2018-11-15T15:30:29-06:00 2017-12-31 420714325 RSM US LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2017-01-01 041217290 CRESCENT CREDIT UNION CRES 5085806511 PO BOX 4290 BROCKTON MA 023034290 ROBERT GUSTAFSON PRESIDENT/CEO 5085806511 2018-11-15 1 GERALD B KISSELL P00092658 6123324300 108.171.131.187 2018-11-15 14:26:47 CS P C0F43978DBA0C0105C9EC865D2B1B55C6AA9D490 C0F43978DBA0C0105C9EC865D2B1B55C6AA9D490 2017 2019-02-21 02:37:17Z ROBERT GUSTAFSON PO BOX 4290 BROCKTON MA 023034290 20529869 0 X WWW.CRESCENTCREDIT.ORG X 1919 MA A COOPERATIVE SOCIETY ORGANIZED WITHIN A GROUP OF PEOPLE OPERATING UNDER STATE AND FEDERAL SUPERVISION PROVIDING A SYSTEM FOR ACCUMULATING SAVINGS AND CREDIT. 14 13 138 13 292054 -73251 0 0 17793269 18173446 882373 860053 65838 61060 18741480 19094559 0 0 1052026 1164473 6374170 6599415 0 0 0 8206334 8404191 15632530 16168079 3108950 2926480 429158985 425875266 369380684 363140022 59778301 62735244 TO PROVIDE OUR MEMBERS WITH THE BEST POSSIBLE FINANCIAL PRODUCTS AND SERVICES THAT A CREDIT UNION CAN OFFER EFFICIENTLY. 0 0 CRESCENT CREDIT UNION OFFERS A COMPLETE RANGE OF PERSONAL AND BUSINESS FINANCIAL SERVICES TO APPROXIMATELY 50,000 MEMBERS. THESE SERVICES INCLUDE CHECKING, SAVINGS, CERTIFICATES OF DEPOSIT, AND ALL TYPES OF LOANS, INCLUDING MORTGAGES, LINES OF CREDIT, EQUITY LOANS, PERSONAL LOANS AND CAR LOANS. AS OF 12/31/2017 THE CREDIT UNION HAD 13,317 LOANS OUTSTANDING, 17,256 CHECKING ACCOUNTS, 28,107 SAVINGS ACCOUNTS, AND 4,081 CERTIFICATE & IRA ACCOUNTS. 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 33367 0 1 138 1 1 1 0 0 0 0 0 X 14 13 1 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X BRIAN FINDLAY CFO 5084086305 1300 BELMONT STREET BROCKTON MA 023014290 ROBERT W GUSTAFSON PRESIDENT/CEO 55.00 X X 378282 0 29981 HOWARD SPILLER CHAIRMAN OF THE BOARD 10.00 X X 15000 0 1218 ALFRED NICCOLI VICE CHAIRMAN 5.00 X X 0 0 0 ARTHUR SULLIVAN VICE CHAIRMAN 5.00 X X 0 0 420 DAVID GOODMAN TREASURER 5.00 X X 0 0 0 JOHN KOLENTSAS CLERK 2.00 X X 0 0 420 ROBERT SIMS DIRECTOR 2.00 X 1546 0 1218 F ROBERT SILVERSTEIN DIRECTOR 2.00 X 0 0 1218 HERBERT NAGLE DIRECTOR 2.00 X 0 0 420 PAUL MARINO DIRECTOR 2.00 X 0 0 420 JAMES MIHOS DIRECTOR 2.00 X 0 0 0 JEAN CAPUTO WILLIAMS DIRECTOR 2.00 X 0 0 420 ANTONIO MACEDO DIRECTOR 2.00 X 0 0 420 WILLIAM ROSA DIRECTOR 2.00 X 0 0 420 STEPHEN SPOONER SENIOR VP/CFO 50.00 X 136495 0 23842 BRIAN FINDLAY VP/CFO 50.00 X 23243 0 0 PAUL PIJANOWSKI SENIOR VP 45.00 X 135758 0 41641 CHERYL MCCORMICK VICE PRESIDENT 45.00 X 119701 0 41314 DONNA MORAN VICE PRESIDENT 45.00 X 121104 0 38723 MARK HENNESSY VICE PRESIDENT 45.00 X 135889 0 42238 1067018 0 224333 6 0 1 0 FISERV 75 REMITTANCE DRIVE CHICAGO IL 60675 LOAN AND DEPOSIT PROCESSING 813820 LEE AND MASON FINANCIAL SERVICES PO BOX 270 NORTHVILLE NY 12134 VSI INSURANCE 202775 GATEHOUSE MEDIA PO BOX 845908 BOSTON MA 02284 ADVERTISING 193957 CUNA MUTUAL GROUP PO BOX 2964 MILWAUKEE WI 53201 INSURANCE 189997 PATECWINDSTREAM PO BOX 3177 CEDAR RAPIDS IA 524063177 TELE-COMM 112435 6 INTEREST ON LOANS 522100 14279010 14279010 SERVICE CHARGES 522100 2780874 2488820 292054 OTHER NON-INTEREST INCOME 522100 1016497 1016497 LOAN SERVICING FEES 524292 97065 97065 18173446 836752 836752 274370 213310 61060 61060 61060 1245301 1222000 23301 23301 23301 19094559 17881392 292054 921113 1164473 617652 4326962 331871 919557 403373 33619 113819 328898 405837 435982 1156887 2787 49758 632274 611539 154527 LOAN EXPENSE 1389674 FISERV NSP EXPENSE 874777 ATM EXPENSE 676905 PROVISION FOR LOSS 407888 1129020 16168079 11246041 11910117 2099227 135937 354579230 350104632 231357 299792 20626694 11099985 9910525 9526709 49878879 52451888 1213726 1446191 429158985 425875266 1404297 1562808 1563428 1578518 55814000 43249027 310598959 316749669 369380684 363140022 X 0 0 0 0 59778301 62735244 59778301 62735244 429158985 425875266 2926480 30463 0 X 0 1 X 1 0 0 1 X 3066196 3066196 8509031 3527677 4981354 986960 664575 322385 8064507 6907733 1156774 9526709 FEDERAL AGENCY OBLIGATIONS 22430381 F NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 3077854 C FHLB CAPITAL STOCK 2380400 C CERTIFICATES OF DEPOSIT 21629533 C OTHER INVESTMENTS 902034 F US TREASURIES 2031686 C 52451888 MEMBERS' SHARES 316749669 316749669 X 19307869 0 19307869 -213310 -213310 19094559 16381388 213310 213310 16168078 0 16168078 PART IV, LINE 2B: THE CREDIT UNION ESCROWS REAL ESTATE TAX PAYMENTS FROM MEMBERS WHO HAVE MORTGAGES WHICH ARE PERIODICALLY PAID BY THE CREDIT UNION TO THE CITY OR TOWN WHERE THE MEMBER RESIDES. PART X, LINE 2: THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2017 OR 2016. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE RECLASSED TO REVENUE -213,310. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE RECLASSED TO REVENUE 213,310. X 1 1 X X X 0 0 0 ROBERT W GUSTAFSON PRESIDENT/CEO 293061 0 85221 0 0 0 16200 0 30743 0 425225 0 0 0 STEPHEN SPOONER SENIOR VP/CFO 80252 0 56243 0 0 0 8313 0 24378 0 169186 0 0 0 PAUL PIJANOWSKI SENIOR VP 103515 0 32243 0 0 0 8583 0 42619 0 186960 0 0 0 CHERYL MCCORMICK VICE PRESIDENT 99701 0 20000 0 0 0 7656 0 42264 0 169621 0 0 0 DONNA MORAN VICE PRESIDENT 86861 0 34243 0 0 0 7665 0 39548 0 168317 0 0 0 MARK HENNESSY VICE PRESIDENT 115889 0 20000 0 0 0 8580 0 43284 0 187753 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - THE CREDIT UNION REIMBURSES BOARD MEMBERS FOR CONFERENCE EXPENSES (TRAVEL, MEALS, LODGING) INCURRED BY A BOARD MEMBER'S SPOUSE OR GUEST, AS DESCRIBED IN THE CREDIT UNION'S DIRECTORS CONFERENCE/CEONVENTION EXPENSES POLICY APPROVED BY THE BOARD. THESE EXPENES ARE TAXABLE TO THE RECIPEINT. FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBERS JAMES MIHOS AND DAVID GOODMAN HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY RSM US LLP UTILIZING INFORMATION PROVIDED BY THE CFO. THE CFO AND CEO REVIEW THE COMPLETED FORM AND A COPY IS PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING FORM 990 WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL NEW EMPLOYEES SIGN A FORM ACKNOWLEDGING THEY UNDERSTAND AND WILL ABIDE BY THE POLICIES CONTAINED IN THE EMPLOYEE HANDBOOK, INCLUDING ETHICS AND CONFLICTS POLICY. ALL EMPLOYEES ARE REQUIRED TO PARTICIPATE IN AN ON-LINE ETHICS TRAINING PROGRAM EACH YEAR AND PASS A QUIZ. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION UTILIZES SURVEY DATA PUBLISHED BY A THIRD PARTY SOURCE TO ESTABLISH SALARY RANGES FOR ALL EMPLOYEES. THE CEO APPROVES COMPENSATION ADJUSTMENTS FOR BRANCH MANAGERS AND ALL OTHER STAFF. THE CEO RECOMMENDS SENIOR MANAGEMENT COMPENSATION ADJUSTMENTS TO THE PERSONNEL COMMITTEE, WHICH IS COMPRISED OF BOARD MEMBERS. THE PERSONNEL COMMITTEE RECOMMENDS COMPENSATION ADJUSTMENTS FOR SENIOR MANAGEMENT ALONG WITH COMPENSATION ADJUSTMENTS FOR THE CEO. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D).