2012-08-09T11:44:37-05:00 2011-09-30 MCGLADREY LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2010-10-01 042348884 LEOMINSTER CREDIT UNION LEOM 9785378021 20 ADAMS STREET LEOMINSTER MA 01453 GARY ABRAMS 9785378021 2012-08-09 1 GERALD B KISSELL 6123324300 2010 2016-02-24 21:20:13Z GORDON EDMONDS 20 ADAMS STREET LEOMINSTER MA 01453 28472631 0 X WWW.LEOMINSTERCU.COM X 1954 MA STATE CHARTERED CREDIT UNION 9 9 158 0 126058 -41057 0 0 22706064 20943575 6665069 7443311 0 85745 29371133 28472631 1000 1000 7563342 6186534 5626877 8671435 0 0 0 12449708 10472172 25640927 25331141 3730206 3141490 591202726 614581509 541177653 557040893 50025073 57540616 X LEOMINSTER CREDIT UNION IS A COMMUNITY-BASED FINANCIAL SERVICES PROVIDER. WE EXIST TO FULFILL OUR MEMBERS FINANCIAL NEEDS THROUGH OUTSTANDING SERVICE AND EFFECTIVE TECHNOLOGY. AS A RESPONSIBLE CORPORATE CITIZEN, WE ARE COMMITTED TO ENRICHING THE COMMUNITIES IN WHICH WE LIVE AND WORK. 1 0 TO SERVE OUR MEMBERS, OUR HIGHEST EXPENSE IS INTEREST PAID ON CERTIFICATES OF DEPOSIT. WE HAVE 5984 CDS, TOTALING $187,352,817. WE PAID $3,866,023 IN INTEREST ON THESE ACCOUNTS. OUR SECOND-HIGHEST EXPENSE IS INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS FOR OUR MEMBERS. WE HAVE 2786 ACCOUNTS, TOTALING $39,965,571. WE PAID $850,974 IN INTEREST ON THESE ACCOUNTS. OUR THIRD-HIGHEST EXPENSE IS INTEREST PAID ON MONEY MARKET ACCOUNTS FOR OUR MEMBERS. WE HAVE 903 ACCOUNTS, TOTALING $70,926,900. WE PAID $617,408 IN INTEREST ON THESE ACCOUNTS. WE CONTINUE TO MAKE CREDIT AVAILABLE TO OUR MEMBERS FOR THE PURCHASE OF HOMES, VEHICLES, AND SMALL BUSINESSES. WE RAISE CAPITAL BY RECEIVING MEMBER DEPOSITS AND PAYING INTEREST ON THOSE DEPOSITS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 14748 0 1 158 1 1 1 0 0 0 0 0 X 9 9 0 0 1 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X GARY ABRAMS 9785377263 20 ADAMS STREET LEOMINSTER MA 01453 AMEDEO BILOTTA 2.00 X X 0 0 0 ANTHONY GASBARRO 1.00 X X 0 0 0 MICHAEL SAVAGEAU 1.00 X X 0 0 0 RICHARD SHEPPARD 1.00 X X 0 0 0 ROSEMARY BRACANI 1.00 X X 0 0 0 GIULIO GRECO 1.00 X 0 4000 0 ANDREW COUSINS 1.00 X 0 0 0 NANCY GRAVES 1.00 X 0 0 0 JOYCE LAFLEUR 1.00 X 0 0 0 JOSEPH QUINTAL 1.00 X 0 0 0 JOHN REEDY 1.00 X 0 0 0 GORDON EDMONDS 40.00 X 296872 0 21565 GARY ABRAMS 40.00 X 220703 0 32265 JOHN O'BRIEN 40.00 X 163178 0 14411 CAROL SOUTHWORTH 40.00 X 153490 0 9951 PETER BRYTOWSKI 40.00 X 123414 0 19044 BARBARA MAHONEY 40.00 X 136717 0 20983 SETH WISH 40.00 X 143193 0 25169 1237567 4000 143388 7 0 1 0 HARVARD PILGRIM HEALTH CARE PO BOX 970050 BOSTON MA 02297 HEALTH CARE INSURANCE 997695 FISERV PO BOX 22705 LINCOLN NE 68542 IT 451616 BROPHY & PHILLIPS CO INC 928 WEST CHESTNUT STREET BROCKTON MA 02301 CONTRACTOR 278877 WHIPPLE CONSTRUCTION 446 MAIN ST 7TH FLOOR WORCESTER MA 01608 CONTRACTOR 264337 PAETEC PO BOX 1283 BUFFALO NY 14240 TELEPHONE 229672 17 INTEREST ON LOANS 522100 17782877 17782877 SERVICE CHARGES AND FE 522100 3160698 3034640 126058 20943575 7228672 7228672 85745 85745 85745 85745 214639 214639 214639 214639 28472631 20817517 126058 7529056 1000 6186534 916435 6042487 350178 842854 519481 11003 173500 406478 594183 1931136 1353617 37478 48603 2443072 1073112 1067339 PROVISION FOR LOAN LOSS 670082 SECURITY 230801 COLLECTIONS 180016 HUMAN RESOURCES 140415 111337 25331141 4880907 5116942 346727601 337764331 489377 536014 22789588 9540703 12754734 13248885 214206350 245645545 4976700 5365500 7167057 6904292 591202726 614581509 4378363 