2015-08-14T09:10:52-05:00 2014-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2014-01-01 041231965 Jeanne D'Arc Credit Union % SUSAN HANNIGAN JEAN 9784525001 1 TREMONT PLACE Suite Lowell MA 01854 Susan J Hannigan SVP/CFO 9784525001 2015-08-13 true Michael J Rowe CPA P00535831 6174399700 2015-08-10 2014 2016-03-07 17:11:31Z X Susan Hannigan 1 TREMONT PLACE Lowell MA 01854 153712910 false X www.jdcu.com X 1912 MA JEANNE D'ARC CREDIT UNION IS A FULL SERVICE, MEMBER-OWNED community based credit union. 15 14 246 14 71931 -345978 0 0 27028040 30597629 6524886 4712048 7705158 8065762 41258084 43375439 0 0 0 0 14157785 15024698 0 0 0 22556948 23382272 36714733 38406970 4543351 4968469 1026005689 1089633441 944490423 999905566 81515266 89727875 WE OPENED OUR DOORS IN 1912 TO PROVIDE FINANCIAL STABILITY TO IMMIGRANTS WHO CAME HERE FROM ALL OVER THE WORLD TO WORK IN THE MILLS. OUR GOALS THEN WERE THE SAME AS THEY ARE NOW: HELPING EACH MEMBER MAKE SMART FINANCIAL CHOICES; HELPING PEOPLE SAVE FOR THEIR FUTURE; MAKING LOANS AVAILABLE SO OUR MEMBERS CAN REALIZE THE AMERICAN DREAM BY PURCHASING A HOME, BUYING A CAR OR EVEN STARTING THEIR OWN BUSINESS. false false Provide financial services to members as a licensed credit union. false false false false false false false false false true false false 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 97557 0 true 246 true true true false false false false false X 15 14 true false false false true true false true true false true true false true true true true true true true false X SUSAN HANNIGAN 9784525001 JEANNE DARC CU 1 TREMONT PLACE LOWELL MA 01854 John Chemaly Director 1.0 0.0 X 3719 0 0 Mark Cochran President/CEO/Director 40.0 0.0 X X 508790 0 44453 Peter Doyle Director 1.0 0.0 X 3719 0 0 George Eliades Vice Chariman 1.0 0.0 X 3719 0 0 Henri Marchand Director 1.0 0.0 X 3719 0 0 Carol McDonough Director 1.0 0.0 X 3719 0 0 Dorcas Grigg Satio Director 1.0 0.0 X 3719 0 0 Ellen Murphy Meehan Director 1.0 0.0 X 3719 0 0 Joseph Randazza Director (deceased 7/14/14) 1.0 0.0 X 2099 0 0 William Soucy Director 1.0 0.0 X 3719 0 0 Richard Viau Chairman of the Board 1.0 0.0 X 3719 0 0 Naomi Prendergast Director 1.0 0.0 X 3719 0 0 Susan Green Director 1.0 0.0 X 3719 0 0 Mark Dionne eff 12114 Director 1.0 0.0 X 648 0 0 Joanne Yestramski Director (eff. 12/1/14) 1.0 0.0 X 648 0 0 Peter Boyle retired 123114 Senior Vice President CIO 40.0 0.0 X 209802 0 36350 Scott Flagg Senior VP Member Services 40.0 0.0 X 169802 0 28870 Susan Gruber till Feb 2014 Senior Vice President CFO 40.0 0.0 X 157498 0 10172 Michelle Silveira Senior VP Marketing 40.0 0.0 X 168388 0 30198 Susan Hannigan Senior Vice President CFO 40.0 0.0 X 117430 0 417 Carolyn Pelletier senior vice president CIO 40.0 0.0 X 110782 0 18194 Michael P Dubuque VP of Loan Originations 40.0 0.0 X 203850 0 32449 James Hirbour Senior Loan Officer 40.0 0.0 X 166100 0 2102 Keith Micavich senior loan officer 40.0 0.0 X 170008 0 4474 Brian Sousa VP of residential lending 40.0 0.0 X 204034 0 31300 Jason Dubois senior loan officer 40.0 0.0 X 152377 0 11142 2383165 0 250121 21 false true false Soucy Industries Inc 5 Dick Tracy Drive PELHAM NH 03076 Construction 1885097 TREMONT YARD 5 DICK TRACY DRIVE PELHAM NH 03076 Property management 1091780 FIDELITY INFO SERVICES PO BOX 4535 CAROL STREAM IL 60197 banking software 1719036 Harvard Pilgrim Health PO Box 97050 BOSTON MA 02297 insurance services 1249864 Digital Insight PO BOX 515306 LOS ANGELES CA 90051 banking innovations 827963 33 0 INTEREST INCOME 30597629 30597629 30597629 3285462 3285462 0 0 0 0 0 64528057 47236000 64235121 46102350 292936 1133650 1426586 -5407 1431993 0 0 0 FEE INCOME 522100 8085109 7988424 96685 PARTNERSHIP INVESTMENTS 525990 -19347 -19347 8065762 43375439 38586053 71931 4717455 0 0 0 0 1486799 0 10472890 831995 1294083 938931 0 169741 622363 0 0 0 886683 1449979 1170240 3036856 0 2351400 0 0 141784 6966012 0 1382547 390369 EQUIPMENT MAINTENANCE 1142056 PROVISION FOR LOAN LOSSES 1351751 CREDIT CARD PROCESSING FEES 1175711 LENDING EXPENSES 153662 991118 38406970 8807935 13165564 19012303 60572651 0 0 0 0 0 0 0 0 628904691 749647591 0 0 1641294 2087982 30469186 13214030 14564098 17255156 339788332 225452899 0 0 0 0 0 0 13287036 21451598 1026005689 1089633441 4838818 7787289 0 0 98604 0 0 0 0 0 0 0 80000000 75000000 0 0 859553001 917118277 944490423 999905566 X 0 0 16000000 16000000 65515266 73727875 81515266 89727875 1026005689 1089633441 4968469 3244140 X false true X true 3856490 3856490 10749051 3458766 7290285 6012573 2611288 3401285 3009299 3009079 220 6841773 4134897 2706876 17255156 0 DEPOSITS & OTHER LIABILITIES 917118277 917118277 X 43287000 -88439 -88439 43375439 43375439 38318000 -88970 -88970 38406970 38406970 Schedule D, Part XI, line 2d: Expenses netted in audited report: Indirect Loan Expenses (51,002) Other professional services (8,242) Certificate Early Withdrawal Penalties (29,538) --------- Total (88,782) Rounding adjustment (188) Schedule D, Part XI, line 2d: Expenses netted in audited report: Indirect Loan Expenses (51,002) Other professional services (8,242) Certificate Early Withdrawal Penalties (29,538) --------- Total (88,782) Rounding adjustment 343 Uncertain tax positions 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 filed its annual 990 tax return for 2013, which indicates that 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 result of operations. The Credit Union evaluated its tax positions and determined no uncertain tax positions exist as of December 31, 2014 and 2013. The credit Union's 2011 through 2014 tax years are open for examination by federal and state taxing authorities. X true true X X X X true true false Peter Boyle retired 123114 Senior Vice President CIO 197449 0 0 0 12353 0 24241 0 12109 0 246152 0 0 0 Mark Cochran President/CEO/Director 487748 0 0 0 21042 0 34344 0 12109 0 555243 0 0 0 Scott Flagg Senior VP Member Services 156586 0 0 0 13216 0 16761 0 12109 0 198672 0 0 0 Susan Gruber till Feb 2014 Senior Vice President CFO 157060 0 0 0 438 0 1546 0 8626 0 167670 0 0 0 Michelle Silveira Senior VP Marketing 156430 0 0 0 11958 0 18089 0 12109 0 198586 0 0 0 Michael P Dubuque VP of Loan Originations 201258 0 0 0 2592 0 20340 0 12109 0 236299 0 0 0 James Hirbour Senior Loan Officer 166100 0 0 0 0 0 0 0 2102 0 168202 0 0 0 Keith Micavich senior loan officer 169589 0 0 0 419 0 3473 0 1001 0 174482 0 0 0 Brian Sousa VP of residential lending 201442 0 0 0 2592 0 19191 0 12109 0 235334 0 0 0 Jason Dubois senior loan officer 152093 0 0 0 284 0 0 0 11142 0 163519 0 0 0 SCHEDULE J, PART I, LINE 1A - Travel for Compianions Spouses or guests are welcome to accompany directors, but is limited to no more than two times per calendar year. Spouse or guest expenses which are reimbursable include, but are not limited to air travel, meals, and organized entertainment such as event dinners, golf outings or other conference related outings. Spouse and guest travel expenses may not exceed $1,200 per year. Spouse or guest expenses which are not reimbursable include, but are not limited to separate lodging or non-conference related personal expenses. SCHEDULE J, PART I, LINE 4b - Nonqualified Retirement Plan The Credit Union has a non-qualified deferred compensation plan (section 457(f)) with a member of executive management. Under the terms of the plan, the participant is entitled to the earnings and appreciation on the deferred compensation plan's benchmarking investments. The investments are presented at fair value as part of other assets on the Statements of Financial Condition. At both years ending December 31, 2014 and 2013, the Credit Union's liability amounted to $542K. Schedule J, Part I, Line 4a - Severance Payment Susan Gruber received $100,00 severance payment in 2014. William Soucy Dir, owner of CU's buildg 1091780 Rental false William Soucy Dir, Pres. of Construtor 1878046 construction false SCHEDULE L PART II - Officer & Director Loans Some of the officers and directors have loans outstanding with the credit union. These loans were obtained in the normal course of business of the credit union with the same terms and conditions available to all members. As per instructions for schedule l, these loans are not to be listed on schedule L. SCHEUDLE L PART IV - Related Party Transaction Director Soucy owns the building which the credit union leases and houses its administrative and back-office staff. Director Soucy excused himself for all Board of Director discussing regarding the decision to enter into the lease for the building. Additionally, a third-party commercial real estate firm, National Commercial Brokers, Inc. conducted a market survey for the credit union to ensure the credit union was paying a fair market lease rate and other pertinent conditions. Finally, the office of the Commissioner of Banks of Massachusetts reviewed the business transaction and had no negative comments on the transaction and approved the expenditure of funds. Director Soucy is the president of Soucy Industries which the Credit Union conducted ordinary business with during 2014. director Soucy excused himself from all board of director discussions regarding the decision of selection of a building contractor for the credit union. PAGE 6 PART VI SECTION B LINE 11 - BOARD REVIEW OF FORM 990 The Board of Directors has delegated authority for the review of the Form 990 to the Chief Financial Officer (CFO). The CFO engages the services of an independent accounting firm for the preparation of the Form 990. Upon completion, the Form 990 is reviewed by the CFO, signed by the CFO, and filed with the IRS. PAGE 6 PART VI SECTION B LINE 12C - WRITTEN CONFLICT OF INTEREST Each year the Code of Ethics, which incorporates the Conflict of Interest Policy, is updated and ratified by the Board of Directors. The Code of Ethics pertains to employees as well as the Board of Directors. Annually, all employees and Board Members sign an acknowledgement that they have received and read the Code of Ethics. Further, all employees and Board Members must identify, in writing, all deposits and loan accounts in which they have a related interest. Loans granted to senior management, Directors, or their related parties must be approved by the Board. If the loan is for a Board Member or his/her related interest, the Board Member is recused from the vote. PAGE 6 PART VI SECTION B LINES 15 A & B Board review of Officer Compensation The credit union's Board of Directors assigns responsibility to the Board's Personnel Committee for the preparation of a written performance evaluation of the credit union's President. The Personnel Committee is comprised of independent directors. The Personnel Committee will then present the written evaluation to the full board, along with a recommendation for compensation. The compensation level is based on a combination of the President's perceived value to the credit union and job performance. Based on the Personnel Committee's recommendation, the full Board approves the President's compensation. For members of senior management, written performance evaluations are prepared by the President and reviewed with the Board's Chairman. No other Board Directors are involved in the compensation discussions for senior management. Compensation is based on the value to the credit union and job performance. PAGE 6 PART VI SECTION C LINE 19 - Availability of goverance documents The credit union's Bylaws, Code of Ethics, Conflict of Interest Policy, etc. are available for inspection at the credit union's annual meeting or available at anytime upon a member's request. The credit union's Privacy Policy is mailed to each member annually. The credit union's Call Report (5300) data is available to the general public via the NCUA's website. PAGE 12 PART XI LINES 2B & 2C - Financial statement audit review THE JEANNE D'ARC CREDIT UNION STATEMENTS ARE AUDITED BY CliftonLarsonAllen LLP, A CERTIFIED PUBLIC ACCOUNTING FIRM. THE FINANCIAL STATEMENT YEAR END IS DECEMBER 31st. THE JEANNE D'ARC CREDIT UNION BY-LAWS REQUIRE An audit COMMITTEE MADE UP OF BOARD MEMBERS TO REVIEW THE AUDITed FINANCIAL STATEMENTS AND ASSURE THAT ANY FINDINGS BY THE AUDITORS ARE IMPLEMENTED. PAGE 6 PART VI SECTION A LINES 6 7A - Members Jeanne D'Arc Credit Union Membership is available to anyone who lives, works, or attends school in Middlesex or Essex counties, the cities or towns of Fitchburg, Leominster, Harvard, Lunenburg or Lancaster, or the New Hampshire counties of Hillsborough or Rockingham. The members vote for the board of directors at the Annual meeting and vote on any business broght before them at the annual meeting.