2020-11-03T09:51:37-06:00 2019-12-31 042689883 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2019-01-01 041853650 SOUTHERN MASS CREDIT UNION SOUT 5089949971 123 ALDEN ROAD FAIRHAVEN MA 02719 JACKIE BOBOLA CEO/PRESIDENT 5089949971 2020-11-02 1 HARRY A KALAJIAN JR CPA P00464296 6174399700 2020-11-03 146.115.156.5 2020-11-03 07:50:03 ES P 9996060E3BD5547C666E46130FF89D30C0A13335 36AF408B42A4B53A88AB405E67774237CBEDE7D8 2019 2021-04-22 16:20:28Z CARMEN SYLVESTER 123 ALDEN ROAD FAIRHAVEN MA 02719 10211392 0 X WWW.SOUTHERNMASS.COM X 1922 MA CREDIT UNION - THRIFT SERVICES 9 8 55 12 40868 -17141 0 0 6080175 8582966 1013207 1101407 1420940 309901 8514322 9994274 5000 13070 0 0 3142643 4546166 0 0 0 4360945 5958349 7508588 10517585 1005734 -523311 221904247 251289089 196820201 226653806 25084046 24635283 CREDIT UNION - THRIFT SERVICES 0 0 MAINTENANCE OF MEMBERS' DEPOSIT AND LOAN ACCOUNTS. NUMBER OF DEPOSIT ACCOUNTS IS 30,692. NUMBER F LOAN ACCOUNTS IS 6,478. SCHOLARSHIPS AWARDED TO QUALIFYING APPLICANTS - MEMBERS/MEMBERS' FAMILY. 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 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 5203 0 1 55 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 9 8 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 0 1 0 X X JACQUELINE BOBOLA 5089949971 123 ALDEN ROAD FAIRHAVEN MA 027194733 PAMELA BOURGAULT DIRECTOR 3.00 X 0 0 0 DAVE DARMOFAL CHAIRMAN 8.00 X X 11500 0 0 RICHARD ELLIS CLERK/TREASURER 3.00 X X 5000 0 0 CHARLES MURPHY DIRECTOR 3.00 X 0 0 0 ALFRED PECCINI 3RD VICE CHAIRMAN 3.00 X X 0 0 0 MARK SYLVIA DIRECTOR 3.00 X 0 0 0 PAUL SYLVIA DIRECTOR 3.00 X 0 0 0 SANDRA TYNAN DIRECTOR 3.00 X 0 0 0 ROBERT WALLACE 2ND VICE CHAIRPERSON 3.00 X X 0 0 0 JACQUELINE BOBOLA CFO-CHIEF FINANCIAL OFFICER 40.00 X 131313 0 24641 CARMEN F SYLVESTER CEO-PRESIDENT AND CEO 40.00 X 251728 0 29327 MICHEAL S GAGO CLO-CHIEF LENDING OFFICER 40.00 X 167665 0 8453 SUSAN J ST PIERRE VP IT-VICE PRESIDENT INFORMATION TECHNOLOGY 40.00 X 120000 0 24242 RAYMOND GOULART ASSISTANT VP, MORTGAGE LOAN OFFICE 40.00 X 130734 0 10998 817940 0 97661 5 0 1 0 FISERV INC PO BOX 934057 ATLANTA GA 311924057 PROCESSING SERVICES 596242 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 900740641 DIGITAL BANKING 217108 2 LOAN INCOME 522100 7413630 7413630 MEMBER SERVICE FEES 522100 1169336 1128468 40868 8582966 914444 914444 404081 217118 186963 186963 186963 MISC REVENUE 900099 309901 309901 309901 9994274 8851999 40868 1101407 13070 801440 2852095 206902 392243 293486 12281 157826 77136 220468 285603 897200 367459 24953 2171975 357325 67272 ATM/CREDIT CARD CHARGES 396203 SERVICE FEES 267690 OTHER EXPENSES 227652 PROVISION FOR LOAN LOSS 153727 273579 10517585 11487102 14440000 7936173 3290220 2253006 1832801 161865932 202497688 571273 294980 7429934 3125850 4732582 4304084 26411283 19274890 751500 854200 5895396 4500226 221904247 251289089 122741 874811 406157 568582 10000000 15000000 186291303 210210413 196820201 226653806 X 0 0 0 0 25084046 24635283 25084046 24635283 221904247 251289089 -523311 74548 0 X X 0 1 X 1 0 0 1 X 1245334 1245334 5356836 2686327 2670509 732846 439523 293323 94918 94918 4304084 SHARES AND DEPOSIT ACCOUNTS 210210413 210210413 X 10068823 74548 74548 9994275 0 9994275 10517585 0 10517585 0 10517585 PART IV, LINE 2B: MORTGAGE ESCROW ACCOUNTS HELD FOR THE PAYMENT OF REAL ESTATE TAXES FOR MUNICIPALITIES. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES ON INCOME UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND MASSACHUSETTS STATUTES. TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN, INCLUDING THE POSITION THAT THE CREDIT UNION QUALIFIES AS A TAX EXEMPT ENTITY, ARE REQUIRED TO BE EVALUATED TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE-LIKELY-THAN-NOT" TO BE UPHELD UNDER REGULATORY REVIEW. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE ACCRUED AND DISCLOSED IN THE FINANCIAL STATEMENTS. THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AS OF DECEMBER 31, 2019 AND 2018 AND HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE. CURRENTLY TAX YEARS FROM 2016 THROUGH PRESENT ARE OPEN AND SUBJECT TO EXAMINATION BY TAXING AUTHORITIES. X 1 1 X X X 0 0 0 JACQUELINE BOBOLA CFO-CHIEF FINANCIAL OFFICER 131313 0 0 0 0 0 3939 0 20702 0 155954 0 0 0 CARMEN F SYLVESTER CEO-PRESIDENT AND CEO 251728 0 0 0 0 0 7552 0 21775 0 281055 0 0 0 MICHEAL S GAGO CLO-CHIEF LENDING OFFICER 167665 0 0 0 0 0 4242 0 4211 0 176118 0 0 0 SEE SUPPLEMENTAL INFORMATION X 0 0 0 SCHEDULE L PART II - OFFICER & DIRECTOR LOANS SOME OF THE OFFICERS AND DIRECTORS HAVE LOANS OUTSTANDING WITH THE CREDIT UNION. THESE LOANS WERE OBTAINED IN THE NORMAL COURSE OF BUSINESS OF THE CREDIT UNION WITH THE SAME TERMS AND CONDITIONS AVAILABLE TO ALL MEMBERS. AS PER INSTRUCTIONS FOR SCHEDULE L, THESE LOANS ARE NOT TO BE LISTED ON SCHEDULE L. FORM 990, PART VI, SECTION A, LINE 6 PERSONS WHO MEET THE REQUIREMENT OF THE ORIGINIZATIONS'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 INCORPORATING DOCUMENTS. I.E. BYLAWS, ARE APPROVED BY THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WILL BE REVIEWED AND APPROVED BY THE AUDIT COMMITTEE. DUE TO THE TIMING OF COMPLETION OF THE RETURN AND THE FILING DUE DATE, THE FORM 990 MAY BE REVIEWED AND APPROVED BY THE AUDIT COMMITTEE SUBSEQUENT TO FILING DUE DATE. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, DIRECTORS, AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE WHEN A POTENTIAL CONFLICT ARISES. ALSO, ANNUALLY, THE CODE OF ETHICS WHICH CONTAINS THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED TO ALL EMPLOYEES AND DIRECTORS WHICH EXPLAINS WHEN TO AND HOW TO REPORT ANY CONFLICTS OF INTEREST. EACH EMPLOYEE AND DIRECTOR MUST SIGN, ACKNOWLEDGING THE RECIEPT AND UNDERSTANDING OF THE POLICY. FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION PROCESS FOR TOP OFFICIAL THE CEO'S COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS, BASED ON THE INDUSTRY AND CONSULTANT. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS DISCLOSURE EXPLANATION INFORMATION IS AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE IN THE OVERSIGHT PROCESSS OR SELECTION PROCESS DURING THE TAX YEAR OF 2019.