BROTHERHOOD CREDIT UNION: Form 990, tax year 2011
View the entire original 990 at ProPublica ↗
- Organization
- BROTHERHOOD CREDIT UNION (EIN 04-1126132)
- Tax period
- 2011-01-01 to 2011-12-31
- Filed
- 2012-05-10
- IRS object ID
- 201221319349300927
- Schema version
- 2011v1.2
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2012-05-10T07:12:35-07:00 | Timestamp |
| Tax Period End Date | 2011-12-31 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | ROBERT ANDERSON & COMPANY PC | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 138 DODGE ST | AddressLine1 |
| City | BEVERLY | City |
| State | MA | State |
| ZIP Code | 019151866 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2011-01-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 041126132 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BROTHERHOOD CREDIT UNION | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | BROT | NameControl |
| Phone | 7815985555 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 75 MARKET STREET | AddressLine1 |
| City | LYNN | City |
| State | MA | State |
| ZIP Code | 01901 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | JAMES J SHERMAN | Name |
| Title | President & CEO | Title |
| Date Signed | 2012-05-10 | DateSigned |
| Authorize Third Party | true | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Robert Anderson | Name |
| Phone | 9782329300 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2011 | TaxYear |
| Build TS | 2016-02-24 21:20:13Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 3164408 | GrossReceipts |
| Group Return For Affiliates | false | GroupReturnForAffiliates |
| All Affiliates Included | false | AllAffiliatesIncluded |
| Organization501c | X | Organization501c |
| Web Site | N/A | WebSite |
| Activity Or Mission Description | CREDIT UNION MEMBER SERVICES | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 9 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 8 | NbrIndependentVotingMembers |
| Total Nbr Employees | 21 | TotalNbrEmployees |
| Total Nbr Volunteers | 8 | TotalNbrVolunteers |
| Total Gross UBI | 3474 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | -11266 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Current Year | 0 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 2205405 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 2055947 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 1215977 | InvestmentIncomePriorYear |
| Investment Income Current Year | 1008903 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 134328 | OtherRevenuePriorYear |
| Other Revenue Current Year | 99558 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 3555710 | TotalRevenuePriorYear |
| Total Revenue Current Year | 3164408 | TotalRevenueCurrentYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 1346585 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 1352157 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 1962633 | OtherExpensePriorYear |
| Other Expenses Current Year | 1746266 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 3309218 | TotalExpensesPriorYear |
| Total Expenses Current Year | 3098423 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 246492 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 65985 | RevenuesLessExpensesCY |
| Total Assets BOY | 109312644 | TotalAssetsBOY |
| Total Assets EOY | 109506129 | TotalAssetsEOY |
| Total Liabilities BOY | 72868879 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 74423688 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 36443765 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 35082441 | NetAssetsOrFundBalancesEOY |
| Mission Description | CREDIT UNION MEMBER SERVICES | MissionDescription |
| Significant New Program Services | false | SignificantNewProgramServices |
| Significant Change | false | SignificantChange |
| Expense | 662791 | Expense |
| Description | MAINTENANCE OF MEMBERS' ACCOUNTS AND THE PAYMENT OF INTEREST AND DIVIDENDS THEREON. NUMBER OF ACCOUNTS 7,960. | Description |
Activity2 Activity2
| Field | Value | IRS element (for citing) |
|---|---|---|
| Revenue | 2055947 | Revenue |
| Description | MAKING LOANS TO MEMBERS AT INTEREST. NUMBER OF ACCOUNTS 1,173. | Description |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Expense | 662791 | TotalProgramServiceExpense |
| Described In501 C3 | false | DescribedIn501C3 |
| Schedule B Required | false | ScheduleBRequired |