3199330 709737 829148 536089553 553012415 541177653 557040893 X 0 0 0 0 50025073 57540616 50025073 57540616 591202726 614581509 X 3141490 4374053 X X 0 1 1 X 0 0 1 1378459 1378459 11720440 2900396 8820044 658934 170360 488574 8933670 6399009 2534661 98085 70938 27147 13248885 MEMBERS' SHARES 464972415 BORROWED FUNDS 88040000 553012415 28472631 25331141 3141490 4374053 4374053 7515543 28472631 0 28472631 0 28472631 25331141 0 25331141 0 25331141 PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY INSURANCE AND TAXES ON BEHALF OF ITS MORTGAGE LOAN ACCOUNTS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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. PART XI, LINE 8 - OTHER ADJUSTMENTS: UNREALIZED HOLDING GAIN ON AVAILABLE FOR SALE SECURITIES 4,374,053. X X X X 0 0 0 GORDON EDMONDS 239009 0 55000 0 2863 0 19600 0 1965 0 318437 0 0 0 GARY ABRAMS 176931 0 43772 0 0 0 18220 0 14045 0 252968 0 0 0 JOHN O'BRIEN 135376 0 27802 0 0 0 13021 0 1390 0 177589 0 0 0 CAROL SOUTHWORTH 126028 0 27462 0 0 0 4656 0 5295 0 163441 0 0 0 BARBARA MAHONEY 114773 0 21944 0 0 0 7318 0 13665 0 157700 0 0 0 SETH WISH 120424 0 22769 0 0 0 11447 0 13722 0 168362 0 0 0 NEW PROGRAM SERVICES FORM 990, PART III, LINE 2 LEOMINSTER CREDIT UNION BEGAN OFFERING COMPREHENSIVE INSURANCE PRODUCTS TO ITS MEMBERS DURING THE YEAR. FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS WERE AMENDED TO LIMIT THE FOLLOWING: - THE NUMBER OF CONSECUTIVE YEARS THAT A CLERK CAN SERVE WAS LIMITED TO 3 YEARS. - THE NUMBER OF CONSECUTIVE YEARS THAT A TREASURER AND ASSISTANT TREASURER(S) CAN SERVE WAS LIMITED TO 3 YEARS. PRIOR TO AMENDING THE BYLAWS THERE WAS NO LIMIT TO THE NUMBER OF CONSECUTIVE TERMS SERVED BY THE CLERK, TREASURER, OR ASSISTANT TREASURER(S). FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11 THE FINANCE OFFICER AND EXECUTIVE VICE PRESIDENT REVIEW FORM 990 PRIOR TO ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C WE SHARE OUR CONFLICT OF INTEREST POLICY WITH NEW EMPLOYEES WHEN WE HIRE THEM, AND THEY SIGN OFF TO ACKNOWLEDGE RECEIPT. THIS POLICY OUTLINES THE PARAMETERS AROUND ACTIVITIES WHICH CONFLICT WITH OR APPEAR TO CONFLICT WITH THE BUSINESS INTERESTS OF LCU. ANNUALLY, WE DISTRIBUTE OUR ETHICS POLICY AND WHISTLEBLOWER POLICY TO REITERATE THE GUIDELINES IN REFERENCE TO CONFLICT OF INTEREST AND THE PROCESS IN PLACE TO ADDRESS ISSUES THAT MAY ARISE. EMPLOYEES SIGN OFF ON BOTH OF THESE PROCESSES ANNUALLY TO ACKNOWLEDGE THEIR RECEIPT. FORM 990, PART VI, SECTION B, LINE 15 HUMAN RESOURCES REVIEWS ALL RECOMMENDATIONS TO INCREASE THE SALARY OF ITS OFFICERS AND KEY EMPLOYEES WITHIN THE CREDIT UNION. HR REFERENCES PRE-DETERMINED SALARY RANGES FOR THE RESPECTIVE POSITION, AS WELL AS INFORMATION FROM PURCHASED SALARY SURVEYS TO DETERMINE THE APPROPRIATENESS OF THE RECOMMENDATION. IN ADDITION, HR LOOKS AT THE EQUITY TO COMPARABLE ROLES WITHIN THE CREDIT UNION BEFORE APPROVING THE RECOMMENDATION. FORM 990, PART VI, SECTION C, LINE 19 OUR GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO MEMBERS UPON REQUEST. FINANCIAL STATEMENTS ARE POSTED IN THE LOBBIES OF OUR BRANCHES FOR MEMBERS TO REVIEW. WE DO NOT MAKE OUR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: UNREALIZED HOLDING GAIN ON AVAILABLE FOR SALE SECURITIES 4,374,053. TOTAL TO FORM 990, PART XI, LINE 5: 4,374,053. NO CHANGE IN REVIEW PROCESS LCU INSURANCE SERVICES LLC 20 ADAMS STREET LEOMINSTER MA 01453 452079582 INSURANCE SERVICES MA -4639 1115 LEOMINSTER CREDIT UNION