2025-11-12T14:42:28-06:00 2024-12-31 010494526 Baker Newman & Noyes PO Box 507 Portland ME 04112 990 2024-01-01 042128094 St Anne's Credit Union STAN 5083247300 286 Oliver Street Fall River MA 02724 Peter Panaggio EVP/CFO 5083247300 2025-11-11 1 0 Connor Smart P02285543 2078792100 2025-11-11 2024 2025-03-06 01:10:19Z Peter Panaggio 286 Oliver Street Fall River MA 02724 57274815 0 X www.stannes.com X 1935 MA St. Anne's Credit Union (the "Credit Union") provides a variety of financial services to its members through its full service offices and loan centers in southeastern Massachusetts. Its primary deposit products are savings, checking, money market, and term certificate accounts and its primary lending assets are residential mortgage, commercial mortgage and consumer loans. 10 7 166 10 0 0 0 0 29927657 48882747 6925371 6094556 4174548 0 41027576 54977303 152992 179253 0 0 13888133 12972526 0 0 0 24962104 38952585 39003229 52104364 2024347 2872939 1199974669 1349433146 1089480104 1235715626 110494565 113717520 X St. Anne's Credit Union (the "Credit Union") provides a variety of financial services to its members through its full service offices and loan centers in southeastern Massachusetts. Its primary deposit products are savings, checking, money market, and term certificate accounts and its primary lending assets are residential mortgage, commercial mortgage and consumer loans. 0 0 St. Anne's Credit Union is a cooperative owned, directed by, and dedicated to is members. At the end of 2024, the Credit Union had $1,020,558,000 share account deposits and $1,024,892,000 in loans to members. 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 1 1 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 31044 0 1 166 1 0 0 0 0 0 0 0 0 X 10 7 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 0 0 X Peter Panaggio EVPCFO 5083247300 286 Oliver Street Fall River MA 02724 Jo-Ann Bentley Director 1.00 X 762 0 3799 Colleen Brady Director 1.00 X 258 0 8098 Claire Entel Director 1.00 X 762 0 5819 Kevin C Fitzpatrick Director 1.00 X 396 0 7967 Bernard J McDonald III Director 1.00 X 396 0 4452 Yonaton Sunshine Director 1.00 X 60 0 8098 Kevin Vieira Director 1.00 X 60 0 6842 William R Bouchard Chair 1.00 X X 23878 0 7962 John R Ledwidge Vice Chair 1.00 X X 25673 0 7960 Bruce E Fernandes Treasurer/Clerk 1.00 X X 16680 0 8098 Eileen Migliozzi President/CEO 40.00 X 951846 0 108681 Peter Panaggio EVP/CFO 40.00 X 290086 0 86658 Joseph Nash SVP/Chief Lending Officer 40.00 X 239350 0 52592 Michelle Marcos SVP Human Resources 40.00 X 204596 0 37798 Karen Skinner SVP Operations & Compliance 40.00 X 186780 0 37915 Jeremy Turner VP Information Technology 40.00 X 159610 0 41104 Luisa Rochester VP Residential Lending 40.00 X 158862 0 19820 Robin Levesque SVP Branch Administration 40.00 X 142229 0 25353 2402284 0 479016 17 0 1 0 Fiserv 255 Fiserv Drive Brookfield WI 53045 Technology solutions 3229986 Cornerstone Advisors of Arizona LLC 7272 E Indian School Road 400 Scottsdale AZ 85251 Contract consulting 572338 EasCorp 35 Corporate Drive 300 Burlington MA 01803 Cash management services 346530 Legacy General Contracting Inc 551 Warren Avenue East Providence RI 02914 Contractor services 233632 Mallard Printing Inc PO Box 4158 Fall River MA 02723 Printing services 223699 16 Interest on loans 525900 44569409 44569409 Customer service fees 525900 3532590 3532590 Loan fees 525900 667291 667291 Life insurance plans 524298 113457 113457 48882747 6061068 6061068 2331000 2297512 33488 33488 33488 54977303 48882747 0 6094556 155253 24000 1867233 8265596 448898 1631863 758936 340511 182338 622873 798415 1789938 3048990 1729980 38045 178114 22892742 2205746 286228 Bank, loan, ATM Fees 2397831 Provision for bad debts 1353774 Banking/credit services 811212 Credit reward programs 275848 52104364 5210452 9445530 56565717 58708589 9425344 837749249 1024891873 844181 1652383 45430486 25046454 19145311 20384032 257977782 205929686 22481977 18995709 1199974669 1349433146 2754311 6485377 2020095 2142518 1084705698 1227087731 1089480104 1235715626 X 0 0 0 0 110494565 113717520 110494565 113717520 1199974669 1349433146 2872939 350016 0 X X 0 1 X 1 0 0 1 X 5266335 5266335 26009010 14296121 11712889 2560019 2103081 456938 10265924 7513361 2752563 1329198 1133891 195307 20384032 Member deposits 1018415712 FHLB advances 207689884 Lease liabilities 747652 Other liabilities 234483 1227087731 X 54529577 350016 350016 54179561 797742 797742 54977303 51306622 0 51306622 797742 797742 52104364 Part IV, Line 2b: St. Anne's Credit Union as part of loan operations collects payments from borrowers to be held in escrow to pay real estate taxes and homeowners insurance premiums. As of the end of this tax year, the Credit Union is reporting approximately $2,143,000 of mortgagers' escrow accounts within its financial statements. This balance is included within total deposit liabilities. Additionally, The Credit Union has transferred a portion of its originated commercial real estate loans to participating lenders. The amounts transferred have been accounted for as sales and are therefore not included in the Credit Union's accompanying balance sheets. The Credit Union and participating lenders share ratably in cash flows and any gains or losses that may result from a borrower's lack of compliance with contractual terms of the loan. The Credit Union continues to service the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments (net of servicing fees) to participating lenders and disburses required escrow funds to relevant parties. At December 31, 2024, the Credit Union was servicing loans for participants aggregating $1,732,000. Part X, Line 2: The Credit Union is exempt from federal and state taxes on income under provisions of the Internal Revenue Code and state 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. There are no uncertain tax positions that require accrual or disclosure at December 31, 2024 or 2023. Part XI, Line 4b - Other Adjustments: Loan and interest processing fees, net against revenue accounts 797,742. Part XII, Line 4b - Other Adjustments: Loan and interest processing fees, net against revenue accounts 797,742. 1 Cooperative Credit Union Association 845 Donald Lynch Boulevard Marlborough MA 01752 043403594 501(c)(6) 8150 0 Build a Bed and annual appeals EasCorp Credit Unions at Heart 35 Corporate Drive Suite 300 Burlington MA 01803 814905853 501(c)(3) 11500 0 First Downs to Fight Pediatric Brain Cancer Fall River Historical Society 451 Rock Street Fall River MA 02720 042125012 501(c)(3) 6000 0 Annual Fundraiser Narragansett Council Boy Scouts of America 223 Scituate Avenue Cranston RI 02921 050308384 501(c)(3) 10496 0 Annual fundraiser One Southcoast Chamber 200 Pocasset Street Fall River MA 02721 843311136 501(c)(6) 15750 0 Sponsorships for forums and public events Plymouth Area Chamber of Commerce 100 Armstrong Road 204 Plymouth MA 02360 042078732 501(c)(6) 8642 0 Sponsorships for forums and public events United Way of Greater Fall River 30 Bedford Street Fall River MA 02720 042104026 501(c)(3) 14250 0 Sponsorships and funding for charitable operations United Way of Greater New Bedford Inc 128 Union Street 403 New Bedford MA 02740 042104264 501(c)(3) 12000 0 Sponsorships and funding for charitable operations 5 3 Scholarships 12 24000 Part I, Line 2: St. Anne's Credit Union is committed to playing an active role in the betterment of its community. One way the Credit Union furthers this goal is to provide charitable grant and award programs. These grant programs include working to provide higher education advancement opportunities for the future leaders of our society. We offer a number of annual scholarship opportunities to help local students excel and reach their fullest potential. These scholarships are open to students from Massachusetts and Rhode Island communities in the Credit Union's service area. The Credit Union may also from time-to-time pay awards to other charitable and non-profit entities operating in its service area that advance causes that align with the goals and priorities of the Credit Union and its membership. The management team and Board of Directors reviews each application carefully to ensure any disbursements of funds are used on qualifying, charitable purposes. Grants and awards are monitored closely to ensure that expenditures are appropriate and awarded funds are used in accordance with their designated purposes. X 1 1 X X 0 1 0 Eileen Migliozzi President/CEO 526722 0 31250 0 393874 0 70700 0 37981 0 1060527 0 392951 0 Peter Panaggio EVP/CFO 275348 0 13832 0 906 0 51676 0 34982 0 376744 0 0 0 Joseph Nash SVP/Chief Lending Officer 229401 0 7348 0 2601 0 14610 0 37982 0 291942 0 0 0 Michelle Marcos SVP Human Resources 197553 0 6137 0 906 0 9357 0 28441 0 242394 0 0 0 Karen Skinner SVP Operations & Compliance 180222 0 5652 0 906 0 7856 0 30059 0 224695 0 0 0 Jeremy Turner VP Information Technology 153714 0 5568 0 328 0 9982 0 31122 0 200714 0 0 0 