2012-11-14T13:55:58-06:00 2011-12-31 420714325 MCGLADREY LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2011-01-01 041217290 CRESCENT CREDIT UNION CRES 5085806511 P O BOX 4290 BROCKTON MA 023034290 ROBERT GUSTAFSON 5085806511 2012-11-12 1 GERALD B KISSELL P00092658 6123324300 2011 2016-02-24 21:20:13Z ROBERT GUSTAFSON P O BOX 4290 BROCKTON MA 023034290 32221280 0 X WWW.CRESCENTCREDIT.ORG X 1919 MA A COOPERATIVE SOCIETY ORGANIZED WITHIN A GROUP OF PEOPLE OPERATING UNDER STATE AND FEDERAL SUPERVISION PROVIDING A SYSTEM FOR ACCUMULATING SAVINGS AND CREDIT. 14 13 119 0 194359 -55728 0 0 19147724 18402094 1268075 784063 122357 103405 20538156 19289562 0 0 3594101 2882947 6718557 6768658 0 0 0 7101718 8125894 17414376 17777499 3123780 1512063 389997990 405253009 342873990 356615009 47124000 48638000 TO PROVIDE OUR MEMBERS WITH THE BEST POSSIBLE FINANCIAL PRODUCTS AND SERVICES THAT A CREDIT UNION CAN OFFER EFFICIENTLY. 0 0 CRESCENT CREDIT UNION OFFERS A COMPLETE RANGE OF PERSONAL AND BUSINESS FINANCIAL SERVICES TO APPROXIMATELY 45,000 MEMBERS. THESE SERVICES INCLUDE CHECKING, SAVINGS, CERTIFICATES OF DEPOSIT, AND ALL TYPES OF LOANS, INCLUDING MORTGAGES, LINES OF CREDIT, EQUITY LOANS, PERSONAL LOANS AND CAR LOANS. 0 0 0 0 0 0 0 1 0 1 1 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 0 0 0 0 0 1 48404 0 119 1 1 1 0 0 0 0 0 X 14 13 1 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X STEPHEN SPOONER 5084086305 1300 BELMONT STREET BROCKTON MA 023014290 ROBERT GUSTAFSON 55.00 X X 302600 0 32361 WILLIAM ROSA 10.00 X X 15000 0 315 JAMES MIHOS 5.00 X X 0 0 0 HOWARD SPILLER 5.00 X X 0 0 315 PAUL MARINO 5.00 X X 1153 0 0 ROBERT SIMS 2.00 X 0 0 315 MORTON FEINBERG 2.00 X 1607 0 0 HERBERT NAGLE 2.00 X 0 0 0 DAVID GOODMAN 2.00 X 0 0 0 JOHN KOLENTSAS 2.00 X 0 0 0 ANTONIO MACEDO 2.00 X 0 0 315 F ROBERT SILVERSTEIN 2.00 X 1342 0 315 ALFRED NICCOLI 2.00 X 0 0 0 ARTHUR SULLIVAN 2.00 X 0 0 315 JEAN CAPUTO WILLIAMS 2.00 X 0 0 0 STEPHEN SPOONER 50.00 X 159511 0 28297 PAUL PIJANOWSKI 45.00 X 121229 0 23876 WILLIAM EASTLY 45.00 X 117161 0 23595 WILLETTS SKILWORTH 45.00 X 100685 0 10545 820288 0 120564 5 0 1 0 BLUE CROSS BLUE SHIELD PO BOX 9224 CHELSEA MA 021509224 HEALTH INSURANCE PREMIUMS FOR EMPLOYEES 921327 FISERV 75 REMITTANCE DRIVE CHICAGO IL 60675 DEPOSIT & LOAN DATA PROCESSING 700218 LEE AND MASON FINANCIAL SERVICES PO BOX 270 NORTHVILLE NY 12134 VSI CPI INSURANCE 429715 BFI PRINT COMMUNICATIONS 602 BEDFORD STREET SOUTH EASTON MA 02375 PRINTING OF FORMS 164312 NORTHEAST MEMBER BUSINESS SERVICES PO BOX 544 KEENE NH 03431 SERVICING AND UNDERWRITING 132277 12 INTEREST ON LOANS 522100 14762811 14762811 SERVICE CHARGES 522100 2769564 2562698 206866 OTHER NON-INTEREST INC 522100 722891 722891 LOAN SERVICING FEES 524292 146828 146828 18402094 636413 636413 312774 209369 103405 103405 -12507 115912 12869999 12722349 147650 147650 147650 19289562 18195228 194359 899975 2882947 543761 4442923 373241 973544 435189 32867 112913 271381 440833 539314 1291608 1137823 541491 261892 OTHER OPERATIONS EXPENS 1205066 NCUA STABILIZATION EXPE 711999 FISERV NSP EXPENSE 682527 ATM EXPENSE 472465 423715 17777499 5863121 5950861 318675 558531 317286230 327394656 303910 338023 18270129 8435149 9491207 9834980 55009769 59723803 1725078 1452155 389997990 405253009 1059207 1125495 1660734 1892373 50824296 56670443 289329753 296926698 342873990 356615009 X 0 0 0 0 47124000 48638000 47124000 48638000 389997990 405253009 X 1512063 1937 X X 0 1 1 X 0 0 1 3066198 3066198 7680469 2211574 5468895 626073 554047 72026 6897389 5669528 1227861 9834980 FEDERAL AGENCY OBLIGATIONS 28004257 F NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 2847994 F FHLB CAPITAL STOCK 3223600 F CERTIFICATES OF DEPOSIT 25169641 F OTHER INVESTMENTS 478311 F 59723803 DEPOSITS 296515952 OTHER LIABILITIES 410746 296926698 19289562 17777499 1512063 2000 -63 1937 1514000 19506931 0 19506931 -217369 -217369 19289562 17994868 217369 217369 17777499 0 17777499 PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY INSURANCE AND TAXES ON BEHALF OF ITS REAL ESTATE LOAN MEMBERS. 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 TO COMPLY WITH THE PROVISIONS OF FIN 48. PART XI, LINE 8 - OTHER ADJUSTMENTS: ROUNDING DIFFERENCE -63. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE RECLASSED TO REVENUE -209,369. LOSS ON SALE OF OREO RECLASSED TO REVENUE -8,000. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE RECLASSED TO REVENUE 209,369. LOSS ON SALE OF OREO RECLASSED TO REVENUE 8,000. X 1 1 X X X 0 0 0 ROBERT GUSTAFSON 244600 0 58000 0 0 0 25833 0 6528 0 334961 0 0 0 STEPHEN SPOONER 122511 0 37000 0 0 0 16086 0 12211 0 187808 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - THE CREDIT UNION REIMBURSES BOARD MEMBERS FOR CONFERENCE EXPENSES (TRAVEL, MEALS, LODGING) INCURRED BY A BOARD MEMBER'S SPOUSE OR GUEST, AS DESCRIBED IN THE CREDIT UNION'S DIRECTORS CONFERENCE/CONVENTION EXPENSES POLICY APPROVED BY THE BOARD. THESE EXPENSES ARE TAXABLE TO THE RECIPIENT. FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBERS JAMES MIHOS AND DAVID GOODMAN HAVE A BUSINESS RELATIONSHIP. 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 FORM 990 IS PREPARED BY MCGLADREY LLP UTILIZING INFORMATION PROVIDED BY THE CFO. THE CFO AND CEO REVIEW THE COMPLETED FORM AND A COPY IS PROVIDED TO THE BOARD OR DIRECTORS PRIOR TO FILING FORM 990 WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL NEW EMPLOYEES SIGN A FORM ACKNOWLEDGING THEY UNDERSTAND AND WILL ABIDE BY THE POLICIES CONTAINED IN THE EMPLOYEE HANDBOOK, INCLUDING ETHICS AND CONFLICTS POLICY. ALL EMPLOYEES ARE REQUIRED TO PARTICIPATE IN AN ON-LINE ETHICS TRAINING PROGRAM EACH YEAR AND PASS A QUIZ. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION UTILIZES SURVEY DATA PUBLISHED BY A THIRD PARTY SOURCE TO ESTABLISH SALARY RANGES FOR ALL EMPLOYEES. THE CEO RECOMMENDS ANNUAL COMPENSATION ADJUSTMENTS FOR BRANCH MANAGERS AND OFFICERS TO THE PERSONNEL COMMITTEE, WHICH IS COMPRISED OF BOARD MEMBERS. THE PERSONNEL COMMITTEE RECOMMENDS COMPENSATION ADJUSTMENTS FOR THE CEO, BRANCH MANAGERS, AND OFFICERS FOR VOTE. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS ARE POSTED ANNUALLY AT THE MAIN OFFICE, HEADQUARTERS BUILDING, AND EACH BRANCH LOCATIONS. THE GOVERNING DOCUMENTS AND CONFLICTS OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 2,000. ROUNDING DIFFERENCE -63. TOTAL TO FORM 990, PART XI, LINE 5: 1,937. FORM 990, PART XI, LINE 2C THE PROCESS FOR OVERSEEING THE AUDIT OF THE CREDIT UNION'S FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED SINCE THE PREVIOUS YEAR.