HARVARD FEDERAL CREDIT UNION: Form 990, tax year 2014
View the entire original 990 at ProPublica ↗
- Organization
- HARVARD FEDERAL CREDIT UNION (EIN 04-6017806)
- Tax period
- 2014-01-01 to 2014-12-31
- Filed
- 2015-06-11
- IRS object ID
- 201541629349300504
- Schema version
- 2014v5.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2015-06-11T06:53:29-05:00 | ReturnTs |
| Tax Period End | 2014-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | WOLF & COMPANY PC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 99 HIGH STREET 21ST FLOOR | AddressLine1Txt |
| City | BOSTON | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02110 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2014-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 046017806 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Harvard Unversity Employees Credit Union | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| In Care Of | % EUGENE FOLEY | InCareOfNm |
| Business Name Control | HARV | BusinessNameControlTxt |
| Phone | 6174954460 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 104 Mt Auburn St 4th floor | AddressLine1Txt |
| Address Line2 | Suite | AddressLine2Txt |
| City | cambridge | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02138 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | Eugene J Foley | PersonNm |
| Person Title | President & CEO | PersonTitleTxt |
| Phone | 6174954460 | PhoneNum |
| Signature | 2015-06-10 | SignatureDt |
| Discuss With Paid Preparer | Yes (true) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | Michael J Rowe CPA | PreparerPersonNm |
| PTIN | P00535831 | PTIN |
| Phone | 6174954460 | PhoneNum |
| Preparation | 2015-06-10 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2014 | TaxYr |
| Build TS | 2016-02-25 16:41:14Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | EUGENE FOLEY | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 104 MT AUBURN ST 4TH FLOOR | AddressLine1Txt |
| City | Cambridge | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02138 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $45,917,947 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | www.huecu.org | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1939 | FormationYr |
| Legal Domicile State | MA | LegalDomicileStateCd |
| Activity Or Mission | Provide convenient financial and personal services in the best interest of our members, as well as educating our community about finances | ActivityOrMissionDesc |
| Voting Members Governing Body | 15 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 15 | VotingMembersIndependentCnt |
| Total Employee | 80 | TotalEmployeeCnt |
| Total Volunteers | 15 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $18,093,339 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $20,220,167 | CYProgramServiceRevenueAmt |
| PY Investment Income | $1,862,640 | PYInvestmentIncomeAmt |
| CY Investment Income | $1,685,005 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $19,955,979 | PYTotalRevenueAmt |
| CY Total Revenue | $21,905,172 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $6,987,313 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $7,210,352 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $10,352,440 | PYOtherExpensesAmt |
| CY Other Expenses | $11,280,918 | CYOtherExpensesAmt |
| PY Total Expenses | $17,339,753 | PYTotalExpensesAmt |
| CY Total Expenses | $18,491,270 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $2,616,226 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $3,413,902 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $442,774,315 | TotalAssetsBOYAmt |
| Total Assets EOY | $476,444,131 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $405,864,298 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $435,798,386 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $36,910,017 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $40,645,745 | NetAssetsOrFundBalancesEOYAmt |
| Mission | HARVARD UNIVERSITY EMPLOYEES CREDIT UNION ASPIRES TO BE A TRUSTED PARTNER IN OUR MEMBERS FINANCIAL LIVES. WE ADD VALUE TO MEMBERSHIP BY OFFERING THE BEST POSSIBLE PRICE, THE HIGHEST QUALITY PERSONAL SERVICE, AND SINCERE, SOUND ADVICE. THE CREDIT UNION SEEKS TO BE KNOWN AS A COMMUNITY LEADER AND TO DEEPEN ITS LONG STANDING COMMITMENT TO HOUSING ISSUES, GREEN INITIATIVES, FINANCIAL LITERACY AND ACCESS TO CREDIT FOR LOW AND MODERATE INCOME BORROWERS. THE CREDIT UNION WORKS TOWARD TRANSFORMATIONAL GROWTH AND CHANGE WITHOUT RELINQUISHING THE CORE VALUES WE HOLD TODAY. WE ARE A NOT-FOR-PROFIT COOPERATIVE WHICH EXISTS SOLELY FOR THE BEST INTEREST OF OUR MEMBERS. WE VALUE INTEGRITY AND RESPONSIBILITY IN ALL OF OUR ACTIONS. WE STRIVE TO ENHANCE OUR COMMUNITIES AND CREATE SOLUTIONS FOR SOCIAL, ENVIRONMENTAL AND ECONOMIC ISSUES. | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | false | SignificantChangeInd |
| Desc | Harvard University Employees Credit Union (the "Credit Union") is a state-chartered credit union organized under the provisions of the Massachusetts Credit Union Act. Participation in the Credit Union is limited to those individuals who qualify for membership. The field of membership is defined in the Credit Unions Charter and Bylaws. The Credit Union provides a variety of financial services to members. Its primary lending products are residential real estate and consumer loans and its primary share products are checking, savings and term certificate accounts. The Credit Union has over 44,000 members. The membership is primarily limited to those employees, faculty, students, and alumni of Harvard University and its affiliated hospitals. | Desc |
| Described In Section501c3 | false | DescribedInSection501c3Ind |
| Schedule B Required | false | ScheduleBRequiredInd |
| Political Campaign Acty | false | PoliticalCampaignActyInd |
| Subject To Proxy Tax | false | SubjectToProxyTaxInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Conservation Easements | false | ConservationEasementsInd |
| Collections Of Art | false | CollectionsOfArtInd |
| Credit Counseling | Yes (true) | CreditCounselingInd |
| Temp Or Permanent Endowments | false | TempOrPermanentEndowmentsInd |
| Report Land Building Equipment | Yes (true) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | false | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | Yes (true) | ReportProgramRelatedInvstInd |
| Report Other Assets | false | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (true) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (true) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (true) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | false | ConsolidatedAuditFinclStmtInd |
| School Operating | false | SchoolOperatingInd |
| Foreign Office | false | ForeignOfficeInd |
| Foreign Activities | false | ForeignActivitiesInd |
| More Than5000 K To Org | false | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividualsInd |
| Professional Fundraising | false | ProfessionalFundraisingInd |
| Fundraising Activities | false | FundraisingActivitiesInd |
| Gaming Activities | false | GamingActivitiesInd |
| Operate Hospital | false | OperateHospitalInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Grants To Individuals | false | GrantsToIndividualsInd |
| Schedule J Required | Yes (true) | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| Loan Outstanding | Yes (true) | LoanOutstandingInd |
| Grant To Related Person | false | GrantToRelatedPersonInd |
| Business Rln With Org Mem | false | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | false | BusinessRlnWithFamMemInd |
| Business Rln With Officer Ent | Yes (true) | BusinessRlnWithOfficerEntInd |
| Deductible Non Cash Contri | false | DeductibleNonCashContriInd |
| Deductible Art Contribution | false | DeductibleArtContributionInd |
| Terminate Operations | false | TerminateOperationsInd |
| Partial Liquidation | false | PartialLiquidationInd |
| Disregarded Entity | false | DisregardedEntityInd |
| Related Entity | false | RelatedEntityInd |
| Related Organization Ctrl Ent | false | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | false | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (true) | ScheduleORequiredInd |
| IRP Document | 9032 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (true) | BackupWthldComplianceInd |
| Employee | 80 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (true) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | false | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | false | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | false | TaxablePartyNotificationInd |
| Nondeductible Contributions | false | NondeductibleContributionsInd |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 15 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 15 | IndependentVotingMemberCnt |
| Family Or Business Rln | false | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | false | DelegationOfMgmtDutiesInd |
| Change To Org Documents | false | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (true) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (true) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (true) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (true) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (true) | MinutesOfCommitteesInd |
| Officer Mailing Address | false | OfficerMailingAddressInd |
| Local Chapters | Yes (true) | LocalChaptersInd |
| Policies Reference Chapters | Yes (true) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | Yes (true) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (true) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (true) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (true) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (true) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (true) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (true) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (true) | CompensationProcessOtherInd |
| Investment In Joint Venture | false | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | EUGENE FOLEY | PersonNm |
| Phone | 6174954460 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 104 MT AUBURN ST 4TH FLOOR | AddressLine1Txt |
| City | Cambridge | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02138 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (23 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|---|
| Guillermo Banchiere | |||||||||
| director | 1.0 | 0.0 | Yes (X) | $0 | $0 | $0 | |||
| Karen Deberio | |||||||||
