2020-08-16T19:04:21-05:00 2019-09-30 420714325 RSM US LLP 801 NICOLLET MALL WEST TOWER STE 1100 MINNEAPOLIS MN 554022526 990 2018-10-01 042348884 LEOMINSTER CREDIT UNION LEOM 9785378021 20 ADAMS STREET LEOMINSTER MA 01453 RANDY HARRIS AVP TREASURY 9785378021 2020-08-14 1 KACIE MCEWEN P01599614 6123324300 2020-08-14 68.47.31.197 2020-08-14 08:43:04 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B56786F7D21A8F39D00ED83C272556B8DDCB8C36 2018 2020-09-23 17:36:50Z JOHN O'BRIEN 20 ADAMS STREET LEOMINSTER MA 01453 52668703 0 X WWW.LEOMINSTERCU.COM X 1954 MA FULFILL OUR MEMBERS' FINANCIAL NEEDS THROUGH OUTSTANDING SERVICE AND EFFECTIVE TECHNOLOGY. 11 11 172 1 157833 -49117 0 0 23561244 26455871 4518436 5192677 896181 415827 28975861 32064375 125581 173487 2785076 4539205 10694973 10762871 0 0 0 12590617 13724673 26196247 29200236 2779614 2864139 706304393 722764775 644037012 651755117 62267381 71009658 X LEOMINSTER CREDIT UNION (LCU) IS A COMMUNITY-BASED FINANCIAL SERVICES PROVIDER. WE EXIST TO FULFILL OUR MEMBERS' FINANCIAL NEEDS THROUGH OUTSTANDING SERVICE AND EFFECTIVE TECHNOLOGY. AS A RESPONSIBLE CORPORATE CITIZEN, WE ARE COMMITTED TO ENRICHING THE COMMUNITIES IN WHICH WE LIVE AND WORK. 0 0 TO SERVE OUR MEMBERS, OUR HIGHEST EXPENSE IS INTEREST PAID ON CERTIFICATES OF DEPOSIT. AT YEAR-END, THE CREDIT UNION HAD 49,128 MEMBERS, AND INTEREST PAID ON CERTIFICATES OF DEPOSIT TOTALED $2,416,204 OUR SECOND HIGHEST EXPENSE IS INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 49,128 MEMBERS, AND INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS TOTALED $625,214 OUR THIRD HIGHEST EXPENSE IS INTEREST PAID ON DEMAND DEPOSIT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 49,128 MEMBERS, AND INTEREST PAID ON DEMAND DEPOSIT ACCOUNTS TOTALED $361,889 0 0 0 WE CONTINUE TO MAKE CREDIT AVAILABLE TO OUR MEMBERS FOR THE PURCHASE OF HOMES, VEHICLES, AND SMALL BUSINESSES. WE RAISE CAPITAL BY RECEIVING MEMBER DEPOSITS AND PAYING INTEREST ON THOSE DEPOSITS. 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 12206 0 1 172 1 1 1 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X JOSEPH NORMANT 9785378021 20 ADAMS STREET LEOMINSTER MA 01453 MICHAEL SAUVAGEAU CHAIR 2.00 X X 5770 0 0 NANCY GRAVES TREASURER 1.00 X X 3699 0 0 GIULIO GRECO CLERK 1.00 X X 3843 0 0 AMEDEO BILOTTA DIRECTOR 1.00 X 4163 0 0 BRUCE BOLLIVAR DIRECTOR 1.00 X 2907 0 0 ROBERT DELLECHIAIE DIRECTOR 1.00 X 981 0 0 ANTHONY GASBARRO DIRECTOR 1.00 X 0 0 0 HENRY KULIK DIRECTOR 1.00 X 5449 0 0 JOYCE LAFLEUR DIRECTOR 1.00 X 3940 0 0 JOYCE LEGER DIRECTOR 1.00 X 3884 0 0 JOSEPH QUINTAL DIRECTOR 1.00 X 4370 0 0 RICHARD SHEPPARD DIRECTOR 1.00 X 3190 0 0 JOHN O'BRIEN PRESIDENT/CEO 40.00 X 368685 0 36188 GARY ABRAMS EVP/CFO 40.00 X 271308 0 38838 CRAIG MADONIA SVP LENDING 40.00 X 166227 0 38628 BARBARA MAHONEY SVP HUMAN RESOURCES 40.00 X 175878 0 41054 STEPHANIE HYLES CHIEF STRATEGY OFFICER 40.00 X 208828 0 21618 LISA PERRIN SVP RETAIL 