HARVARD FEDERAL CREDIT UNION: Form 990, tax year 2020

View the entire original 990 at ProPublica ↗

Organization: HARVARD FEDERAL CREDIT UNION (EIN 04-6017806)
Tax period: 2020-01-01 to 2020-12-31
Filed: 2021-05-12
IRS object ID: 202111329349303816
Schema version: 2020v4.1
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule D
Schedule I
Schedule J
Schedule L
Schedule O

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2021-05-12T14:38:18-05:00	ReturnTs
Tax Period End	2020-12-31	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	042689883	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	WOLF & COMPANY PC	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	99 HIGH STREET 21ST FLOOR	AddressLine1Txt
City	BOSTON	CityNm
State Abbreviation	MA	StateAbbreviationCd
ZIP	02110	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990	ReturnTypeCd
Tax Period Begin	2020-01-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	046017806	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	HARVARD UNIVERSITY EMPLOYEES CREDIT	BusinessNameLine1Txt
Business Name Line2	UNION	BusinessNameLine2Txt

Field	Value	IRS element (for citing)
Business Name Control	HARV	BusinessNameControlTxt
Phone	6174954460	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	104 MT AUBURN ST 4TH FLOOR	AddressLine1Txt
City	CAMBRIDGE	CityNm
State Abbreviation	MA	StateAbbreviationCd
ZIP	02138	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	CRAIG E LEONARD	PersonNm
Person Title	PRESIDENT & CEO	PersonTitleTxt
Phone	6174954460	PhoneNum
Signature	2021-05-12	SignatureDt
Discuss With Paid Preparer	Yes (1)	DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Field	Value	IRS element (for citing)
Person First	CRAIG	PersonFirstNm
Person Last	LEONARD	PersonLastNm

Field	Value	IRS element (for citing)
SSN	000009874	SSN

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	HARRY A KALAJIAN JR CPA	PreparerPersonNm
PTIN	P00464296	PTIN
Phone	6174399700	PhoneNum
Preparation	2021-05-12	PreparationDt

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

Field	Value	IRS element (for citing)
Trusted Customer	2	TrustedCustomerCd
Authentication Assurance Level	AAL1	AuthenticationAssuranceLevelCd
Identity Assurance Level	IAL1	IdentityAssuranceLevelCd

Field	Value	IRS element (for citing)
Tax	2020	TaxYr
Build TS	2022-09-23 18:48:47Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Principal Officer	CRAIG E LEONARD	PrincipalOfficerNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	104 MT AUBURN ST 4TH FLOOR	AddressLine1Txt
City	CAMBRIDGE	CityNm
State Abbreviation	MA	StateAbbreviationCd
ZIP	02138	ZIPCd

Field	Value	IRS element (for citing)
Gross Receipts	$43,073,837	GrossReceiptsAmt
Group Return For Affiliates	0	GroupReturnForAffiliatesInd
Organization501c	Yes (X)	Organization501cInd
Website Address	WWW.HUECU.ORG	WebsiteAddressTxt
Type Of Organization Corp	Yes (X)	TypeOfOrganizationCorpInd
Formation	1939	FormationYr
Legal Domicile State	MA	LegalDomicileStateCd
Activity Or Mission	PROVIDE CONVENIENT FINANCIAL AND PERSONAL SERVICES IN THE BEST INTEREST OF OUR MEMBERS, AS WELL AS EDUCATING OUR COMMUNITY ABOUT FINANCES	ActivityOrMissionDesc
Voting Members Governing Body	15	VotingMembersGoverningBodyCnt
Voting Members Independent	15	VotingMembersIndependentCnt
Total Employee	126	TotalEmployeeCnt
Total Volunteers	15	TotalVolunteersCnt
Total Gross UBI	$0	TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm	$0	NetUnrelatedBusTxblIncmAmt
PY Contributions Grants	$0	PYContributionsGrantsAmt
CY Contributions Grants	$0	CYContributionsGrantsAmt
PY Program Service Revenue	$37,345,605	PYProgramServiceRevenueAmt
CY Program Service Revenue	$34,877,413	CYProgramServiceRevenueAmt
PY Investment Income	$4,396,849	PYInvestmentIncomeAmt
CY Investment Income	$8,196,424	CYInvestmentIncomeAmt
PY Other Revenue	$0	PYOtherRevenueAmt
CY Other Revenue	$0	CYOtherRevenueAmt
PY Total Revenue	$41,742,454	PYTotalRevenueAmt
CY Total Revenue	$43,073,837	CYTotalRevenueAmt
PY Grants And Similar Paid	$5,000	PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid	$172,850	CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members	$0	PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members	$0	CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid	$13,890,377	PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid	$13,587,038	CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns	$0	PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$0	CYTotalFundraisingExpenseAmt
PY Other Expenses	$20,974,066	PYOtherExpensesAmt
CY Other Expenses	$21,348,091	CYOtherExpensesAmt
PY Total Expenses	$34,869,443	PYTotalExpensesAmt
CY Total Expenses	$35,107,979	CYTotalExpensesAmt
PY Revenues Less Expenses	$6,873,011	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	$7,965,858	CYRevenuesLessExpensesAmt
Total Assets BOY	$815,945,301	TotalAssetsBOYAmt
Total Assets EOY	$936,760,234	TotalAssetsEOYAmt
Total Liabilities BOY	$744,537,666	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$856,766,941	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$71,407,635	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$79,993,293	NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part III	Yes (X)	InfoInScheduleOPartIIIInd
Mission	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.	MissionDesc
Significant New Program Srvc	0	SignificantNewProgramSrvcInd
Significant Change	0	SignificantChangeInd
Desc	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.	Desc
Described In Section501c3	0	DescribedInSection501c3Ind
Schedule B Required	0	ScheduleBRequiredInd
Political Campaign Acty	0	PoliticalCampaignActyInd
Subject To Proxy Tax	0	SubjectToProxyTaxInd
Donor Advised Fund	0	DonorAdvisedFundInd
Conservation Easements	0	ConservationEasementsInd
Collections Of Art	0	CollectionsOfArtInd
Credit Counseling	Yes (1)	CreditCounselingInd
Donor Rstr Or Quasi Endowments	0	DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment	Yes (1)	ReportLandBuildingEquipmentInd
Report Investments Other Sec	0	ReportInvestmentsOtherSecInd
Report Program Related Invst	0	ReportProgramRelatedInvstInd
Report Other Assets	0	ReportOtherAssetsInd
Report Other Liabilities	Yes (1)	ReportOtherLiabilitiesInd
Include FIN48 Footnote	Yes (1)	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	Yes (1)	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	0	ConsolidatedAuditFinclStmtInd
School Operating	0	SchoolOperatingInd
Foreign Office	0	ForeignOfficeInd
Foreign Activities	0	ForeignActivitiesInd
More Than5000 K To Org	0	MoreThan5000KToOrgInd
More Than5000 K To Individuals	0	MoreThan5000KToIndividualsInd
Professional Fundraising	0	ProfessionalFundraisingInd
Fundraising Activities	0	FundraisingActivitiesInd
Gaming Activities	0	GamingActivitiesInd
Operate Hospital	0	OperateHospitalInd
Grants To Organizations	Yes (1)	GrantsToOrganizationsInd
Grants To Individuals	Yes (1)	GrantsToIndividualsInd
Schedule J Required	Yes (1)	ScheduleJRequiredInd
Tax Exempt Bonds	0	TaxExemptBondsInd
Loan Outstanding	Yes (1)	LoanOutstandingInd
Grant To Related Person	0	GrantToRelatedPersonInd
