONARD PRESIDENT & CEO 40.00 X 560019 0 62376 THOMAS MONTILLI EVP & CHIEF EXPERIENCE OFF 40.00 X 325865 0 57609 PETER BUCHANAN RETIRED 2022 SVP, REAL ESTATE LENDING 40.00 X 355311 0 56892 HELEN LASKARIS MORTGAGE LOAN ORIGINATOR 40.00 X 257871 0 26997 MICHAEL LEVINE MORTGAGE LOAN ORIGINATOR 40.00 X 222460 0 27393 JOHN DEGNAN SVP, OPERATIONS 40.00 X 255506 0 47717 KATHERINE ARMSTRONG SVP, CHIEF FINANCIAL OFFICER 40.00 X 241650 0 48982 2218682 0 327966 24 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 DATA PROCESSING 3388134 FISERV PO BOX 99924 GRAPEVINE TX 76099 DATA PROCESSING 1228975 ALKAMI TECHNOLOGY PO BOX 122223 DALLAS TX 75312 DATA PROCESSING 888734 NATIONAL CREDIT UNION ADMINISTRATION PO BOX 979069 ST LOUIS MO 63197 DEPOSIT INSURANCE PREMIUMS 428418 CAMPUS DOOR HOLDINGS INC 129 W TRADE ST SUITE 900 CHARLOTTE NC 28202 STUDENT LOAN ORIGINATION 425484 5 INTEREST ON LOANS 522100 35348395 35348395 BANK FEES 522100 5791980 5791980 41140375 1566910 1566910 2291824 0 2291824 2291824 2291824 44999109 41140375 0 3858734 146755 10000 885885 10544666 4190887 60005 139150 431514 861510 808642 5052148 2550821 264937 5355084 1105895 331930 LOAN SERVICING EXPENSES 1770702 PROVISION FOR LOSSES 925000 OTHER SERVICE CONTRACTS 391948 EQUIPMENT 101125 407102 36335706 82704820 41458081 839672260 984064462 971874 1139605 10494865 6941233 3776641 3553632 16536800 15276600 71461555 70792849 22870194 29252240 1037994144 1145537469 9607923 14452043 5556252 3026410 935060067 1039085619 950224242 1056564072 X 0 0 0 0 87769902 88973397 87769902 88973397 1037994144 1145537469 8663403 -7459908 0 X X 0 1 X 1 0 0 1 X 3353651 2667735 685916 6782373 4273498 2508875 358841 358841 3553632 BONDS 57510704 F MBS AGENCIES 13282145 F 70792849 SAVINGS ACCOUNTS 302635113 CHECKING ACCOUNTS 203145329 MONEY MARKET ACCOUNTS 193706706 CLUB ACCOUNTS 1944636 IRA ACCOUNTS 16463810 CERTIFICATES OF DEPOSITS 135520708 FHLB ADVANCES 181439560 LEASE ROU LIABILITY 4229757 1039085619 X 37539201 -7459908 -7459908 44999109 0 44999109 36335706 0 36335706 0 36335706 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. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES. HOWEVER, THE CREDIT UNION MAY BE SUBJECT TO UNRELATED BUSINESS INCOME TAX ("UBIT") AT THE STATE AND FEDERAL LEVEL. THE CREDIT UNION DID NOT HAVE A UBIT LIABILITY AT DECEMBER 31, 2022 AND 2021. THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AS OF DECEMBER 31, 2022 AND 2021 AND CONCLUDED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE CREDIT UNION FILES FORM 990 IN THE U.S. FEDERAL JURISDICTION AND THE STATE OF MASSACHUSETTS. THE CREDIT UNION IS NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR YEARS BEFORE 2019. 0 BOSTON CHILDREN'S HOSPITAL TRUST 401 PARK DRIVE SUITE 602 BOSTON MA 02215 042774441 501(C)(3) 10000 0 DONATION BRIGHAM & WOMEN'S HOSPITAL 75 FRANCIS ST BOSTON MA 02215 042312909 501(C)(3) 25000 0 DONATION COOPERATIVE CREDIT UNION ASSOCIATION 845 DONALD LYNCH BLVD MARLBOROUGH MA 01752 043403594 501(C)(6) 5275 0 DONATION GIVINGA FOUNDATION 396 WASHINGTON STREET 307 WELLESLEY MA 024816209 474172718 501(C)(3) 7000 0 DONATION HARVARD SQUARE BUSINESS ASSOCIATION 18 BRATTLE ST STE 352 CAMBRIDGE MA 021383755 042647383 501(C)(6) 13018 0 DONATION HARVARD VARSITY 65 N HARVARD ST BOSTON MA 02163 042104295 501(C)(3) 7700 0 DONATION MOUNT AUBURN HOSPITAL 330 MT AUBURN ST CAMBRIDGE MD 02136 042103606 501(C)(3) 25000 0 DONATION PHILLIPS BROOKS HOUSE ASSOCIATION 1 HARVARD YARD CAMBRIDGE MA 20136 046046123 501(C)(3) 21100 0 DONATION 6 2 SCHOLARSHIPS 10 10000 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 460019 0 100000 0 0 0 34252 0 28124 0 622395 0 0 0 PETER BUCHANAN RETIRED 2022 SVP, REAL ESTATE LENDING 235257 0 120054 0 0 0 34252 0 22640 0 412203 0 0 0 THOMAS MONTILLI EVP & CHIEF EXPERIENCE OFF 264615 0 61250 0 0 0 34252 0 23357 0 383474 0 0 0 JOHN DEGNAN SVP, OPERATIONS 214106 0 41400 0 0 0 28693 0 19024 0 303223 0 0 0 KATHERINE ARMSTRONG SVP, CHIEF FINANCIAL OFFICER 202650 0 39000 0 0 0 27137 0 21845 0 290632 0 0 0 HELEN LASKARIS MORTGAGE LOAN ORIGINATOR 255382 0 2489 0 0 0 7618 0 19379 0 284868 0 0 0 MICHAEL LEVINE MORTGAGE LOAN ORIGINATOR 219979 0 2481 0 0 0 7917 0 19476 0 249853 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. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS APPROXIMATELY 50,000 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 990 IS PREPARED BY THE OUTSIDE ACCOUNTING FIRM AND THEN REVIEWED BY THE CFO OF THE CREDIT UNION. THE 990 IS THEN PRESENTED TO THE AUDIT COMMITTEE FOR FINAL REVIEW PRIOR FILING WITH THE IRS. 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 XII, LINE 2C: THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.