2021-11-12T09:25:57-06:00 2020-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2020-01-01 041659235 NEW BEDFORD CREDIT UNION NEWB 5089946546 1150 PURCHASE ST NEW BEDFORD MA 027406687 MICHELLE GREENWALT VP OF FINANCE/CONTROLLER 5089946546 2021-11-09 1 MICHELLE GREENWALT 999009999 TANYA MEDGAARDEN P01717240 5074347000 2021-11-03 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z DAVID BORGES 1150 PURCHASE ST NEW BEDFORD MA 027406687 5245138 0 X WWW.NEWBEDFORDCU.COM X CU 1932 MA CREDIT UNION - PROVIDE THRIFT SERVICES TO MEMBERS WITH THE BEST SERVICE POSSIBLE. 9 9 72 0 42422 0 0 0 4952843 4774650 826928 452073 19675 18415 5799446 5245138 13186 0 691545 368839 2235277 2099000 0 0 0 2252545 2277136 5192553 4744975 606893 500163 127548420 140656028 114864918 127472362 12683502 13183666 CREDIT UNION - PROVIDE THRIFT SERVICES TO MEMBERS WITH THE BEST SERVICE POSSIBLE. 0 0 MAINTENANCE OF MEMBER SHARES AND DEPOSITS. 22,674 ACCOUNTS FROM 10,355 MEMBERS. MAKING OF LOANS TO MEMBERS AT MARKET RATES OF INTEREST. NUMBER OF ACCOUNTS 2,796. 0 0 0 0 0 0 0 1 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 832 0 1 72 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 0 0 1 1 1 0 0 X DAVID BORGES 5089946546 1150 PURCHASE ST NEW BEDFORD MA 027406687 ALFRED M GAUTHIER CHAIRMAN 6.00 X X 0 0 0 JAMES W ALLEN TREASURER & CLERK 2.00 X X 0 0 0 PETER E BERTHIAUME VICE CHAIRMAN 2.00 X X 0 0 0 THOMAS J CARREIRO ASSISTANT TREASURER 2.00 X X 0 0 0 JEFFREY CAMARA DIRECTOR 2.00 X 0 0 0 HADEN COREDIRO DIRECTOR 2.00 X 0 0 0 LAWRENCE J FINNERTY DIRECTOR 2.00 X 0 0 0 LAWRENCE OLIVEIRA DIRECTOR 2.00 X 0 0 0 STEVE WHITE DIRECTOR 2.00 X 0 0 0 DAVID BORGES CEO/PRESIDENT 40.00 X 147339 0 24179 HUMBERTA VARAO EVP & COO 40.00 X 104749 0 25687 MICHELLE GREENWALT VP FINANCE/CONTROLLER 40.00 X 88830 0 30633 JENNIFER DELGADO VP LENDING 40.00 X 82060 0 25585 TARA DEGRACE VP OPERATIONS & RETAIL SER 40.00 X 71013 0 24294 493991 0 130378 2 0 1 0 FISERV 1601 TRAPELO ROAD SUITE 240 WALTHAM MA 02451 DATA PROCESSING AND DEBT CARD SERVICES 787117 PSCU 560 CARLLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD SERVICES 119595 2 INTEREST ON LOANS 522100 3791076 3791076 SERVICE CHARGES & FEES 522100 983574 941152 42422 4774650 452073 452073 OTHER INCOME 522100 18415 18415 18415 5245138 4750643 42422 452073 X 368839 624369 1164178 28299 174791 107363 18800 530103 60617 977278 193490 1336 103297 LOAN SERVICING EXPENSE 225861 PROVISION FOR LOAN & LE 176900 EDUCATIONAL EXPENSE 10705 MISCELLANEOUS -21251 4744975 1685161 1366277 22675319 35673981 82897782 86581574 75956 88334 1444813 922801 613898 522012 9674278 6019806 9926026 10404044 127548420 140656028 470545 419513 208794 226654 114185579 126826195 114864918 127472362 X 0 0 0 0 12683502 13183666 12683502 13183666 127548420 140656028 X 500163 1 X X 0 1 X 1 0 0 1 X 172200 172200 181300 133961 47339 663571 535946 127625 427742 252894 174848 522012 NCUSIF DEPOSIT 1219171 OTHER ASSETS 452726 ACCRUED INTEREST RECEIVABLE 228146 INVESTMENTS IN OTHER CORPORATE CREDIT UNIONS 5259674 COLI 3244327 10404044 MEMBER SHARE AND SAVINGS ACCOUNTS 126826195 126826195 X 5316663 103138 103138 5213525 31613 31613 5245138 4816500 103138 103138 4713362 31613 31613 4744975 PART IV, LINE 2B: THE CREDIT UNION SERVICES MORTGAGE LOANS. CUSTODIAL ESCROW BALANCES ARE MAINTAINED IN CONNECTION WITH THESE LOANS. PART X, LINE 2: PER FOOTNOTE 1 IN THE 12/31 AUDIT REPORT - THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED ITS ANNUAL 990 TAX RETURN FOR 2019, WHICH INDICATES THE CREDIT UNION HAD NO UNREALIZED BUSINESS INCOME TAX. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2020 AND 2019. THE CREDIT UNION'S 2017 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN/LOSS ON REPOSSESSIONS 2,130. GAIN/LOSS ON FHLB LOANS SOLD 101,008. PART XI, LINE 4B - OTHER ADJUSTMENTS: CASH OVER/SHORT 10,655. INTEREST PREMIUM AMORTIZATION EXPENSE 20,956. ROUNDING 2. PART XII, LINE 2D - OTHER ADJUSTMENTS: GAIN/LOSS ON REPOSSESSIONS 2,130. GAIN/LOSS ON FHLB LOANS SOLD 101,008. PART XII, LINE 4B - OTHER ADJUSTMENTS: CASH OVER/SHORT 10,655. INTEREST PREMIUM AMORTIZATION EXPENSE 20,956. ROUNDING 2. X X 0 0 0 DAVID BORGES CEO/PRESIDENT 144523 0 2816 0 0 0 8956 0 15223 0 171518 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 PERSONS WHO MEET THE REQUIREMENTS OF THE ORGANIZATION'S FIELD OF MEMBERSHIP WHO HOLD AT LEAST ONE SHARE OF CAPITAL. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER HAS A VOTE AT THE ELECTION OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B ANY CHANGES TO THE ENTITY'S BYLAWS NEED TO BE APPROVED BY THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE BOARD OF DIRECTORS AFTER IT IS FILED. IT IS THEN RECORDED IN THE MINUTES. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD REVIEWS COMPENSATION AND AREA SURVEYS BEFORE ESTABLISHING THE COMPENSATION OF THE CEO, EXECUTIVE DIRECTOR, AND TOP MANAGEMENT OFFICIALS. THE SALARY FOR OTHER INDIVIDUALS IS ESTABLISHED THROUGH THE SALARY AND WAGE BUDGET WHICH IS DEVELOPED BY THE CEO AND THE PERSONNEL COMMITTEE PRIOR TO THE NEW BUDGET PROCESS. THE CEO WITH INPUT FROM THE MANAGEMENT TEAM IS RESPONSIBLE FOR ALL EMPLOYEE COMPENSATION BASED UPON ESTABLISHED BUDGETED FUNDS FOR SALARIES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST, AS WELL AS MADE AVAILABLE IN THE CREDIT UNION LOBBY. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 530,103. FORM 990, PART XI, LINE 9: ROUNDING 1. FORM 990, PART XII, LINE 2C AUDIT OVERSIGHT - THE AUDIT COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT.