2020-05-19T13:38:00-05:00 2019-12-31 042689883 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2019-01-01 046017806 HARVARD UNIVERSITY EMPLOYEES CREDIT UNION HARV 6174954460 104 MT AUBURN ST 4TH FLOOR CAMBRIDGE MA 02138 CRAIG E LEONARD EVP & CEO 6174954460 2020-05-18 1 HARRY A KALAJIAN JR CPA P00464296 6174399700 2020-05-19 199.167.121.238 2020-05-19 13:13:09 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 3035F85F9C36F92B25132AD5EF9C80758CB5F135 2019 2020-09-23 17:36:50Z EUGENE FOLEY 104 MT AUBURN ST 4TH FLOOR CAMBRIDGE MA 02138 41742454 0 X WWW.HUECU.ORG X 1939 MA PROVIDE CONVENIENT FINANCIAL AND PERSONAL SERVICES IN THE BEST INTEREST OF OUR MEMBERS, AS WELL AS EDUCATING OUR COMMUNITY ABOUT FINANCES 15 15 133 15 0 0 0 0 33200229 37345605 2266735 4396849 0 0 35466964 41742454 5000 5000 0 0 11936680 13890377 0 0 0 16973110 20974066 28914790 34869443 6552174 6873011 732242446 815945301 668013532 744537666 64228914 71407635 X 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. 0 0 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. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 13469 0 1 133 1 1 1 0 0 0 0 0 0 0 X 15 15 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X CRAIG E LEONARD 6174963535 104 MT AUBURN ST 4TH FLOOR CAMBRIDGE MA 02138 GUILLERMO BANCHIERE DIRECTOR 1.00 X 0 0 0 JAMES BARROWS DIRECTOR 1.00 X 0 0 0 DENNIS CAMPBELL DIRECTOR 1.00 X 0 0 0 SHAHAR ZIV DIRECTOR 1.00 X 0 0 0 DEE DEE CHEN DIRECTOR 1.00 X 0 0 0 KARRIE FORD DIRECTOR 1.00 X 0 0 0 ANNE DEXTER DIRECTOR 1.00 X 0 0 0 JOHN LICHTEN TREASURER/DIRECTOR 1.00 X X 0 0 0 APRIL EDRINGTON DIRECTOR 1.00 X 0 0 0 THOMAS LUCEY DIRECTOR 1.00 X 0 0 0 JEREMIAH MURPHY VICE-CHAIRMAN/DIRECTOR 1.00 X X 0 0 0 JASON LUKE DIRECTOR 1.00 X 0 0 0 MARY STRAUB CLERK/DIRECTOR 1.00 X X 0 0 0 GEOERGE WHITE CHAIRMAN/DIRECTOR 1.00 X X 0 0 0 SUSAN G SIMON DIRECTOR 1.00 X 0 0 0 EUGENE FOLEY PRESIDENT & CEO 40.00 X 755399 0 54135 CRAIG LEONARD EXECUTIVE VP & CHIEF FINANCIAL OFFICER 40.00 X 322446 0 53992 THOMAS MONTILLI EVP & CHIEF EXPERIENCE OFFICER 40.00 X 239228 0 47999 PETER BUCHANAN SVP, REAL ESTATE LENDING 40.00 X 209182 0 44090 JOHN DEGNAN SVP, OPERATIONS 40.00 X 206286 0 40602 HELEN LASKARIS MORTGAGE LOAN ORIGINATOR 40.00 X 246550 0 31161 SHARON CUMMINGS MORTGAGE LOAN ORIGINATOR 40.00 X 251571 0 31243 PAUL CONNORS AVP - DEPOSIT OPERATIONS 40.00 X 193470 0 38870 2424132 0 342092 22 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 DATA PROCESSING 2959661 FISERV PO BOX 99924 GRAPEVINE TX 76099 DATA PROCESSING 1654541 CULEARN LLC PO BOX 8060 APPLETON WI 54912 DATA PROCESSING 868433 NEXT STEP INTERNATIONAL INC 6000 METROWEST BLVD SUITE 107 ORLANDO FL 32835 IT SERVICES 364553 Q2 SOFTWARE INC PO BOX 205970 DALLAS TX 753205970 ONLINE BANKING 361652 11 INTEREST ON LOANS 522100 32294627 32294627 VARIOUS BANK FEES 522100 5050978 5050978 37345605 1958897 1958897 2437952 0 2437952 2437952 2437952 41742454 37345605 0 4396849 5000 1317073 8911616 3661688 52356 112704 620096 657587 783209 3876994 1789939 685318 6617078 789294 170211 PROVISION FOR LOSSES 2470000 LOAN SERVICING EXPENSES 1335306 OTHER EXPENSES 214900 OTHER SERVICE CONTRACTS 210646 588428 34869443 27508934 72167436 6398492 13079989 648264830 664521485 335279 548028 7563330 4133869 3197800 3429461 8907000 17306200 21939092 25991077 15691019 18901625 732242446 815945301 11185986 12861876 3163620 3837156 653663926 727838634 668013532 744537666 X 0 0 0 0 64228914 71407635 64228914 71407635 732242446 815945301 6873011 305710 0 X X 0 1 X 1 0 0 1 X 2839951 2211737 628214 4707129 1922132 2784997 16250 16250 3429461 SAVINGS ACCOUNTS 203284664 CHECKING ACCOUNTS 135422802 MONEY MARKET ACCOUNTS 141581044 CLUB ACCOUNTS 1757887 IRA ACCOUNTS 15957574 CERTIFICATES OF DEPOSITS 111928713 FHLB ADVANCES 117905950 727838634 X 42048164 305710 305710 41742454 0 41742454 34869443 0 34869443 0 34869443 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, 2019. THE UBIT LIABILITY FOR THE YEAR ENDED DECEMBER 31, 2018 WAS $7,000. THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AS OF DECEMBER 31, 2019 AND 2018 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. 1 SCHOLARSHIPS 5 5000 PART I, LINE 2: 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. X 1 1 X X X X 0 0 0 EUGENE FOLEY PRESIDENT & CEO 405635 0 336744 0 13020 0 30884 0 23251 0 809534 0 0 0 CRAIG LEONARD EXECUTIVE VP & CHIEF FINANCIAL OFFIC 266446 0 56000 0 0 0 30884 0 23108 0 376438 0 0 0 THOMAS MONTILLI EVP & CHIEF EXPERIENCE OFFICER 202228 0 37000 0 0 0 26387 0 21612 0 287227 0 0 0 PETER BUCHANAN SVP, REAL ESTATE LENDING 176682 0 32500 0 0 0 23073 0 21017 0 253272 0 0 0 JOHN DEGNAN SVP, OPERATIONS 173786 0 32500 0 0 0 22753 0 17849 0 246888 0 0 0 HELEN LASKARIS MORTGAGE LOAN ORIGINATOR 245050 0 1500 0 0 0 6223 0 24938 0 277711 0 0 0 SHARON CUMMINGS MORTGAGE LOAN ORIGINATOR 247571 0 4000 0 0 0 6223 0 25020 0 282814 0 0 0 PAUL CONNORS AVP - DEPOSIT OPERATIONS 178470 0 15000 0 0 0 16116 0 22754 0 232340 0 0 0 TRAVEL FOR COMPANION THE CREDIT UNION PROVIDES SPOUSE TRAVEL FOR ITS DIRECTORS AND OFFICERS. SEE PART IV X 0 0 0 PSCU CREDIT UNION CEO IS ON THE BOARD 2959661 ELECTRONIC PROCESSING SERVICES 0 SCHEDULE L, PART II 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 SERVES 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. 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 2019.