2021-05-10T15:08:15-07:00 2020-12-31 990 2020-01-01 042077206 BOSTON FIREFIGHTERS CREDIT UNION BOST 6172882420 60 Hallet St Dorchester MA 02124 Cristina Prentis VP of Finance 6172882420 2021-05-10 1 11 0 AAL2 X 2020 2022-09-23 18:48:47Z John B Winne 60 Hallet St Dorchester MA 02124 13311458 0 X www.bosfirecu.com X 1947 MA Provide financial services to our members 14 14 44 14 0 0 0 0 12523960 12517380 1210109 794078 0 0 13734069 13311458 0 12000 3252412 2600579 4019093 4219570 0 0 0 4001154 3915578 11272659 10747727 2461410 2563731 300083530 359788534 263450795 320167327 36632735 39621207 Provide financial services to our members 0 0 10747728 0 13311459 Provide financial services to our members 0 0 0 10747728 0 0 0 0 0 0 0 1 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 6092 0 1 44 1 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 0 1 1 1 1 0 X Cristina Prentis 6172882420 60 Hallet St Dorchester MA 02124 John B Winne CEO 35 X X 337720 0 66689 Cathy Boucher EVP 35 0 X 207435 0 37323 Katie Armstrong CFO 35 0 X 179101 0 42077 John Maguire VP of IT 35 0 X 120242 0 40079 Cristina Prentis VP of Finance 35 0 X 126037 0 17501 Kaitryn Thornton VP of Lending 35 0 X 121695 0 17896 Catherine Guerard VP of Member Service 35 0 X 107622 0 28829 Andy Puga VP of Digital Strategy 35 0 X 9845 0 0 Daniel Magoon Clerk 4 months, Chairman 8 months 0 0 X 6414 0 0 Kevin Meehan Board Member 4 months, Clerk 8 months 0 0 X 3207 0 0 Edmund Street Chairman 4 months; Board member 8 months 0 0 X 2165 0 0 Charles Buchanan Board Member 0 0 X 0 0 0 Joseph Casper Board Member 0 0 X 0 0 0 Sean Costello Board Member 0 0 X 0 0 0 Ralph Dowling Board Member 0 0 X 0 0 0 Joseph Finn Board Member 0 0 X 0 0 0 Sean O'Brien Board Member 0 0 X 0 0 0 William O'Sullivan Board Member 0 0 X 0 0 0 John Soares Board Member 9 months 0 0 X 0 0 0 Marc Sanders Board Member 0 0 X 0 0 0 Christopher Burke Board Member 0 0 X 0 0 0 Joseph Quinn Board Member 0 0 X 0 0 0 Daniel Dowling Board Member 0 0 X 0 0 0 John Soares Board Member 0 0 X 0 0 0 1221483 0 250394 8 0 1 0 COCC 100 Executive Blvd Southington CT 06489 Data processor 545962 PSCU 560 Carillon Parkway St Petersburg FL 33716 Credit card servicer 243192 Pure IT Credit Union Services 17665 Telgr Road Cypress TX 77429 Information technology 152862 Elan Financial Services 225 W Station Square Dr Pitssburgh PA 15219 Card services 129021 Mastercard International 2200 Mastercard Boulevard OFallon MO 63368 Card services 122945 5 0 Interest earned on loans to members 522130 11204705 11204705 0 0 Service charge and fees 522130 1307827 1307827 0 0 4848 4848 0 0 12517380 794078 794078 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13311458 13311458 0 0 0 12000 0 2600579 3159194 444732 373881 241763 151097 6161 92878 0 0 54200 414694 315099 998796 0 358539 30165 0 78333 122508 0 321990 138650 ATM/Now Service 370097 Loan Servicing Expense 248331 Dues & Subscriptions 131176 82864 10747727 0 0 0 1334032 1184024 23570163 61703577 0 0 0 0 5117143 5450638 0 0 225524677 237784588 0 0 276246 297373 6223532 2695105 3746347 3528427 2056085 0 31498116 42844998 500000 500000 0 0 6460721 6494909 300083530 359788534 904327 1005533 0 0 0 0 0 0 0 0 0 0 5000000 5000000 0 0 257546468 314161794 263450795 320167327 X 0 0 0 0 36632735 39621207 36632735 39621207 300083530 359788534 2563731 424741 0 0 0 0 X 1 X 1 X 1 0 0 1 X 765344 0 765344 4237337 0 1728095 2509242 132372 0 132372 0 879462 0 672276 207186 209017 0 162362 46655 3528427 CMO Fixed AFS 9783372 F CMO Variable AFS 5329761 F MBS AFS 5984011 F Certificate of Deposits 12626556 C Bank Notes 4528330 C FHLB Stock 521900 C Annuity 2000000 C Annuity 2071068 F 42844998 Member liabilities 314034045 Miscellaneous 127749 314161794 Schedule D, Part IV, Line 2b 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. 1 Scholarships 4 12000 Schedule I, Part I, Line 2 Scholarship applications are reviewed for completion/inclusion of all categories set forth by the Credit Union. X 1 1 X X X X X 0 1 0 John B Winne CEO 296383 0 34046 0 7291 0 50077 0 16612 0 404409 0 0 0 Cathy Boucher EVP 188407 0 17609 0 1419 0 30452 0 6870 0 244757 0 0 0 Katie Armstrong CFO 164602 0 14499 0 0 0 25734 0 16343 0 221178 0 0 John Maguire VP of IT 120242 0 0 0 0 0 18289 0 21789 0 160320 0 0 0 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. Loans to officers and directors Loans to officers and directors X 6935481 5450638 0 1 1 5450638 Schedule L, Part II 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. 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.