2022-04-11T18:01:23-05:00 2021-09-30 420714325 RSM US LLP 4650 E 53RD ST DAVENPORT IA 528073479 990 2020-10-01 042348884 LEOMINSTER CREDIT UNION LEOM 9785378021 20 ADAMS STREET LEOMINSTER MA 01453 JOSEPH NORMANT SVP/CFO 9785378021 2022-04-08 1 JOSEPH NORMANT 999009999 JENIFER L CHASE P01306883 5638884000 2022-04-08 0 AAL1 IAL1 2020 2022-09-23 18:48:47Z BARBARA MAHONEY 20 ADAMS STREET LEOMINSTER MA 01453 59104655 0 X WWW.LEOMINSTERCU.COM X 1954 MA FULFILL OUR MEMBERS' FINANCIAL NEEDS THROUGH OUTSTANDING SERVICE AND EFFECTIVE TECHNOLOGY. 10 10 170 11 129490 0 0 0 25352413 24881720 5075586 5125181 410005 403854 30838004 30410755 124551 157237 5419260 3447934 11381068 11886061 0 0 0 11742804 12544362 28667683 28035594 2170321 2375161 758422591 813719349 683552029 739407288 74870562 74312061 X LEOMINSTER CREDIT UNION (LCU) IS A COMMUNITY-BASED FINANCIAL SERVICES PROVIDER. WE EXIST TO FULFILL OUR MEMBERS' FINANCIAL NEEDS THROUGH OUTSTANDING SERVICE AND EFFECTIVE TECHNOLOGY. AS A RESPONSIBLE CORPORATE CITIZEN, WE ARE COMMITTED TO ENRICHING THE COMMUNITIES IN WHICH WE LIVE AND WORK. 0 0 TO SERVE OUR MEMBERS, OUR HIGHEST EXPENSE IS INTEREST PAID ON CERTIFICATES OF DEPOSIT. AT YEAR-END, THE CREDIT UNION HAD 49,013 MEMBERS, AND INTEREST PAID ON CERTIFICATES OF DEPOSIT TOTALED $1,865,221 OUR SECOND HIGHEST EXPENSE IS INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 49,013 MEMBERS, AND INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS TOTALED $560,789 OUR THIRD HIGHEST EXPENSE IS INTEREST PAID ON DEMAND DEPOSIT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 49,013 MEMBERS, AND INTEREST PAID ON DEMAND DEPOSIT ACCOUNTS TOTALED $223,728 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 12580 0 1 170 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X JOSEPH NORMANT 9785378021 20 ADAMS STREET LEOMINSTER MA 01453 GIULIO GRECO CHAIR 1.00 X X 0 0 0 RICHARD SHEPPARD VICE CHAIR 1.00 X X 0 0 0 NANCY GRAVES TREASURER 1.00 X X 0 0 0 HENRY KULIK VICE TREASURER 1.00 X 0 0 0 JOSEPH QUINTAL CLERK 1.00 X 0 0 0 BRUCE BOLLIVAR DIRECTOR 1.00 X 0 0 0 ROBERT DELLECHIAIE DIRECTOR 1.00 X 0 0 0 JOYCE LEGER DIRECTOR 1.00 X 0 0 0 JOYCE LAFLEUR DIRECTOR (UNTIL 9/30/2021) 1.00 X 0 0 0 MICHAEL SAUVAGEAU DIRECTOR 2.00 X 0 0 0 JOHN W REEDY DIRECTOR 1.00 X 0 0 0 JOSEPH J NORMANT SVP/CFO 40.00 X 175924 0 4724 BARBARA MAHONEY PRESIDENT/CEO 40.00 X 284400 0 40443 JOHN O'BRIEN PRESIDENT/CEO (UNTIL 11/30/2020) 40.00 X 540560 0 39617 CRAIG MADONIA SVP LENDING 40.00 X 199147 0 42650 KATIE NAJJAR SVP RETAIL 40.00 X 162216 0 26436 KELLI ROONEY SVP COMMUNITY ENGAGEMENT & MARKETING 40.00 X 176485 0 14119 AUDIE FRANKS VP IT 40.00 X 154266 0 28373 DIANE FARNSWORTH SR. MORTGAGE ORIGINATOR 40.00 X 239357 0 34614 OSCAR O'CONNOR VP LENDING OPERATIONS 40.00 X 141506 0 36577 MYCHELLE PHILLIPS VP OPERATIONS 40.00 X 127517 0 38107 LISA GUEVICH AVP BRANCH MANAGER 40.00 X 119897 0 25623 GARY ABRAMS FORMER OFFICER 0.00 X 149706 0 17558 2470981 0 348841 18 1 1 0 FISERV PO BOX 22705 LINCOLN NE 68542 IT SERVICES 3113287 CORELATION INC 2305 HISTORIC DECATUR RD SAN DIEGO CA 92106 IT SERVICES 1153344 DAVIS