2012-05-10T07:12:35-07:00 2011-12-31 ROBERT ANDERSON & COMPANY PC 138 DODGE ST BEVERLY MA 019151866 990 2011-01-01 041126132 BROTHERHOOD CREDIT UNION BROT 7815985555 75 MARKET STREET LYNN MA 01901 JAMES J SHERMAN 2012-05-10 true Robert Anderson 9782329300 2011 2016-02-24 21:20:13Z 3164408 false false X N/A CREDIT UNION MEMBER SERVICES 9 8 21 8 3474 -11266 0 2205405 2055947 1215977 1008903 134328 99558 3555710 3164408 0 0 1346585 1352157 0 0 1962633 1746266 3309218 3098423 246492 65985 109312644 109506129 72868879 74423688 36443765 35082441 CREDIT UNION MEMBER SERVICES false false 662791 MAINTENANCE OF MEMBERS' ACCOUNTS AND THE PAYMENT OF INTEREST AND DIVIDENDS THEREON. NUMBER OF ACCOUNTS 7,960. 2055947 MAKING LOANS TO MEMBERS AT INTEREST. NUMBER OF ACCOUNTS 1,173. 662791 false false false false false false false false true false true true false false true false false false false false false false false false false false false false false true false false false false false false true false false false false false false false false false false false false false false true 2319 0 true 21 true true true false false false false false false false false false false false false false X 9 8 true false false true true true false true true false true true false false false false false false true true false false X JAMES J SHERMAN 7815985555 75 MARKET STREET LYNN MA 01901 RICHARD KESSEL 2.00 X 0 0 0 ARNOLD DUBINSKY 4.00 X X 0 0 0 MARTIN SHUMAN 2.00 X 0 0 0 HUBERT KREPLICK 2.00 X 0 0 0 ALAN KALIKOW 2.00 X 0 0 0 HOWARD FIELD 2.00 X 0 0 0 EDWARD I SHADOFF 2.00 X 0 0 0 DARREN KLEIN 2.00 X 0 0 0 JAMES J SHERMAN 40.00 X X 180017 0 44583 ADAM H SHERMAN 40.00 X 61831 0 14359 CHERIL A TIMSON 40.00 X 85840 0 16990 MARIA F RAMOS 40.00 X 81488 0 13852 409176 89784 1 false true false FISERV INC 255 FISERV DRIVE BROOKFIELD WI 53045 DATA PROCESSING (IT) 195773 1 0 INTEREST ON LOANS 522100 2055947 2055947 2055947 1008903 1008903 0 0 0 0 0 0 0 SERVICE CHARGES AND FEES 900099 49134 49134 MISCELLANEOUS INCOME 900099 41129 41129 MEMBERS INSURANCE 900099 5821 5821 3474 3474 99558 3164408 3160934 3474 0 0 0 0 498960 498960 0 572076 572076 85183 85183 120701 120701 75237 75237 0 3391 3391 28115 28115 0 0 0 0 87189 87189 29226 29226 158038 158038 0 168444 168444 0 0 45865 45865 662791 662791 0 91172 91172 33541 33541 Printing and Publications 21223 21223 OTHER PROFESSIONAL SERVICES 22470 22470 NOW FEES 52700 52700 NCUA IMPAIRMENT 171969 171969 EQUIPMENT MAINTENANCE 50675 50675 119457 119457 3098423 662791 2435632 0 1471283 10586155 43389711 29987431 0 0 150000 301241 0 44976950 45295675 0 50474 24634 2471310 1233541 1233668 1237769 0 17034181 21104636 0 0 1006377 968588 109312644 109506129 69301 58382 282285 313287 72517293 74052019 72868879 74423688 X 36443765 35082441 36443765 35082441 109312644 109506129 X 65985 -1427309 X false false false false false false true 49000 49000 1676047 836887 839160 252626 63425 189201 42221 4050 38171 451416 329179 122237 1237769 21104636 Rounding 1 OTHER LIABILITIES - SUSPENSE ACCTS 69988 MEMBER DEPOSITS 73982030 74052019 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. X X X false false false JAMES J SHERMAN 175950 4067 27003 17580 224600 Sch J, Part I, Line 1a Part I, Line 1a: Relevant information in regards to selections on 1a. ADAM H SHERMAN OVERDRAFT LOAN X 1500 false true true ADAM H SHERMAN HELOC X 58000 false true true ADAM H SHERMAN 1ST MORTGAGE X 180000 162000 false true true RICHARD KESSEL TERM SHARE SECURED X 100000 100000 false true true EDWARD SHADOFF HELOC X 100000 39241 false true true CHERIL A TIMSON OVERDRAFT LOAN X 1000 false true true 301241 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.