| Political Activities | false | PoliticalActivities |
| Lobbying Activities | false | LobbyingActivities |
| Subject To Proxy Tax | false | SubjectToProxyTax |
| Donor Advised Funds | false | DonorAdvisedFunds |
| Conservation Easements | false | ConservationEasements |
| Collections Of Art | false | CollectionsOfArt |
| Credit Counseling | true | CreditCounseling |
| Term Or Permanent Endowments | false | TermOrPermanentEndowments |
| Report Land Bldg Equip | true | ReportLandBldgEquip |
| Report Invest Oth Securities | true | ReportInvestOthSecurities |
| Report Prog Rel Invest | false | ReportProgRelInvest |
| Report Other Assets | false | ReportOtherAssets |
| Report Other Liabilities | true | ReportOtherLiabilities |
| Report Fin48 Footnote | false | ReportFin48Footnote |
| Independent Audit Financial Stmt | false | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | false | ConsolidatedAuditFinancialStmt |
| School | false | School |
| Foreign Office | false | ForeignOffice |
| Foreign Activities | false | ForeignActivities |
| More Than5000 K To Organizations | false | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividuals |
| Professional Fundraising | false | ProfessionalFundraising |
| Fundraising Activities | false | FundraisingActivities |
| Gaming | false | Gaming |
| Hospital | false | Hospital |
| Grants To Organizations | false | GrantsToOrganizations |
| Grants To Individuals | false | GrantsToIndividuals |
| Schedule J Required | true | ScheduleJRequired |
| Tax Exempt Bonds | false | TaxExemptBonds |
| Invest Tax Exempt Bonds | false | InvestTaxExemptBonds |
| Escrow Account | false | EscrowAccount |
| On Behalf Of Issuer | false | OnBehalfOfIssuer |
| Excess Benefit Transaction | false | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | false | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | true | LoanToOfficerOrDQP |
| Grant To Related Person | false | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | false | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | false | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | false | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | false | DeductibleNonCashContributions |
| Deductible Contributions Of Art | false | DeductibleContributionsOfArt |
| Terminated | false | Terminated |
| Partial Liquidation | false | PartialLiquidation |
| Disregarded Entity | false | DisregardedEntity |
| Related Entity | false | RelatedEntity |
| Related Org Controlled Entity | false | RelatedOrgControlledEntity |
| Transaction Related Entity | false | TransactionRelatedEntity |
| Transfers To Exempt Non Chrtbl Org | false | TransfersToExemptNonChrtblOrg |
| Activities Conducted Partnership | false | ActivitiesConductedPartnership |
| Schedule O Required | true | ScheduleORequired |
| Number Forms Transmitted With1096 | 2319 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | true | ComplianceWithBackupWitholding |
| Number Of Employees | 21 | NumberOfEmployees |
| Employment Tax Returns Filed | true | EmploymentTaxReturnsFiled |
| Unrelated Business Income | true | UnrelatedBusinessIncome |
| Form990-T Filed | true | Form990-TFiled |
| Foreign Financial Account | false | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTrans |
| Taxable Party Notification | false | TaxablePartyNotification |
| Form8886 T Filed | false | Form8886TFiled |
| Non Deductible Contributions | false | NonDeductibleContributions |
| Non Deductible Disclosure | false | NonDeductibleDisclosure |
| Excess Business Holdings | false | ExcessBusinessHoldings |
| Taxable Distributions | false | TaxableDistributions |
| Distribution To Donor | false | DistributionToDonor |
| Filed Lieu1041 | false | FiledLieu1041 |
| Licensed More Than One State | false | LicensedMoreThanOneState |
| Indoor Tanning Services | false | IndoorTanningServices |
| Form720 Filed | false | Form720Filed |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 9 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 8 | NumberIndependentVotingMembers |
| Family Or Business Relationship | true | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | false | DelegationOfManagementDuties |
| Changes To Organizing Docs | false | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | true | MaterialDiversionOrMisuse |
| Members Or Stockholders | true | MembersOrStockholders |
| Election Of Board Members | true | ElectionOfBoardMembers |
