2022-08-22T12:57:08-05:00 2021-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2021-01-01 041801520 ST JEANS CREDIT UNION STJE 7815925420 370 HIGHLAND AVENUE SALEM MA 01970 C DAVID SURFACE PRESIDENT & CEO 7815925420 2022-08-22 1 C DAVID SURFACE 000003597 HARRY A KALAJIAN JR CPA P00464296 6174399700 2022-08-22 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z C DAVID SURFACE 370 HIGHLAND AVENUE SALEM MA 01970 11808191 0 X WWW.STJEANSCU.COM X 1910 MA THE MISSION OF ST. JEAN'S CREDIT UNION IS TO FULFILL THE NEEDS OF OUR DIVERSE MEMBERSHIP WITH THE UTMOST INTEGRITY AND PRIVACY. 10 9 82 9 30547 0 0 0 9931060 8953676 1211690 731502 996271 2123013 12139021 11808191 2235 81004 0 0 4746953 5019925 0 0 0 6519060 5302768 11268248 10403697 870773 1404494 300448236 315403428 274038929 288280474 26409307 27122954 X ST. JEAN'S CREDIT UNION (THE "CREDIT UNION") IS A STATE-CHARTERED CREDIT UNION. ITS PRIMARY BUSINESS IS THE ACCEPTANCE OF DEPOSITS AND THE MAKING OF LOANS TO MEMBERS WHO LIVE OR WORK IN THE MASSACHUSETTS COUNTIES OF ESSEX COUNTY, MIDDLESEX COUNTY, SUFFOLK COUNTY AND EMPLOYEES AND FAMILY MEMBERS OF H.P. HOOD, LLC (FAMILY MEMBERS ARE DEFINED AS PARENTS AND SIBLINGS). 0 0 THE MAINTENANCE OF MEMBER ACCOUNTS AND PAYMENT OF DIVIDENDS THEREON. THE CREDIT UNION MAINTAINS 30,744 ACCOUNTS AS OF THE CALENDAR YEAR-END. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 5797 0 1 82 1 1 1 0 0 0 0 0 0 0 X 10 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X X STEPHEN PEDRO CFO 9782191027 370 HIGHLAND AVENUE SALEM MA 01970 C DAVID SURFACE PRESIDENT/CEO 40.00 X X 336767 0 40135 IRA NOVOSELSKY TREASURER/CLERK/DIRECTOR 2.00 X X 0 0 0 LAWRENCE RAUSCH DIRECTOR 2.00 X 0 0 0 CHERYL CROUNSE DIRECTOR 2.00 X 0 0 0 RICHARD DRAGONE DIRECTOR/SECURITY OFFICER 2.00 X 0 0 0 STEPHEN SALVO DIRECTOR 4.00 X 0 0 0 STEVEN WALSH CHAIRMAN 2.00 X X 0 0 0 PAUL AMIRAULT 1ST VICE CHAIRMAN 2.00 X X 0 0 0 TIMOTHY SHEA 2ND VICE CHAIRMAN 2.00 X X 0 0 0 SHAWN NEWTON DIRECTOR 2.00 X 0 0 0 KATHLEEN DONAHUE EXECUTIVE VICE PRESIDENT 40.00 X 155795 0 26577 KATHRYN MACDONALD VP OF COMPLIANCE 40.00 X 115533 0 16455 NICOLE COKOROGIANIS VP IT 40.00 X 118584 0 23764 JAMES METCALF VP CONSUMER LENDING 40.00 X 128834 0 11550 STEPHEN PEDRO CFO 40.00 X 136716 0 31177 992229 0 149658 6 0 1 0 SYNERGENT PO BOX 1236 PORTLAND ME 04104 CORE DATA PROVIDER 659150 DIGITAL INSIGHT CORPNCR PO BOX 740641 LOS ANGELES CA 900740641 HOME BANKING 242698 NCUA PO BOX 979069 ST LOUIS MO 631979000 SHARE INSURANCE & REGULATOR 204474 3 INTEREST ON LOANS 522100 7954088 7954088 MEMBERS SERVICE FEES 522100 999588 969041 30547 8953676 532141 532141 66854 0 66854 66854 66854 16478 182883 0 0 16478 182883 199361 199361 NCUA DISTRIBUTIONS 900099 891263 891263 INTERCHARGE INCOME 900099 745833 745833 MISC INCOME 900099 196519 196519 222544 222544 2056159 11808191 11046142 30547 731502 81004 336767 3439843 459656 459410 324249 4450 42000 7800 265056 1090482 835487 17976 9035 1137928 478883 26505 OTHER EXPENSES 569611 LOAN PROCESSING FEES 487371 SERVICING CONTRACTS 221378 EDUCATION & PROMOTIONS 87736 21070 10403697 5699333 5901095 22828044 28007585 215517884 201184679 324048 242450 12185287 4088074 8397676 8097213 30054594 58528469 8331392 7387392 9295265 6054545 300448236 315403428 132543 120972 962226 856327 25897029 18488171 247047131 268815004 274038929 288280474 X 0 0 0 0 26409307 27122954 26409307 27122954 300448236 315403428 1404494 -690847 0 X X 0 1 X 1 0 0 1 X 1624042 1624042 1985414 538090 1447324 4967218 779706 4187512 3605164 2770278 834886 3449 3449 8097213 SHARES AND DEPOSITS 267202874 OTHER LIABILITIES 1612130 268815004 X 11808191 0 11808191 0 11808191 10403697 0 10403697 0 10403697 PART IV, LINE 2B: MORTGAGE ESCROW ACCOUNTS ARE HELD FOR THE PAYMENT OF REAL ESTATE TAXES FOR MUNICIPALITIES. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES ON INCOME UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND MASSACHUSETTS STATUTES. TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN, INCLUDING THE POSITION THAT THE CREDIT UNION QUALIFIES AS A TAX EXEMPT ENTITY, ARE REQUIRED TO BE EVALUATED TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE-LIKELY-THAN-NOT" TO BE UPHELD UNDER REGULATORY REVIEW. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE ACCRUED AND DISCLOSED IN THE FINANCIAL STATEMENTS. THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AS OF DECEMBER 31, 2021 AND 2020 AND HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE. CURRENTLY TAX YEARS FROM 2018 THROUGH PRESENT ARE OPEN AND SUBJECT TO EXAMINATION BY TAXING AUTHORITIES. 1 ST JEAN'S CREDIT UNION CHARITABLE FOUNDATION 370 HIGHLAND AVE SALEM MA 01970 824193604 501(C)(3) 81004 0 CASH CHARITABLE CONTRIBUTIONS 1 0 PART I, LINE 2: THE CREDIT UNION'S BOARD REVIEWS ALL THE DONATIONS AND ACTIVITIES OF THE TRUST ON A QUARTERLY BASIS. THE GRANT FUNDS THAT THE CREDIT UNION GIVES TO THE TRUST ARE NOT RESTRICTED FOR A PRE-DETERMINED USE. X 1 1 X X X 0 1 0 C DAVID SURFACE PRESIDENT/CEO 269100 0 38809 0 28858 0 24802 0 15333 0 376902 0 0 0 KATHLEEN DONAHUE EXECUTIVE VICE PRESIDENT 139122 0 5000 0 11673 0 12309 0 14268 0 182372 0 0 0 STEPHEN PEDRO CFO 133000 0 3500 0 216 0 10850 0 20327 0 167893 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS ESTABLISHED A NONQUALIFIED DEFERRED COMPENSATION PLAN UNDER SECTION 457(B) OF THE INTERNAL REVENUE CODE FOR CERTAIN KEY EXECUTIVES. UNDER THE TERMS OF THIS PLAN CERTAIN KEY EXECUTIVES OF THE CREDIT UNION DEFER PORTIONS OF THEIR WAGES, WHICH THE CREDIT UNION USES TO PURCHASE ANNUITIES. THE ANNUITIES PURCHASED ARE OWNED BY THE CREDIT UNION AND ARE HELD FOR THE PURPOSE OF FUNDING A CONTRACTUAL OBLIGATION, BETWEEN THE CREDIT UNION AND CERTAIN KEY EXECUTIVES, TO PROVIDE CERTAIN PENSION BENEFITS TO THE KEY EXECUTIVES. AS OF DECEMBER 31, 2021 AND 2020, THE 457(B) DEFERRED