FIRST RESPONDERS CREDIT UNION: Form 990, tax year 2020
View the entire original 990 at ProPublica ↗
- Organization
- FIRST RESPONDERS CREDIT UNION (EIN 04-2077206)
- Tax period
- 2020-01-01 to 2020-12-31
- Filed
- 2021-05-10
- IRS object ID
- 202131319349300248
- Schema version
- 2020v4.0
- 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 ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2021-05-10T15:08:15-07:00 | ReturnTs |
| Tax Period End | 2020-12-31 | TaxPeriodEndDt |
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2020-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 042077206 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BOSTON FIREFIGHTERS CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | BOST | BusinessNameControlTxt |
| Phone | 6172882420 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 60 Hallet St | AddressLine1Txt |
| City | Dorchester | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02124 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | Cristina Prentis | PersonNm |
| Person Title | VP of Finance | PersonTitleTxt |
| Phone | 6172882420 | PhoneNum |
| Signature | 2021-05-10 | SignatureDt |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 1 | TrustedCustomerCd |
| OOB Security Verification | 11 | OOBSecurityVerificationCd |
| Last Submission Rqr OOB | 0 | LastSubmissionRqrOOBCd |
| Authentication Assurance Level | AAL2 | AuthenticationAssuranceLevelCd |
| Profile Password Change | Yes (X) | ProfilePasswordChangeInd |
| 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 | John B Winne | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 60 Hallet St | AddressLine1Txt |
| City | Dorchester | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02124 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $13,311,458 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | www.bosfirecu.com | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1947 | FormationYr |
| Legal Domicile State | MA | LegalDomicileStateCd |
| Activity Or Mission | Provide financial services to our members | ActivityOrMissionDesc |
| Voting Members Governing Body | 14 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 14 | VotingMembersIndependentCnt |
| Total Employee | 44 | TotalEmployeeCnt |
| Total Volunteers | 14 | 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 | $12,523,960 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $12,517,380 | CYProgramServiceRevenueAmt |
| PY Investment Income | $1,210,109 | PYInvestmentIncomeAmt |
| CY Investment Income | $794,078 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $13,734,069 | PYTotalRevenueAmt |
| CY Total Revenue | $13,311,458 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $12,000 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $3,252,412 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $2,600,579 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $4,019,093 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $4,219,570 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $4,001,154 | PYOtherExpensesAmt |
| CY Other Expenses | $3,915,578 | CYOtherExpensesAmt |
| PY Total Expenses | $11,272,659 | PYTotalExpensesAmt |
| CY Total Expenses | $10,747,727 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $2,461,410 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $2,563,731 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $300,083,530 | TotalAssetsBOYAmt |
| Total Assets EOY | $359,788,534 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $263,450,795 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $320,167,327 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $36,632,735 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $39,621,207 | NetAssetsOrFundBalancesEOYAmt |
| Mission | Provide financial services to our members | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Expense | $10,747,728 | ExpenseAmt |
| Grant | $0 | GrantAmt |
| Revenue | $13,311,459 | RevenueAmt |
| Desc | Provide financial services to our members | Desc |
| Total Other Prog Srvc Expense | $0 | TotalOtherProgSrvcExpenseAmt |
| Total Other Prog Srvc Grant | $0 | TotalOtherProgSrvcGrantAmt |
| Total Other Prog Srvc Revenue | $0 | TotalOtherProgSrvcRevenueAmt |
| Total Program Service Expenses | $10,747,728 | TotalProgramServiceExpensesAmt |
| 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 | Yes (1) | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | 0 | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | 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 | 0 | 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 | 0 | 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 | 6092 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 44 | 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 | 14 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 14 | 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 | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | 0 | 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
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | Cristina Prentis | PersonNm |
| Phone | 6172882420 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 60 Hallet St | AddressLine1Txt |
| City | Dorchester | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02124 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (24 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | OfficerOfficerInd | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd |
|---|---|---|---|---|---|---|---|---|---|
| John B Winne | |||||||||
| CEO | 35 | Yes (X) | Yes (X) | $337,720 | $0 | $66,689 | |||
| Cathy Boucher | |||||||||
| EVP | 35 | $207,435 | $0 | $37,323 | 0 | Yes (X) | |||
| Katie Armstrong | |||||||||
| CFO | 35 | $179,101 | $0 | $42,077 | 0 | Yes (X) | |||
| John Maguire | |||||||||
| VP of IT | 35 | $120,242 | $0 | $40,079 | 0 | Yes (X) | |||
| Cristina Prentis | |||||||||
| VP of Finance | 35 | $126,037 | $0 | $17,501 | 0 | Yes (X) | |||
| Kaitryn Thornton | |||||||||
| VP of Lending | 35 | $121,695 | $0 | $17,896 | 0 | Yes (X) | |||
| Catherine Guerard | |||||||||
| VP of Member Service | 35 | $107,622 | $0 | $28,829 | 0 | Yes (X) | |||
| Andy Puga | |||||||||
| VP of Digital Strategy | 35 | $9,845 | $0 | $0 | 0 | Yes (X) | |||
| Daniel Magoon | |||||||||
| Clerk 4 months, Chairman 8 months | 0 | $6,414 | $0 | $0 | 0 | Yes (X) | |||
| Kevin Meehan | |||||||||
| Board Member 4 months, Clerk 8 months | 0 | $3,207 | $0 | $0 | 0 | Yes (X) | |||
| Edmund Street | |||||||||
| Chairman 4 months; Board member 8 months | 0 | $2,165 | $0 | $0 | 0 | Yes (X) | |||
| Charles Buchanan | |||||||||
| Board Member | 0 | $0 | $0 | $0 | 0 | Yes (X) | |||
| Joseph Casper | |||||||||
| Board Member | 0 | $0 | $0 | $0 | 0 | Yes (X) | |||
| Sean Costello | |||||||||
| Board Member | 0 | $0 | $0 | $0 | 0 | Yes (X) | |||
| Ralph Dowling | |||||||||
| Board Member | 0 | $0 | $0 | $0 | 0 | Yes (X) | |||
| Joseph Finn | |||||||||
| Board Member | 0 | $0 | $0 | $0 | 0 | Yes (X) | |||
| Sean O'Brien | |||||||||
| Board Member | 0 | $0 | $0 | $0 | 0 | Yes (X) | |||
| William O'Sullivan | |||||||||
| Board Member | 0 | $0 | $0 | $0 | 0 | Yes (X) | |||
| John Soares | |||||||||
| Board Member 9 months | 0 | $0 | $0 | $0 | 0 | Yes (X) | |||
| Marc Sanders | |||||||||
| Board Member | 0 | $0 | $0 | $0 | 0 | Yes (X) | |||
| Christopher Burke | |||||||||
| Board Member | 0 | $0 | $0 | $0 | 0 | Yes (X) | |||
| Joseph Quinn | |||||||||
| Board Member | 0 | $0 | $0 | $0 | 0 | Yes (X) | |||
| Daniel Dowling | |||||||||
| Board Member | 0 | $0 | $0 | $0 | 0 | Yes (X) | |||
| John Soares | |||||||||
| Board Member | 0 | $0 | $0 | $0 | 0 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,221,483 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $250,394 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 8 | 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 |
|---|---|---|---|---|---|
| COCC | |||||
| 100 Executive Blvd | Southington | CT | 06489 | Data processor | $545,962 |
| PSCU | |||||
| 560 Carillon Parkway | St Petersburg | FL | 33716 | Credit card servicer | $243,192 |
| Pure IT Credit Union Services | |||||
| 17665 Telgr Road | Cypress | TX | 77429 | Information technology | $152,862 |
| Elan Financial Services | |||||
| 225 W Station Square Dr | Pitssburgh | PA | 15219 | Card services | $129,021 |
| Mastercard International | |||||
| 2200 Mastercard Boulevard | OFallon | MO | 63368 | Card services | $122,945 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 5 | CntrctRcvdGreaterThan100KCnt |
| Total Contributions | $0 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt | ExclusionExclusionAmt |
|---|---|---|---|---|---|
| Interest earned on loans to members | 522130 | $11,204,705 | $11,204,705 | $0 | $0 |
| Service charge and fees | 522130 | $1,307,827 | $1,307,827 | $0 | $0 |
Total Oth Program Service Rev TotalOthProgramServiceRevGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $4,848 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $4,848 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $12,517,380 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $794,078 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $794,078 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
Incm From Invest Bond Proceeds IncmFromInvestBondProceedsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $0 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
Royalties Revenue RoyaltiesRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $0 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $0 | RealAmt |
| Personal | $0 | PersonalAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $0 | SecuritiesAmt |
| Other | $0 | OtherAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $0 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $13,311,458 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $13,311,458 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $12,000 | TotalAmt |
Foreign Grants ForeignGrantsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,600,579 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,159,194 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $444,732 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $373,881 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $241,763 | TotalAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $151,097 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $6,161 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $92,878 | TotalAmt |
