2015-05-13T13:58:31-05:00 2014-09-30 420714325 MCGLADREY LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2013-10-01 042348884 LEOMINSTER CREDIT UNION LEOM 9785378021 20 ADAMS STREET LEOMINSTER MA 01453 GARY ABRAMS EVPCOOCFO EVP, CFO, COO 9785378021 2015-05-12 1 GERALD B KISSELL P00092658 6123324300 2013 2016-02-25 16:41:14Z JOHN O'BRIEN 20 ADAMS STREET LEOMINSTER MA 01453 101315362 0 X WWW.LEOMINSTERCU.COM X 1954 MA LEOMINSTER CREDIT UNION (LCU) IS A STATE CHARTERED CREDIT UNION. 11 11 166 10 52634 -54872 0 0 19185242 18547360 5689473 6403276 87728 297391 24962443 25248027 102493 117072 4182670 3434909 8763574 8996997 0 0 0 11085780 10322294 24134517 22871272 827926 2376755 621728878 619865762 565097583 559046607 56631295 60819155 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 53,365 MEMBERS, AND INTEREST PAID ON CERTIFICATES OF DEPOSIT TOTALED $2,094,909. OUR SECOND HIGHEST EXPENSE IS INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 53,365 MEMBERS, AND INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS TOTALED $582,617. OUR THIRD HIGHEST EXPENSE IS INTEREST PAID ON DEMAND DEPOSIT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 53,365 MEMBERS, AND INTEREST PAID ON DEMAND DEPOSIT ACCOUNTS TOTALED $393,962. 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 11713 0 1 166 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 4000 0 2531 GIULIO GRECO TREASURER 1.00 X X 0 0 3423 HENRY KULIK ASSISTANT TREASURER 1.00 X X 0 0 4610 AMEDEO BILOTTA DIRECTOR 1.00 X 0 0 4610 BRUCE BOLLIVAR DIRECTOR 1.00 X 0 0 3361 ANDREW COUSINS DIRECTOR 1.00 X 0 0 1511 NANCY GRAVES DIRECTOR 1.00 X 0 0 3128 JOYCE LAFLEUR DIRECTOR 1.00 X 0 0 1649 JOSEPH QUINTAL DIRECTOR 1.00 X 0 0 3236 MICHAEL SAUVAGEAU DIRECTOR 1.00 X 0 0 4610 RICHARD SHEPPARD DIRECTOR 1.00 X 0 0 5160 JOHN O'BRIEN PRESIDENT/CEO 40.00 X 197824 0 15718 PAUL GILBODY PRESIDENT/CEO 40.00 X 19261 0 1635 GARY ABRAMS EVP/COO/CFO 40.00 X 215545 0 40398 CAROL SOUTHWORTH SENIOR VICE PRESIDENT 40.00 X 170480 0 12298 BARBARA MAHONEY SENIOR VICE PRESIDENT 40.00 X 131117 0 34153 SETH WISH VICE PRESIDENT 40.00 X 129591 0 30348 THOMAS CLANCY VICE PRESIDENT 40.00 X 122646 0 28391 JANET BELSKY VICE PRESIDENT 40.00 X 112508 0 18188 DIANE FARNSWORTH MORTGAGE ORIGINATOR 40.00 X 112103 0 21369 1215075 0 240327 9 0 1 0 FISERV PO BOX 22705 LINCOLN NE 68542 IT SERVICES 720725 LEE & MASON FINANCIAL SERVICES PO BOX 270 NORTHVILLE NY 12134 INSURANCE SERVICES 377579 RED HAWK FIRE & SECURITY PO BOX 677671 DALLAS TX 75267 ATM MACHINE SERVICES 248615 SANTINI INC 60 DUDLEY ST ARLINGTON MA 02476 CONSTRUCTION SERVICES 245557 PAETEC PO BOX 1283 BUFFALO NY 14240 TELEPHONE SERVICES 230230 14 INTEREST ON LOANS 522100 14732743 14732743 SERVICE CHARGES AND FEE INCOME 522100 3814617 3761983 52634 18547360 6166624 6166624 103748 16021 87727 87727 87727 65090837 11197129 64911723 11139591 179114 57538 236652 236652 CREDIT UNION OWNED LIFE INSURANCE 900099 230184 230184 LOSS ON AUTO REPOSSESSIONS & OREO 522100 -20520 -20520 209664 25248027 18704390 52634 6491003 116072 1000 3434909 530099 6552781 409050 936910 568157 7950 219000 1580992 532606 1316230 1053408 37575 55390 1869070 1314517 258648 PROVISION FOR LOAN LOSS 747048 COLLECTIONS 256915 SECURITY 256374 NCUSIF INSURANCE PREMIU 195000 621571 22871272 6500753 6023024 405132250 407126738 743522 848372 24148291 11484466 12856745 12663825 183778434 167756718 5133400 6365600 7583774 19081485 621728878 619865762 4191159 3800917 1095894 1239487 559810530 554006203 565097583 559046607 X 0 0 0 0 56631295 60819155 56631295 60819155 621728878 619865762 2376755 1811105 0 X 0 1 X 1 0 0 1 X 1378459 1378459 13084416 4157823 8926593 613007 249700 363307 9016875 7061024 1955851 55534 15919 39615 12663825 MEMBERS' SHARES 444006203 BORROWED FUNDS 110000000 554006203 X 25248027 0 25248027 0 25248027 22871272 0 22871272 0 22871272 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 LEOMINSTER ARTS COUNCIL INC 320 PLEASANT ST LEOMINSTER MA 01453 042784618 501(C)(3) 8000 PROGRAM SUPPORT 1 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 1 0 0 JOHN O'BRIEN PRESIDENT/CEO 196476 0 0 0 1348 0 15718 0 1271 0 214813 0 0 0 GARY ABRAMS EVP/COO/CFO 201717 0 0 0 13828 0 17762 0 23992 0 257299 0 0 0 CAROL SOUTHWORTH SENIOR VICE PRESIDENT 141671 0 28080 0 729 0 5169 0 8256 0 183905 0 0 0 BARBARA MAHONEY SENIOR VICE PRESIDENT 129908 0 0 0 1209 0 10939 0 24282 0 166338 0 0 0 SETH WISH VICE PRESIDENT 62405 0 0 0 67186 0 7593 0 23469 0 160653 0 0 0 THOMAS CLANCY VICE PRESIDENT 121966 0 0 0 680 0 7108 0 22290 0 152044 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 7 COMPANION TRAVEL TRIP REIMBURSEMENTS IN FY14. PART I, LINE 4A SETH WISH RECEIVED $66,599 OF SEVERANCE PAY IN 2014. FORM 990, PART I, LINE 6 THE 10 UNCOMPENSATED BOARD DIRECTORS ARE CONSIDERED VOLUNTEERS OF THE CREDIT UNION. 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 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 9990 18351 LEOMINSTER CREDIT UNION