2019-07-26T14:45:30-05:00 2018-12-31 042689883 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2018-01-01 041801520 ST JEANS CREDIT UNION STJE 7815925420 370 HIGHLAND AVENUE SALEM MA 01970 C DAVID SURFACE PRESIDENT & CEO 7815925420 2019-07-24 1 HARRY A KALAJIAN JR CPA P00464296 6174399700 199.167.121.238 2019-07-26 09:32:06 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 3035F85F9C36F92B25132AD5EF9C80758CB5F135 2018 2019-02-21 02:37:17Z X C DAVID SURFACE 370 HIGHLAND AVENUE SALEM MA 01970 10712957 0 X WWW.STJEANSCU.COM X 1910 MA THE MISSION OF ST. JEAN'S CREDIT UNION IS TO FULFILL THE NEEDS OF OUR DIVERSE MEMBERSHIP WITH THE UTMOST INTEGRITY AND PRIVACY. 10 9 76 9 22918 -142496 0 0 7947438 9135547 736663 632962 830231 944448 9514332 10712957 0 0 0 0 3874587 4178115 0 0 0 4558215 5304271 8432802 9482386 1081530 1230571 225241676 248810388 203171430 225510123 22070246 23300265 X ST. JEAN'S CREDIT UNION (THE "CREDIT UNION") IS A STATE-CHARTERED CREDIT UNION. ITS PRIMARY BUSINESS IS THE ACCEPTANCE OF DEPOSITS AND THE MAKING OF LOANS TO MEMBERS WHO LIVE OR WORK IN THE MASSACHUSETTS COUNTIES OF ESSEX COUNTY, MIDDLESEX COUNTY, SUFFOLK COUNTY AND EMPLOYEES AND FAMILY MEMBERS OF H.P. HOOD, LLC (FAMILY MEMBERS ARE DEFINED AS PARENTS AND SIBLINGS). 0 0 THE MAINTENANCE OF MEMBER ACCOUNTS AND PAYMENT OF DIVIDENDS THEREON. THE CREDIT UNION MAINTAINS 32,602 ACCOUNTS AS OF THE CALENDAR YEAR-END. 0 0 0 0 0 0 0 1 0 1 1 0 0 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 6125 0 1 76 1 1 1 0 0 0 0 0 0 0 X 10 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X X STEPHEN PEDRO 9782191027 370 HIGHLAND AVENUE SALEM MA 01970 C DAVID SURFACE PRESIDENT/CEO 40.00 X X 294856 0 55527 IRA NOVOSELSKY TREASURER/CLERK/DIRECTOR 2.00 X X 0 0 0 LAWRENCE RAUSCH DIRECTOR 2.00 X 0 0 0 RICHARD BONNEVIE ASST. TREASURER 2.00 X X 0 0 0 RICHARD DRAGONE DIRECTOR 2.00 X 0 0 0 STEPHEN SALVO CHAIRMAN 4.00 X X 0 0 0 STEVEN WALSH 2ND VICE CHAIRMAN 2.00 X X 0 0 0 PAUL AMIRAULT VICE CHAIRMAN 2.00 X 0 0 0 TIMOTHY SHEA DIRECTOR 2.00 X 0 0 0 CAROLINA TRUJILLO DIRECTOR 2.00 X 0 0 0 KATHLEEN DONAHUE EXECUTIVE VICE PRESIDENT 40.00 X 130010 0 23914 KATHRYN MACDONALD VP OF COMPLIANCE 40.00 X 102815 0 14959 NICOLE MARKEE VP OF IT 40.00 X 104945 0 21202 JAMES METCALF VP CONSUMER LENDING 40.00 X 114721 0 9103 STEPHEN PEDRO CFO 40.00 X 112674 0 24217 860021 0 148922 6 0 1 0 SYNERGENT PO BOX 1236 PORTLAND ME 04104 CORE DATA PROVIDER 723821 DIGITAL INSIGHT CORP PO BOX 740641 LOS ANGELES CA 900740641 HOME BANKING 261765 NEWGROUND INTERNATIONAL INC PO BOX 6228 CORAL STREAM IL 601976228 NEW REVERE BUILDING GENERAL CONTRACTOR 251144 DIEBOLD INC PO BOX 643543 PITTSBURGH PA 152643543 ATM/EQUIPMENT 113559 LEES LANDSCAPING & IRRIGATION PO BOX 270 SWAMPSCOTT MA 01907 GOUNDS MAINT 106670 5 INTEREST ON LOANS 522100 7870487 7870487 MEMBERS SERVICE FEES 522100 1265060 1242142 22918 9135547 542162 542162 35475 0 35475 35475 35475 90800 0 90800 90800 90800 INTERCHARGE INCOME 900099 651030 651030 LOAN SERVICING FEE 522100 140347 140347 NCUA STABILIZATION REFUND 900099 118667 118667 -1071 -1071 908973 10712957 10057077 22918 632962 294857 2937242 208706 476648 260662 1000 49992 9244 297134 1115375 754859 17795 51951 1602444 354564 23523 OTHER EXPENSES 790873 EDUCATION & PROMOTIONS 89512 PROVISION FOR LOAN LOSS 88625 EQUIPMENT 57380 9482386 3086494 2379713 6160143 10169742 185500332 207009031 263297 184119 7517853 2774621 4840633 4743232 3287077 4673701 17389597 13723000 4714103 5927850 225241676 248810388 274858 175705 673708 