2015-11-14T14:07:32-06:00 2014-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2014-01-01 042079901 Workers' Credit Union % WORKERS CREDIT UNION WORK 9783451021 815 Main Street Fitchburg MA 014200900 J TIMOTHY SMITH SVP/CFO/TREASURER 9783451021 2015-11-13 true Michael J Rowe CPA P00535831 6174399700 2015-11-13 2014 2016-04-25 22:37:26Z Douglas Petersen 815 MAIN STREET Fitchburg MA 014200900 56169788 false X http://www.wcu.com X 1914 MA THE ORGANIZATION IS A STATE CHARTERED CREDIT UNION THAT SERVES MEMBERS WHO LIVE OR WORK IN MASSACHUSETTS. 11 11 285 11 85612 -107951 0 0 44544036 49306163 5951045 6820081 16340 43544 50511421 56169788 0 0 0 0 15720131 18286581 0 0 0 25821546 25826430 41541677 44113011 8969744 12056777 1038005093 1151137509 910462304 1009384357 127542789 141753152 THE ORGANIZATION IS A STATE CHARTERED CREDIT UNION THAT SERVES MEMBERS WHO LIVE OR WORK IN MASSACHUSETTS. false false The Credit Union is cooperative owned, directed and dedicated to its members. As of 12/31/2014, the Credit Union's net loans totaled $822 million and share deposits totaled $763 million. 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 false false false false false true true false false true 42021 0 true 285 true true true false false false false false X 11 11 false false false false true true true true true false false false true true true true true true true true true X WORKERS CREDIT UNION 9783451021 815 MAIN STREET FITCHBURG MA 014200900 JOHN S FORD director 1.0 0.0 X 1001 0 0 MARINA M RAHER Director/Audit comm chair 1.0 0.0 X 1040 0 0 ERIC D SHAPIRO vice chairman 1.0 0.0 X X 0 0 0 JOHN MORSE CLERK/Director 1.0 0.0 X X 0 0 0 WILHO MYLLYMAKI DIRECTOR 1.0 0.0 X 0 0 0 JAMES E ROUSE Chairman 1.0 0.0 X X 1580 0 0 RAYMOND J MARTINO DIRECTOR 1.0 0.0 X 0 0 0 Melissa Fetterhoff Director 1.0 0.0 X 0 0 0 Erica Light Director 1.0 0.0 X 0 0 0 Mary Heafy Director/assistant clerk 1.0 0.0 X X 0 0 0 Donata J Martin Director 1.0 0.0 X 0 0 0 DOUGLAS J PETERSEN President/CEO 40.0 0.0 X 519583 0 8574 CATHERINE GOODALL CONTROLLER/ASSISTANT TREASURER 40.0 0.0 X 146600 0 6183 J Timothy Smith SVP - CFO & Treasurer 40.0 0.0 X 220168 0 37273 LINDA JACKSON AVP, TRAINING MANAGER 40.0 0.0 X 111070 0 7422 John M DOOLIN SVP of HUMAN RESOURCES 40.0 0.0 X 176131 0 15892 MICHAEL J DEMBOWSKI SVP of Oper, Tech & Compliance 40.0 0.0 X 164350 0 10006 JOHN C DOYLE JR SVP of Retail Services 40.0 0.0 X 164928 0 13582 ROBERT P GALLO AVP Commercial Lending 40.0 0.0 X 161442 0 14506 THOMAS J GRAY SVP of Lending 40.0 0.0 X 179958 0 16115 GORDON R WETMORE SVP of Marketing 40.0 0.0 X 165028 0 12252 Linda A Lagoy VP, Regional Manager 40.0 0.0 X 123804 0 9544 Richard H Rogers VP Chief Risk Officer 40.0 0.0 X 136477 0 7141 Robert J Remillard VP/Sales Manager 40.0 0.0 X 121589 0 10782 David Thibodeau VP/Information Technology 40.0 0.0 X 116053 0 12854 William Mullin SVP Bus Banking & Comm lending 40.0 0.0 X 211398 0 16068 DAVID EARLS REGISTERED INS & INV REP 40.0 0.0 X 304726 0 14917 MARK FANTASIA VP INSURANCE & INVESTMENT 40.0 0.0 X 305724 0 16335 Paula A Simoneau AVP Operation 40.0 0.0 X 117634 0 6657 Brieanna L Kelley Sr. Mortgage Originator 40.0 0.0 X 114860 0 6382 Jayne D Matthews VP Mortgage Lending Manager 40.0 0.0 X 100735 0 9626 FREDERICK D HEALEY former PRESIDENT/CEO 0.0 0.0 X 490000 0 0 4155879 0 252111 21 true true false cocc 100 executive blvd SOUTHINGTON CT 06489 technology solutions 1435950 Smith Jones 76 Main Street STURBRIDGE MA 01566 MARKETING 375032 Bennett Building co 12 main street 2nd floor LEOMINSTER MA 01453 contruction 970480 FIS Accounting Dept po box 4535 CAROL STREAM IL 60197 technology solutions 649730 Digital Insight po box 515306 LOS ANGELES CA 90051 technology solutions 399561 7 0 ATM SURCHARGES/SHARED BRANCHING 522100 85612 85612 INTEREST ON LOANS 37117216 37117216 FEES 12103335 12103335 49306163 6562846 6562846 0 0 43544 43544 0 43544 257235 257235 257235 0 0 0 0 56169788 49220551 85612 6562846 0 0 0 0 2722759 0 11159466 1202549 2090079 1111728 0 555059 152070 0 0 0 920512 1701120 2752264 3001698 0 1331163 92173 0 300948 9015848 0 1511030 0 LOAN LOSS PROVISION 3058613 LOAN SERVICING EXPENSE 1182730 DUES, MEMBERSHIPS, SUBSCIPTS 158576 EDUCATION EXPENSE 69605 23021 44113011 16182844 13128105 0 0 0 0 0 0 0 0 0 0 742122702 821876771 0 0 9809364 9570434 27910096 16573625 8016622 11336471 247279049 281836041 0 0 0 0 0 0 14594512 13389687 1038005093 1151137509 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 910462304 1009384357 910462304 1009384357 X 0 0 8301403 8301403 119241386 133451749 127542789 141753152 1038005093 1151137509 12056777 2153586 X false true X true 1368902 1368902 12440295 7873462 4566833 626949 579695 47254 13473950 8120468 5353482 11336471 0 SHARE AND DEPOSIT ACCOUNTS 762671494 OTHER LIABILITIES 6185363 SHORT TERM BORROWINGS 3000000 LONG TERM DEBT 237527500 1009384357 X 58279830 2153586 2153586 56126244 43544 43544 56169788 44156555 43544 43544 44113011 44113011 SCHEDULE D PART XII LINE 4B $43,544 of rental income was reclassified to income from expense. SCHEDULE D PAGE 4 PART XII LINE 2D $43,544 of rental income was reclassified to income from expense. SCHEDULE D, PAGE 3, PART X, LINE 2 - Uncertain Tax Positions The Credit Union is exempt, by statute, from federal taxes on income related to the exempt purpose of the Credit Union. Tax positions taken or expected to be taken, including the position that the Credit Union qualifies as a tax exempt entity, are required to be evaluated to determine whether the tax positions are "more-likely-than-not" to be upheld under regulatory review. Tax positions not deemed to meet the more-likely-than-not threshold would be accrued and disclosed in the consolidated financial statements. There are no uncertain tax positions that require accrual or disclosure at December 31, 2014 or 2013. X X true true X X X X false false false FREDERICK D HEALEY former PRESIDENT/CEO 0 0 0 0 490000 0 0 0 0 0 490000 0 0 0 DOUGLAS J PETERSEN President/CEO 512919 0 0 0 6664 0 0 0 8574 0 528157 0 0 0 DAVID EARLS REGISTERED INS & INV REP 304696 0 30 0 0 0 8192 0 6725 0 319643 0 0 0 CATHERINE GOODALL CONTROLLER/ASSISTANT TREASURER 123055 0 18448 0 5097 0 3719 0 2464 0 152783 0 0 0 MARK FANTASIA VP INSURANCE & INVESTMENT 305724 0 0 0 0 0 10400 0 5935 0 322059 0 0 0 John M DOOLIN SVP of HUMAN RESOURCES 174364 0 0 0 1767 0 7318 0 8574 0 192023 0 0 0 MICHAEL J DEMBOWSKI SVP of Oper, Tech & Compliance 156650 0 7600 0 100 0 75 0 4931 0 169356 0 0 0 JOHN C DOYLE JR SVP of Retail Services 164928 0 0 0 0 0 6866 0 6716 0 178510 0 0 0 ROBERT P GALLO AVP Commercial Lending 142799 0 18643 0 0 0 6767 0 7739 0 175948 0 0 0 THOMAS J GRAY SVP of Lending 179399 0 0 0 559 0 7541 0 8574 0 196073 0 0 0 GORDON R WETMORE SVP of Marketing 165028 0 0 0 0 0 5540 0 6712 0 177280 0 0 0 J Timothy Smith SVP - CFO & Treasurer 212218 0 7900 0 50 0 31374 0 5899 0 257441 0 0 0 William Mullin SVP Bus Banking & Comm lending 188179 0 23219 0 0 0 8749 0 7319 0 227466 0 0 0 SCHEDULE J, PART I, 1A AND 1B ALL EXPENSES PAID ARE WITHIN THE GUIDELINES OF THE CREDIT UNION'S ACCOUNTS PAYABLE POLICY. GUIDELINES FOR THE APPROVAL PROCESS INCLUDE