HARVARD FEDERAL CREDIT UNION: Form 990, tax year 2011
View the entire original 990 at ProPublica ↗
- Organization
- HARVARD FEDERAL CREDIT UNION (EIN 04-6017806)
- Tax period
- 2011-01-01 to 2011-12-31
- Filed
- 2012-05-08
- IRS object ID
- 201241299349301474
- 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 | 2012-05-08T13:49:33-07:00 | Timestamp |
| Tax Period End Date | 2011-12-31 | TaxPeriodEndDate |
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2011-01-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 046017806 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | HARVARD UNIVERSITY EMPLOYEES CREDIT UNION | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | HARV | NameControl |
| Phone | 6174954460 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 104 Mt Auburn St 4th Fl | AddressLine1 |
| City | Cambridge | City |
| State | MA | State |
| ZIP Code | 02138 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Christine Renaud | Name |
| Title | Accounting Manager | Title |
| Phone | 6174954460 | Phone |
| Date Signed | 2012-05-15 | DateSigned |
| 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) |
|---|---|---|
| Name Of Principal Officer Person | Eugene Foley | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 104 Mt Auburn St 4th Fl | AddressLine1 |
| City | Cambridge | City |
| State | MA | State |
| ZIP Code | 02138 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 18353066 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c | X | Organization501c |
| Web Site | www.huecu.org | WebSite |
| Type Of Organization Other | X | TypeOfOrganizationOther |
| Type Of Org Other Description | Credit Union | TypeOfOrgOtherDescription |
| Year Formation | 1939 | YearFormation |
| State Legal Domicile | MA | StateLegalDomicile |
| Activity Or Mission Description | Provide convenient financial and personal services in the best interest of our members, as well as educating our community about finances. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 15 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 15 | NbrIndependentVotingMembers |
| Total Nbr Employees | 66 | TotalNbrEmployees |
| Total Nbr Volunteers | 0 | TotalNbrVolunteers |
| Total Gross UBI | 0 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | 0 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 0 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 0 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 17042853 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 17476205 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 599684 | InvestmentIncomePriorYear |
| Investment Income Current Year | 781688 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 0 | OtherRevenuePriorYear |
| Other Revenue Current Year | 95173 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 17642537 | TotalRevenuePriorYear |
| Total Revenue Current Year | 18353066 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 0 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 5480882 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 5921853 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 10919645 | OtherExpensePriorYear |
| Other Expenses Current Year | 10391160 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 16400527 | TotalExpensesPriorYear |
| Total Expenses Current Year | 16313013 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 1242010 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 2040053 | RevenuesLessExpensesCY |
| Total Assets BOY | 349771484 | TotalAssetsBOY |
| Total Assets EOY | 384677354 | TotalAssetsEOY |
| Total Liabilities BOY | 319643983 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 351834245 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 30127501 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 32843109 | NetAssetsOrFundBalancesEOY |
| Info In Schedule O Part III | X | InfoInScheduleOPartIII |
| Mission Description | To be a trusted partner in our member's financial lives. To offer the best price, highest quality personal service, and sincere, sound advice. To create solutions for social, environmental and economic issues. | MissionDescription |
| Significant New Program Services | 1 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Description | The HUECU is a state chartered Credit Union located in Cambridge, MA with branches at MA General Hospital, the Harvard School of Public Health, and the Charlestown Navy Yard. The credit union has over 30,000 members. Membership is limited to those employees and immediate family of Harvard Universtiy and its affiliated organizations. Membership also allows for the students and alumni of Harvard University and its affiliated schools. The CU is dedicated in providing its members with the best and convenient financial services at a cost that is less than the prevailing banking industry practices. The CU offers numerous savings and loan products, including checking accounts, money market, certificates of deposit, and club accounts. Loan products include, personal loans, credit card, automobile, student, and a variety of fixed and variable rate mortgages. These are only some of the services the CU provides to partner with our members. | Description |
| Total Of Other Program Service Exp | 0 | TotalOfOtherProgramServiceExp |