685052 9051221 19553637 193171643 205095729 203171430 225510123 X 0 0 0 0 22070246 23300265 22070246 23300265 225241676 248810388 1230571 -552 0 X X 0 1 X 1 0 0 1 X 1624042 1624042 1846218 380029 1466189 896616 349747 546869 2650301 2044845 605456 500676 500676 4743232 CERTIFICATES OF DEPOSIT 13723000 C 13723000 SHARES AND DEPOSITS 203958157 OTHER LIABILITIES 1137572 205095729 X 10712405 -552 -552 10712957 0 10712957 9482386 0 9482386 0 9482386 PART IV, LINE 2B: MORTGAGE ESCROW ACCOUNTS ARE 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, 2018 AND 2017 AND HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE. CURRENTLY TAX YEARS FROM 2015 THROUGH PRESENT ARE OPEN AND SUBJECT TO EXAMINATION BY TAXING AUTHORITIES. X 1 1 X X X 0 1 0 C DAVID SURFACE PRESIDENT/CEO 239200 0 30015 0 25641 0 37636 0 17891 0 350383 0 0 0 KATHLEEN DONAHUE EXECUTIVE VICE PRESIDENT 120700 0 3000 0 6310 0 8354 0 15560 0 153924 0 0 0 PART I, LINE 4B THE CREDIT UNION PROVIDES TO ELIGIBLE EMPLOYEES DEFERRED COMPENSATION BENEFITS UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. THESE BENEFITS ARE INTENDED FOR CERTAIN MEMBERS OF A SELECT GROUP OF MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES. PARTICIPANTS RECEIVE AN ANNUAL ALLOCATION FROM THE CREDIT UNION EQUAL TO 5% OF ANNUAL SALARY FOR THE YEAR OF CONTRIBUTION. ALL SUCH AMOUNTS ALLOCATED TO THE PARTICIPANT SHALL BE DEFERRED FOR PAYMENT TO THE PARTICIPANT ON OR AFTER THE PARTICIPANT'S RETIREMENT DATE. AT DECEMBER 31, 2018 AND 2017, THE 457(F) PLAN HAD CUMULATIVE BALANCES OF $237,625 AND $226,329 RESPECTIVELY. FORM 990, PART VI, SECTION A, LINE 6 CLASSES OF MEMBERS OR STOCKHOLDERS PERSONS WHO MEET THE REQUIREMENTS OF THE ORGANIZATION'S FIELD OF MEMBERSHIP WHO HOLD AT LEAST ONE SHARE OF THE CAPITAL FORM 990, PART VI, SECTION A, LINE 7A ELECTION OF MEMBERS AND THEIR RIGHTS - EACH MEMBER HAS A VOTE AT THE ELECTION OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS SUBJECT TO THE APPROVAL OF MEMBERS ANY CHANGES TO THE INCORPORATING DOCUMENTS, I.E BYLAWS ARE APPROVED BY MEMBERSHIP FORM 990, PART VI, SECTION B, LINE 11B THE 990 WILL BE REVIEWED BY CEO, CFO AND DIRECTORS. DUE TO FILING DEADLINES, THE 990 MAY BE REVIEWED BY THE BOARD OF DIRECTORS SUBSEQUENT TO FILING. THE REVIEW IS DOCUMENTED IN THE MINUTES. FORM 990, PART VI, SECTION B, LINE 12C POLICY IS REVIEWED ANNUALLY WITH THE BOARD AND EMPLOYEES. WRITTEN ACKNOWLEDGEMENTS ARE SIGNED ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 FORM 990, PART VI, LINE 15A COMPENSATION PROCESS FOR TOP OFFICIAL CEO'S COMPENSATION IS DETERMINED BY THE BOARD OF DIRECTORS, EXECUTIVE COMITTEE. WAGE AND SALARY PLAN INTRODUCED IN 2013. JOB DESCRIPTIONS WERE UPDATED. A SALARY SURVEY WAS CONDUCTED BY AN INDEPENDENT COMPANY. ALL POSITIONS WERE EVALUATED. POSITIONS WITHIN THE CREDIT UNION HAVE BEEN ASSIGNED A RANK. SALARY RANGES WERE ESTABLISHED FOR EACH RANK. COMPENSATION IS BASED ON CURRENT AND RELATED EXPERIENCE. FORM 990, PART VI, LINE 15B CEO'S COMPENSATION IS DETERMINED BY THE BOARD OF DIRECTORS. SENIOR MANAGEMENT IS DETERMINED BY INCREASE SET FORTH FOR STAFF AND APPROVED BY THE BOARD OF DIRECTORS. SALARY SURVEYS, INDUSTRY TRENDS AND EARNINGS ARE ALL TAKEN INTO CONSIDERATION. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE POSTED IN THE LOBBY AT BRANCH LOCATIONS AND ARE AVAILABLE UPON REQUEST. THE INFORMATION IS UPDATED ON A MONTHLY BASIS AFTER THE BOARD MEETS. FORM 990, PART XII, LINE 2C THE ORGANIZATION DID NOT CHANGE EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.