Fees For Services Lobbying FeesForServicesLobbyingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Prof Fundraising FeesForServicesProfFundraising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $54,200 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $414,694 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $315,099 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $998,796 | TotalAmt |
Royalties RoyaltiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $358,539 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $30,165 | TotalAmt |
Pymt Travel Entrtnmnt Pub Ofcl PymtTravelEntrtnmntPubOfclGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $78,333 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $122,508 | TotalAmt |
Payments To Affiliates PaymentsToAffiliatesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $321,990 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $138,650 | TotalAmt |
Other Expenses OtherExpensesGrp (3 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| ATM/Now Service | $370,097 |
| Loan Servicing Expense | $248,331 |
| Dues & Subscriptions | $131,176 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $82,864 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $10,747,727 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $0 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,334,032 | BOYAmt |
| EOY | $1,184,024 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $23,570,163 | BOYAmt |
| EOY | $61,703,577 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $5,117,143 | BOYAmt |
| EOY | $5,450,638 | EOYAmt |
Rcvbl From Disqualified Prsn RcvblFromDisqualifiedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $225,524,677 | BOYAmt |
| EOY | $237,784,588 | EOYAmt |
Inventories For Sale Or Use InventoriesForSaleOrUseGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $276,246 | BOYAmt |
| EOY | $297,373 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $6,223,532 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $2,695,105 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,746,347 | BOYAmt |
| EOY | $3,528,427 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,056,085 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $31,498,116 | BOYAmt |
| EOY | $42,844,998 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $500,000 | BOYAmt |
| EOY | $500,000 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,460,721 | BOYAmt |
| EOY | $6,494,909 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $300,083,530 | BOYAmt |
| EOY | $359,788,534 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $904,327 | BOYAmt |
| EOY | $1,005,533 | EOYAmt |
Grants Payable GrantsPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Loans From Officers Directors LoansFromOfficersDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $5,000,000 | BOYAmt |
| EOY | $5,000,000 | EOYAmt |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $257,546,468 | BOYAmt |
| EOY | $314,161,794 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $263,450,795 | BOYAmt |
| EOY | $320,167,327 | 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 | $36,632,735 | BOYAmt |
| EOY | $39,621,207 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $36,632,735 | BOYAmt |
| EOY | $39,621,207 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $300,083,530 | BOYAmt |
| EOY | $359,788,534 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $2,563,731 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $424,741 | NetUnrlzdGainsLossesInvstAmt |
| Donated Services And Use Fclts | $0 | DonatedServicesAndUseFcltsAmt |
| Investment Expense | $0 | InvestmentExpenseAmt |
| Prior Period Adjustments | $0 | PriorPeriodAdjustmentsAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | Yes (1) | AccountantCompileOrReviewInd |
Acct Compile Or Review Basis AcctCompileOrReviewBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| 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 |
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $765,344 | InvestmentCostOrOtherBasisAmt |
| Other Cost Or Other Basis | $0 | OtherCostOrOtherBasisAmt |
| Book Value | $765,344 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $4,237,337 | InvestmentCostOrOtherBasisAmt |
| Other Cost Or Other Basis | $0 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,728,095 | DepreciationAmt |
| Book Value | $2,509,242 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $132,372 | InvestmentCostOrOtherBasisAmt |
| Other Cost Or Other Basis | $0 | OtherCostOrOtherBasisAmt |
| Depreciation | $132,372 | DepreciationAmt |
| Book Value | $0 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $879,462 | InvestmentCostOrOtherBasisAmt |
| Other Cost Or Other Basis | $0 | OtherCostOrOtherBasisAmt |
| Depreciation | $672,276 | DepreciationAmt |
| Book Value | $207,186 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $209,017 | InvestmentCostOrOtherBasisAmt |
| Other Cost Or Other Basis | $0 | OtherCostOrOtherBasisAmt |
| Depreciation | $162,362 | DepreciationAmt |
| Book Value | $46,655 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $3,528,427 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp (8 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| CMO Fixed AFS | $9,783,372 | F |
| CMO Variable AFS | $5,329,761 | F |
| MBS AFS | $5,984,011 | F |
| Certificate of Deposits | $12,626,556 | C |
| Bank Notes | $4,528,330 | C |
| FHLB Stock | $521,900 | C |
| Annuity | $2,000,000 | C |
| Annuity | $2,071,068 | F |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $42,844,998 | TotalBookValueSecuritiesAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| Member liabilities | $314,034,045 |
| Miscellaneous | $127,749 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $314,161,794 | TotalLiabilityAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Schedule D, Part IV, Line 2b | FormAndLineReferenceDesc |
| Explanation | As part of the mortgage agreement, an escrow account is maintained for each mortgage where escrow of real estate taxes is required. The credit union complies with all federal and state laws regarding disclosures and operation of these accounts. | ExplanationTxt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Type | Scholarships | GrantTypeTxt |
| Recipient | 4 | RecipientCnt |
| Cash Grant | $12,000 | CashGrantAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Schedule I, Part I, Line 2 | FormAndLineReferenceDesc |
| Explanation | Scholarship applications are reviewed for completion/inclusion of all categories 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 |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (4 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| John B Winne | ||||||||||||||
| CEO | $296,383 | $0 | $34,046 | $0 | $7,291 | $0 | $50,077 | $0 | $16,612 | $0 | $404,409 | $0 | $0 | $0 |
| Cathy Boucher | ||||||||||||||
| EVP | $188,407 | $0 | $17,609 | $0 | $1,419 | $0 | $30,452 | $0 | $6,870 | $0 | $244,757 | $0 | $0 | $0 |
| Katie Armstrong | ||||||||||||||
| CFO | $164,602 | $0 | $14,499 | $0 | $0 | $0 | $25,734 | $0 | $16,343 | $0 | $221,178 | $0 | $0 | |
| John Maguire | ||||||||||||||
| VP of IT | $120,242 | $0 | $0 | $0 | $0 | $0 | $18,289 | $0 | $21,789 | $0 | $160,320 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (3 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Schedule J, Part I, Line 1a | The CEO is contractually allowed to have his spouse travel with him to two conferences per year. |
| Schedule J, Part I, Line 3 | The CEOs salary is reviewed annually in February by the executive committee of the credit union. The committee is comprised of the four 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 2020. |
| Schedule J, Part I, Line 4 | The CEO participates in a Split Dollar Life Insurance Plan. |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | Loans to officers and directors | PersonNm |
| Relationship With Org | Loans to officers and directors | RelationshipWithOrgTxt |
| Loan From Organization | Yes (X) | LoanFromOrganizationInd |
| Original Principal | $6,935,481 | OriginalPrincipalAmt |
| Balance Due | $5,450,638 | BalanceDueAmt |
| Default | 0 | DefaultInd |
| Board Or Committee Approval | Yes (1) | BoardOrCommitteeApprovalInd |
| Written Agreement | Yes (1) | WrittenAgreementInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $5,450,638 | TotalBalanceDueAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Schedule L, Part II | FormAndLineReferenceDesc |
| Explanation | The Credit Union grants loans to interested persons (officers, directors, 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 instructions, these loans should not be disclosed. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (6 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Form 990, Part VI, Section A, Line 6 | Membership in this Credit Union is limited to: (a) employees and retirees of the Boston Fire Department, (b) employees of the Boston Firefighters Credit Union, (c) employees of Local 718, a Massachusetts Labor Union comprised primarily of Boston Firefighters and any successor organization, (d) employees of Florian Associates, a subsidiary of Local 718, which manages and operates the function facility located at 55 Hallet St Dorchester, MA 02124, (e) employees and retirees of the fire departments whose members comprise the Professional Firefighters of Massachusetts (PFFM), a labor organization affiliated with the International Association of Firefighters (IAFF), (f) employees and retirees of the Boston Police Department, Suffolk County Sheriff's Department and Massachusetts State Troopers, (g) employees and retirees of the Boston Emergency Medical Services, (h) employees and retirees of the Boston School Police, (i) employees and retirees of police departments in cities or towns within a twenty-five mile radius of Boston and (j) family members of all persons listed above. |
| Form 990, Part VI, Section A, Line 7a | The Board of Directors (BOD) shall consist of fifteen members divided into three groups, each group consisting 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 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 VP of Finance and reviewed by the CEO. The financial information in the form is compared to 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 15 | The CEOs salary is reviewed annually in February by the executive committee of the credit union. The committee is comprised of the four 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 2020. 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 | Monthly 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 and in our branch. Audited financial statements are also available upon request. |