| Decisions Subject To Approval | false | DecisionsSubjectToApproval |
| Minutes Of Governing Body | true | MinutesOfGoverningBody |
| Minutes Of Committees | true | MinutesOfCommittees |
| Officer Mailing Address | false | OfficerMailingAddress |
| Local Chapters | true | LocalChapters |
| Policies Reference Chapters | true | PoliciesReferenceChapters |
| Form990 Provided To Governing Body | false | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | false | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | false | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | false | RegularMonitoringEnforcement |
| Whistleblower Policy | false | WhistleblowerPolicy |
| Document Retention Policy | false | DocumentRetentionPolicy |
| Compensation Process CEO | true | CompensationProcessCEO |
| Compensation Process Other | true | CompensationProcessOther |
| Investment In Joint Venture | false | InvestmentInJointVenture |
| Written Policy Or Procedure | false | WrittenPolicyOrProcedure |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | JAMES J SHERMAN | NamePerson |
| Telephone Number | 7815985555 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 75 MARKET STREET | AddressLine1 |
| City | LYNN | City |
| State | MA | State |
| ZIP Code | 01901 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (12 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | OfficerOfficer |
|---|---|---|---|---|---|---|
| RICHARD KESSEL | ||||||
| Director | 2.00 | X | 0 | 0 | 0 | |
| ARNOLD DUBINSKY | ||||||
| Treasurer | 4.00 | X | 0 | 0 | 0 | X |
| MARTIN SHUMAN | ||||||
| Director | 2.00 | X | 0 | 0 | 0 | |
| HUBERT KREPLICK | ||||||
| Director | 2.00 | X | 0 | 0 | 0 | |
| ALAN KALIKOW | ||||||
| Director | 2.00 | X | 0 | 0 | 0 | |
| HOWARD FIELD | ||||||
| Director | 2.00 | X | 0 | 0 | 0 | |
| EDWARD I SHADOFF | ||||||
| Director | 2.00 | X | 0 | 0 | 0 | |
| DARREN KLEIN | ||||||
| Director | 2.00 | X | 0 | 0 | 0 | |
| JAMES J SHERMAN | ||||||
| President | 40.00 | X | 180017 | 0 | 44583 | X |
| ADAM H SHERMAN | ||||||
| ASST. TREASURER | 40.00 | 61831 | 0 | 14359 | X | |
| CHERIL A TIMSON | ||||||
| SR OPER OFFICER | 40.00 | 85840 | 0 | 16990 | X | |
| MARIA F RAMOS | ||||||
| SR LOAN OFFICER | 40.00 | 81488 | 0 | 13852 | X | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 409176 | TotalReportableCompFromOrg |
| Total Other Compensation | 89784 | TotalOtherCompensation |
| Number Individuals GT100 K | 1 | NumberIndividualsGT100K |
| Formers Listed | false | FormersListed |
| Total Comp GT150 K | true | TotalCompGT150K |
| Compensation From Other Sources | false | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation
Name Of Contractor NameOfContractor
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | FISERV INC | BusinessNameLine1 |
Address Of Contractor AddressOfContractor
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 255 FISERV DRIVE | AddressLine1 |
| City | BROOKFIELD | City |
| State | WI | State |
| ZIP Code | 53045 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description Of Services | DATA PROCESSING (IT) | DescriptionOfServices |
| Compensation | 195773 | Compensation |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 1 | NumberOfContractorsGT100K |
| Total Contributions | 0 | TotalContributions |
Program Service Revenue ProgramServiceRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | INTEREST ON LOANS | Description |
| Business Code | 522100 | BusinessCode |
| Total Revenue Column | 2055947 | TotalRevenueColumn |
| Related Or Exempt Function Income | 2055947 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 2055947 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 1008903 | TotalRevenueColumn |
| Related Or Exempt Function Income | 1008903 | RelatedOrExemptFunctionIncome |
Income From Invest Bond Proceeds IncomeFromInvestBondProceeds
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Royalties Revenue RoyaltiesRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Rental Income Or Loss NetRentalIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income From Fundraising Events NetIncomeFromFundraisingEvents
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income From Gaming NetIncomeFromGaming
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income Or Loss NetIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Other Revenue Misc OtherRevenueMisc (3 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| SERVICE CHARGES AND FEES | 900099 | 49134 | 49134 |
| MISCELLANEOUS INCOME | 900099 | 41129 | 41129 |
| MEMBERS INSURANCE | 900099 | 5821 | 5821 |
Miscellaneous Revenue MiscellaneousRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 3474 | TotalRevenueColumn |
| Unrelated Business Revenue | 3474 | UnrelatedBusinessRevenue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 99558 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 3164408 | TotalRevenueColumn |
| Related Or Exempt Function Income | 3160934 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 3474 | UnrelatedBusinessRevenue |
Grants To Domestic Orgs GrantsToDomesticOrgs
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Grants To Domestic Individuals GrantsToDomesticIndividuals
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Foreign Grants ForeignGrants
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Benefits To Members BenefitsToMembers
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 498960 | Total |
| Management And General | 498960 | ManagementAndGeneral |
Comp Disqual Persons CompDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 572076 | Total |
| Management And General | 572076 | ManagementAndGeneral |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 85183 | Total |
| Management And General | 85183 | ManagementAndGeneral |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 120701 | Total |
| Management And General | 120701 | ManagementAndGeneral |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 75237 | Total |
| Management And General | 75237 | ManagementAndGeneral |
Fees For Services Management FeesForServicesManagement
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 3391 | Total |
| Management And General | 3391 | ManagementAndGeneral |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 28115 | Total |
| Management And General | 28115 | ManagementAndGeneral |
Fees For Services Lobbying FeesForServicesLobbying
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Prof Fundraising FeesForServicesProfFundraising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Invst Mgmnt Fees FeesForServicesInvstMgmntFees
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 87189 | Total |
| Management And General | 87189 | ManagementAndGeneral |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 29226 | Total |
| Management And General | 29226 | ManagementAndGeneral |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 158038 | Total |
| Management And General | 158038 | ManagementAndGeneral |
Royalties Royalties
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 168444 | Total |
| Management And General | 168444 | ManagementAndGeneral |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Travel Entrtnmnt Public Officials TravelEntrtnmntPublicOfficials
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 45865 | Total |
| Management And General | 45865 | ManagementAndGeneral |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 662791 | Total |
| Program Services | 662791 | ProgramServices |
Payments To Affiliates PaymentsToAffiliates
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 91172 | Total |
| Management And General | 91172 | ManagementAndGeneral |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 33541 | Total |
| Management And General | 33541 | ManagementAndGeneral |
Other Expenses OtherExpenses (5 entries)
| DescriptionDescription | TotalTotal | Management And GeneralManagementAndGeneral |
|---|---|---|
| Printing and Publications | 21223 | 21223 |
| OTHER PROFESSIONAL SERVICES | 22470 | 22470 |
| NOW FEES | 52700 | 52700 |
| NCUA IMPAIRMENT | 171969 | 171969 |
| EQUIPMENT MAINTENANCE | 50675 | 50675 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 119457 | Total |
| Management And General | 119457 | ManagementAndGeneral |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 3098423 | Total |
| Program Services | 662791 | ProgramServices |
| Management And General | 2435632 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1471283 | BOY |
| EOY | 10586155 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 43389711 | BOY |
| EOY | 29987431 | EOY |
Pledges And Grants Receivable PledgesAndGrantsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Receivables From Officers Etc ReceivablesFromOfficersEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 150000 | BOY |
| EOY | 301241 | EOY |
Receivables From Disqual Persons ReceivablesFromDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 44976950 | BOY |
| EOY | 45295675 | EOY |
Inventories For Sale Or Use InventoriesForSaleOrUse
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 50474 | BOY |
| EOY | 24634 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 2471310 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 1233541 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1233668 | BOY |
| EOY | 1237769 | EOY |
Investments Pub Traded Securities InvestmentsPubTradedSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 17034181 | BOY |
| EOY | 21104636 | EOY |
Investments Program Related InvestmentsProgramRelated
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Intangible Assets IntangibleAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 0 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1006377 | BOY |
| EOY | 968588 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 109312644 | BOY |
| EOY | 109506129 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 69301 | BOY |
| EOY | 58382 | EOY |
Escrow Account Liability EscrowAccountLiability
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 282285 | BOY |
| EOY | 313287 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 72517293 | BOY |
| EOY | 74052019 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 72868879 | BOY |
| EOY | 74423688 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Do Not Follow SFAS117 | X | DoNotFollowSFAS117 |
Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 36443765 | BOY |
| EOY | 35082441 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 36443765 | BOY |
| EOY | 35082441 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 109312644 | BOY |
| EOY | 109506129 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | 65985 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | -1427309 | ReconcilationOtherChanges |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | false | AccountantCompileOrReview |
| FS Audited | false | FSAudited |
| Audit Committee | false | AuditCommittee |
| Federal Grant Audit Required | false | FederalGrantAuditRequired |
| Federal Grant Audit Performed | false | FederalGrantAuditPerformed |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Agent Trustee Etc | false | AgentTrusteeEtc |
| Included On FS | true | IncludedOnFS |
Land Land
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 49000 | OtherCostOrOtherBasis |
| Book Value | 49000 | BookValue |
Buildings Buildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 1676047 | OtherCostOrOtherBasis |
| Depreciation | 836887 | Depreciation |
| Book Value | 839160 | BookValue |
Leasehold Improvements LeaseholdImprovements
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 252626 | OtherCostOrOtherBasis |
| Depreciation | 63425 | Depreciation |
| Book Value | 189201 | BookValue |
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 42221 | OtherCostOrOtherBasis |
| Depreciation | 4050 | Depreciation |
| Book Value | 38171 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 451416 | OtherCostOrOtherBasis |
| Depreciation | 329179 | Depreciation |
| Book Value | 122237 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 1237769 | TotalOfBookValueLandBuildings |
| Total Of Book Value Securities | 21104636 | TotalOfBookValueSecurities |
Other Liabilities OtherLiabilities (3 entries)
| DescriptionDescription | AmountAmount |
|---|---|
| Rounding | $1 |
| OTHER LIABILITIES - SUSPENSE ACCTS | $69,988 |
| MEMBER DEPOSITS | $73,982,030 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 74052019 | TotalOfAmounts |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV (2 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| Part XI, Line 8 | Part XI, Line 8: Other Changes in Net Assets or Fund Balances | CHANGE IN MARKET VALUE DUE TO FAS115 $ -1427309 |
| Part IV, Line 2b | Part IV, Line 2b: Explanation of escrow account liability | MORTGAGE ESCROW ACCOUNTS HELD FOR THE PAYMENT OF REAL ESTATE TAXES FOR MUNICIPALITIES. |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | X | TravelForCompanions |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | false | SeverancePayment |
| Supplemental Nonqual Retire Plan | false | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | false | EquityBasedCompArrangement |
Form990 Schedule J Part II Form990ScheduleJPartII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | JAMES J SHERMAN | NamePerson |
| Base Compensation Filing Org | 175950 | BaseCompensationFilingOrg |