FINAL APPROVAL OF ALL EXPENSES INCURRED BY THE CEO; SENIOR VICE PRESIDENT EXPENSES ARE APPROVED BY THE CEO. THE POLICY IS APPROVED BY THE BOARD OF DIRECTORS ANNUALLY. Officer and Director loans Some of the officers and directors have loans outstanding with the Credit Union. These loans were obtained in the ordinary course of business of the Credit Union on the same terms as are available to all members. Persuant to instructions for Schedule L, these loans are not reportable on Schedule L. PAGE 6, PART VI, SECTION A, LINES 6, 7A & 7B - Members Line 6 - Workers' Credit Union is a state-chartered community credit union. Our field of membership allows us to accept members who either reside in Massachusetts or work for a company that is based in Massachusetts. Line 7a and 7b - The members vote for the board of directors at the annual meeting and on all business brought before the members. PAGE 6, PART VI, SECTION B, LINE 11A - Review of Form 990 The board of directors has delegated the responsibility of reviewing the form 990 to the CEO and CFO. The form 990 is made available to any board member who requests it. PAGE 6, PART VI, SECTION B, LINEs 12A, B & C - Conflict of interest policy There is a written conflict of interest policy for all board members and all employees. All employees and board members are required to sign off on a code of conduct policy annually which addresses conflicts of interest. The board reviews all conflicts to assure that all conflicts are resolved. PAGE 6, PART VI, SECTION B, LINES 15A & 15B - Officer Compensation The board reviews and approves the employment contract of the CEO annually. The board uses comparables with other like financial institutions along with job performance factors to determine compensation. PAGE 6, PART VI, SECTION C, LINE 19 - Public documents The Credit Union makes available all governing documents and form 990 to anyone who asks for it. a copy of the statement of condition is posted in all banking lobbies annually. PAGE 6, PART VI, SECTION B, LINEs 16A & 16B - Joint Ventures The Credit Union has invested in several joint ventures. These CUSOs are approved for investing only after careful review of the economics and how the investment will help the Credit Union deliver more financial services to its members. Please refer to Schedule R for details. Workers Financial Services LLC 815 Main Street Fitchburg MA 01420 043535666 Insurance MA 74894 26082 Workers CU Gateway Servces Group LLC 7600 E Orchard Rd Greenwood Village CO 801112583 061695018 Insurance CO Workers CU Unrelated 73608 165977 false 0 false 0.07410 Member Gateways LLC PO Box 2617 South Bend IN 46680 911944928 Product Dev IN Workers CU unrelated 1405 151666 false 0 false 0.04348 CUSO Financial Services PO Box 85744 San Diego CA 92186 330731851 Investments CA Workers CU unrelated 133773 718650 false 0 false 0.01963 CU Student Choice Partners LLC 1001 Connecticut Ave NW Washington DC 20036 383777896 Student Loans DC Workers CU unrelated 157249 349310 false 0 false 0.05405 Student CU connect cuso 8575 w 110th street suite 220 Overland Park KS 66210 263590122 Student Loans KS Workers CU unrelated -26091 0 false 0 false 0.17021 X-Card Systems LLC 5 Fram Ave suite 102 Frazer PA 19355 261167506 Debit Cards PA X-card System unrelated 21794 0 false 0 0.00000 CU Wallet LLC 21550 OXNARD St STE 300 Woodland Hills CA 91367 463335704 mobile banking CA Workers CU unrelated -6756 86590 false 0 false 0.01097 false false false false false false false false false false false false false false false false false false