2016-05-11T09:11:05-05:00 2015-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2015-01-01 041659235 NEW BEDFORD CREDIT UNION NEWB 5089946546 1150 PURCHASE STREET NEW BEDFORD MA 027406687 MICHELLE GREENWALT VP OF FINANCE/CONTROLLER 5089946546 2016-05-09 1 SHERRI WESSELS P00888088 5074347000 2016-05-04 2015 2016-09-27 15:27:22Z DAVID BORGES 1150 PURCHASE STREET NEW BEDFORD MA 027406687 3925201 0 X WWW.NEWBEDFORDCU.COM X CU 1932 MA CREDIT UNION - PROVIDE THRIFT SERVICES TO MEMBERS WITH THE BEST SERVICE POSSIBLE. 9 9 61 9 30612 -76577 0 0 3614983 3441460 461638 462160 21050 21581 4097671 3925201 6336 5575 299401 290531 1588342 1699255 0 0 0 1701253 1809951 3595332 3805312 502339 119889 113524453 116404034 102639693 105395385 10884760 11008649 CREDIT UNION - PROVIDE THRIFT SERVICES TO MEMBERS WITH THE BEST SERVICE POSSIBLE. 0 0 MAINTENANCE OF MEMBER SHARES AND DEPOSITS. 22,202 ACCOUNTS FROM 10,039 MEMBERS. MAKING OF LOANS TO MEMBERS AT MARKET RATES OF INTEREST. NUMBER OF ACCOUNTS 2,958. 0 0 0 0 0 0 0 1 0 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1250 0 1 61 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 0 0 1 1 1 0 0 X DAVID BORGES 5089946546 1150 PURCHASE STREET NEW BEDFORD MA 027406687 JAMES W ALLEN TREASURER & CLERK 2.00 X X 4983 0 0 THOMAS CARREIRO ASSISTANT TREASURER 2.00 X X 0 0 0 ALFRED M GAUTHIER VICE CHAIRMAN 6.00 X X 0 0 0 DR JOSEPH S SILVA JR CHAIRMAN 12.00 X X 14831 0 0 PETER BERTHIAUME DIRECTOR 2.00 X 0 0 0 JEFFREY CAMARA DIRECTOR 2.00 X 0 0 0 ROSE RENEE FERNANDES-ABBOTT DIRECTOR 2.00 X 0 0 0 LAWRENCE J FINNERTY DIRECTOR 2.00 X 0 0 0 LAWRENCE OLIVEIRA DIRECTOR 2.00 X 0 0 0 STEVEN T MACH DIRECTOR 2.00 X 0 0 0 DAVID BORGES CEO/PRESIDENT 40.00 X 123384 0 11227 HUMBERTA VARAO EVP OPEARTIONS & ADMINISTR 40.00 X 83062 0 11535 MICHELLE GREENWALT VP FINANCE/CONTROLLER 40.00 X 74949 0 10125 TARA BROWNELL AVP OPERATIONS 40.00 X 55939 0 4905 JENNIFER DELGADO VP LENDING 40.00 X 68449 0 9951 425597 0 47743 1 0 0 0 FISERV 1601 TRAPELO ROAD SUITE 240 WALTHAM MA 02451 DATA PROCESSING 303155 PSCU 560 CARLLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD SERVICES 108741 2 INTEREST ON LOANS 900099 2761027 2761027 SERVICE CHARGES & FEES 522100 680433 649821 30612 3441460 462160 462160 OTHER INCOME 524298 21581 21581 21581 3925201 3432429 30612 462160 X 5575 290531 473340 871156 261533 93226 5090 38008 420253 58204 706461 173371 24384 126547 MISCELLANEOUS 119540 LOAN SERVICING EXPENSE 107870 EDUCATIONAL EXPENSE 37245 PROVISION FOR LOAN & LE -7022 3805312 1392069 1171445 24459702 28075378 57174570 60064962 146388 136454 3825016 3117752 783079 707264 22855549 19891901 6713096 6356630 113524453 116404034 298732 370413 94311 100593 102246650 104924379 102639693 105395385 X 0 0 0 0 10884760 11008649 10884760 11008649 113524453 116404034 X 119889 4000 X X 0 1 X 1 0 0 1 X 172200 172200 690809 610401 80408 1736156 1463619 272537 1225851 1043732 182119 707264 HTM SECURITIES 19891901 C 19891901 NCUSIF DEPOSIT 1018051 OTHER ASSETS 243001 ACCRUED INTEREST RECEIVABLE 183904 INVESTMENTS IN OTHER CORPORATE CREDIT UNIONS 4911674 6356630 MEMBER SHARE AND SAVINGS ACCOUNTS 104924379 104924379 X 3919351 3995 3995 3915356 9845 9845 3925201 3795467 0 3795467 9845 9845 3805312 PART IV, LINE 2B: THE CREDIT UNION SERVICES MORTGAGE LOANS. CUSTODIAL ESCROW BALANCES ARE MAINTAINED IN CONNECTION WITH THESE LOANS. PART X, LINE 2: PER FOOTNOTE 1 IN THE 12/31 AUDIT REPORT - THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS, THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION HAS FILED ITS ANNUAL 990 TAX RETURN FOR 2014, 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, 2015 AND 2014. THE CREDIT UNION'S 2012 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: TO RECLASSIFY AN ADJUSTMENT MADE BY THE CLIENT OT CORRECT THE BALANCE OF DIRECTORS LIFE INSURANCE - ADJUSTMENT PER AUDIT 4,000. ROUNDING -5. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXPENSES NETTED AGANST INCOME IN THE FINANCIAL STATEMENTS BUT REPORTED IN THE EXPENSE SECTION OF THE 990 9,845. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSES NETTED AGAINST INCOME IN THE FINANCIAL STATEMENTS BUT REPORTED IN THE EXPENSE SECTION OF THE 990 9,845. 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 11 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 15A FORM 990, PART VI, SECTION B, LINE 15: THE BOARD 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 THE PERSONNEL COMMITTEE 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. 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 IX, LINE 11G OTHER PROFESSIONAL SERVICES 420,253. FORM 990, PART XI, LINE 9: TO RECLASSIFY AN ADJUSTMENT MADE BY CLIENT TO CORRECT THE BALANCE OF DIRECTORS LIFE INSURANCE - ADJUSTMENT PER AUDIT 4,000. FORM 990, PART XII, LINE 2C AUDIT OVERSIGHT - THE AUDIT COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT.