2014-06-04T10:35:54-05:00 2013-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2013-01-01 046017806 Harvard Unversity Employees Credit Union % EUGENE FOLEY HARV 6174954460 104 Mt Auburn St 4th floor Suite cambridge MA 02138 Craig E Leonard EVP & CFO 6174954460 2014-05-29 true Michael J Rowe CPA 6174399700 2014-05-29 2013 2015-11-30 17:44:51Z EUGENE FOLEY 104 MT AUBURN ST 4TH FLOOR Cambridge MA 02138 21264945 false X www.huecu.org X 1939 MA Provide convenient financial and personal services in the best interest of our members, as well as educating our community about finances 15 15 81 0 0 0 18608785 18093339 900267 1862640 219875 0 19728927 19955979 0 0 0 0 6478093 6987313 0 0 0 10689767 10352440 17167860 17339753 2561067 2616226 415027474 442774315 379441975 405864298 35585499 36910017 X 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. false true 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 41,000 members. The membership is primarily limited to those employees, faculty, students, and alumni of Harvard University and its affiliated hospitals. false false false false false false false true false true false true 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 9119 0 true 81 true false false false false false false X 15 15 false false false false true true true true true false true true true true true true true true true true false X EUGENE FOLEY 6174954460 104 MT AUBURN ST 4TH FLOOR Cambridge MA 02138 Guillermo Banchiere director 1.0 X 0 0 0 Karen Deberio Director 1.0 X 0 0 0 Edward Doctoroff director 1.0 X 0 0 0 Edward Emde director 1.0 X 0 0 0 Edward Feldman director 1.0 X 0 0 0 John Lichten director 1.0 X 0 0 0 Thomas Lucey director 1.0 X 0 0 0 Jerremiah Murphy director 1.0 X 0 0 0 Stephen King director 1.0 X 0 0 0 Mary Straub director 1.0 X 0 0 0 George White director 1.0 X 0 0 0 William Murphy director 1.0 X 0 0 0 Cheryl Hutt director 1.0 X 0 0 0 Mark Edington director 1.0 X 0 0 0 Dennis Campbell director 1.0 X 0 0 0 Eugene J Foley President and CEO 45.0 X 366599 0 80336 Craig Leonard EVP & CFO 45.0 X 219697 0 49827 Cheryl Gorman EVP, Retail Services 42.5 X 193872 0 43970 John Degnan VP, Operation 40.0 X 116960 0 26527 Peter Buchanan Vp, Lending 40.0 X 121850 0 27636 Thomas Montilli VP, Marketing 40.0 X 121697 0 27601 Thomas Murphy Director of student services 40.0 X 114939 0 26068 Michael Levine Mortgage Originator 40.0 X 104963 0 23806 1360577 0 305771 8 false true false PSCU 560 Carillon Parkway ST PETERSBURG FL 33716 data processing 1295633 fiserv 1250 Grumman Place TITUSVILLE FL 32780 data processing 832458 National Credit Union Administratio PO Box 979069 ST LOUIS MO 63197 Insurance 301898 Diebold PO Box 643543 PITTSBURGH PA 15264 ATM Services 278028 RPM 80 Research Road HINGHAM MA 02043 printing services 119923 5 0 INTEREST ON LOANS 522100 15235840 15235840 VARIOUS BANK FEES 522100 2857499 2857499 18093339 1070290 1070290 0 0 0 0 0 1371743 729573 1308966 62777 729573 792350 792350 0 0 0 0 19955979 18093339 1862640 0 0 0 0 767784 0 4304712 0 1914817 0 0 8423 90205 0 0 0 251224 504735 578735 528139 0 1598855 0 0 155009 1510955 0 736206 373789 PROVISION FOR LOSSES 925000 LOAN SERVICING EXPENSES 1668412 TRANSACTION FEES 845772 DUES/PUBLICATIONS 55829 521152 17339753 29866738 37814838 18282540 5317956 0 0 287279886 0 2239818 0 0 0 1886394 310634979 0 0 212969 300329 5703536 3213166 2787296 2490370 0 0 0 10476000 66345942 67755986 0 0 6125891 7983857 415027474 442774315 4399785 4149011 0 0 0 0 0 0 0 1347566 0 0 1450462 0 0 0 373591728 400367721 379441975 405864298 X 0 0 0 0 35585499 36910017 35585499 36910017 415027474 442774315 2616226 -1291708 X false true X true false false true X 3847010 2170979 1676031 1397125 794920 602205 459401 247267 212134 2490370 BONDS 51228196 F MBS AGENCIES 16527790 F 67755986 0 ESCROW ACCOUNT 0 SAVINGS ACCOUNTS 121030262 CHECKING ACCOUNTS 74881529 MONEY MARKET ACCOUNTS 114451342 CLUB ACCOUNTS 1713860 IRA ACCOUNTS 21695768 CERTIFICATES OF DEPOSITS 66594960 400367721 X 19955979 19955979 19955979 17339753 17339753 17339753 Schedule D, Part IV, Line 2B 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 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, 2013 and 2012. The Credit Union has evaluated its tax positions as of December 31, 2013 and 2012 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 2011. X true true X X X X false false false Eugene J Foley President and CEO 299215 0 55000 0 12384 0 0 0 80336 0 446935 0 0 0 Cheryl Gorman EVP, Retail Services 159872 0 34000 0 0 0 0 0 43970 0 237842 0 0 0 Craig Leonard EVP & CFO 176697 0 43000 0 0 0 0 0 49827 0 269524 0 0 0 Schedule J, Part I The Credit Union provides spouse travel for its directors and officers. PSCU CU CEO is on the BOD 1295633 Electronic processing services false Schedule L, Part II 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. Schedule L, Part IV 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. Form 990, Part III, Line 3 The Credit Union rolled out a new line of checking account products designed to provide greater accessibility to ATMs across the globe. Members utilizing our checking products can use any other financial institution's ATM and we will refund their fees monthly. In addition, the Credit Union offers Remote Deposit Capture, allowing members to utilize their smartphones to capture a picture of their checks and transmit it electronically for deposit. This new service provides greater flexibility for members who may not be able to make it into a physical branch. From 990, Part VI, Section A, Line 6 The Credit Union has approximately 41,000 members in its field of membership. From 990, Part VI, Section A, 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. From 990, Part VI, Section A, Line 7b any by law 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 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 Audited Committee for final review prior filing with the IRS. From 990, Part VI, Section B, Line 12c The credit union has a conflict of interest policy in place. The board of directors review the conflict of interest policy annually. From 990, Part VI, Section B, Lines 15a & 15b 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 Bylaws, conflicts of interest policy, and financial statements are available upon request. Financial statements are posted in each branch monthly.