40.00 X 116495 0 22180 DONALD O'CONNOR VP LENDING OPERATIONS 40.00 X 108315 0 33624 CAROL PERRON SVP RETAIL 40.00 X 148814 0 7606 DIANE FARNSWORTH MORTGAGE ORIGINATOR 40.00 X 112261 0 24593 JANET BELSKY SVP MARKETING 40.00 X 102425 0 9930 1821432 0 274259 10 0 1 1 FISERV PO BOX 22705 LINCOLN NE 68542 IT SERVICES 1527004 PC CONNECTION SALES CORP PO BOX 536472 PITTSBURGH PA 15253 IT SOFTWARE AND ASSETS 306904 DAVIS ADVERTISING 1331 GRAFTON ST WORCESTER MA 01604 ADVERTISING SERVICES 254566 CARDMEMBER SERVICES PO BOX 790408 ST LOUIS MO 63179 VARIOUS 200385 WINDSTREAM ENTERPRISES PO BOX 9001013 LOUISVILLE KY 40290 COMMUNICATIONS 191644 13 INTEREST ON LOANS 522100 21560036 21560036 SERVICE CHARGES AND FEE INCOME 522100 4895835 4738002 157833 26455871 4995487 4995487 103777 0 103777 103777 103777 20801518 20604328 197190 197190 197190 CREDIT UNION OWNED LIFE INSURANCE 900099 312050 312050 312050 32064375 26298038 157833 5608504 173487 4539205 1415692 7115598 419873 1154359 657349 35289 203878 768983 517590 739034 2610818 26780 61736 4321935 1081395 195828 ATM EXPENSE 927786 PROVISION FOR LOAN LOSS 868857 SECURITY 209803 1154961 29200236 5691633 9598733 1992000 523066819 541236749 1048770 960039 25023524 14316860 11044230 10706664 135631367 127623604 8929600 6089200 20891974 24557786 706304393 722764775 3932405 3338815 2335291 2541372 178780000 131525000 458989316 514349930 644037012 651755117 X 0 0 0 0 62267381 71009658 62267381 71009658 706304393 722764775 2864139 5878138 0 X 0 1 X 1 0 0 1 X 1862852 1862852 13740456 6536613 7203843 631638 416752 214886 8364541 7329895 1034646 424037 33600 390437 10706664 MEMBERS' SHARES 514349930 514349930 X 32064375 0 32064375 0 32064375 29200236 0 29200236 0 29200236 PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY INSURANCE AND TAXES ON BEHALF OF ITS MORTGAGE LOAN ACCOUNTS. PART X, LINE 2: MANAGEMENT EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THAT THE CREDIT UNION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. 1 DOYLE FIELD FOUNDATION INC 100 PRIEST ST LEOMINSTER MA 01453 542106411 501(C)(3) 5000 PROGRAM SUPPORT UMASS MEMORIAL HEALTHALLIANCE- CLINTON HOSPITAL INC 60 HOSPITAL RD LEOMINSTER MA 01453 042103555 501(C)(3) 7160 PROGRAM SUPPORT MASSACHUSETTS COALITION FOR THE HOMELESS INC 73 BUFFUM STREET LYNN MA 01902 222599662 501(C)(3) 22500 PROGRAM SUPPORT MOUNT WACHUSETT COMMUNITY COLLEGE FOUNDATION INC 444 GREEN ST GARDNER MA 01440 237136083 501(C)(3) 5000 PROGRAM SUPPORT NORTH CENTRAL MASSACHUSETTS DEVELOPMENT 860 SOUTH ST FITCHBURG MA 01420 042966372 501(C)(3) 5000 PROGRAM SUPPORT STARBURST PO BOX 621 LEOMINSTER MA 01453 046006004 8000 SPONSOR LOCAL COMMUNITY EVENT WORCESTER REGIONAL CHAMBER OF COMMERCE 311 MAIN ST STE 200 WORCESTER MA 01608 041988780 501(C)(6) 8500 PROGRAM SUPPORT WORCESTER STATE FOUNDATION 486 CHANDLER ST WORCESTER MA 01602 223248067 501(C)(3) 8500 PROGRAM SUPPORT YMCA OF CENTRAL MA 108 ADAMS ST LEOMINSTER MA 01453 042105885 501(C)(3) 5500 PROGRAM SUPPORT 7 2 PART I, LINE 2: THE CREDIT UNION INFORMALLY FOLLOWS UP WITH GRANT RECIPIENTS AND ENSURES THAT THE GRANT FUNDS ARE USED FOR THE PURPOSE INTENDED. X 1 1 X X X X 1 0 0 JOHN O'BRIEN PRESIDENT/CEO 336779 0 28000 0 3906 0 22000 0 16299 0 406984 0 0 0 GARY ABRAMS EVP/CFO 239755 0 11971 0 19582 0 22000 0 18949 0 312257 0 0 0 CRAIG MADONIA SVP LENDING 156204 0 7987 0 2036 0 13894 0 27325 0 207446 0 0 0 BARBARA MAHONEY SVP HUMAN RESOURCES 162751 0 10198 0 2929 0 14665 0 27934 0 218477 0 0 0 STEPHANIE HYLES CHIEF STRATEGY OFFICER 192121 0 15045 0 1662 0 16958 0 6430 0 232216 0 0 0 CAROL PERRON SVP RETAIL 33708 0 7854 0 107252 0 2556 0 5421 0 156791 0 0 0 PART I, LINE 1A THE CREDIT UNION WILL REIMBURSE THE COST OF BOARD-APPROVED SPOUSAL OR "SIGNIFICANT OTHER" TRAVEL EXPENSES WHEN ACCOMPANYING A DIRECTOR ON AN EDUCATIONAL EVENT OR SPECIAL PLANNING/MEETING HELD OFF-SITE FROM LEOMINSTER CREDIT UNION. COSTS INCLUDE TRAVEL, GUEST REGISTRATION, LODGING, MEALS, TELEPHONE CALLS, REFRESHMENTS AND REASONABLE TIPS TO HOTEL EMPLOYEES, CAB/LIMOUSINE DRIVERS AND RESTAURANT STAFF. PART I, LINE 4A CAROL PERRON, SENIOR VICE PRESIDENT RETAIL, RECEIVED A $106,988 SEVERANCE PAYMENT. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B THE AVP/TREASURY AND CHIEF FINANCIAL OFFICER REVIEW FORM 990 PRIOR TO ITS FILING. A COPY IS ALSO PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C WE SHARE OUR CONFLICT OF INTEREST POLICY WITH NEW EMPLOYEES WHEN WE HIRE THEM, AND THEY SIGN OFF TO ACKNOWLEDGE RECEIPT. THIS POLICY OUTLINES THE PARAMETERS AROUND ACTIVITIES WHICH CONFLICT WITH OR APPEAR TO CONFLICT WITH THE BUSINESS INTEREST OF LCU. ANNUALLY, WE DISTRIBUTE OUR ETHICS POLICY AND WHISTLEBLOWER POLICY TO REITERATE THE GUIDELINES IN REFERENCE TO CONFLICT OF INTEREST AND THE PROCESS IN PLACE TO ADDRESS ISSUES THAT MAY ARISE. EMPLOYEES SIGN OFF ON BOTH OF THESE PROCESSES ANNUALLY TO ACKNOWLEDGE THEIR RECEIPT. FORM 990, PART VI, SECTION B, LINE 15 HUMAN RESOURCES (HR) AND THE BOARD OF DIRECTORS (BOD) REVIEW ALL RECOMMENDATIONS TO INCREASE THE SALARY OF ITS OFFICERS AND KEY EMPLOYEES WITHIN THE CREDIT UNION. HR AND THE BOD REFERENCE PRE-DETERMINED SALARY RANGES FOR THE RESPECTIVE POSITION, AS WELL AS INFORMATION FROM PURCHASED SALARY SURVEYS AS COMPARABLE DATA TO DETERMINE THE APPROPRIATENESS OF THE RECOMMENDATION. IN ADDITION, HR AND THE BOD LOOK AT THE EQUITY TO COMPARABLE ROLES WITHIN THE CREDIT UNION BEFORE APPROVING THE RECOMMENDATION. FORM 990, PART VI, SECTION C, LINE 19 OUR GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO MEMBERS UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FINANCIAL STATEMENTS ARE POSTED IN THE LOBBIES OF OUR BRANCHES FOR MEMBERS TO REVIEW. WE DO NOT MAKE OUR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. LCU INSURANCE SERVICES LLC 20 ADAMS STREET LEOMINSTER MA 01453 452079582 INSURANCE SERVICES MA 1779 13387 LEOMINSTER CREDIT UNION