Business Rln With Org Mem	0	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	0	BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent	Yes (1)	BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri	0	DeductibleNonCashContriInd
Deductible Art Contribution	0	DeductibleArtContributionInd
Terminate Operations	0	TerminateOperationsInd
Partial Liquidation	0	PartialLiquidationInd
Disregarded Entity	0	DisregardedEntityInd
Related Entity	0	RelatedEntityInd
Related Organization Ctrl Ent	0	RelatedOrganizationCtrlEntInd
Activities Conducted Prtshp	0	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (1)	ScheduleORequiredInd
IRP Document	25736	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Backup Wthld Compliance	Yes (1)	BackupWthldComplianceInd
Employee	126	EmployeeCnt
Employment Tax Returns Filed	Yes (1)	EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over Limit	0	UnrelatedBusIncmOverLimitInd
Foreign Financial Account	0	ForeignFinancialAccountInd
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTransInd
Taxable Party Notification	0	TaxablePartyNotificationInd
Nondeductible Contributions	0	NondeductibleContributionsInd
Indoor Tanning Services	0	IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt	0	SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc	0	SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	15	GoverningBodyVotingMembersCnt
Independent Voting Member	15	IndependentVotingMemberCnt
Family Or Business Rln	0	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	0	DelegationOfMgmtDutiesInd
Change To Org Documents	0	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	0	MaterialDiversionOrMisuseInd
Members Or Stockholders	Yes (1)	MembersOrStockholdersInd
Election Of Board Members	Yes (1)	ElectionOfBoardMembersInd
Decisions Subject To Approva	Yes (1)	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	Yes (1)	MinutesOfGoverningBodyInd
Minutes Of Committees	Yes (1)	MinutesOfCommitteesInd
Officer Mailing Address	0	OfficerMailingAddressInd
Local Chapters	Yes (1)	LocalChaptersInd
Policies Reference Chapters	Yes (1)	PoliciesReferenceChaptersInd
Form990 Provided To Gvrn Body	Yes (1)	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (1)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (1)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (1)	RegularMonitoringEnfrcInd
Whistleblower Policy	Yes (1)	WhistleblowerPolicyInd
Document Retention Policy	Yes (1)	DocumentRetentionPolicyInd
Compensation Process CEO	Yes (1)	CompensationProcessCEOInd
Compensation Process Other	Yes (1)	CompensationProcessOtherInd
Investment In Joint Venture	0	InvestmentInJointVentureInd
Upon Request	Yes (X)	UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	CRAIG E LEONARD	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Phone	6174963535	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	104 MT AUBURN ST 4TH FLOOR	AddressLine1Txt
City	CAMBRIDGE	CityNm
State Abbreviation	MA	StateAbbreviationCd
ZIP	02138	ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp (23 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt	OfficerOfficerInd	Highest Compensated EmployeeHighestCompensatedEmployeeInd
GUILLERMO BANCHIERE
DIRECTOR	1.00	Yes (X)	$0	$0	$0
JASON LUKE
DIRECTOR	1.00	Yes (X)	$0	$0	$0
JAMES BARROWS
DIRECTOR	1.00	Yes (X)	$0	$0	$0
DENNIS CAMPBELL
DIRECTOR	1.00	Yes (X)	$0	$0	$0
SHAHAR ZIV
DIRECTOR	1.00	Yes (X)	$0	$0	$0
JOHN LICHTEN
TREASURER/DIRECTOR	1.00	Yes (X)	$0	$0	$0	Yes (X)
KARRIE FORD
DIRECTOR	1.00	Yes (X)	$0	$0	$0
ANNE DEXTER
DIRECTOR	1.00	Yes (X)	$0	$0	$0
DEE DEE CHEN
DIRECTOR	1.00	Yes (X)	$0	$0	$0
APRIL EDRINGTON
DIRECTOR	1.00	Yes (X)	$0	$0	$0
THOMAS LUCEY
DIRECTOR	1.00	Yes (X)	$0	$0	$0
JEREMIAH MURPHY
VICE-CHAIRMAN/DIRECTOR	1.00	Yes (X)	$0	$0	$0	Yes (X)
MARY STRAUB
CLERK/DIRECTOR	1.00	Yes (X)	$0	$0	$0	Yes (X)
GEOERGE WHITE
CHAIRMAN/DIRECTOR	1.00	Yes (X)	$0	$0	$0	Yes (X)
SUSAN G SIMON
DIRECTOR	1.00	Yes (X)	$0	$0	$0
EUGENE FOLEY
PRESIDENT & CEO (RETIRED 07/20)	40.00		$804,646	$0	$47,133	Yes (X)
CRAIG LEONARD
PRESIDENT & CEO	40.00		$451,096	$0	$68,661	Yes (X)
THOMAS MONTILLI
EVP & CHIEF EXPERIENCE OFF	40.00		$297,562	$0	$52,343	Yes (X)
SHARON CUMMINGS
MORTGAGE LOAN ORIGINATOR	40.00		$332,900	$0	$32,888		Yes (X)
PETER BUCHANAN
SVP, REAL ESTATE LENDING	40.00		$250,289	$0	$47,737		Yes (X)
JOHN DEGNAN
SVP, OPERATIONS	40.00		$249,696	$0	$44,995		Yes (X)
HELEN LASKARIS
MORTGAGE LOAN ORIGINATOR	40.00		$407,334	$0	$35,262		Yes (X)
MICHAEL LEVINE
MORTGAGE LOAN ORIGINATOR	40.00		$323,874	$0	$32,859		Yes (X)

