2023-10-02T13:12:20-05:00 2022-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2022-01-01 042077206 BOSTON FIREFIGHTERS CREDIT UNION BOST 6172882420 60 HALLET STREET DORCHESTER MA 02124 CRISTINA PRENTIS SVP/CHIEF FINANCIAL OFFICER 6172882420 2023-10-02 1 CRISTINA PRENTIS 000009947 1 HARRY A KALAJIAN JR CPA P00464296 6174399700 2023-10-02 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z RICHARD HAYWARD JR 60 HALLET STREET DORCHESTER MA 02124 16089033 0 X WWW.BOSFIRECU.COM X 1947 MA PROVIDE FINANCIAL SERVICES TO OUR MEMBERS 13 12 52 11 0 0 0 0 13161529 14524260 668581 1564773 0 0 13830110 16089033 12000 168625 0 0 4686085 4798230 0 0 0 6486106 7466093 11184191 12432948 2645919 3656085 398016214 426852511 356367001 384912748 41649213 41939763 PROVIDE FINANCIAL SERVICES TO OUR MEMBERS 0 0 12472198 14524260 PROVIDE FINANCIAL SERVICES TO OUR MEMBERS 12472198 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 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 7695 0 1 52 1 0 0 0 0 0 0 0 0 X 13 12 1 0 0 0 1 1 1 1 1 0 0 1 1 1 0 1 1 1 1 0 X CRISTINA PRENTIS 6172882420 60 HALLET ST DORCHESTER MA 02124 JOSEPH QUINN DIRECTOR 1.00 X 0 0 0 SEAN O'BRIEN DIRECTOR 1.00 X 0 0 0 SEAN COSTELLO VICE CHAIR 3.00 X 0 0 0 RALPH DOWLING DIRECTOR 1.00 X 0 0 0 MARC SANDERS DIRECTOR 1.00 X 0 0 0 KEVIN MEEHAN DIRECTOR 1.00 X 0 0 0 JOSEPH CASPER TREASURER/CLERK 3.00 X 5731 0 0 EDMUND STREET DIRECTOR 1.00 X 0 0 0 WILLIAM O'SULLIVAN DIRECTOR 1.00 X 0 0 0 DANIEL DOWLING DIRECTOR 1.00 X 0 0 0 CHRISTOPHER BURKE DIRECTOR 1.00 X 0 0 0 CHARLES BUCHANAN DIRECTOR 1.00 X 0 0 0 DANIEL MAGOON CHAIRMAN 3.00 X 11462 0 0 ANDY PUGA VP OF DIGITAL STRATEGY 35.00 X 145916 0 43581 CATHERINE GUERARD VP OF MEMBER SERVICE 35.00 X 102857 0 26999 CRISTINA PRENTIS CHIEF FINANCIAL OFFICER 35.00 X 177175 0 26069 KAITRYN THORNTON VP OF LENDING 35.00 X 135356 0 19234 CATHY BOUCHER EVP 35.00 X 232109 0 41298 RICHARD HAYWARD JR CEO 35.00 X 194967 0 41565 JOHN WINNE CEO (RETIRED 7/1/2022) 35.00 X 245553 0 39225 JENNIFER COOK AVP ELECTRONIC SERVICES 35.00 X 104242 0 30937 RAYMOND LAZCANO FINANCIAL ADVISOR 35.00 X 103411 0 23304 WENDY REITER CONTROLLER 35.00 X 122677 0 33552 KAREN GUILIANO LOAN SERVICING MANAGER 35.00 X 108421 0 17074 KRISTEN RUSSELL AVP BUSINESS DEVELOPMENT 35.00 X 116658 0 38126 1806535 0 380964 15 0 1 0 COCC 100 EXECUTIVE BLVD SOUTHINGTON CT 06489 DATA PROCESSOR 647654 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD SERVICER 300705 MASTERCARD 2200 MASTERCARD BLVD OFALLON MO 63368 CARD SERVICES 194689 PURE IT CREDIT UNION SERVICES 1400 GRAHAM DR STE B BOX 137 TOMBALL TX 77375 IT SERVICES 184876 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 CARD SERVICES 141387 5 INTEREST EARNED ON LOANS TO MEMBE 522130 12740785 12740785 SERVICE CHARGES AND FEES 522130 1690111 1690111 93364 93364 14524260 1294259 1294259 270514 0 270514 270514 270514 16089033 14524260 0 1564773 152625 16000 1251126 2371191 486250 428038 261625 26970 125675 97775 72046 456883 303030 1237726 302310 87337 137484 2775903 218826 118747 ATM/NOW SERVICE 522884 LOAN SERVICING EXPENSE 382604 PROVISION FOR LOAN LOSS 346000 DUES & SUBSCRIPTIONS 139794 114099 12432948 1149174 1050330 36561609 6707137 2656001 2685748 296227169 337019421 271265 297304 6406090 3133282 3408006 3272808 52703546 68078564 500000 500000 281020 4539444 6960179 398016214 426852511 1332142 3050422 5000000 33000000 350034859 348862326 356367001 384912748 X 0 0 0 0 41649213 41939763 41649213 41939763 398016214 426852511 3656085 -3365535 0 X X 0 1 X 1 0 765344 765344 4237337 1947509 2289828 148909 133751 15158 1017415 872136 145279 237085 179886 57199 3272808 CMO FIXED AFS 12594843 F CMO VARIABLE AFS 6365663 F MBS AFS 8683047 F MUNICIPAL BONDS AFS 1381505 F TREASURIES AFS 22579238 F ANNUITY-ALLIANZ 2000000 F ANNUITY-MIDLAND 4000000 C CERTIFICATE OF DEPOSIT 1383198 C BANK NOTES 7491970 C FHLB STOCK 1599100 C 68078564 MEMBER SHARE AND SAVINGS 348746286 MISCELLANEOUS 116040 348862326 X 16089033 0 16089033 0 16089033 12432948 0 12432948 0 12432948 PART X, LINE 2: 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). 1 BOSTON POLICE DEPARTMENT (BOSTON POLICE DETECTIVES BENEVOLENT SOCIETY) 434 HYDE PARK AVE ROSLIDALE MA 02131 223010035 501(C)(5) 28000 0 DONATION BOSTON FIRE DEPT RELIEF FUND 115 SOUTHHAMPTON ST BOSTON MA 02118 041104325 501(C)(3) 26000 0 DONATION MASS FALLEN HEROES 88 BLACK FALCON AVE SUITE 202 BOSTON MA 02210 273495087 501(C)(3) 25000 0 DONATION JOSEPH (DODO) NEE FOUNDATION 54 CEDAR GROVE ST DORCHESTER MA 02124 821585335 501(C)(3) 16250 0 DONATION PROFESSIONAL FIRE FIGHTERS OF MASSACHUSETTS 2 CENTER PLAZA SUITE 4M BOSTON MA 02108 473377095 501(C)(3) 13000 0 DONATION BOSTON BRUINS FOUNDATION 100 LEGENDS WAY BOSTON MA 021141303 200172439 501(C)(3) 10000 0 DONATION SPAM BENEVOLENT FUND INC 11 BEACON STREET SUITE 700 BOSTON MA 02108 264331647 501(C)(3) 20000 0 DONATION 7 1 SCHOLARSHIPS 4 16000 0 SCHEDULE I, PART I, LINE 2 SCHOLARSHIPS APPLICATIONS ARE REVIEWED FOR COMPLETION/INCLUSION OF ALL CATERGORIES SET FORTH BY THE CREDIT UNION X 1 1 X X X X X 0 1 0 JOHN WINNE CEO (RETIRED 7/1/2022) 212008 0 0 0 33545 0 26503 0 12722 0 284778 0 0 0 CATHY BOUCHER EVP 203772 0 20527 0 7810 0 33115 0 8183 0 273407 0 0 0 RICHARD HAYWARD JR CEO 176764 0 0 0 18203 0 28616 0 12949 0 236532 0 0 0 CRISTINA PRENTIS CHIEF FINANCIAL OFFICER 158749 0 13500 0 4926 0 26069 0 0 0 203244 0 0 0 ANDY PUGA VP OF DIGITAL STRATEGY 133176 0 12500 0 240 0 22004 0 21577 0 189497 0 0 0 WENDY REITER CONTROLLER 112117 0 8000 0 2560 0 18284 0 15268 0 156229 0 0 0 KRISTEN RUSSELL AVP BUSINESS DEVELOPMENT 103934 0 10500 0 2224 0 16499 0 21627 0 154784 0 0 0 KAITRYN THORNTON VP OF LENDING 115626 0 12500 0 7230 0 19234 0 0 0 154590 0 0 0 PART I, LINE 1A THE CEO IS CONTRACTUALLY ALLOWED TO HAVE HIS SPOUSE 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 2022. PART I, LINE 4B THE RETIRED CEO PARTICIPATES IN A SERP FUNDED BY SPLIT DOLLAR LIFE INSURANCE. THE EVP HAS A DEFERRED COMP AGREEMENT IN PLACE. JOHN B WINNE CEO SERP X 2320000 2685748 0 1 1 2685748 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 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 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 2022. 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