2025-11-14T13:17:07-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2024-01-01 041659235 NEW BEDFORD CREDIT UNION NEWB 5089946546 1150 PURCHASE ST NEW BEDFORD MA 027406687 HUMBERTA VARAO PRESIDENT & CEO 5089946546 2025-11-14 1 0 TANYA MEDGAARDEN P01717240 5074347000 2025-11-14 2024 2025-03-06 01:10:19Z HUMBERTA VARAO 1150 PURCHASE ST NEW BEDFORD MA 027406687 8445640 0 X HTTPS://NBCU4U.COM/ X CU 1932 MA CREDIT UNION - PROVIDE THRIFT SERVICES TO MEMBERS WITH THE BEST SERVICE POSSIBLE. 8 8 72 7 28638 0 0 0 6268541 6799382 1095701 1646258 0 0 7364242 8445640 0 0 1159813 1613194 2337534 2742755 0 0 0 2732254 2774857 6229601 7130806 1134641 1314834 161961741 162575618 146542861 145841909 15418880 16733709 CREDIT UNION - PROVIDE THRIFT SERVICES TO MEMBERS WITH THE BEST SERVICE POSSIBLE. 0 0 MAINTENANCE OF MEMBER SHARES AND DEPOSITS. MAKING OF LOANS TO MEMBERS AT MARKET RATES OF INTEREST. 0 0 0 0 0 0 0 1 0 1 0 1 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 1090 0 72 1 1 1 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 1 1 0 0 1 1 1 1 0 X HELENA MAGANO 5089946546 1150 PURCHASE STREET NEW BEDFORD MA 02740 PETER E BERTHIAUME CHAIRMAN 2.00 X X 19404 0 0 LAWRENCE OLIVEIRA VICE CHAIRMAN 2.00 X X 0 0 0 THOMAS J CARREIRO TREASURER & CLERK 2.00 X X 7154 0 0 DENNIS AUDETTE 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 D STEVEN WHITE DIRECTOR 2.00 X 0 0 0 JACQUELINE EINSTEIN DIRECTOR 2.00 X 0 0 0 HUMBERTA VARAO PRESIDENT/CEO 40.00 X 256032 0 45423 ERIC SCHIFRINE CFO 40.00 X 148846 0 3202 431436 0 48625 2 0 1 0 FISERV PO BOX 934057 ATLANTA GA 31193 CORE SYSTEM 873322 PSCU 560 CARLLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD SERVICES 199046 FERREIRA GROUP 99 CLARA ST NEW BEDFORD MA 02744 IT 152769 3 INTEREST ON LOANS 522100 5663409 5663409 SERVICE CHARGES & FEES 522100 1135973 1107335 28638 6799382 1646258 1646258 8445640 6770744 28638 1646258 1613194 480061 1786106 270472 44194 161922 4893 32896 564455 147078 1329971 196647 9880 90593 LOAN SERVICING EXPENSE 170507 MISCELLANEOUS 90941 PROVISION FOR CREDIT LO 86000 OPERATING FEES 27686 23310 7130806 1329419 1106355 22169676 35082593 111408610 111077646 113540 79491 1797576 1217713 565664 579863 20726875 8871158 5647957 5778512 161961741 162575618 693342 407879 193040 111090 145656479 145322940 146542861 145841909 X 0 0 0 0 15418880 16733709 15418880 16733709 161961741 162575618 X 1314834 -5 X X 0 1 X 1 0 0 1 X 172200 172200 941189 717900 223289 684187 499813 184374 579863 HTM SECURITIES 8066484 C FHLB CAPITAL STOCK 81000 C OTHER INVESTMENTS 723674 C 8871158 MEMBER SHARE AND SAVINGS ACCOUNTS 145322940 145322940 X 8434622 0 8434622 11018 11018 8445640 7119789 0 7119789 11017 11017 7130806 PART IV, LINE 2B: THE CREDIT UNION SERVICES MORTGAGE LOANS. CUSTODIAL ESCROW BALANCES ARE MAINTAINED IN CONNECTION WITH THESE LOANS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM MOST FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED ITS ANNUAL 990 TAX RETURN FOR 2023, 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, 2024 AND 2023. THE CREDIT UNION'S 2021 THROUGH CURRENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: REV INCLUDED IN EXP 11,017. ROUNDING 1. PART XII, LINE 4B - OTHER ADJUSTMENTS: REV INCLUDED IN EXP 11,017. X X 0 0 0 HUMBERTA VARAO PRESIDENT/CEO 244686 0 11346 0 0 0 23043 0 22380 0 301455 0 0 0 ERIC SCHIFRINE CFO 148846 0 0 0 0 0 3202 0 0 0 152048 0 0 0 PART I, LINE 3 CEO COMPENSATION IS EVALUATED ANNUALLY AND MERIT INCREASES/RATE ADJUSTMENTS NEED TO BE APPROVED BY THE CHAIRMAN. INDUSTRY SALARY SURVEYS ARE REFERENCED. 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 15 THE BOARD EXECUTIVE COMMITTEE 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 VP OF HR 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. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. 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 XI, LINE 9: ROUNDING -5. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM PRIOR YEAR.