Luisa Rochester VP Residential Lending 152079 0 5417 0 1366 0 4820 0 15000 0 178682 0 0 0 Robin Levesque SVP Branch Administration 136098 0 4409 0 1722 0 8689 0 16664 0 167582 0 0 0 Part I, Line 1a A Director may be reimbursed for actual expenses incurred in the performance of their responsibilities as a Director or as a Member of any Committee. Request for reimbursement must be submitted in writing along with the appropriate receipts attached and proper reimbursement form. Out of pocket expenses for incidentals, such as gratuities for porters and other luggage assistance personnel, bellboys, valets, room tips, food vendors, and airport assistance personnel, and other reasonable expenses in which receipts could not be obtained will be limited to $125 per conference. All expense forms submitted must be done so within 45 days of incurring the expense and will then be reviewed and approved by the Controller/Finance and reported to the Board of Directors monthly. The annual budget of the credit union shall contain a line item to address Directors' expenses. The Director may bring his or her spouse or other companion. The credit union will pay for travel, lodging, meals and related expenses of both the Director and the other person. It is very common and not unreasonable in any industry for conference and seminar attendees to bring a travel guest or companion. This policy therefore allows a Director to bring a spouse, relative, friend, employee, business associate, or caregiver. Having the Director attendee bring a guest further allows for comfortable participation, assistance in the travel process as well as having an opportunity to better inform and educate the guest about the credit union and the financial services industry. It also will give the guest an appreciation for the time and effort that the volunteer Directors give in discharging their responsibility as a Director. Attending such events affords Directors the opportunity to be exposed to additional information, knowledge, and ideas and to interact with other individuals performing similar responsibilities so they may better represent their members in their position. Directors and their spouse or companion will be limited to three such educational conferences, seminars, or conventions a year, unless otherwise recognized and voted by the Board of Directors. The three conference limit does not include expenses incurred in participation in any strategic planning sessions. Any expenditure associated with performance of their responsibility as a Director or member of a committee or in acting for or on behalf of the credit union shall include the conference, sponsor group, dates, location, amount to be approved, Directors name, and accompany guest for approval by the Board of Directors. During the period covered by this Form 990 tax return, the following individuals received reimbursements for companion travel costs: - Bill Bouchard: $1,291 - Bruce Fernandes: $2,087 - Claire Entel: $2,198 - John Ledwidge: $1,776 - Yoni Sunshine: $1,201 - Colleen Brady: $1,082 Part I, Line 4b The Credit Union maintains 457(f) supplemental executive retirement plans ("SERPs") with various key officers and top executives of the Organization. The SERP agreements allow for employer-paid contributions only. Under the SERP agreements, the Credit Union is to make contributions to a participants' accounts over a series of five years, which then cumulatively vest as of the last day of the fifth year. Subsequent employer-paid contributions to the participants' SERPs after the initial five years opening the agreement are subject to the review and approval of the Board of Directors and are based upon budgetary constraints and approved compensation and benefit arrangements. For the period covered by this Form 990 tax return, certain executives and officers of the Credit received credits into their SERP accounts. These credits are expected to be vested and payable in future years, along with other accumulative credits to the SERP accounts through the applicable vesting period. Accordingly, such amounts have been reported on this Form 990, Schedule J, Part II, Column C as deferred compensation. Individuals reported on this Form 990 who received such SERP credits are as follows: - Eileen Migliozzi: $50,000 - Peter Panaggio: $35,000 Additionally, during this tax year, Eileen Migliozzi, Credit Union President/CEO, received taxable distributions from her SERP of $392,951. This payment relates to amounts