2016-08-11T13:22:48-05:00 2015-09-30 420714325 RSM US LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2014-10-01 042348884 LEOMINSTER CREDIT UNION LEOM 9785378021 20 ADAMS STREET LEOMINSTER MA 01453 GARY ABRAMS EVPCOOCFO EVP, CFO, COO 9785378021 2016-08-09 1 GERALD B KISSELL P00092658 6123324300 2014 2016-12-15 16:53:06Z JOHN O'BRIEN 20 ADAMS STREET LEOMINSTER MA 01453 67155693 0 X WWW.LEOMINSTERCU.COM X 1954 MA LEOMINSTER CREDIT UNION (LCU) EXISTS TO FULFILL OUR MEMBERS' FINANCIAL NEEDS THROUGH OUTSTANDING SERVICE AND EFFECTIVE TECHNOLOGY. 11 11 172 0 51665 -87020 0 0 18547360 18358801 6403276 5382748 297391 415418 25248027 24156967 117072 127703 3434909 2806986 8996997 9678983 0 0 0 10322294 9911394 22871272 22525066 2376755 1631901 619865762 631489302 559046607 568895139 60819155 62594163 X LEOMINSTER CREDIT UNION (LCU) IS A COMMUNITY-BASED FINANCIAL SERVICES PROVIDER. WE EXIST TO FULFILL OUR MEMBERS' FINANCIAL NEEDS THROUGH OUTSTANDING SERVICE AND EFFECTIVE TECHNOLOGY. AS A RESPONSIBLE CORPORATE CITIZEN, WE ARE COMMITTED TO ENRICHING THE COMMUNITIES IN WHICH WE LIVE AND WORK. 0 0 TO SERVE OUR MEMBERS, OUR HIGHEST EXPENSE IS INTEREST PAID ON CERTIFICATES OF DEPOSIT. AT YEAR-END, THE CREDIT UNION HAD 54,604 MEMBERS, AND INTEREST PAID ON CERTIFICATES OF DEPOSIT TOTALED $1,634,427. OUR SECOND HIGHEST EXPENSE IS INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 54,604 MEMBERS, AND INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS TOTALED $510,013. OUR THIRD HIGHEST EXPENSE IS INTEREST PAID ON DEMAND DEPOSIT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 54,604 MEMBERS, AND INTEREST PAID ON DEMAND DEPOSIT ACCOUNTS TOTALED $312,236. WE CONTINUE TO MAKE CREDIT AVAILABLE TO OUR MEMBERS FOR THE PURCHASE OF HOMES, VEHICLES, AND SMALL BUSINESSES. WE RAISE CAPITAL BY RECEIVING MEMBER DEPOSITS AND PAYING INTEREST ON THOSE DEPOSITS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 11295 0 1 172 1 1 1 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X GARY ABRAMS 9784667263 20 ADAMS STREET LEOMINSTER MA 01453 ANTHONY GASBARRO CHAIR 2.00 X X 6530 0 0 GIULIO GRECO TREASURER 1.00 X X 3423 0 0 HENRY KULIK ASSISTANT TREASURER 1.00 X X 4610 0 0 RICHARD SHEPPARD CLERK 1.00 X X 5160 0 0 AMEDEO BILOTTA DIRECTOR 1.00 X 4610 0 0 BRUCE BOLLIVAR DIRECTOR 1.00 X 3361 0 0 ANDREW COUSINS DIRECTOR 1.00 X 1511 0 0 NANCY GRAVES DIRECTOR 1.00 X 3128 0 0 JOYCE LAFLEUR DIRECTOR 1.00 X 1649 0 0 JOSEPH QUINTAL DIRECTOR 1.00 X 3236 0 0 MICHAEL SAUVAGEAU DIRECTOR 1.00 X 4610 0 0 JOHN O'BRIEN PRESIDENT/CEO 40.00 X 235757 0 25658 GARY ABRAMS EVP/COO/CFO 40.00 X 222478 0 39124 CRAIG MADONIA SENIOR VICE PRESIDENT 40.00 X 140176 0 26976 BARBARA MAHONEY SENIOR VICE PRESIDENT 40.00 X 135899 0 33825 THOMAS CLANCY VICE PRESIDENT 40.00 X 126037 0 33333 JANET BELSKY VICE PRESIDENT 40.00 X 115469 0 18044 CAROL PERRON SENIOR VICE PRESIDENT 40.00 X 145495 0 16956 1163139 0 193916 8 0 1 0 FISERV PO BOX 22705 LINCOLN NE 68542 IT SERVICES 1228426 RED HAWK FIRE & SECURITY PO BOX 677671 DALLAS TX 752677671 ATM SERVICES 283830 LEE & MASON FINANCIAL SERVICES PO BOX 270 NORTHVILLE NY 12134 INSURANCE SERVICES 259677 DAVIS ADVERTISING 1331 GRAFTON ST WORCESTER MA 01604 ADVERTISING SERVICES 248935 PAETEC PO BOX 9001013 LOUISVILLE KY 402901013 TELEPOHONE SERVICES 242298 16 INTEREST ON LOANS 522100 14497069 14497069 SERVICE CHARGES AND FEE INCOME 522100 3861732 3810067 51665 18358801 5137249 5137249 87727 0 87727 87727 87727 42730040 514185 42441474 557252 288566 -43067 245499 245499 CREDIT UNION OWNED LIFE INSURANCE 900099 327691 327691 327691 24156967 18307136 51665 5798166 127703 2806986 567725 7092921 441599 1004844 571894 5383 297000 485100 566326 1372824 1129395 34437 53062 1653366 1323128 158294 MAINTENANCE AND SERVICE 1448025 PROVISION FOR LOAN LOSS 435778 SECURITY 255926 COLLECTIONS 187067 506283 22525066 6023024 5655337 407126738 418467557 848372 931199 24592269 12778913 12663825 11813356 167756718 167884044 6365600 6859300 19081485 19878509 619865762 631489302 3800917 3508274 1239487 1379455 554006203 564007410 559046607 568895139 X 0 0 0 0 60819155 62594163 60819155 62594163 619865762 631489302 1631901 143107 0 X 0 1 X 1 0 0 1 X 1732401 1732401 12659688 4607641 8052047 615462 294390 321072 9164824 7842452 1322372 419894 34430 385464 11813356 MEMBERS' SHARES 425857410 BORROWED FUNDS 138150000 564007410 X 24156967 0 24156967 0 24156967 22525066 0 22525066 0 22525066 PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY INSURANCE AND TAXES ON BEHALF OF ITS MORTGAGE LOAN ACCOUNTS. PART X, LINE 2: MANAGEMENT EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THAT THE CREDIT UNION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. 1 BOYS AND GIRLS CLUB OF FITCHBURG LEOMINSTER 365 LINDELL AVE LEOMINSTER MA 01453 043576700 501(C)(3) 7180 FMV PROGRAM SUPPORT THE DOYLE FIELD FOUNDATION INC 40 ALBERT DR LEOMINSTER MA 01453 542106411 501(C)(3) 10000 FMV GENERAL SUPPORT FITCHBURG STATE UNIVERSITY FOUNDATION INC 160 PEARL ST FITCHBURG MA 01420 042661048 501(C)(3) 10000 FMV GENERAL SUPPORT HABITAT FOR HUMANITY NORTH CENTRAL MA 138 GREAT RD ACTON MA 01720 042999854 501(C)(3) 5125 FMV PROGRAM SUPPORT HEALTH ALLIANCE HOPSITAL FOUNDATION 60 HOSPITAL RD LEOMINSTER MA 01453 042103555 501(C)(3) 5200 FMV PROGRAM SUPPORT LEOMINSTER ARTS COUNCIL 320 PLEASANT ST LEOMINSTER MA 01453 042784618 501(C)(3) 8000 FMV PROGRAM SUPPORT MOUNT WACHUSETT COMMUNITY COLLEGE FOUNDATION INC 444 GREEN ST GARDNER MA 01440 237136083 501(C)(3) 7977 FMV PROGRAM SUPPORT UNITED WAY OF NORTH CENTRAL MASSACHUSETTS 649 JOHN FITCH HIGHWAY FITCHBURG MA 01420 042233021 