| Other Compensation Filing Org | 4067 | OtherCompensationFilingOrg |
| Deferred Comp Filing Org | 27003 | DeferredCompFilingOrg |
| Nontaxable Benefits Filing Org | 17580 | NontaxableBenefitsFilingOrg |
| Total Compensation Filing Org | 224600 | TotalCompensationFilingOrg |
Form990 Schedule J Part III Form990ScheduleJPartIII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | Sch J, Part I, Line 1a | Identifier |
| Return Reference | Part I, Line 1a: Relevant information in regards to selections on 1a. | ReturnReference |
Schedule L IRS990ScheduleL
Loan Table LoanTable (6 entries)
| Purpose Of LoanPurposeOfLoan | Loan From OrganizationLoanFromOrganization | Original PrincipalOriginalPrincipalAmount | DefaultDefault | Approved By BoardApprovedByBoard | Written AgreementWrittenAgreement | Balance DueBalanceDue |
|---|---|---|---|---|---|---|
| ADAM H SHERMAN | ||||||
| OVERDRAFT LOAN | X | $1,500 | false | true | true | |
| ADAM H SHERMAN | ||||||
| HELOC | X | $58,000 | false | true | true | |
| ADAM H SHERMAN | ||||||
| 1ST MORTGAGE | X | $180,000 | false | true | true | 162000 |
| RICHARD KESSEL | ||||||
| TERM SHARE SECURED | X | $100,000 | false | true | true | 100000 |
| EDWARD SHADOFF | ||||||
| HELOC | X | $100,000 | false | true | true | 39241 |
| CHERIL A TIMSON | ||||||
| OVERDRAFT LOAN | X | $1,000 | false | true | true | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | 301241 | TotalBalanceDue |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (6 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| Form 990, Part VI, Line 19 | Form 990, Part VI, Line 19: Other Organization Documents Publicly Available | Information is posted in credit union lobby and available upon request. |
| Form 990, Part VI, Line 15b | Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees | COMPENSATION FOR THE CEO/TOP MANAGEMENT IS APPROVED BY THE BOARD. ANY INCREASE IS NOTED IN THE MINUTES. A COMPARISON OF THE INDUSTRY IS PERFORMED. |
| Form 990, Part VI, Line 11 | Form 990, Part VI, Line 11: Form 990 Review Process | THE 990 AND 990T ARE REVIEWED BY THE AUDIT COMMITTEE FIRST. THE BOARD THEN REVIEWS AND VOTES TO ACCEPT AND IT IS NOTED IN THE MINUTES. |
| Form 990, Part VI, Line 6 | Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder | Persons who meet the requirements of the organization's field of membership who hold at least one share of the capital. |
| Form 990, Part VI, Line 5 | Form 990, Part VI, Line 5: Description of Material Diversion of Assets | In September 2011 management discovered a $5,000 cash shortage in the cash drawer belonging to member service representative Teller 09. Management followed proper procedures in conducting their preliminary investigation. Teller 09 was suspended with pay, pending the outcome of the investigation. The cash amount in her cash drawer was counted and re counted several times under dual control, and the $5,000 shortage was confirmed and documented. All cash in the credit union was counted and verified. No additional material shortages were discovered. In accordance with Massachusetts General Laws, Chapter 167, the Commissioner of Banks was notified in writing of the shortage. In addition, the credit union's bonding company was properly notified.While Teller 09 did not admit to management that she took the $5,000 she agreed to make restitution. Teller 09's employment was terminated and she subsequently made full restitution.Robert Anderson & Company was engaged by the Audit Committee to conduct a further investigation of the activities of Teller 09 at the credit union. The objective was to determine if there were additional funds missing or misappropriated, or if there was other inappropriate or unauthorized activities performed by Teller 09.Robert Anderson & Company reached the conclusion that no other funds were missing or misappropriated. On October 20, 2011 the review of Teller 09's activity was suspended. It is possible that additional items may surface. Should that occur the forensic audit could be reopened. |
| Form 990, Part VI, Line 2 | Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et | JAMES J. SHERMAN, PRESIDENT, AND HUBERT KREPLICK, DIRECTOR, ARE BROTHERS-IN-LAW. DARREN KLEIN, DIRECTOR, IS THE SON-IN-LAW OF HUBERT KREPLICK AND THE NEPHEW OF JAMES J. SHERMAN, PRESIDENT. ADAM SHERMAN, ASSISTANT TREASURER, IS THE SON OF JAMES J SHERMAN, PRESIDENT AND THE NEPHEW OF DIRECTOR HUBERT KREPLICK. |