2025-11-12T12:56:38-06:00 2024-12-31 Wolf & Company PC 255 State Street Boston MA 02109 990 2024-01-01 042077206 Boston Firefighters Credit Union % CRISTINA PRENTIS BOST 6172882420 60 Hallet Street Dorchester MA 02124 CRISTINA PRENTIS SVP/CFO 6172882420 2025-11-15 true true Karen Ng EA P01067482 6174399700 2025-10-21 2024 2025-03-06 01:10:19Z RICHARD HAYWARD JR 60 Hallet Street Dorchester MA 02124 21804632 false X WWW.BOSFIRECU.COM X 1947 MA PROVIDE FINANCIAL SERVICES TO OUR MEMBERS 11 10 62 10 0 0 0 18405205 19749635 1961749 2054997 38878 0 20405832 21804632 175000 200000 0 0 5272780 6127724 0 0 0 11222909 11946898 16670689 18274622 3735143 3530010 424274895 420586232 377979401 369945830 46295494 50640402 X PROVIDE FINANCIAL SERVICES TO OUR MEMBERS false false 18274622 19749635 PROVIDE FINANCIAL SERVICES TO OUR MEMBERS 18274622 false false false false false false false false false true true false false true false false false false false false false false false false false false true true true false true false true false false false false false false false false false false true 6135 0 true 62 true false false false false false false false false X 11 10 false false true false true true true true true false false true true true true true true true true false X CRISTINA PRENTIS 6172882420 60 HALLET ST DORCHESTER MA 02124 richard Hayward Jr President & CEO 37.5 0.0 X 430660 0 86074 craig mackenzie EVP/COO (Resigned 12/2024) 37.5 0.0 X 327571 0 26125 cristina Prentis SVP/CFO 37.5 0.0 X 213639 0 32550 kenneth Nasiff SVP MBL 37.5 0.0 X 202910 0 39011 Andy Puga SVP/CIO 37.5 0.0 X 172690 0 50926 Cathy Boucher EVP/COO (Retired 4/2024) 37.5 0.0 X 202041 0 17716 catherine guerard VP Member Services 37.5 0.0 X 153750 0 24469 wendy reiter Controller 37.5 0.0 X 134315 0 37332 kaitryn Thornton VP Lending 37.5 0.0 X 144273 0 21004 Raymond Lazcano Financial Advisor 37.5 0.0 X 124063 0 27401 Carlos Fontes IT Systems Officer 37.5 0.0 X 104716 0 41045 Daniel Magoon Chairman 3.0 0.0 X X 12504 0 0 Joseph Casper Treasurer/Clerk 3.0 0.0 X X 6252 0 0 Charles Buchanan Director 1.0 0.0 X 0 0 0 Christopher Burke Director 1.0 0.0 X 0 0 0 Edmund Street Director 1.0 0.0 X 0 0 0 Kevin Meehan Director 1.0 0.0 X 0 0 0 Marc Sanders Director 1.0 0.0 X 0 0 0 Ralph Dowling Director 1.0 0.0 X 0 0 0 Sean Costello Vice Chair 1.0 0.0 X X 0 0 0 William O'Sullivan Director 1.0 0.0 X 0 0 0 John Broderick Director 1.0 0.0 X 0 0 0 Sean O'Brien Director (Ended 11/19/2024) 1.0 0.0 X 0 0 0 2229384 0 403653 11 false true false COCC 100 Executive Blvd Southington CT 06489 Data processor 958620 PSCU 560 Carillon Parkway St Petersburg FL 33716 Credit Card Servicer 362012 Mastercard 2200 Mastercard Blvd OFallon MO 63368 Card Services 226320 FISERV 255 Fiserv Drive Brookfield WI 53045 Card Services 186130 ALM FIRST GROUP LLC 3800 Maple Ave Suite 600 DALLAS TX 75219 Asset Liability MGMT 111683 5 0 INTEREST EARNED ON LOANS TO MEMEBERS 522130 17807959 17807959 SERVICE CHARGES AND FEES 522130 1906719 1906719 OTHER PROGRAM SERVICES REVENUE 34957 34957 19749635 2037647 2037647 0 0 0 0 0 0 17350 17350 17350 17350 0 0 0 0 0 0 0 0 0 0 21804632 19749635 2054997 173000 27000 0 0 1866289 0 2757526 546755 608080 349074 0 14422 163000 0 0 99740 143185 573190 285354 1568915 0 547773 44975 0 230000 6391436 0 174129 189514 ATM/NOW SERVICE 622285 LOAN SERVICING EXPENSE 268046 PROVISION FOR LOAN LOSS 206000 SPLIT DOLLAR DISCOUNT NO 220405 204529 18274622 1549915 795440 5526997 12619780 0 0 0 0 3135329 3364925 0 0 344151175 343103642 0 0 436258 388112 5636542 2567029 3217863 3069513 0 0 57403907 48624218 500000 500000 1326771 1072369 7026680 7048233 424274895 420586232 4563797 4337124 0 0 0 0 0 0 0 0 0 0 34000000 11000000 0 0 339415604 354608706 377979401 369945830 X 0 0 0 0 46295494 50640402 46295494 50640402 424274895 420586232 3530010 814898 X false false false 765344 765344 4237337 2153751 2083586 20104 4740 15364 391278 243150 148128 222479 165388 57091 3069513 CMOS FIXED AFS 10667739 F CMOS VARIABLE AFS 4807003 F MBS AFS 11006687 F MUNIS 1490429 F TREASURIES 15002434 F ANNUITY (ALLIANZ) 0 F ANNUITY (MIDLAND NATL INVEST) 2000000 C BANK NOTES 2978126 F FHLB STOCK 671800 C 48624218 0 MEMBER SHARE AND SAVINGS 354328461 MISCELLANEOUS 280245 354608706 X PART X, LINE 2 THE CREDIT UNION IS GENERALLY EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(14) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, THERE IS NO PROVISION FOR FEDERAL OR STATE INCOME TAXES IN THE FINANCIAL STATEMENTS. THE CREDIT UNION FILES INFORMATIONAL TAX RETURNS IN THE U.S. FEDERAL JURISDICTION (IRS FORM 990). true Boston Police Department(Boston PD Benevolent Soc) 434 Hyde Park Ave Roslidale MA 02131 223010035 501(c)(5) 25000 Donation Boston Fire Dept Relief Fund 115 Southhampton St Boston MA 02118 041104325 501(c)(3) 25000 Donation Mass Fallen Heroes 12 Channel St Suite 603 boston MA 02110 273495087 501(c)(3) 25000 Donation Boston Bruins Foundation 100 Legends Way Boston MA 021141303 200172439 501(c)(3) 10000 Donation SPAM Benevolent Fund Inc 11 Beacon Street Suite 700 Boston MA 02108 264331647 501(c)(3) 17500 Donation BOSTON FIREFIGHTER AND FAMILY CANCER FOUNDATION 173 Train Street Dorchester MA 02122 871027872 501(c)(3) 5250 Donation 5 1 SCHOLARSHIPS 8 27000 SCHEDULE I, PART I, LINE 2 SCHOLARSHIPS APPLICATIONS ARE REVIEWED FOR COMPLETION/INCLUSION OF ALL CATERGORIES SET FORTH BY THE CREDIT UNION X true true X X X X X false true false Andy Puga SVP/CIO 154185 13650 4855 26454 24472 223616 catherine guerard VP Member Services 139487 8839 5424 22793 1676 178219 Cathy Boucher EVP/COO (Retired 4/2024) 65262 22415 114364 14692 3024 219757 100000 craig mackenzie EVP/COO (Resigned 12/2024) 258272 31000 38299 17405 8720 353696 cristina Prentis SVP/CFO 181727 20691 11221 32327 223 246189 kaitryn Thornton VP Lending 127286 9475 7512 21004 165277 kenneth Nasiff SVP MBL 188805 9820 4285 14465 24546 241921 Raymond Lazcano Financial Advisor 91572 31789 702 18709 8692 151464 richard Hayward Jr President & CEO 358682 25952 46026 61599 24475 516734 wendy reiter Controller 123559 7789 2967 20088 17244 171647 PART I, LINE 1A THE CEO IS CONTRACTUALLY ALLOWED TO HAVE A GUEST TRAVEL WITH HIM TO TWO CONFERENCES PER YEAR. PART I, LINE 1B THE CEOS SALARY IS REVIEWED ANNUALLY IN FEBRUARY BY THE EXECUTIVE COMMITTEE OF THE CREDIT UNION. THE COMMITTEE IS COMPRISED OF THE THREE CHAIR OFFICERS OF THE BOARD OF DIRECTORS (BOD). THE COMMITTEE USES A COMPREHENSIVE COMPENSATION PROGRAM DEVELOPED BY AN INDEPENDENT 3RD PARTY WHICH INCLUDES ADMINISTRATION OF THE ANNUAL REVIEW AND USES INDUSTRY BENCHMARKS AS WELL AS CPI INDICES TO MAKE THEIR RECOMMENDATIONS. THE COMMITTEE REVIEWS THE CEOS PERFORMANCE EVALUATION THAT IS COMPILED BY THE INDEPENDENT 3RD PARTY WHICH INCLUDES A BOARD ASSESSMENT, PERFORMANCE ASSESSMENT AND SPECIAL PROJECTS ASSESSMENT. BASED ON METRICS ESTABLISHED BY THE EXECUTIVE COMMITTEE, THE PERFORMANCE EVALUATION CALCULATES A RECOMMENDED MERIT ADJUSTMENT TO THE CEOS BASE PAY AND AN ANNUAL BONUS. THE EXECUTIVE COMMITTEE WILL DISCUSS THE RESULTS OF THE EVALUATION AND RECOMMEND AN AMOUNT FOR THE MERIT ADJUSTMENT AND THE ANNUAL BONUS FOR THE CEO TO THE FULL BOD. THE FULL BOD VOTES ON THE INCREASE AND BONUS AND THIS IS DOCUMENTED IN THE MEETING MINUTES OF THE CREDIT UNION. THIS WAS LAST DONE IN FEBRUARY 2024. PART I, LINE 4B THE RETIRED AND CURRENT CEOS PARTICIPATE IN A SERP FUNDED BY SPLIT DOLLAR LIFE INSURANCE. ONE EVP HAS A DEFERRED COMP AGREEMENT IN PLACE AND WAS PAID OUT IN 2024. PART II, COLUMN F CATHY BOUCHER RECEIVED A DEFERRED COMPENSATION PAYOUT OF $100,000 IN 2024. JOHN B WINNE Former CEO SERP X 2320000 2746329 false true true Richard R Hayward Jr CEO SERP X 839000 618595 false true true 3364924 MASS FALLEN HEROES The Chariman of the board at BFCU is the executive Director at Mass Fallen 25000 Donations false SCHEDULE L, PART II, LOANS TO AND FROM INTERESTED PERSONS (A) NAME OF PERSON: JOHN B. WINNE (B) RELATIONSHIP WITH ORGANIZATION: FORMER CEO (C) PURPOSE OF LOAN: SERP (D) LOAN TO OR FROM ORGANIZATION? = FROM (E) ORIGINAL PRINCIPAL AMOUNT $ 2,320,000. (F) BALANCE DUE $ 2,746,329. (G) LOAN IN DEFAULT? = NO (H) APPROVED BY BOARD OR COMMITTEE? = YES (I) WRITTEN