INCOME PLAN HAD CUMULATIVE BALANCES OF $720,603 AND $600,342, RESPECTIVELY. THE CREDIT UNION PROVIDES TO ELIGIBLE EMPLOYEES DEFERRED COMPENSATION BENEFITS UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. THESE BENEFITS ARE INTENDED FOR CERTAIN MEMBERS OF A SELECT GROUP OF MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES. PARTICIPANTS RECEIVE AN ANNUAL ALLOCATION FROM THE CREDIT UNION EQUAL TO 8% OF ANNUAL SALARY FOR THE YEAR OF CONTRIBUTION. ALL SUCH AMOUNTS ALLOCATED TO THE PARTICIPANT SHALL BE DEFERRED FOR PAYMENT TO THE PARTICIPANT ON OR AFTER THE PARTICIPANT'S RETIREMENT DATE. AT DECEMBER 31, 2021 AND 2020, THE 457(F) PLAN HAD CUMULATIVE BALANCES OF $505,597 AND $411,496, RESPECTIVELY. FORM 990, PART VI, SECTION A, LINE 6 CLASSES OF MEMBERS OR STOCKHOLDERS PERSONS WHO MEET THE REQUIREMENTS OF THE ORGANIZATION'S FIELD OF MEMBERSHIP WHO HOLD AT LEAST ONE SHARE OF THE CAPITAL FORM 990, PART VI, SECTION A, LINE 7A ELECTION OF MEMBERS AND THEIR RIGHTS - EACH MEMBER HAS A VOTE AT THE ELECTION OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS SUBJECT TO THE APPROVAL OF MEMBERS ANY CHANGES TO THE INCORPORATING DOCUMENTS, I.E BYLAWS ARE APPROVED BY MEMBERSHIP FORM 990, PART VI, SECTION B, LINE 11B THE 990 WILL BE REVIEWED BY CEO, CFO AND DIRECTORS. DUE TO FILING DEADLINES, THE 990 MAY BE REVIEWED BY THE BOARD OF DIRECTORS SUBSEQUENT TO FILING. THE REVIEW IS DOCUMENTED IN THE MINUTES. FORM 990, PART VI, SECTION B, LINE 12C POLICY IS REVIEWED ANNUALLY WITH THE BOARD AND EMPLOYEES. WRITTEN ACKNOWLEDGEMENTS ARE SIGNED ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 FORM 990, PART VI, LINE 15A COMPENSATION PROCESS FOR TOP OFFICIAL CEO'S COMPENSATION IS DETERMINED BY THE BOARD OF DIRECTORS, EXECUTIVE COMITTEE. WAGE AND SALARY PLAN INTRODUCED IN 2013. JOB DESCRIPTIONS WERE UPDATED. A SALARY SURVEY WAS CONDUCTED BY AN INDEPENDENT COMPANY. ALL POSITIONS WERE EVALUATED. POSITIONS WITHIN THE CREDIT UNION HAVE BEEN ASSIGNED A RANK. SALARY RANGES WERE ESTABLISHED FOR EACH RANK. COMPENSATION IS BASED ON CURRENT AND RELATED EXPERIENCE. FORM 990, PART VI, LINE 15B CEO'S COMPENSATION IS DETERMINED BY THE BOARD OF DIRECTORS. SENIOR MANAGEMENT IS DETERMINED BY INCREASE SET FORTH FOR STAFF AND APPROVED BY THE BOARD OF DIRECTORS. SALARY SURVEYS, INDUSTRY TRENDS AND EARNINGS ARE ALL TAKEN INTO CONSIDERATION. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE POSTED IN THE LOBBY AT BRANCH LOCATIONS AND ARE AVAILABLE UPON REQUEST. THE INFORMATION IS UPDATED ON A MONTHLY BASIS AFTER THE BOARD MEETS. FORM 990, PART XII, LINE 2C THE ORGANIZATION DID NOT CHANGE EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. ST JEAN'S CREDIT UNION CHARITABLE FOUNDATION 370 HIGHLAND AVE SALEM MA 01970 824193604 TO PROMOTE AND CARRY OUT CHARITABLE PURPOSES MA 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ST JEAN'S CREDIT UNION CHARITABLE FOUNDATION C 85000 CASH