2014-05-14T13:30:47-05:00 2013-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2013-01-01 041659235 NEW BEDFORD CREDIT UNION NEWB 5089946546 1150 PURCHASE STREET NEW BEDFORD MA 027406687 DAVID BORGES PRESIDENT & CEO 5089946546 2014-05-08 1 SHERRI WESSELS P00888088 5074347000 2014-05-07 2013 2015-11-30 17:44:51Z DAVID BORGES 1150 PURCHASE STREET NEW BEDFORD MA 027406687 4264459 0 X WWW.NEWBEDFORDCU.COM X CU 1932 MA CREDIT UNION - PROVIDE THRIFT SERVICES TO MEMBERS WITH THE BEST SERVICE POSSIBLE. 9 9 45 11 38538 -52221 0 0 3589868 3825895 430163 416939 610821 21447 4630852 4264281 5858 6090 0 414895 1660988 1587124 0 0 0 2717802 1836445 4384648 3844554 246204 419727 119704533 115510059 109753704 105140637 9950829 10369422 CREDIT UNION - PROVIDE THRIFT SERVICES TO MEMBERS WITH THE BEST SERVICE POSSIBLE. 0 0 MAINTENANCE OF MEMBER SHARES AND DEPOSITS. 21,879 ACCOUNTS FROM 12,428 MEMBERS. MAKING OF LOANS TO MEMBERS AT MARKET RATES OF INTEREST. NUMBER OF ACCOUNTS 2,876. 0 0 0 0 0 0 0 1 0 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1321 0 1 45 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 0 1 1 1 0 0 X DAVID BORGES 5089946546 1150 PURCHASE STREET NEW BEDFORD MA 027406687 JAMES W ALLEN DIRECTOR 2.00 X 0 0 0 JEFFREY M CAMARA DIRECTOR 2.00 X 0 0 0 THOMAS J CARREIRO ASSISTANT TREASURER 2.00 X X 0 0 0 ALFRED M GAUTHIER VICE-CHAIRMAN 6.00 X X 0 0 0 STEVEN T MACH DIRECTOR 2.00 X 0 0 0 DR JOSEPH S SILVA JR CHAIRMAN OF THE BOARD 12.00 X X 0 0 0 JOHN T TUNNEY DIRECTOR - RESIGNED 12/2013 2.00 X 0 0 0 JOHN L WARREN JR TREASURER & CLERK 2.00 X X 0 0 0 EDWARD J WILEY DIRECTOR - RESIGNED 11/2013 2.00 X 0 0 0 PETER E BERTHIAUME DIRECTOR 2.00 X 0 0 0 DR LAWRENCE J FINNERTY DIRECTOR 2.00 X 0 0 0 DAVID BORGES PRESIDENT & CEO 40.00 X 122186 0 7940 MARIA C TAVARES AVP FINANCE 40.00 X 72887 0 5056 MICHELLE GREENWALT VP FINANCE/CONTROLLER - STARTED 9/23/13 40.00 X 19425 0 565 NELSON DEFRIAS AVP OPERATIONS 40.00 X 55585 0 5931 JENNIFER DELGADO VP LENDING 40.00 X 68415 0 6358 DAN CAMPOBASSO INTERNAL AUDITOR - RESIGNED 8/2/13 40.00 X 30761 0 1023 BERTA VARAO EXECUTIVE VP 40.00 X 74859 0 6521 444118 0 33394 1 0 0 0 FISERV 1601 TRAPELO ROAD SUITE 240 WALTHAM MA 02451 DATA PROCESSING 296556 1 INTEREST ON LOANS 900099 3171585 3171585 SERVICE CHARGES & FEES 522100 654310 615772 38538 3825895 417117 417117 178 -178 -178 -178 OTHER INCOME 524298 21447 21447 21447 4264281 3808804 38538 416939 6090 414895 477512 802620 219585 87407 156692 39641 629742 351794 17100 5505 139059 MISCELLANEOUS 191545 PROVISION FOR LOAN LOSS 130000 NCUA STABILIZATION EXPE 86676 LOAN SERVICING EXPENSE 60535 28156 3844554 1863788 1419744 36711483 20977998 60715022 56746005 80535 156027 3674846 2892673 865704 782173 17598705 25376439 1869296 10051673 119704533 115510059 315145 350247 109438559 104790390 109753704 105140637 X 0 0 0 0 9950829 10369422 9950829 10369422 119704533 115510059 419727 -1134 0 X X 0 1 X 1 0 0 0 172200 172200 690809 595290 95519 1733256 1311140 422116 1078581 986243 92338 782173 HTM SECURITIES 25376439 C 25376439 NCUSIF DEPOSIT 1083446 OTHER ASSETS 28602 ACCRUED INTEREST RECEIVABLE 207951 INVESTMENTS IN OTHER CORPORATE CREDIT UNIONS 8731674 10051673 MEMBER SHARE AND SAVINGS ACCOUNTS 104790390 104790390 X 4249971 0 4249971 14310 14310 4264281 3831377 1133 1133 3830244 14310 14310 3844554 PART X, LINE 2: PER FOOTNOTE 1 IN THE 12/31 AUDIT REPORT - 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 HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE. 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 RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2013 AND 2012. THE CREDIT UNION'S 2010 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXPENSES NETTED AGAINST INCOME IN THE FINANCIAL STATEMENTS BUT REPORTED 14,310. IN THE EXPENSE SECTION OF THE 990 PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSES NETTED AGAINST INCOME IN THE FINANCIAL STATEMENTS BUT REPORTED 14,310. IN THE EXPENSE SECTION OF THE 990 FORM 990, PART VI, SECTION A, LINE 6 PERSONS WHO MEET THE REQUIREMENTS OF THE ORGANIZATION'S FIELD OF MEMBERSHIP WHO HOLD AT LEAST ONE SHARE OF CAPITAL. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER HAS A VOTE AT THE ELECTION OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B ANY CHANGES TO THE ENTITY'S BYLAWS NEED TO BE APPROVED BY THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED BY THE BOARD OF DIRECTORS AFTER IT IS FILED. IT IS THEN RECORDED IN THE MINUTES. FORM 990, PART VI, SECTION B, LINE 15A FORM 990, PART VI, SECTION B, LINE 15: THE BOARD REVIEWS COMPENSATION AND AREA SURVEYS BEFORE ESTABLISHING THE COMPENSATION OF THE CEO, EXECUTIVE DIRECTOR, AND TOP MANAGEMENT OFFICIALS. THE SALARY FOR OTHER INDIVIDUALS IS ESTABLISHED THROUGH THE SALARY AND WAGE BUDGET WHICH IS DEVELOPED BY THE CEO AND THE PERSONNEL COMMITTEE PRIOR TO THE NEW BUDGET PROCESS. THE CEO WITH INPUT FROM THE MANAGEMENT TEAM IS RESPONSIBLE FOR ALL EMPLOYEE COMPENSATION BASED UPON ESTABLISHED BUDGETED FUNDS FOR SALARIES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST, AS WELL AS MADE AVAILABLE IN THE CREDIT UNION LOBBY. FORM 990, PART XII, LINE 2C AUDIT OVERSIGHT - THE AUDIT COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT.