2017-04-28T10:26:34-05:00 2016-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2016-01-01 046017806 Harvard Unversity Employees Credit Union % EUGENE J FOLEY HARV 6174954460 104 Mt Auburn St 4th floor cambridge MA 02138 CRAIG E LEONARD EVP & CEO 6174954460 2017-04-27 true Michael J Rowe CPA P00535831 6174399700 2017-04-27 146.115.63.177 04102520171185000000 2017-04-28 P FC2C3B3E33F5728E88F8F1C970CCBE89E423E2A2 AB4632533840A799C2F045CE9F5D9B6D33CBA32F 2016 2021-01-29 14:40:06Z EUGENE FOLEY 104 MT AUBURN ST 4TH FLOOR Cambridge MA 02138 108279131 false X www.huecu.org X 1939 MA Provide convenient financial and personal services in the best interest of our members, as well as educating our community about finances 15 15 93 15 0 0 0 21855676 24301518 2205140 2786115 0 0 24060816 27087633 0 0 0 0 7830241 8898225 0 0 0 11930527 12752271 19760768 21650496 4300048 5437137 515925030 572272714 471128475 521888034 44796555 50384680 HARVARD UNIVERSITY EMPLOYEES CREDIT UNION ASPIRES TO BE A TRUSTED PARTNER IN OUR MEMBERS FINANCIAL LIVES. WE ADD VALUE TO MEMBERSHIP BY OFFERING THE BEST POSSIBLE PRICE, THE HIGHEST QUALITY PERSONAL SERVICE, AND SINCERE, SOUND ADVICE. THE CREDIT UNION SEEKS TO BE KNOWN AS A COMMUNITY LEADER AND TO DEEPEN ITS LONG STANDING COMMITMENT TO HOUSING ISSUES, GREEN INITIATIVES, FINANCIAL LITERACY AND ACCESS TO CREDIT FOR LOW AND MODERATE INCOME BORROWERS. THE CREDIT UNION WORKS TOWARD TRANSFORMATIONAL GROWTH AND CHANGE WITHOUT RELINQUISHING THE CORE VALUES WE HOLD TODAY. WE ARE A NOT-FOR-PROFIT COOPERATIVE WHICH EXISTS SOLELY FOR THE BEST INTEREST OF OUR MEMBERS. WE VALUE INTEGRITY AND RESPONSIBILITY IN ALL OF OUR ACTIONS. WE STRIVE TO ENHANCE OUR COMMUNITIES AND CREATE SOLUTIONS FOR SOCIAL, ENVIRONMENTAL AND ECONOMIC ISSUES. false false Harvard University Employees Credit Union (the "Credit Union") is a state-chartered credit union organized under the provisions of the Massachusetts Credit Union Act. Participation in the Credit Union is limited to those individuals who qualify for membership. The field of membership is defined in the Credit Unions Charter and Bylaws. The Credit Union provides a variety of financial services to members. Its primary lending products are residential real estate and consumer loans and its primary share products are checking, savings and term certificate accounts. The Credit Union has over 47,300 members. The membership is primarily limited to those employees, faculty, students, and alumni of Harvard University and its affiliated hospitals. false false false false false false false true false true false true false true true true false false false false false false false false false false false false true false true false false false true false false false false false false false false true 10335 0 true 93 true false false false false false false X 15 15 false false false false true true true true true false true true true true true true true true true true false X EUGENE J FOLEY 6174954460 104 MT AUBURN ST 4TH FLOOR Cambridge MA 02138 Guillermo Banchiere director 1.0 0.0 X 0 0 0 Ann Dexter Director 1.0 0.0 X 0 0 0 Shahar Ziv director 1.0 0.0 X 0 0 0 James Barrows director 1.0 0.0 X 0 0 0 Karrie Ford director 1.0 0.0 X 0 0 0 John Lichten Treasurer/director 1.0 0.0 X X 0 0 0 Thomas Lucey director 1.0 0.0 X 0 0 0 Jerremiah Murphy vice-chairman/director 1.0 0.0 X X 0 0 0 Jason Luke director 1.0 0.0 X 0 0 0 Mary Straub clerk/director 1.0 0.0 X X 0 0 0 George White chairman/director 1.0 0.0 X X 0 0 0 Dee Dee Chen director 1.0 0.0 X 0 0 0 April Edrington director 1.0 0.0 X 0 0 0 Amartya Ray director 1.0 0.0 X 0 0 0 Dennis Campbell director 1.0 0.0 X 0 0 0 Eugene J Foley President and CEO 40.0 0.0 X 461329 0 51283 Craig Leonard EVP & CFO 40.0 0.0 X 254678 0 46765 Thomas Montilli Chief Mktg & Retail officer 40.0 0.0 X 97403 0 26455 John Degnan SVP, Operation 40.0 0.0 X 164147 0 35255 Peter Buchanan SVP, Real Estate Lending 40.0 0.0 X 164147 0 35255 Thomas Murphy SVP, Consumer Lending 40.0 0.0 X 179598 0 37203 TANISE ADAMS-WADE CONTROLLER 40.0 0.0 X 119054 0 29683 Michael Levine Mortgage Loan Originator 40.0 0.0 X 128726 0 29021 1569082 0 290920 10 false true false PSCU 560 Carillon Parkway ST PETERSBURG FL 33716 data processing 2532470 fiserv 1250 Grumman Place TITUSVILLE FL 32780 data processing 1152670 DIEBOLD PO BOX 643543 PITTSBURGH PA 15264 ATM SERVICES 220523 National Credit Union Administratio PO Box 979069 ST LOUIS MO 63197 Insurance 275704 Q2banking PO Box 678272 DALLAS TX 75267 online banking svcs 286272 5 0 INTEREST ON LOANS 522100 20955506 20955506 VARIOUS BANK FEES 522100 3346012 3346012 24301518 790078 790078 0 0 0 0 0 83187535 81191498 1996037 1996037 1996037 0 0 0 0 27087633 24301518 2786115 0 0 0 0 813411 0 5760649 0 2324165 0 0 18877 101545 0 0 0 449755 495827 711535 2347442 0 1935329 0 0 162371 1170348 0 502485 120004 PROVISION FOR LOSSES 1140000 LOAN SERVICING EXPENSES 1368502 TRANSACTION FEES 1008614 VIFI HOME BANKING 385390 834247 21650496 36418059 35874310 0 0 0 0 0 0 0 0 0 0 408388298 476776890 0 0 320252 335544 7989401 5724009 2548750 2265392 0 0 6819400 7155700 50564310 37896994 0 0 10865961 11967884 515925030 572272714 5409229 8379601 0 0 0 0 0 0 1691949 2274003 0 0 0 0 0 0 464027297 511234430 471128475 521888034 X 0 0 0 0 44796555 50384680 44796555 50384680 515925030 572272714 5437137 150988 X false true X true false true 4935443 3646385 1289058 2341667 1504212 837455 712291 573412 138879 2265392 BONDS 30333438 F MBS AGENCIES 7563556 F 37896994 0 SAVINGS ACCOUNTS 178815279 CHECKING ACCOUNTS 110866291 MONEY MARKET ACCOUNTS 129251766 CLUB ACCOUNTS 1862900 IRA ACCOUNTS 17433483 CERTIFICATES OF DEPOSITS 55004711 FHLB ADVANCES 18000000 511234430 X 27087633 27087633 27087633 21650496 21650496 21650496 Schedule D, Part IV, Line 2b - Escrow Account AS PART OF THE MORTGAGE AGREEMENT, AN ESCROW ACCOUNT IS MAINTAINED FOR EACH MORTGAGE WHERE ESCROW OF REAL ESTATE TAXES & HOME OWNERS INSURANCE IS REQUIRED. THE CREDIT UNION COMPLIES WITH ALL FEDERAL & STATE LAWS REGARDING DISCLOSURES AND OPERATION OF THESE ACCOUNTS. Schedule D, Part X, Line 2 - uncertain tax positions The Credit Union is exempt, by statute, from federal income taxes. However, the Credit Union may be subject to unrelated business income tax ("UBIT") at the state and federal level. Management believes there is no UBIT liability for the years ended December 31, 2016 and 2015. The Credit Union has evaluated its tax positions as of December 31, 2016 and 2015 and concluded that there are no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance. The Credit Union files Form 990 in the U.S. federal jurisdiction and the state of Massachusetts. The Credit Union is no longer subject to examination by the Internal Revenue Service for years before 2014. X true true X X X X false false false Eugene J Foley President and CEO 349135 0 99810 0 12384 0 29203 0 22080 0 512612 0 0 0 John Degnan SVP, Operation 139147 0 25000 0 0 0 18089 0 17166 0 199402 0 0 0 Peter Buchanan SVP, Real Estate Lending 139147 0 25000 0 0 0 18089 0 17166 0 199402 0 0 0 Craig Leonard EVP & CFO 204678 0 50000 0 0 0 28066 0 18699 0 301443 0 0 0 Thomas Murphy SVP, Consumer Lending 149598 0 30000 0 0 0 19792 0 17411 0 216801 0 0 0 Michael Levine Mortgage Loan Originator 127526 0 1200 0 0 0 10903 0 18118 0 157747 0 0 0 Travel for companion The Credit Union provides spouse travel for its directors and officers. PSCU CU CEO is on the BOD 2532470 Electronic processing services false LOANS TO INTERESTED PERSONS The Credit Union grants loans to interested person (officers, directors, trustees, key employees and the five highest compensated employees) at the same terms and conditions as offered to other members of the credit union. Per Schedule L instruction, these loans should not be disclosed. Business relationship Eugene J. Foley, the president & CEO, also serves on the board of PSCU which does business with the Credit Union. Mr. Foley abstains from any credit union decisions pertaining to PSCU and does not participate in contract negotiations. FROM 990, PART VI, SECTION A, LINEs 6, 7a & 7b - Members Line 6 - The Credit Union has approximately 47,300 members in its field of membership. Line 7a - Each member has one voting right to cast at the annual meeting to elect the members of the Board of Directors. Five of fifteen directors are voted in each year. Line 7b - any bylaw changes must be approved by the members at the annual meeting. A special meeting may also be called to vote on a by law change. FROM 990, PART VI, SECTION B, LINE 11B - Review of Form 990 The 990 is prepared by the outside accounting firm and then reviewed by the CFO of the Credit Union. The 990 is then presented to the Audit Committee for final review prior filing with the IRS. FROM 990, PART VI, SECTION B, LINE 12C - CONFLICT OF INTEREST POLICY The credit union has a conflict of interest policy in place. The board of directors review the conflict of interest policy annually. Form 990, PART VI, SECTION B, LINES 15A & 15B COMPENSATION DETERMINATION PROCESS Each year the executive committee and personnel committee review the performance and position of the President/CEO. Independent credit union compensation data is referenced and utilized, as well as engaging independent compensation consultants, in determining compensation. The final salary recommendation is presented and approved by the Board of Directors. FROM 990, PART VI, SECTION C, LINE 19 - GOVERNING DOCUMENTS Bylaws, conflicts of interest policy, and financial statements are available upon request. Financial statements are posted in each branch monthly.