| Director | 1.0 | 0.0 | Yes (X) | $0 | $0 | $0 | |||
| Edward Doctoroff | |||||||||
| director | 1.0 | 0.0 | Yes (X) | $0 | $0 | $0 | |||
| Edward Emde | |||||||||
| director | 1.0 | 0.0 | Yes (X) | $0 | $0 | $0 | |||
| Karrie Ford | |||||||||
| director | 1.0 | 0.0 | Yes (X) | $0 | $0 | $0 | |||
| John Lichten | |||||||||
| director | 1.0 | 0.0 | Yes (X) | $0 | $0 | $0 | |||
| Thomas Lucey | |||||||||
| director | 1.0 | 0.0 | Yes (X) | $0 | $0 | $0 | |||
| Jerremiah Murphy | |||||||||
| director | 1.0 | 0.0 | Yes (X) | $0 | $0 | $0 | |||
| Jason Luke | |||||||||
| director | 1.0 | 0.0 | Yes (X) | $0 | $0 | $0 | |||
| Mary Straub | |||||||||
| director | 1.0 | 0.0 | Yes (X) | $0 | $0 | $0 | |||
| George White | |||||||||
| director | 1.0 | 0.0 | Yes (X) | $0 | $0 | $0 | |||
| William Murphy | |||||||||
| director | 1.0 | 0.0 | Yes (X) | $0 | $0 | $0 | |||
| Cheryl Hutt | |||||||||
| director | 1.0 | 0.0 | Yes (X) | $0 | $0 | $0 | |||
| Mark Edington | |||||||||
| director | 1.0 | 0.0 | Yes (X) | $0 | $0 | $0 | |||
| Dennis Campbell | |||||||||
| director | 1.0 | 0.0 | Yes (X) | $0 | $0 | $0 | |||
| Eugene J Foley | |||||||||
| President and CEO | 40.0 | 0.0 | $372,391 | $0 | $76,730 | Yes (X) | |||
| Craig Leonard | |||||||||
| EVP & CFO | 40.0 | 0.0 | $224,646 | $0 | $48,193 | Yes (X) | |||
| Cheryl Gorman | |||||||||
| EVP, Retail Services | 40.0 | 0.0 | $189,874 | $0 | $41,321 | Yes (X) | |||
| John Degnan | |||||||||
| VP, Operation | 40.0 | $121,865 | $0 | $27,295 | Yes (X) | ||||
| Peter Buchanan | |||||||||
| VP, Real Estate Lending | 40.0 | 0.0 | $121,897 | $0 | $27,303 | Yes (X) | |||
| Thomas Montilli | |||||||||
| VP, Marketing | 40.0 | 0.0 | $126,892 | $0 | $27,834 | Yes (X) | |||
| Thomas Murphy | |||||||||
| VP, Consumer Lending | 40.0 | 0.0 | $128,706 | $0 | $30,181 | Yes (X) | |||
| JAson DeAngelo | |||||||||
| director of IT | 40.0 | 0.0 | $110,419 | $0 | $25,157 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,396,690 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $304,014 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 8 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | false | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (true) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| PSCU | |||||
| 560 Carillon Parkway | ST PETERSBURG | FL | 33716 | data processing | $1,689,495 |
| fiserv | |||||
| 1250 Grumman Place | TITUSVILLE | FL | 32780 | data processing | $954,113 |
| National Credit Union Administratio | |||||
| PO Box 979069 | ST LOUIS | MO | 63197 | Insurance | $195,508 |
| Diebold | |||||
| PO Box 643543 | PITTSBURGH | PA | 15264 | ATM Services | $207,041 |
| Q2banking | |||||
| PO Box 678272 | DALLAS | TX | 75267 | online banking svcs | $160,182 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 7 | CntrctRcvdGreaterThan100KCnt |
| Total Contributions | $0 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| INTEREST ON LOANS | 522100 | $16,679,486 | $16,679,486 |
| VARIOUS BANK FEES | 522100 | $3,540,681 | $3,540,681 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $20,220,167 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,058,336 | TotalRevenueColumnAmt |
| Exclusion | $1,058,336 | ExclusionAmt |
Incm From Invest Bond Proceeds IncmFromInvestBondProceedsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Royalties Revenue RoyaltiesRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $0 | RealAmt |
| Personal | $0 | PersonalAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $24,639,444 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $24,012,775 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $626,669 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $626,669 | TotalRevenueColumnAmt |
| Exclusion | $626,669 | ExclusionAmt |
Net Incm From Fundraising Evt NetIncmFromFundraisingEvtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Net Income From Gaming NetIncomeFromGamingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Net Income Or Loss NetIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $0 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $21,905,172 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $20,220,167 | RelatedOrExemptFuncIncomeAmt |
| Exclusion | $1,685,005 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Foreign Grants ForeignGrantsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $786,911 | TotalAmt |
Comp Disqual Persons CompDisqualPersonsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,445,363 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,978,078 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $16,224 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $84,965 | TotalAmt |
Fees For Services Lobbying FeesForServicesLobbyingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Prof Fundraising FeesForServicesProfFundraising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $240,005 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $493,692 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $591,506 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $501,514 | TotalAmt |