AGREEMENT? = YES (A) NAME OF PERSON: RICHARD R. HAYWARD, JR (B) RELATIONSHIP WITH ORGANIZATION: CEO (C) PURPOSE OF LOAN: SERP (D) LOAN TO OR FROM ORGANIZATION? = FROM (E) ORIGINAL PRINCIPAL AMOUNT $ 839,000. (F) BALANCE DUE $ 618,595. (G) LOAN IN DEFAULT? = NO (H) APPROVED BY BOARD OR COMMITTEE? = YES (I) WRITTEN AGREEMENT? = YES SCH L, PART IV, BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS (A) NAME OF PERSON: MASS FALLEN HEROES (B) RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: THE CHARIMAN OF THE BOARD AT BFCU IS THE EXECUTIVE DIRECTOR AT MASS FALLEN (C) AMOUNT OF TRANSACTION $ 25,000. (D) DESCRIPTION OF TRANSACTION: DONATIONS (E) SHARING OF ORGANIZATION REVENUES? = NO FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IN THIS CREDIT UNION IS LIMITED TO: -THE MEMBERS OF THE FIRST RESPONDER COMMUNITY IN MASSACHUSETTS (EMPLOYEES AND RETIREES OF THE FIRE DEPARTMENTS, POLICE DEPARTMENTS AND MUNICIPALLY OPERATED EMS DEPARTMENTS) -EMPLOYEES AND RETIREES OF BOSTON FIREFIGHTERS CREDIT UNION -LABOR UNION EMPLOYEES AND RETIREES THEREOF SERVING THE FIRST RESPONDER COMMUNITY IN MASSACHUSETTS, -EMPLOYEES AND RETIREES OF THE SUFFOLK COUNTY SHERIFF'S DEPARTMENT -THE FAMILY MEMBERS OF THOSE PERSONS LISTED ABOVE -THE PROFESSIONAL FIREFIGHTERS OF MASSACHUSETTS -THE INTERNATIONAL ASSOCIATION OF FIREFIGHTERS, -THE STATE POLICE ASSOCIATION OF MASSACHUSETTS FOR THE PURPOSES OF THIS SECTION, THE TERM "FAMILY MEMBER" SHALL BE DEFINED TO INCLUDE SPOUSES, DOMESTIC PARTNERS, SHARING A PRINCIPAL RESIDENCE IN THE SAME HOUSEHOLD AS THE MEMBER, AND CHILDREN AS WELL AS PARENTS, GRANDPARENTS, GRANDCHILDREN, SIBLINGS, NIECES, AND NEPHEWS WHETHER RELATED BY BLOOD OR MARRIAGE. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS (BOD) SHALL CONSIST OF 9-13 MEMBERS AND UP TO THREE ASSOCIATE DIRECTORS DIVIDED INTO 3 GROUPS, EACH GROUP CONSISTING OF A MAXIMUM OF FIVE MEMBERS. THE TERM OF EACH GROUP WILL EXPIRE IN SUCCESSIVE YEARS. AT EACH ANNUAL MEETING OF THE MEMBERS, SUCCESSORS TO THE RETIRING GROUP SHALL BE ELECTED BY PLURALITY FOR A TERM OF THREE YEARS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS AT EACH ANNUAL MEETING SHALL: (A) FIX SUBJECT TO THE PROVISIONS OF THE EXISTING STATUTES THE MAXIMUM AMOUNT OF CREDIT THAT MAY BE EXTENDED TO ANY ONE MEMBER, EITHER AS BORROWER, ENDORSER, OR BOTH, (B) ELECT THE DIRECTORS, (C) VOTE ON THE PROPOSED AMENDMENTS TO THE BY-LAWS, (D) APPROVE THE EXPENSES OF THE BOARD OF DIRECTORS AND (E) ACT ON ANY OTHER MATTERS THAT MAY COME BEFORE THEM IN ACCORDANCE WITH THESE BY-LAWS AND/OR AS REQUIRED BY LAW. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE CREDIT UNION'S CPA FIRM USING INFORMATION PROVIDED BY MANAGEMENT. THE FORM 990 IS THEN REVIEWED AND ACCEPTED BY THE SVP/CFO AND PRESIDENT & CEO. THE FINANCIAL INFORMATION CONTAINED IN THE FORM 990 IS DERIVED FROM THE BALANCE SHEET AND INCOME STATEMENT OF THE CREDIT UNION WHICH ARE REGULARLY PRESENTED TO AND ACCEPTED BY THE BOARD OF DIRECTORS. THE CREDIT UNION PROVIDES A FULL COPY OF FORM 990 TO ITS BOARD MEMBERS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTERST POLICY IS REVIEWED BY THE FULL BOARD ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 THE CEOS SALARY IS REVIEWED ANNUALLY IN FEBRUARY BY THE EXECUTIVE COMMITTEE OF THE CREDIT UNION. THE COMMITTEE IS COMPRISED OF THE THREE CHAIR OFFICERS OF THE BOARD OF DIRECTORS (BOD). THE COMMITTEE USES A COMPREHENSIVE COMPENSATION PROGRAM DEVELOPED BY AN INDEPENDENT 3RD PARTY WHICH INCLUDES ADMINISTRATION OF THE ANNUAL REVIEW AND USES INDUSTRY BENCHMARKS AS WELL AS CPI INDICES TO MAKE THEIR RECOMMENDATIONS. THE COMMITTEE REVIEWS THE CEOS PERFORMANCE EVALUATION THAT IS COMPILED BY THE INDEPENDENT 3RD PARTY WHICH INCLUDES A BOARD ASSESSMENT, PERFORMANCE ASSESSMENT AND SPECIAL PROJECTS ASSESSMENT. BASED ON METRICS ESTABLISHED BY THE EXECUTIVE COMMITTEE, THE PERFORMANCE EVALUATION CALCULATES A RECOMMENDED MERIT ADJUSTMENT TO THE CEOS BASE PAY AND AN ANNUAL BONUS. THE EXECUTIVE COMMITTEE WILL DISCUSS THE RESULTS OF THE EVALUATION AND RECOMMEND AN AMOUNT FOR THE MERIT ADJUSTMENT AND THE ANNUAL BONUS FOR THE CEO TO THE FULL BOD. THE FULL BOD VOTES ON THE INCREASE AND BONUS AND THIS IS DOCUMENTED IN THE MEETING MINUTES OF THE CREDIT UNION. THIS WAS LAST DONE IN FEBRUARY 2024. THE SENIOR OFFICER SALARIES ARE APPROVED ANNUALLY IN JANUARY BY THE FULL BOD. THE EXECUTIVE COMMITTEE REVIEWS AND ACCEPTS THE RECOMMENDATIONS OF THE CEO AND FORWARDS ALL SALARY ADJUSTMENTS TO THE FULL BOD FOR APPROVAL. RECOMMENDATIONS ARE BASED ON PERFORMANCE REVIEWS PROVIDED BY THE CEO, COST OF LIVING INDICES, CPI FOR NORTHEAST URBAN CONSUMERS AND A COMPREHENSIVE COMPENSATION PROGRAM DEVELOPED BY AN INDEPENDENT 3RD PARTY WHICH INCLUDES ADMINISTRATION OF THE ANNUAL REVIEW AND BENCHMARKING ACROSS INDUSTRY STANDARDS. THE RECOMMENDATIONS OF THE EXECUTIVE COMMITTEE GO TO THE FULL BOD FOR FINAL APPROVAL AND ARE DOCUMENTED IN THE MEETING MINUTES OF THE CREDIT UNION. FORM 990, PART VI, SECTION C, LINE 19 QUARTERLY FINANCIAL STATEMENTS ARE AVAILABLE ON THE CREDIT UNION'S WEBSITE, AND THE PRIOR MONTH END BALANCE SHEET IS POSTED IN THE LOBBY OF THE MAIN BRANCH. AN ANNUAL REPORT IS ALSO PUBLISHED AND IS AVAILABLE TO OUR MEMBERS AT THE ANNUAL MEETING AND IN OUR MAIN BRANCH. AUDITED FINANCIAL STATEMENTS ARE ALSO AVAILABLE UPON REQUEST. FORM 990, PART IV, LINE 12 AND PART XII, LINE 2C AUDITED FINANCIAL STATEMENTS ARE PREPARED FOR THE CREDIT UNION AS OF MARCH 31 OF EACH YEAR