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$3,117,397	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$0	TotReportableCompRltdOrgAmt
Total Other Compensation	$361,878	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	23	IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed	0	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	Yes (1)	TotalCompGreaterThan150KInd
Compensation From Other Srcs	0	CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp (5 entries)

Address Line1ContractorAddress/USAddress/AddressLine1Txt	CityContractorAddress/USAddress/CityNm	State AbbreviationContractorAddress/USAddress/StateAbbreviationCd	ZIPContractorAddress/USAddress/ZIPCd	ServicesServicesDesc	CompensationCompensationAmt
PSCU
560 CARILLON PARKWAY	ST PETERSBURG	FL	33716	DATA PROCESSING	$1,992,043
FISERV
PO BOX 99924	GRAPEVINE	TX	76099	DATA PROCESSING	$1,377,538
ALKAMNI TECHNOLOGY
PO BOX 122223	DALLAS	TX	75312	DATA PROCESSING	$668,193
CAMPUS DOOR
129 W TRADE ST SUITE 900	CHARLOTTE	NC	28202	STUDENT LOAN PROCESSING	$402,170
DIEBOLD NIXDORF INC
PO BOX 643543	PITTSBURGH	PA	15264	ATM SERVICES	$343,161

Field	Value	IRS element (for citing)
Cntrct Rcvd Greater Than100 K	16	CntrctRcvdGreaterThan100KCnt

Program Service Revenue ProgramServiceRevenueGrp (2 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt
INTEREST ON LOANS	522100	$31,237,743	$31,237,743
VARIOUS BANK FEES	522100	$3,639,670	$3,639,670

Field	Value	IRS element (for citing)
Total Program Service Revenue	$34,877,413	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$1,546,457	TotalRevenueColumnAmt
Exclusion	$1,546,457	ExclusionAmt

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

Field	Value	IRS element (for citing)
Other	$6,649,967	OtherAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

Field	Value	IRS element (for citing)
Other	$0	OtherAmt

Gain Or Loss GainOrLossGrp

Field	Value	IRS element (for citing)
Other	$6,649,967	OtherAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$6,649,967	TotalRevenueColumnAmt
Exclusion	$6,649,967	ExclusionAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$43,073,837	TotalRevenueColumnAmt
Related Or Exempt Func Income	$34,877,413	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$0	UnrelatedBusinessRevenueAmt
Exclusion	$8,196,424	ExclusionAmt

Grants To Domestic Orgs GrantsToDomesticOrgsGrp

Field	Value	IRS element (for citing)
Total	$167,850	TotalAmt

Grants To Domestic Individuals GrantsToDomesticIndividualsGrp

Field	Value	IRS element (for citing)
Total	$5,000	TotalAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

Field	Value	IRS element (for citing)
Total	$1,553,304	TotalAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

Field	Value	IRS element (for citing)
Total	$8,191,264	TotalAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

Field	Value	IRS element (for citing)
Total	$3,842,470	TotalAmt

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$25,705	TotalAmt

Fees For Services Accounting FeesForServicesAccountingGrp

Field	Value	IRS element (for citing)
Total	$138,127	TotalAmt

Fees For Services Other FeesForServicesOtherGrp

Field	Value	IRS element (for citing)
Total	$512,541	TotalAmt

Advertising AdvertisingGrp

Field	Value	IRS element (for citing)
Total	$607,931	TotalAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$819,229	TotalAmt

Information Technology InformationTechnologyGrp

Field	Value	IRS element (for citing)
Total	$3,882,807	TotalAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$1,983,099	TotalAmt

Conferences Meetings ConferencesMeetingsGrp

Field	Value	IRS element (for citing)
Total	$124,820	TotalAmt

Interest InterestGrp

Field	Value	IRS element (for citing)
Total	$5,635,567	TotalAmt

Depreciation Depletion DepreciationDepletionGrp

Field	Value	IRS element (for citing)
Total	$919,120	TotalAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$162,300	TotalAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDesc	TotalTotalAmt
PROVISION FOR LOSSES	$3,925,000
LOAN SERVICING EXPENSES	$1,881,382
OTHER SERVICE CONTRACTS	$215,699
CASH OVER/SHORT	$134,480

All Other Expenses AllOtherExpensesGrp

Field	Value	IRS element (for citing)
Total	$380,284	TotalAmt

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$35,107,979	TotalAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