501(C)(3) 14413 FMV GENERAL SUPPORT WORECESTER STATE FOUNDATION 486 CHANDLER ST WORCESTER MA 01602 223248067 501(C)(3) 6500 FMV PROGRAM SUPPORT 9 PART I, LINE 2: THE CREDIT UNION INFORMALLY FOLLOWS UP WITH GRANT RECIPIENTS AND ENSURES THAT GRANT FUNDS ARE USED FOR THE PURPOSE INTENDED. X 1 1 X X X X 0 0 0 JOHN O'BRIEN PRESIDENT/CEO 234263 0 0 0 1494 0 18900 0 8198 0 262855 0 0 0 GARY ABRAMS EVP/COO/CFO 208570 0 0 0 13908 0 18283 0 22281 0 263042 0 0 0 CRAIG MADONIA SENIOR VICE PRESIDENT 138889 0 0 0 1287 0 6332 0 23857 0 170365 0 0 0 BARBARA MAHONEY SENIOR VICE PRESIDENT 134615 0 0 0 1284 0 11372 0 26124 0 173395 0 0 0 THOMAS CLANCY VICE PRESIDENT 125291 0 0 0 746 0 10611 0 23814 0 160462 0 0 0 CAROL PERRON SENIOR VICE PRESIDENT 144703 0 0 0 792 0 8871 0 9306 0 163672 0 0 0 PART I, LINE 1A THE CREDIT UNION WILL REIMBURSE THE COST OF BOARD APPROVED SPOUSAL OR "SIGNIFICANT OTHER" TRAVEL EXPENSES WHEN ACCOMPANYING A DIRECTOR ON AN EDUCATIONAL EVENT OR SPECIAL PLANNING/MEETING HELD OFF-SITE FROM LEOMINSTER CREDIT UNION. COSTS INCLUDE TRAVEL, GUEST REGISTRATION, LODGING, AND MEALS. THERE WERE 17 COMPANION TRAVEL TRIP REIMBURSEMENTS IN FY15. 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 THE AVP/TREASURY AND EXECUTIVE VICE PRESIDENT REVIEW FORM 990 PRIOR TO ITS FILING. A COPY IS ALSO PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C WE SHARE OUR CONFLICT OF INTEREST POLICY WITH NEW EMPLOYEES WHEN WE HIRE THEM, AND THEY SIGN OFF TO ACKNOWLEDGE RECEIPT. THIS POLICY OUTLINES THE PARAMETERS AROUND ACTIVITIES WHICH CONFLICT WITH OR APPEAR TO CONFLICT WITH THE BUSINESS INTERESTS OF LCU. ANNUALLY, WE DISTRIBUTE OUR ETHICS POLICY AND WHISTLEBLOWER POLICY TO REITERATE THE GUIDELINES IN REFERENCE TO CONFLICT OF INTEREST AND THE PROCESS IN PLACE TO ADDRESS ISSUES THAT MAY ARISE. EMPLOYEES SIGN OFF ON BOTH OF THESE PROCESSES ANNUALLY TO ACKNOWLEDGE THEIR RECEIPT. FORM 990, PART VI, SECTION B, LINE 15 HUMAN RESOURCES (HR) REVIEWS ALL RECOMMENDATIONS TO INCREASE THE SALARY OF ITS OFFICERS AND KEY EMPLOYEES WITHIN THE CREDIT UNION. HR REFERENCES PRE-DETERMINED SALARY RANGES FOR THE RESPECTIVE POSITION, AS WELL AS INFORMATION FROM PURCHASED SALARY SURVEYS TO DETERMINE THE APPROPRIATENESS OF THE RECOMMENDATION. IN ADDITION, HR LOOKS AT THE EQUITY TO COMPARABLE ROLES WITHIN THE CREDIT UNION BEFORE APPROVING THE RECOMMENDATION. FORM 990, PART VI, SECTION C, LINE 19 OUR GOVERNING DOCUMENTS AND FINANCIAL STATEMENT ARE AVAILABLE TO MEMBERS UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FINANCIAL STATEMENTS ARE POSTED IN THE LOBBIES OF OUR BRANCHES FOR MEMBERS TO REVIEW. WE DO NOT MAKE OUR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. LCU INSURANCE SERVICES LLC 20 ADAMS STREET LEOMINSTER MA 01453 452079582 INSURANCE SERVICES MA 7231 22253 LEOMINSTER CREDIT UNION