Royalties RoyaltiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,879,091 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Pymt Travel Entrtnmnt Pub Ofcl PymtTravelEntrtnmntPubOfclGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $171,725 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,194,854 | TotalAmt |
Payments To Affiliates PaymentsToAffiliatesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $463,689 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $140,847 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| PROVISION FOR LOSSES | $1,385,000 |
| LOAN SERVICING EXPENSES | $2,232,222 |
| TRANSACTION FEES | $947,097 |
| VIFI HOME BANKING | $381,959 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $556,528 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $18,491,270 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $37,814,838 | BOYAmt |
| EOY | $31,567,886 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $5,317,956 | BOYAmt |
| EOY | $0 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rcvbl From Disqualified Prsn RcvblFromDisqualifiedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $310,634,979 | BOYAmt |
| EOY | $362,697,091 | EOYAmt |
Inventories For Sale Or Use InventoriesForSaleOrUseGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $300,329 | BOYAmt |
| EOY | $312,523 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $5,868,908 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $4,145,055 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,490,370 | BOYAmt |
| EOY | $1,723,853 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,476,000 | BOYAmt |
| EOY | $8,070,700 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $67,755,986 | BOYAmt |
| EOY | $62,617,904 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,983,857 | BOYAmt |
| EOY | $9,454,174 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $442,774,315 | BOYAmt |
| EOY | $476,444,131 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,149,011 | BOYAmt |
| EOY | $5,592,407 | EOYAmt |
Grants Payable GrantsPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,347,566 | BOYAmt |
| EOY | $1,446,325 | EOYAmt |
Loans From Officers Directors LoansFromOfficersDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $400,367,721 | BOYAmt |
| EOY | $428,759,654 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $405,864,298 | BOYAmt |
| EOY | $435,798,386 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow SFAS117 | Yes (X) | OrgDoesNotFollowSFAS117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $36,910,017 | BOYAmt |
| EOY | $40,645,745 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $36,910,017 | BOYAmt |
| EOY | $40,645,745 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $442,774,315 | BOYAmt |
| EOY | $476,444,131 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $3,413,902 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $321,826 | NetUnrlzdGainsLossesInvstAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | false | AccountantCompileOrReviewInd |
| FS Audited | Yes (true) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (true) | AuditCommitteeInd |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Art Public Exhibition Amounts | ArtPublicExhibitionAmountsGrp | |
| Held Works Art | HeldWorksArtGrp | |
| Agent Trustee Etc | false | AgentTrusteeEtcInd |
| Incl Escrow Custodial Acct Liab | Yes (true) | InclEscrowCustodialAcctLiabInd |
| Explanation Provided | Yes (X) | ExplanationProvidedInd |
| CY Minus3 Yr Endwmt Fund | CYMinus3YrEndwmtFundGrp | |
| CY Minus4 Yr Endwmt Fund | CYMinus4YrEndwmtFundGrp | |
| Land | LandGrp | |
| Buildings | BuildingsGrp |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $3,847,010 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,773,070 | DepreciationAmt |
| Book Value | $1,073,940 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,495,844 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,018,103 | DepreciationAmt |
| Book Value | $477,741 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $526,054 | OtherCostOrOtherBasisAmt |
| Depreciation | $353,882 | DepreciationAmt |
| Book Value | $172,172 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $1,723,853 | TotalBookValueLandBuildingsAmt |
Invst Program Related Org InvstProgramRelatedOrgGrp (2 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| BONDS | $48,445,340 | F |
| MBS AGENCIES | $14,172,564 | F |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Program Rltd | $62,617,904 | TotalBookValueProgramRltdAmt |
| Federal Income Tax Liability | $0 | FederalIncomeTaxLiabilityAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (6 entries)
| DescDesc | AmtAmt |
|---|---|
| SAVINGS ACCOUNTS | $139,101,719 |
| CHECKING ACCOUNTS | $85,929,498 |
| MONEY MARKET ACCOUNTS | $120,361,357 |
| CLUB ACCOUNTS | $1,790,549 |
| IRA ACCOUNTS | $19,584,486 |
| CERTIFICATES OF DEPOSITS | $61,992,045 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $428,759,654 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $21,905,172 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Subtotal | $21,905,172 | RevenueSubtotalAmt |
| Total Revenue Per Form990 | $21,905,172 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $18,491,270 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Subtotal | $18,491,270 | ExpensesSubtotalAmt |
| Total Expenses Per Form990 | $18,491,270 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Schedule D, Part IV, Line 2b - Escrow Account | AS PART OF THE MORTGAGE AGREEMENT, AN ESCROW ACCOUNT IS MAINTAINED FOR EACH MORTGAGE WHERE ESCROW OF REAL ESTATE TAXES & HOME OWNERS INSURANCE IS REQUIRED. THE CREDIT UNION COMPLIES WITH ALL FEDERAL & STATE LAWS REGARDING DISCLOSURES AND OPERATION OF THESE ACCOUNTS. |
| Schedule D, Part X, Line 2 - uncertain tax positions | The Credit Union is exempt, by statute, from federal income taxes. However, the Credit Union may be subject to unrelated business income tax ("UBIT") at the state and federal level. Management believes there is no UBIT liability for the years ended December 31, 2014 and 2013. The Credit Union has evaluated its tax positions as of December 31, 2014 and 2013 and concluded that there are no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance. The Credit Union files Form 990 in the U.S. federal jurisdiction and the state of Massachusetts. The Credit Union is no longer subject to examination by the Internal Revenue Service for years before 2012. |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Written Policy Ref T And E Expnss | Yes (true) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (true) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | false | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | false | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | false | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (5 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Eugene J Foley | ||||||||||||||
| President and CEO | $300,007 | $0 | $60,000 | $0 | $12,384 | $0 | $38,269 | $0 | $38,461 | $0 | $449,121 | $0 | $0 | $0 |
| Cheryl Gorman | ||||||||||||||
| EVP, Retail Services | $164,874 | $0 | $25,000 | $0 | $0 | $0 | $20,184 | $0 | $21,137 | $0 | $231,195 | $0 | $0 | $0 |
| Craig Leonard | ||||||||||||||
| EVP & CFO | $189,646 | $0 | $35,000 | $0 | $0 | $0 | $23,880 | $0 | $24,313 | $0 | $272,839 | $0 | $0 | $0 |
| Thomas Montilli | ||||||||||||||
| VP, Marketing | $111,892 | $0 | $15,000 | $0 | $0 | $0 | $13,489 | $0 | $14,345 | $0 | $154,726 | $0 | $0 | $0 |
| Thomas Murphy | ||||||||||||||
| VP, Consumer Lending | $128,706 | $0 | $0 | $0 | $0 | $0 | $13,681 | $0 | $16,500 | $0 | $158,887 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Travel for companion | FormAndLineReferenceDesc |
| Explanation | The Credit Union provides spouse travel for its directors and officers. | ExplanationTxt |
Schedule L IRS990ScheduleL
Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp
Name Of Interested NameOfInterested
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | PSCU | PersonNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Relationship Description | CU CEO is on the BOD | RelationshipDescriptionTxt |
| Transaction | $1,689,495 | TransactionAmt |
| Transaction | Electronic processing services | TransactionDesc |
| Sharing Of Revenues | false | SharingOfRevenuesInd |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| LOANS TO INTERESTED PERSONS | The Credit Union grants loans to interested person (officers, directors, trustees, key employees and the five highest compensated employees) at the same terms and conditions as offered to other members of the credit union. Per Schedule L instruction, these loans should not be disclosed. |
| Business relationship | Eugene J. Foley, the president & CEO, also serves on the board of PSCU which does business with the Credit Union. Mr. Foley abstains from any credit union decisions pertaining to PSCU and does not participate in contract negotiations. |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (5 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FROM 990, PART VI, SECTION A, LINEs 6, 7a & 7b - Members | Line 6 - The Credit Union has approximately 44,000 members in its field of membership. Line 7a - Each member has one voting right to cast at the annual meeting to elect the members of the Board of Directors. Five of fifteen directors are voted in each year. Line 7b - any bylaw changes must be approved by the members at the annual meeting. A special meeting may also be called to vote on a by law change. |
| FROM 990, PART VI, SECTION B, LINE 11B - Review of Form 990 | The 990 is prepared by the outside accounting firm and then reviewed by the CFO of the Credit Union. The 990 is then presented to the Audit Committee for final review prior filing with the IRS. |
| FROM 990, PART VI, SECTION B, LINE 12C - CONFLICT OF INTEREST POLICY | The credit union has a conflict of interest policy in place. The board of directors review the conflict of interest policy annually. |
| Form 990, PART VI, SECTION B, LINES 15A & 15B | COMPENSATION DETERMINATION PROCESS Each year the executive committee and personnel committee review the performance and position of the President/CEO. Independent credit union compensation data is referenced and utilized, as well as engaging independent compensation consultants, in determining compensation. The final salary recommendation is presented and approved by the Board of Directors. |
| FROM 990, PART VI, SECTION C, LINE 19 - GOVERNING DOCUMENTS | Bylaws, conflicts of interest policy, and financial statements are available upon request. Financial statements are posted in each branch monthly. |