Field	Value	IRS element (for citing)
BOY	$72,167,436	BOYAmt
EOY	$85,076,652	EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$13,079,989	BOYAmt
EOY	$5,411,722	EOYAmt

Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp

Field	Value	IRS element (for citing)
BOY	$664,521,485	BOYAmt
EOY	$761,372,450	EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

Field	Value	IRS element (for citing)
BOY	$548,028	BOYAmt
EOY	$900,173	EOYAmt

Field	Value	IRS element (for citing)
Land Bldg Equip Cost Or Other Bss	$8,545,895	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$4,980,882	LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

Field	Value	IRS element (for citing)
BOY	$3,429,461	BOYAmt
EOY	$3,565,013	EOYAmt

Investments Other Securities InvestmentsOtherSecuritiesGrp

Field	Value	IRS element (for citing)
BOY	$17,306,200	BOYAmt
EOY	$19,966,600	EOYAmt

Investments Program Related InvestmentsProgramRelatedGrp

Field	Value	IRS element (for citing)
BOY	$25,991,077	BOYAmt
EOY	$37,377,018	EOYAmt

Other Assets Total OtherAssetsTotalGrp

Field	Value	IRS element (for citing)
BOY	$18,901,625	BOYAmt
EOY	$23,090,606	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$815,945,301	BOYAmt
EOY	$936,760,234	EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

Field	Value	IRS element (for citing)
BOY	$12,861,876	BOYAmt
EOY	$9,363,915	EOYAmt

Escrow Account Liability EscrowAccountLiabilityGrp

Field	Value	IRS element (for citing)
BOY	$3,837,156	BOYAmt
EOY	$5,211,281	EOYAmt

Other Liabilities OtherLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$727,838,634	BOYAmt
EOY	$842,191,745	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$744,537,666	BOYAmt
EOY	$856,766,941	EOYAmt

Field	Value	IRS element (for citing)
Org Does Not Follow FASB117	Yes (X)	OrgDoesNotFollowFASB117Ind

Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp

Field	Value	IRS element (for citing)
BOY	$71,407,635	BOYAmt
EOY	$79,993,293	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$71,407,635	BOYAmt
EOY	$79,993,293	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$815,945,301	BOYAmt
EOY	$936,760,234	EOYAmt

Field	Value	IRS element (for citing)
Reconcilation Revenue Expnss	$7,965,858	ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst	$619,800	NetUnrlzdGainsLossesInvstAmt
Other Changes In Net Assets	$0	OtherChangesInNetAssetsAmt
Info In Schedule O Part XII	Yes (X)	InfoInScheduleOPartXIIInd
Method Of Accounting Accrual	Yes (X)	MethodOfAccountingAccrualInd
Accountant Compile Or Review	0	AccountantCompileOrReviewInd
FS Audited	Yes (1)	FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

Field	Value	IRS element (for citing)
Separate Basis Fincl Stmt	Yes (X)	SeparateBasisFinclStmtInd

Field	Value	IRS element (for citing)
Audit Committee	Yes (1)	AuditCommitteeInd
Federal Grant Audit Required	0	FederalGrantAuditRequiredInd

Schedule D IRS990ScheduleD

Field	Value	IRS element (for citing)
Agent Trustee Etc	0	AgentTrusteeEtcInd
Incl Escrow Custodial Acct Liab	Yes (1)	InclEscrowCustodialAcctLiabInd
Explanation Provided	Yes (X)	ExplanationProvidedInd

Leasehold Improvements LeaseholdImprovementsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$2,839,951	OtherCostOrOtherBasisAmt
Depreciation	$2,325,495	DepreciationAmt
Book Value	$514,456	BookValueAmt

Equipment EquipmentGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$5,206,235	OtherCostOrOtherBasisAmt
Depreciation	$2,655,387	DepreciationAmt
Book Value	$2,550,848	BookValueAmt

Other Land Buildings OtherLandBuildingsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$499,709	OtherCostOrOtherBasisAmt
Book Value	$499,709	BookValueAmt

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$3,565,013	TotalBookValueLandBuildingsAmt

Other Liabilities Org OtherLiabilitiesOrgGrp (7 entries)

DescDesc	AmtAmt
SAVINGS ACCOUNTS	$258,469,527
CHECKING ACCOUNTS	$178,451,831
MONEY MARKET ACCOUNTS	$173,864,483
CLUB ACCOUNTS	$1,930,300
IRA ACCOUNTS	$16,626,278
CERTIFICATES OF DEPOSITS	$122,793,183
FHLB ADVANCES	$90,056,143

Field	Value	IRS element (for citing)
Total Liability	$842,191,745	TotalLiabilityAmt
Footnote Text	Yes (X)	FootnoteTextInd
Total Rev Etc Audited Fincl Stmt	$43,693,637	TotalRevEtcAuditedFinclStmtAmt
Net Unrealized Gains Invst	$619,800	NetUnrealizedGainsInvstAmt
Revenue Not Reported	$619,800	RevenueNotReportedAmt
Revenue Subtotal	$43,073,837	RevenueSubtotalAmt
Revenue Not Reported Fincl Stmt	$0	RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990	$43,073,837	TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt	$35,107,979	TotExpnsEtcAuditedFinclStmtAmt
Expenses Not Reported	$0	ExpensesNotReportedAmt
Expenses Subtotal	$35,107,979	ExpensesSubtotalAmt
Expenses Not Rpt Fincl Stmt	$0	ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990	$35,107,979	TotalExpensesPerForm990Amt

Supplemental Information Detail SupplementalInformationDetail (2 entries)

Form And Line ReferenceFormAndLineReferenceDesc

ExplanationExplanationTxt

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, 2020 AND 2019. THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AS OF DECEMBER 31, 2020 AND 2019 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 2017.

Schedule I IRS990ScheduleI

Field	Value	IRS element (for citing)
Grant Records Maintained	0	GrantRecordsMaintainedInd

Recipient Table RecipientTable (10 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	Recipient EINRecipientEIN	IRC SectionIRCSectionDesc	Cash GrantCashGrantAmt	Purpose Of GrantPurposeOfGrantTxt
BOSTON FOOD BANK
70 SOUTH BAY AVENUE	BOSTON	MA	02118	042717782	501(C)(3)	$5,000	DONATION
CHILDRENS HOSPITAL
401 PARK DRIVE SUITE 602	BOSTON	MA	02215	042774441	501(C)(3)	$5,000	DONATION
CITY OF BOSTON CHARITABLE TRUST BOSTON RESILIENCY FUND
1 CITY HALL SQUARE ROOM M-5	BOSTON	MA	02201	046528581	501(C)(3)	$5,000	DONATION
CITY OF CAMBRIDGE MAYORS DISASTER RELIEF FUND
795 MASSACHUSETTS AVE	CAMBRIDGE	MA	02139			$5,000	DONATION
HARVARD EMPLOYEE RELIEF FUND
677 HUNTINGTON AVE KRESQE G4	BOSTON	MA	02115			$50,000	DONATION
MGH
125 NASHUA STREET SUITE 540	BOSTON	MA	021141101	041564655	501(C)(3)	$30,000	DONATION
MOUNT AUBURN HOSPITAL
330 MOUNT AUBURN STREET	CAMBRIDGE	MA	02138	042103606	501(C)(3)	$12,500	DONATION
NAACP
4805 MT HOPE DRIVE	BALTIMORE	MD	21215		501(C)(4)	$5,000	DONATION
PHILLIPS BROOKS HOUSE
ONE NORTH HARVARD YARD	CAMBRIDGE	MA	02138		501(C)(3)	$20,500	DONATION
URBAN LEAGUE OF EASTERN MASS
88 WARREN ST	ROXBURY	MA	02119	237349132	501(C)(3)	$5,000	DONATION

Field	Value	IRS element (for citing)
Total501c3 Org	8	Total501c3OrgCnt
Total Other Org	2	TotalOtherOrgCnt

Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp

Field	Value	IRS element (for citing)
Grant Type	SCHOLARSHIPS	GrantTypeTxt
Recipient	5	RecipientCnt
Cash Grant	$5,000	CashGrantAmt

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	PART I, LINE 2:	FormAndLineReferenceDesc
Explanation	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.	ExplanationTxt

Schedule J IRS990ScheduleJ

Field	Value	IRS element (for citing)
Travel For Companions	Yes (X)	TravelForCompanionsInd
Written Policy Ref T And E Expnss	Yes (1)	WrittenPolicyRefTAndEExpnssInd
Substantiation Required	Yes (1)	SubstantiationRequiredInd
Compensation Committee	Yes (X)	CompensationCommitteeInd
Independent Consultant	Yes (X)	IndependentConsultantInd
Compensation Survey	Yes (X)	CompensationSurveyInd
Board Or Committee Approval	Yes (X)	BoardOrCommitteeApprovalInd
Severance Payment	0	SeverancePaymentInd
Supplemental Nonqual Rtr Plan	0	SupplementalNonqualRtrPlanInd
Equity Based Comp Arrngm	0	EquityBasedCompArrngmInd

