2013-08-02T14:27:50-05:00 2012-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2012-01-01 041231965 Jeanne D'Arc Credit Union % JEANNE D'ARC CREDIT UNION JEAN 9784525001 658 Merrimack Street Suite Lowell MA 018543913 Susan Gruber 9784525001 2013-07-29 true Michael J Rowe CPA 6174399700 2013-07-18 2012 2016-02-24 21:20:13Z Susan Gruber 658 MERRIMACK ST Lowell MA 01854 48508731 false X www.jdcu.com X 1912 MA JEANNE D'ARC CREDIT UNION IS A FULL SERVICE, member-owned community based credit union. 13 12 218 12 84437 -290980 0 0 25363464 25615888 7618139 5986024 6314176 7016719 39295779 38618631 0 0 0 0 11938603 12284591 0 0 0 24892446 21881799 36831049 34166390 2464730 4452241 920638638 1005233473 840739629 920562942 79899009 84670531 WE OPENED OUR DOORS IN 1912 TO PROVIDE FINANCIAL STABILITY TO IMMIGRANTS WHO CAME HERE FROM ALL OVER THE WORLD TO WORK IN THE MILLS. OUR GOALS THEN WERE THE SAME AS THEY ARE NOW: HELPING EACH MEMBER MAKE SMART FINANCIAL CHOICES; HELPING PEOPLE SAVE FOR THEIR FUTURE; MAKING LOANS AVAILABLE SO OUR MEMBERS CAN REALIZE THE AMERICAN DREAM BY PURCHASING A HOME, BUYING A CAR OR EVEN STARTING THEIR OWN BUSINESS. false false Provide financial services to members as a licensed credit union. 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 true false false false false false false false false true 91720 0 true 218 true true true false false false false false X 13 12 true false false false true true false true true false true true false true true true true true true true false X X JEANNE D'ARC CREDIT UNION 9784525001 658 MERRIMACK ST LOWELL MA 01854 Leon Bedard 1.0 X 4060 0 0 John Chemaly 1.0 X 4169 0 0 Mark Cochran 40.0 X X 543785 0 41665 Peter Doyle 1.0 X 4169 0 0 George Eliades 1.0 X 4073 0 0 Henri Marchand 1.0 X 4169 0 0 Carol McDonough 1.0 X 4073 0 0 Armand Mercier 1.0 X 288 0 0 Ellen Murphy Meehan 1.0 X 4217 0 0 Joseph Randazza 1.0 X 4073 0 0 William Soucy 1.0 X 4169 0 0 Richard Viau 1.0 X 4073 0 0 Naomi Prendergast 1.0 X 4169 0 0 Susan Green 1.0 X 3318 0 0 Peter Boyle 40.0 X 225500 0 32878 Scott Flagg 40.0 X 182598 0 27752 Kathleen Grieco 40.0 X 192432 0 19787 Susan Gruber 40.0 X 267428 0 37271 Michelle Silveira 40.0 X 182003 0 27378 Carolyn Pelletier 40.0 X 110916 0 0 Kara Doyle 40.0 X 105118 0 0 Paul McDonald 40.0 X 113358 0 0 James Milinazzo 40.0 X 146410 0 0 Denise Bouchard 40.0 X 107413 0 0 Kirk McNeill 40.0 X 107119 0 0 Penelope Swallow 40.0 X 113705 0 0 2446805 0 186731 13 false true false INTUIT FINANCIAL SERVICES PO BOX 515306 LOS ANGELES CA 90051 Internet 636204 TREMONT YARD 5 DICK TRACY DRIVE PELHAM NH 03076 Property management 1067685 FIDELITY INFO SERVICES PO BOX 4535 CAROL STREAM IL 60197 banking software 1460139 BLUE CROSS BLUE SHIELD PO BOX 371318 PITTSBURGH PA 15250 HEALTHCARE 1202393 Raoust and Partners 516 Settlers Landing Road HAMPTON VA 23669 marketing consultant 362146 19 0 INTEREST INCOME 25615888 25615888 25615888 4983994 4983994 0 0 0 0 0 9896365 995765 9890100 6265 995765 1002030 1002030 0 0 0 FEE INCOME 522100 7016719 6932282 84437 7016719 38618631 32548170 84437 5986024 0 0 0 0 1642765 0 8035187 666458 1137299 802882 0 141921 411622 0 0 0 544313 1446274 997811 2445339 0 1801527 0 0 137246 8404072 0 1332114 964447 EQUIPMENT EXPENSE 832826 PROVISION FOR LOAN LOSSES 484239 CREDIT CARD EXPENSE 843027 LENDING EXPENSES 181435 913586 34166390 13815067 12325159 21085603 30897360 0 0 0 0 0 0 0 0 499364501 551021128 0 0 893952 1039175 21592447 10106050 12638436 11486397 368670807 393460353 0 0 0 0 0 0 4170272 5003901 920638638 1005233473 3601230 3612863 0 0 67216 101579 0 0 0 0 0 0 66000000 80000000 0 0 771071183 836848500 840739629 920562942 X 0 0 16000000 16000000 63899009 68670531 79899009 84670531 920638638 1005233473 X 4452241 319281 X false true X true 3456490 3456490 6315702 3721112 2594590 4381417 1445332 2936085 3009299 2244249 765050 4429539 2695357 1734182 11486397 0 DEPOSITS & OTHER LIABILITIES 836848500 836848500 X 38578229 38578229 40402 40402 38618631 34125988 34125988 40402 40402 34166390 Gain on fixed assets Schedule D page 4 part XII Line 