credited to her SERP during the years 2019 through 2023, and which vested to her as of December 31, 2023. As these distributions are considered taxable income to her and relate to amounts deferred to her SERP account in previous years, these distributions have included within amounts reported on this Form 990, Schedule J, Part II, Column B(iii), Other Income; as well as within amounts reported on Column F, Compensation Reported as Deferred on Prior Forms 990. Directors and Officers Directors and Officers X 0 1 1 Kevin Fitzpatrick Director 148677 Kevin Fitzpatrick served on St. Anne's Credit Union's Board of Directors in 2024. Kevin Fitzpatrick is also the owner and CEO of Advanced Alarm Systems, an alarm systems service provider. The Credit Union engaged in transactions with Advanced Alarm Systems to provide alarm services during this reporting period. These transactions individually exceeded $10,000 and in aggregate summed to $148,677 by the end of this tax year. All transactions between the Credit Union and Advanced Alarm Systems were negotiated at fair market value and at arm's-length in accordance with the Credit Union's conflict of interest policy. 0 Form 990, Schedule L, Part II Some of the Credit Union's Officers and Directors have loans outstanding with the Credit Union. These loans were obtained in the ordinary course of business of the Credit Union, and the terms of the loans were agreed upon under the same terms and conditions as available to all members.Form 990, Schedule L, Part II, is intended to report all loans to and/or from Interested Persons and 990-filing tax-exempt organizations. However, Loans from a tax-exempt Credit Union made to an interested person under the same terms as offered to other members are explicitly excepted from such disclosure requirements. Therefore, specifics as to such Board Member loans and deposits with the Credit Union have been excluded from this Form 990, Schedule L, in accordance with IRS Instructions. Form 990, Part VI, Section A, line 6 The St. Anne Credit Union is a member-only credit union that is open to people who reside, work, attend school, or have a place of business in: (i) the Massachusetts counties of Bristol, Barnstable, Norfolk, Plymouth or Suffolk; (ii) the Rhode Island counties of Bristol, Newport, or Providence; (iii) the following additional cities/towns in Rhode Island: Coventry, East Greenwich, Warwick, West Warwick, or North Kingstown. Form 990, Part VI, Section A, line 7a The Credit Union's membership exerts powers and responsibilities over the Credit Union's board composition in the following ways: 1. A Special Nominating Meeting of the Credit Union's membership shall take place at least one month before the Annual Meeting for the purpose of presenting nominations for Directors to be elected at the next Annual Meeting. Nominations are made by the membership at the Nominating Meeting. 2. The Board of Directors are elected by the membership at the Credit Union's annual meetings. Form 990, Part VI, Section A, line 7b The Credit Union's membership exerts powers and responsibilities over the Credit Union's governance decisions in the following ways: 1. The Credit Union maintains a Credit Committee, responsible for assessing the credit worthiness of applicants for loans and lines of credit. This Committee is to be composed of at least one (1) member of the Board of Directors and not fewer than three (3) nor more than five (5) individuals from the Credit Union's membership. 2. The Credit Union maintains an Investment Committee, which is responsible for the hiring and oversight of investment advisors, brokers, accountants, and the Credit Union's financial performance. The Investment Committee shall be elected by the Board of Directors from among its members, and shall consist of at least one (1) member of the Board of Directors and not fewer than three (3) nor more than five (5) individuals from the Credit Union's membership. 3. The Credit Union maintains an Audit Committee. The Auditing Committee shall make, or cause to be made, such audits, and to prepare and submit such written reports, as are required by applicable law and regulations and safe and sound practices. The Auditing Committee shall be elected by the Board of Directors from among its members, and shall consist of not fewer than three (3) nor more than five (5) Directors, provided that (i) no officer may be a member of the Auditing Committee and (ii) no person may be a member of both the Credit Committee and the Auditing Committee. The Auditing Committee members shall elect one (1) of the members as Chairperson. 4. The charter and bylaws of the Credit Union shall be made available for inspection by any member, and such documents may be amended by the members at an annual meeting or special meeting by majority vote. Form 990, Part VI, Section B, line 11b For the period covered by this Form 990, the Credit Union has engaged an independent public accounting firm to prepare the Credit Union's annual Form 990 tax return. The Form 990 was prepared in coordination with the Credit Union's chief financial officer. The Board of Directors delegated the responsibility to review and approve the Form 990 to the CFO. The Board may be provided a copy of the Form 990 upon request. Form 990, Part VI, Section B, line 12c Each St. Anne's Credit Union employee and board member must avoid any conflict of interest that might result in personal benefit to the employee or members of the employee's family. Similarly, any appearance of such conflict of interest should be avoided. Personal benefit is defined as any type of gift, favor, gratuity, service, entertainment, compensation, fee, loan or legacy and no such present or future benefit, which could be perceived as arising from a business relationship, shall be accepted by the employee from any member, potential member or supplier of St. Anne's Credit Union. In keeping with this policy, the giving or receiving of a gift is prohibited unless the gift is of nominal value (less than $25.00) and a refusal to accept it would be a business discourtesy. Under federal and state statutes, it is illegal for Credit Union directors or employees to receive gifts, fees or anything of value in connection with the extension of credit. St. Anne's Credit Union employees are not permitted to knowingly authorize the extension of credit, direct or indirect, to any person, partnership, association, corporation, other business entity or trust where there exists a family relationship to the employee. Family relationship is defined as employee's relative by blood, marriage or adoption. Members of the Credit Union's Board and the Credit Union's employees are expected to understand and comply with this conflict of interest policy during their term of service and to disclose any perceived or possible conflicts as they become known. Form 990, Part VI, Section B, line 15a The Credit Union employs a thorough and rigorous review and approval process for any compensation and benefits paid to its President and CEO. The Credit Union's human resources team coordinates with the Board's executive committee to evaluate the performance of the Credit Union's CEO based on a multi-point evaluation and analysis, adjusted for current market trends and conditions. Factors considered by this group of reviewers include return on assets under the considered individual's tenure; efficiency in operations and in use of assets; membership growth; budget constraints as well as adherence to budgetary guidelines and restrictions; and long-term organizational strategies. After arriving at an agreed upon executive compensation and benefits package, the recommendations are sent by the committees to the Board of Directors for their own review and consideration. CEO compensation then only becomes effective upon the approval of the Board. The Board may also review and approve incentive and discretionary compensation items as they may occur, for officers and key employees other than the CEO. However, because the compensation and benefits paid to officers and key employees other than the CEO are also subject to the review and insight of the CEO, this Form 990, Section B, Line 15b has been answered "no." Form 990, Part VI, Section C, line 19 The organization's governing documents, financial statements and Form 990 are available upon request to the general public. Form 990, Part XII, Line 2c: For its year ending December 31, 2024, the Organization engaged Baker Newman & Noyes, LLC, an independent certified public accounting firm, to audit its financial statements and to assist in the preparation and filing of its annual Form 990. Baker Newman & Noyes was not engaged by the Organization prior to this filing period. Accordingly, the engagement with Baker Newman & Noyes represents a change in audit procedures and processes. However, the audit was subject to the same oversight and review procedures by the Organization as was done with the predecessor firm.