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (8 entries)

TitleTitleTxt	Base Compensation Filing OrgBaseCompensationFilingOrgAmt	Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt	Bonus Filing OrganizationBonusFilingOrganizationAmount	Bonus Related OrganizationsBonusRelatedOrganizationsAmt	Other Compensation Filing OrgOtherCompensationFilingOrgAmt	Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt	Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt	Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt	Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt	Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt	Total Compensation Filing OrgTotalCompensationFilingOrgAmt	Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt	Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt	Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt
EUGENE FOLEY
PRESIDENT & CEO (RETIRED 07/20)	$254,092	$0	$428,620	$0	$121,934	$0	$31,008	$0	$16,125	$0	$851,779	$0	$0	$0
CRAIG LEONARD
PRESIDENT & CEO	$365,096	$0	$80,000	$0	$6,000	$0	$44,508	$0	$24,153	$0	$519,757	$0	$0	$0
HELEN LASKARIS
MORTGAGE LOAN ORIGINATOR	$406,334	$0	$1,000	$0	$0	$0	$6,544	$0	$28,718	$0	$442,596	$0	$0	$0
SHARON CUMMINGS
MORTGAGE LOAN ORIGINATOR	$331,900	$0	$1,000	$0	$0	$0	$6,544	$0	$26,344	$0	$365,788	$0	$0	$0
MICHAEL LEVINE
MORTGAGE LOAN ORIGINATOR	$322,874	$0	$1,000	$0	$0	$0	$6,803	$0	$26,056	$0	$356,733	$0	$0	$0
THOMAS MONTILLI
EVP & CHIEF EXPERIENCE OFF	$242,562	$0	$55,000	$0	$0	$0	$31,008	$0	$21,335	$0	$349,905	$0	$0	$0
PETER BUCHANAN
SVP, REAL ESTATE LENDING	$206,539	$0	$43,750	$0	$0	$0	$27,231	$0	$20,506	$0	$298,026	$0	$0	$0
JOHN DEGNAN
SVP, OPERATIONS	$206,446	$0	$43,250	$0	$0	$0	$27,167	$0	$17,828	$0	$294,691	$0	$0	$0

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	TRAVEL FOR COMPANION	FormAndLineReferenceDesc
Explanation	THE CREDIT UNION PROVIDES SPOUSE TRAVEL FOR ITS DIRECTORS AND OFFICERS.	ExplanationTxt

Schedule L IRS990ScheduleL

Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	SEE PART IV	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Loan From Organization	Yes (X)	LoanFromOrganizationInd
Default	0	DefaultInd
Board Or Committee Approval	0	BoardOrCommitteeApprovalInd
Written Agreement	0	WrittenAgreementInd

Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp

Name Of Interested NameOfInterested

Field	Value	IRS element (for citing)
Person	PSCU	PersonNm

Field	Value	IRS element (for citing)
Relationship Description	RETIRED CREDIT UNION CEO IS ON THE BOARD	RelationshipDescriptionTxt
Transaction	$1,992,043	TransactionAmt
Transaction	ELECTRONIC PROCESSING SERVICES	TransactionDesc
Sharing Of Revenues	0	SharingOfRevenuesInd

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	SCHEDULE L, PART II	FormAndLineReferenceDesc
Explanation	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.BUSINESS RELATIONSHIPEUGENE J. FOLEY, THE PRESIDENT & CEO, ALSO SERVED ON THE BOARD OF PSCU WHICH DOES BUSINESS WITH THE CREDIT UNION. MR. FOLEY ABSTAINS FROM ANY CREDIT UNION DECISIONS PERTAINING TO PSCU AND DOES NOT PARTICIPATE IN CONTRACT NEGOTIATIONS. MR. FOLEY RETIRED AS PRESIDENT AND CEO OF HARVARD UNIVERSITY EMPLOYEE CREDIT UNION EFFICTIVE JULY 2020. MR. FOLEY RETIRED FROM THE BOARD OF PSCU EFFECTIVE APRIL 2020.	ExplanationTxt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (8 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
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 2020.