4b Audited financial statements treats the gain on sale of fixed assets as netted in other expenses. For purposes of 990 page 9 part VII gain was reported on line 7a-d. Gain on sale of fixed assets reclassed to income Schedule D page 4 part XIII Line 4b Net gain from sale of fixed assets was reclassed from expenses on the 990 to other gains & losses part VII lines 7a-d. FIN 48 (ASC 740) Footnote Schedule D page 3 Part X Line 2 Extraction of footnote on uncertain tax position from audited financial statements: 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 to comply with the provisions of this guidance. X true true X X X X false false false Peter Boyle 216220 0 0 0 9280 0 21550 0 11328 0 258378 0 0 0 Mark Cochran 525451 0 0 0 18334 0 30337 0 11328 0 585450 0 0 Scott Flagg 172085 0 0 0 10513 0 16424 0 11328 0 210350 0 0 0 Kathleen Grieco 190628 0 0 0 1804 0 15692 0 4095 0 212219 0 0 0 Susan Gruber 265372 0 0 0 2056 0 25943 0 11328 0 304699 0 0 0 Michelle Silveira 172889 0 0 0 9114 0 15252 0 12126 0 209381 0 0 0 Travel for Compianions Schedule J, Part I, Line 1a Spouses or guests are welcome to accompany directors, but is limited to no more than two times per calendar year. Spouse or guest expenses which are reimbursable include, but are not limited to air travel, meals, and organized entertainment such as event dinners, golf outings or other conference related outings. Spouse and guest travel expenses may not exceed $1,200 per year. Spouse or guest expenses which are not reimbursable include, but are not limited to separate lodging or non-conference related personal expenses. William Soucy Dir, owner of CU's buildg 974085 Rental false Officer & Director Loans Schedule L Part II Some of the officers and directors have loans outstanding with the credit union. These loans were obtained in the normal course of business of the credit union with the same terms and conditions available to all members. These loans are not required to be reported. Related Party Transaction Scheudle L Part IV While Director Soucy owns the building which the credit union leases and houses its administrative and back-office staff, Director Soucy excused himself for all Board of Director discussing regarding the decision to enter into the lease for the building. Additionally, a third-party commercial real estate firm, National Commercial Brokers, Inc. conducted a market survey for the credit union to ensure the credit union was paying a fair market lease rate and other pertinent conditions. Finally, the office of the Commissioner of Banks of Massachusetts reviewed the business transaction and had no negative comments on the transaction and approved the expenditure of funds. Board review of Form 990 Page 6 Part VI Section B Line 11 The Board of Directors has delegated authority for the review of the Form 990 to the Chief Financial Officer (CFO). The CFO engages the services of an independent accounting firm for the preparation of the Form 990. Upon completion, the Form 990 is reviewed by the CFO, signed by the CFO, and filed with the IRS. Written conflict of interest Page 6 Part VI Section B Line 12c Each year the Code of Ethics, which incorporates the Conflict of Interest Policy, is updated and ratified by the Board of Directors. The Code of Ethics pertains to employees as well as the Board of Directors. Annually, all employees and Board Members sign an acknowledgement that they have received and read the Code of Ethics. Further, all employees and Board Members must identify, in writing, all deposits and loan accounts in which they have a related interest. Loans granted to senior management, Directors, or their related parties must be approved by the Board. If the loan is for a Board Member or his/her related interest, the Board Member must leave the boardroom during the discussion and vote. The Board Member is recused from the vote. Board review of Officer Compensation Page 6 Part VI Section B Lines 15 a & b The credit union's Board of Directors assigns responsibility to the Board's Personnel Committee to interview members of senior management for input in the preparation of a written performance evaluation of the credit union's President. The Personnel Committee is comprised of independent directors. The Personnel Committee will then present the written evaluation to the full board, along with a recommendation for compensation. The compensation level is based on a combination of the President's perceived value to the credit union and job performance. Based on the Personnel Committee's recommendation, the full Board approves the President's compensation. For members of senior management, written performance evaluations are prepared by the President and reviewed with the Board's Chairman. No other Board Directors are involved in the compensation discussions for senior management. Compensation is based on the value to the credit union and job performance. Availability of goverance documents Page 6 Part VI Section C Line 19 The credit union's Bylaws, Code of Ethics, Conflict of Interest Policy, etc. are available for inspection at the credit union's annual meeting or available at anytime upon a member's request. The credit union's Privacy Policy is mailed to each member annually. The credit union's Call Report (5300) data is available to the general public via the NCUA's website. Financial statement audit review PAGE 12 PART XI LINES 2B & 2C THE JEANNE D'ARC CREDIT UNION STATEMENTS ARE AUDITED BY MCGLADREY & PULLEN, A CERTIFIED PUBLIC ACCOUNTING FIRM. THE FINANCIAL STATEMENT YEAR END IS DECEMBER 31st. THE JEANNE D'ARC CREDIT UNION BY-LAWS REQUIRE A FINANCE COMMITTEE MADE UP OF BOARD MEMBERS TO REVIEW THE AUDITED FINANCIAL STATEMENTS AND ASSURE THAT ANY FINDINGS BY THE AUDITORS ARE IMPLEMENTED. Members Page 6 Part VI Section A lines 6 7a Jeanne D'Arc Credit Union Membership is available to anyone who lives, works, or attends school in Middlesex or Essex counties, the cities or towns of Fitchburg, Leominster, Harvard, Lunenburg or Lancaster, or the New Hampshire counties of Hillsborough or Rockingham. The members vote for the board of directors at the Annual meeting and vote on any business broght before them at the annual meeting. Other changes to net assets Page 12 Part XI Line 9 Net change in unrealized gain and losses $319,281 Statement of uncertain Tax position Form 990 page 3 Part IV Line 11f The Credit Union is a state-chartered credit union described in Internal Revenue Code (IRC) Section 501(c)(14). As such, the Credit Union is exempt from federal taxation of income derived from the performance of activities that are in the furtherance of its exempt purposes. However, IRC Section 511 imposes a tax on the unrelated business income (as defined in Section 512) derived by state-chartered credit unions. Many states have similar laws. The specific application of Section 512 to the various activities conducted by state-chartered credit unions has been at issue for many years. The taxing authorities have the ability to assess taxes, penalties and interest for any years for which no tax return were filed. The Credit Union is subject to U.S. federal, or state and local income tax examinations by tax authorities for all open tax years. In the opinion of management, any liability resulting from taxing authorities imposing income taxes on the net taxable income from activities deemed to be unrelated to the Credit Union's nontaxable status is not expected to have a material effect on the Credit Union's financial position or results of operations. The Credit Union is a party to various legal actions normally associated with collections of loans and other business activities of financial institutions, the aggregate effect of which, in management's opinion, would not have a material adverse effect on the financial condition or results of operations of the Credit Union. liability resulting from taxing authorities imposing income taxes on the net taxable income from activities deemed to be unrelated to the Credit Union's nontaxable status is not expected to have a material effect on the Credit Union's financial position or results of operations.