ADVERTISING 1331 GRAFTON STREET WORCESTER MA 01604 ADVERTISING 349787 WINDSTREAM ENTERPRISES PO BOX 9001013 LOUISVILLE KY 40290 COMMUNICATIONS 225792 NEXT STEP INC 6000 METROWEST BLVD ORLANDO FL 32835 CONSULTING 207500 13 INTEREST ON LOANS 522100 20244141 20244141 SERVICE CHARGES AND FEE INCOME 522100 4637579 4508089 129490 24881720 3967570 3967570 117110 0 117110 117110 117110 29851511 28693900 1157611 1157611 1157611 CREDIT UNION OWNED LIFE INSURANCE 900099 286744 286744 286744 30410755 24752230 129490 5529035 157237 3447934 1429475 7892093 541924 1228428 794141 28259 228386 639951 463409 2097012 1221405 8830 48326 1588853 1092339 445474 MAINTENANCE AND SERVICE 2481899 PROVISION FOR LOAN LOSS 1095000 SECURITY 211838 COLLECTIONS 96432 796949 28035594 60458389 107865308 5478000 8715000 539374739 521655982 864542 1083226 24418779 11991628 11644298 12427151 114985155 135072034 3343500 3130300 22273968 23770348 758422591 813719349 3557280 4410777 2862872 2933353 60000000 60000000 617131877 672063158 683552029 739407288 X 0 0 0 0 74870562 74312061 74870562 74312061 758422591 813719349 2375161 -2933662 0 X X 0 1 X 1 0 0 1 X 1880442 1880442 16148092 7070492 9077600 527239 359274 167965 5863006 4561862 1301144 12427151 MEMBERS' SHARES 672063158 672063158 X PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY INSURANCE AND TAXES ON BEHALF OF ITS MORTGAGE LOAN ACCOUNTS. PART X, LINE 2: THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C) (14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN THE FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. THE IRS AND CERTAIN STATE TAXING AUTHORITIES ARE CURRENTLY REVISITING WHAT, IF ANY, PRODUCTS AND SERVICES PROVIDED BY THE CREDIT UNION ARE SUBJECT TO UBIT. THE IRS HAS INDICATED THAT THEY ARE STUDYING THE ISSUE AND MAY ISSUE ADDITIONAL GUIDANCE. AS A RESULT, AT THIS TIME THERE IS UNCERTAINTY REGARDING WHETHER THE CREDIT UNION SHOULD PAY INCOME TAX ON CERTAIN TYPES OF NET TAXABLE INCOME FROM ACTIVITIES THAT MAY BE CONSIDERED BY TAXING AUTHORITIES AS UNRELATED TO THE PURPOSE FOR WHICH THE CREDIT UNION WAS GRANTED NONTAXABLE STATUS. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES DEEMED TO BE UNRELATED TO THE CREDIT UNION'S NONTAXABLE STATUS IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATION. MANAGEMENT EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THAT THE CREDIT UNION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS. 1 UMASS MEMORIAL HEALTHALLIANCE- CLINTON HOSPITAL INC 60 HOSPITAL RD LEOMINSTER MA 01453 042103555 501(C)(3) 6800 PROGRAM SUPPORT MASSACHUSETTS COALITION FOR THE HOMELESS INC 69-73 BUFFUM STREET LYNN MA 01902 222599662 501(C)(3) 10000 PROGRAM SUPPORT UNITED WAY OF NORTH CENTRAL MASS INC 649 JOHN FITCH HIGHWAY FITCHBURG MA 01420 042233021 501(C)(3) 9263 PROGRAM SUPPORT FITCHBURG STATE UNIVERSITY FOUNDATION 160 PEARL STREET FITCHBURG MA 01420 042661048 501(C)(3) 10000 PROGRAM SUPPORT 4 0 PART I, LINE 2: THE CREDIT UNION INFORMALLY FOLLOWS UP WITH GRANT RECIPIENTS AND ENSURES THAT THE GRANT FUNDS ARE USED FOR THE PURPOSE INTENDED. X 1 1 X X X X 0 0 0 JOHN O'BRIEN PRESIDENT/CEO (UNTIL 11/30/2020) 441345 0 94248 0 4967 0 22800 0 18269 0 581629 0 0 0 BARBARA MAHONEY PRESIDENT/CEO 233271 0 47102 0 4027 0 22800 0 19103 0 326303 0 0 0 DIANE FARNSWORTH SR. MORTGAGE ORIGINATOR 58197 0 2146 0 179014 0 19422 0 15594 0 274373 0 0 0 CRAIG MADONIA SVP LENDING 176237 0 19729 0 3181 0 16530 0 27318 0 242995 0 0 0 KELLI ROONEY SVP COMMUNITY ENGAGEMENT & MARKETING 157326 0 18293 0 866 0 14119 0 1025 0 191629 0 0 0 KATIE NAJJAR SVP RETAIL 149364 0 12044 0 808 0 6491 0 21062 0 189769 0 0 0 AUDIE FRANKS VP IT 141030 0 12269 0 967 0 12663 0 16656 0 183585 0 0 0 JOSEPH J NORMANT SVP/CFO 174616 0 450 0 858 0 4724 0 903 0 181551 0 0 0 OSCAR O'CONNOR VP LENDING OPERATIONS 125697 0 13644 0 2165 0 11783 0 25643 0 178932 0 0 0 GARY ABRAMS FORMER OFFICER 111714 0 30990 0 7002 0 12129 0 5957 0 167792 0 0 0 MYCHELLE PHILLIPS VP OPERATIONS 115312 0 10777 0 1428 0 10344 0 28504 0 166365 0 0 0 PART I, LINE 1A THE CREDIT UNION WILL REIMBURSE THE COST OF BOARD-APPROVED SPOUSAL OR "SIGNIFICANT OTHER" TRAVEL EXPENSES WHEN ACCOMPANYING A DIRECTOR ON AN EDUCATIONAL EVENT OR SPECIAL PLANNING/MEETING HELD OFF-SITE FROM LEOMINSTER CREDIT UNION. COSTS INCLUDE TRAVEL, GUEST REGISTRATION, LODGING, MEALS, TELEPHONE CALLS, REFRESHMENTS AND REASONABLE TIPS TO HOTEL EMPLOYEES CAB/LIMOUSINE DRIVERS AND RESTAURANT STAFF. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B THE AVP/TREASURY AND CHIEF FINANCIAL OFFICER REVIEW FORM 990 PRIOR TO ITS FILING. A COPY IS ALSO PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C WE SHARE OUR CONFLICT OF INTEREST POLICY WITH NEW EMPLOYEES WHEN WE HIRE THEM, AND THEY SIGN OFF TO ACKNOWLEDGE RECEIPT. THIS POLICY OUTLINES THE PARAMETERS AROUND ACTIVITIES WHICH CONFLICT WITH OR APPEAR TO CONFLICT WITH THE BUSINESS INTEREST OF LCU. ANNUALLY, WE DISTRIBUTE OUR ETHICS POLICY AND WHISTLEBLOWER POLICY TO REITERATE THE GUIDELINES IN REFERENCE TO CONFLICT OF INTEREST AND THE PROCESS IN PLACE TO ADDRESS ISSUES THAT MAY ARISE. EMPLOYEES SIGN OFF ON BOTH OF THESE PROCESSES ANNUALLY TO ACKNOWLEDGE THEIR RECEIPT. FORM 990, PART VI, SECTION B, LINE 15 HUMAN RESOURCES (HR) AND THE BOARD OF DIRECTORS (BOD) REVIEW ALL RECOMMENDATIONS TO INCREASE THE SALARY OF ITS OFFICERS AND KEY EMPLOYEES WITHIN THE CREDIT UNION. HR AND THE BOD REFERENCE PRE-DETERMINED SALARY RANGES FOR THE RESPECTIVE POSITION, AS WELL AS INFORMATION FROM PURCHASED SALARY SURVEYS AS COMPARABLE DATA TO DETERMINE THE APPROPRIATENESS OF THE RECOMMENDATION. IN ADDITION, HR AND THE BOD LOOK AT THE EQUITY TO COMPARABLE ROLES WITHIN THE CREDIT UNION BEFORE APPROVING THE RECOMMENDATION. FORM 990, PART VI, SECTION C, LINE 19 OUR GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO MEMBERS UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FINANCIAL STATEMENTS ARE POSTED IN THE LOBBIES OF OUR BRANCHES FOR MEMBERS TO REVIEW. WE DO NOT MAKE OUR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. FORM 990, PART XII, LINE 2C THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. LCU INSURANCE SERVICES LLC 20 ADAMS STREET LEOMINSTER MA 01453 452079582 INSURANCE SERVICES MA 2027 16975 LEOMINSTER CREDIT UNION