2020-11-16T09:26:44-06:00 2019-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2019-01-01 041659235 NEW BEDFORD CREDIT UNION NEWB 5089946546 1150 PURCHASE STREET NEW BEDFORD MA 027406687 MICHELLE GREENWALT VP OF FINANCE/CONTROLLER 5089946546 2020-11-13 1 TANYA MEDGAARDEN P01717240 5074347000 2020-11-12 67.137.57.251 2020-11-13 08:29:14 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 F630F1EEE6B1AF3350F47F5F27B062EA6FC5A2EF 2019 2022-01-07 14:23:13Z DAVID BORGES 1150 PURCHASE STREET NEW BEDFORD MA 027406687 5799446 0 X WWW.NEWBEDFORDCU.COM X CU 1932 MA CREDIT UNION - PROVIDE THRIFT SERVICES TO MEMBERS WITH THE BEST SERVICE POSSIBLE. 9 9 73 0 47726 -56200 0 0 4466100 4952843 683152 826928 93492 19675 5242744 5799446 6475 13186 395509 691545 2081248 2235277 0 0 0 2331932 2252545 4815164 5192553 427580 606893 126480555 127548420 114403946 114864918 12076609 12683502 CREDIT UNION - PROVIDE THRIFT SERVICES TO MEMBERS WITH THE BEST SERVICE POSSIBLE. 0 0 MAINTENANCE OF MEMBER SHARES AND DEPOSITS. 22,604 ACCOUNTS FROM 10,307 MEMBERS. MAKING OF LOANS TO MEMBERS AT MARKET RATES OF INTEREST. NUMBER OF ACCOUNTS 2,892. 0 0 0 0 0 0 0 1 0 1 1 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 1009 0 1 73 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 STREET NEW BEDFORD MA 027406687 DAVID BORGES CEO/PRESIDENT 40.00 X 143456 0 23179 HUMBERTA VARAO EVP & COO 40.00 X 98964 0 27829 MICHELLE GREENWALT VP FINANCE/CONTROLLER 40.00 X 84934 0 28273 JENNIFER DELGADO VP LENDING 40.00 X 78294 0 24916 TARA DEGRACE VP OPERATIONS & RETAIL SERVICES 40.00 X 66079 0 22800 ALFRED M GAUTHIER CHAIRMAN 6.00 X X 1930 0 0 JAMES W ALLEN TREASURER & CLERK 2.00 X X 1869 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 475526 0 126997 1 0 1 0 FISERV 1601 TRAPELO ROAD SUITE 240 WALTHAM MA 02451 DATA PROCESSING AND DEBT CARD SERVICES 830461 PSCU 560 CARLLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD SERVICES 118033 2 INTEREST ON LOANS 900099 3960878 3960878 SERVICE CHARGES & FEES 522100 991965 944239 47726 4952843 826928 826928 OTHER INCOME 524298 19675 19675 19675 5799446 4905117 47726 846603 13186 691545 602526 1233408 41261 227865 130217 5348 13236 505798 86130 1092176 62421 24059 128807 LOAN SERVICING EXPENSE 134728 PROVISION FOR LOAN & LE 124400 MISCELLANEOUS 44113 EDUCATIONAL EXPENSE 31329 5192553 1569465 1685161 24928773 22675319 80160411 82897782 91464 75956 1439140 825242 674385 613898 10245053 9674278 8811004 9926026 126480555 127548420 480521 470545 172891 208794 113750534 114185579 114403946 114864918 X 0 0 0 0 12076609 12683502 12076609 12683502 126480555 127548420 606893 0 X X 0 1 X 1 0 0 1 X 172200 172200 181300 127917 53383 659691 509441 150250 425949 187884 238065 613898 HTM SECURITIES 9674278 C 9674278 NCUSIF DEPOSIT 1106181 OTHER ASSETS 349924 ACCRUED INTEREST RECEIVABLE 288541 INVESTMENTS IN OTHER CORPORATE CREDIT UNIONS 6003674 COLI 2177706 9926026 MEMBER SHARE AND SAVINGS ACCOUNTS 114185579 114185579 X 5798120 0 5798120 1326 1326 5799446 5191227 0 5191227 1326 1326 5192553 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 2018, 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, 2019 AND 2018. THE CREDIT UNION'S 2016 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXPENSES NETTED AGANST INCOME IN THE FINANCIAL STATEMENTS BUT REPORTED IN THE EXPENSE SECTION OF THE 990 1,326. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSES NETTED AGAINST INCOME IN THE FINANCIAL STATEMENTS BUT REPORTED IN THE EXPENSE SECTION OF THE 990 1,326. X X 0 0 0 DAVID BORGES CEO/PRESIDENT 140640 0 2816 0 0 0 8865 0 14314 0 166635 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 FORM 990, PART VI, SECTION B, LINE 15: 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 XII, LINE 2C AUDIT OVERSIGHT - THE AUDIT COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT.