2016-11-15T10:18:15-06:00 2015-12-31 420714325 RSM US LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2015-01-01 041217290 CRESCENT CREDIT UNION CRES 5085806511 PO BOX 4290 BROCKTON MA 023034290 ROBERT GUSTAFSON PRESIDENT/CEO 5085806511 2016-11-14 1 GERALD B KISSELL P00092658 6123324300 2015 2017-02-10 21:41:12Z ROBERT GUSTAFSON PO BOX 4290 BROCKTON MA 023034290 17194947 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 13 125 12 339925 0 0 0 15749899 16187863 646942 752819 34209 36854 16431050 16977536 0 0 1261746 1145384 6527807 6350766 0 0 0 6708411 6628498 14497964 14124648 1933086 2852888 429538860 434556512 375624491 377927870 53914369 56628642 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 12/31/2015 THE CREDIT UNION HAD 14,533 LOANS OUTSTANDING, 15,929 CHECKING ACCOUNTS, 31,912 SAVINGS ACCOUNTS, AND 4,726 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 34749 0 1 125 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 STEPHEN SPOONER 5084086305 1300 BELMONT STREET BROCKTON MA 023014290 ROBERT W GUSTAFSON PRESIDENT/CEO 55.00 X X 334110 0 24716 JAMES MIHOS CHAIRMAN OF THE BOARD 10.00 X X 0 0 0 HOWARD SPILLER VICE CHAIRMAN 5.00 X X 0 0 1218 JEAN CAPUTO WILLIAMS VICE CHAIRMAN 5.00 X X 0 0 420 DAVID GOODMAN TREASURER 5.00 X X 0 0 0 ALFRED NICCOLI CLERK 2.00 X X 0 0 0 ROBERT SIMS DIRECTOR 2.00 X 1371 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 893 0 420 JOHN KOLENTSAS DIRECTOR 2.00 X 0 0 420 ANTONIO MACEDO DIRECTOR 2.00 X 0 0 420 WILLIAM ROSA DIRECTOR 2.00 X 601 0 420 ARTHUR SULLIVAN DIRECTOR 2.00 X 0 0 420 STEPHEN SPOONER SENIOR VP/CFO 50.00 X 174711 0 31375 PAUL PIJANOWSKI SENIOR VP 45.00 X 112109 0 27817 CHERYL MCCORMICK VICE PRESIDENT 45.00 X 111917 0 27822 DONNA MORAN VICE PRESIDENT 45.00 X 110936 0 27679 NANCY VAN LENTEN MORTGAGE ORIGINATOR 45.00 X 136843 0 8734 983491 0 154737 6 0 1 0 FISERV 75 REMITTANCE DRIVE CHICAGO IL 60675 LOAN AND DEPOSIT PROCESSING 786362 GATEHOUSE MEDIA PO BOX 845908 BOSTON MA 02284 ADVERTISING 198431 LEE AND MASON FINANCIAL SERVICES PO BOX 270 NORTHVILLE NY 12134 VSI INSURANCE 159759 BFI PRINT COMMUNICATIONS 602 BEDFORD STREET WHITMAN MA 02382 PRINTING 127760 PAETECWINDSTREAM PO BOX 3177 CEDAR RAPIDS IA 524063177 TELE-COMMUNICATIONS 114541 5 INTEREST ON LOANS 522100 12349069 12349069 SERVICE CHARGES 522100 2807007 2486356 320651 OTHER NON-INTEREST INCOME 522100 922995 922995 LOAN SERVICING FEES 524292 108792 108792 16187863 632421 632421 254265 217411 36854 36854 19274 17580 120398 0 120398 120398 120398 16977536 15867212 339925 770399 1145384 576457 4249320 333680 797446 393863 32784 121500 340381 416945 493422 1274884 2954 25570 681971 513789 150740 FISERV NSP EXPENSE 787605 ATM EXPENSE 584942 PROVISION FOR LOSS 85254 1115757 14124648 6169518 8326414 816570 3315875 355218579 360860313 324962 289525 19329172 9947562 9569002 9381610 56187658 51138155 1252571 1244620 429538860 434556512 1164785 1308223 1427304 1523457 80163985 70460000 292868417 304636190 375624491 377927870 X 0 0 0 0 53914369 56628642 53914369 56628642 429538860 434556512 2852888 -138615 0 X 0 1 X 1 0 0 1 X 3066196 3066196 8221113 3068340 5152773 986960 611700 375260 7054903 6267522 787381 9381610 FEDERAL AGENCY OBLIGATIONS 24675219 F NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 2855496 F FHLB CAPITAL STOCK 4041200 F CERTIFICATES OF DEPOSIT 18794151 F OTHER INVESTMENTS 772089 F 51138155 DEPOSITS 304390393 OTHER LIABILITIES 245797 304636190 X 17194947 0 17194947 -217411 -217411 16977536 14342059 217411 217411 14124648 0 14124648 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, 2015 OR 2014. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE RECLASSED TO REVENUE -217,411. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE RECLASSED TO REVENUE 217,411. X 1 1 X X X 0 0 0 ROBERT W GUSTAFSON PRESIDENT/CEO 269648 0 64462 0 0 0 15900 0 9848 0 359858 0 0 0 STEPHEN SPOONER SENIOR VP/CFO 132800 0 41911 0 0 0 10639 0 21790 0 207140 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/CONVENTION EXPENSES POLICY APPROVED BY THE BOARD. THESE EXPENSES ARE TAXABLE TO THE RECIPIENT. 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 11 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 RECOMMENDS ANNUAL COMPENSATION ADJUSTMENTS FOR BRANCH MANAGERS AND OFFICERS TO THE PERSONNEL COMMITTEE, WHICH IS COMPRISED OF BOARD MEMBERS. THE PERSONNEL COMMITTEE RECOMMENDS COMPENSATION ADJUSTMENTS FOR THE CEO, BRANCH MANAGERS, AND OFFICERS FOR VOTE. FORM 990, PART VI, SECTION C, LINE 19 CURRENT FINANCIAL STATEMENTS ARE POSTED ANNUALLY AT THE MAIN OFFICE, HEADQUARTERS BUILDING, AND EACH BRANCH LOCATION. THE GOVERNING DOCUMENTS AND CONFLICTS OF INTEREST POLICY ARE AVAILABLE UPON REQUEST.