| Total Of Other Program Service Grnt | 0 | TotalOfOtherProgramServiceGrnt |
| Total Of Other Program Service Rev | 0 | TotalOfOtherProgramServiceRev |
| Total Program Service Expense | 0 | TotalProgramServiceExpense |
| Described In501 C3 | 0 | DescribedIn501C3 |
| Schedule B Required | 0 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Subject To Proxy Tax | 0 | SubjectToProxyTax |
| Donor Advised Funds | 0 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 0 | CollectionsOfArt |
| Credit Counseling | 0 | CreditCounseling |
| Term Or Permanent Endowments | 0 | TermOrPermanentEndowments |
| Report Land Bldg Equip | 1 | ReportLandBldgEquip |
| Report Invest Oth Securities | 0 | ReportInvestOthSecurities |
| Report Prog Rel Invest | 1 | ReportProgRelInvest |
| Report Other Assets | 0 | ReportOtherAssets |
| Report Other Liabilities | 1 | ReportOtherLiabilities |
| Report Fin48 Footnote | 0 | ReportFin48Footnote |
| Independent Audit Financial Stmt | 1 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 0 | ConsolidatedAuditFinancialStmt |
| School | 0 | School |
| Foreign Office | 0 | ForeignOffice |
| Foreign Activities | 0 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 0 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 0 | GrantsToOrganizations |
| Grants To Individuals | 0 | GrantsToIndividuals |
| Schedule J Required | 1 | ScheduleJRequired |
| Tax Exempt Bonds | 0 | TaxExemptBonds |
| Loan To Officer Or DQP | 1 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 0 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 0 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 1 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 0 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 0 | DisregardedEntity |
| Related Entity | 0 | RelatedEntity |
| Related Org Controlled Entity | 0 | RelatedOrgControlledEntity |
| Transaction Related Entity | 0 | TransactionRelatedEntity |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 9259 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | 1 | ComplianceWithBackupWitholding |
| Number Of Employees | 66 | NumberOfEmployees |
| Employment Tax Returns Filed | 1 | EmploymentTaxReturnsFiled |
| Unrelated Business Income | 0 | UnrelatedBusinessIncome |
| Foreign Financial Account | 0 | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Indoor Tanning Services | 0 | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 15 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 15 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 0 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 0 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 0 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 1 | MembersOrStockholders |
| Election Of Board Members | 1 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 1 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 1 | LocalChapters |
| Policies Reference Chapters | 1 | PoliciesReferenceChapters |
| Form990 Provided To Governing Body | 1 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 1 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 1 | RegularMonitoringEnforcement |
| Whistleblower Policy | 1 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 1 | CompensationProcessCEO |
| Compensation Process Other | 1 | CompensationProcessOther |
| Investment In Joint Venture | 0 | InvestmentInJointVenture |
| States Where Copy Of Return Is Filed | MA | StatesWhereCopyOfReturnIsFiled |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | Eugene Foley | NamePerson |
| Telephone Number | 6174954460 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 104 Mt Auburn St 4th Fl | AddressLine1 |
| City | Cambridge | City |
| State | MA | State |
| ZIP Code | 02138 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (21 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | OfficerOfficer | Key EmployeeKeyEmployee | Highest Compensated EmployeeHighestCompensatedEmployee |
|---|---|---|---|---|---|---|---|---|
| Guillermo Banchiere | ||||||||
| Board of Director | 1 | X | 0 | 0 | 0 | |||
| Karen Deberio | ||||||||
| Board of Director | 1 | X | 0 | 0 | 0 | |||
| Joseph DeCristoforo | ||||||||
| Board of Director | 1 | X | 0 | 0 | 0 | |||
| Edward Doctoroff | ||||||||
| Board of Director | 1 | X | 0 | 0 | 0 | |||
| Edward Emde | ||||||||
| Board of Director | 1 | X | 0 | 0 | 0 | |||
| Edward Feldman | ||||||||
| Board of Director | 1 | X | 0 | 0 | 0 | |||
| John Lichten | ||||||||
| Board of Director | 2 | X | 0 | 0 | 0 | X | ||
| Thomas Lucey | ||||||||
| Board of Director | 1 | X | 0 | 0 | 0 | |||
| Jerremiah Murphy | ||||||||
| Board of Director | 1 | X | 0 | 0 | 0 | |||
| Chris Schumann | ||||||||
| Board of Director | 1 | X | 0 | 0 | 0 | |||
| Stephen King | ||||||||
| Board of Director | 1 | X | 0 | 0 | 0 | |||
| Mary Straub | ||||||||
| Board of Director | 1 | X | 0 | 0 | 0 | |||
| Marie Trottier | ||||||||
| Board of Director | 1 | X | 0 | 0 | 0 | |||
| George White | ||||||||
| Board of Director | 2 | X | 0 | 0 | 0 | |||
| William Murphy | ||||||||
| Board of Director | 1 | X | 0 | 0 | 0 | |||
| Eugene J Foley | ||||||||
| President and CEO | 45 | 307356 | 0 | 87641 | X | X | X | |
| John Degnan | ||||||||
| Vice President, Operations | 40 | 118509 | 0 | 34791 | X | X | ||
| Peter Buchanan | ||||||||
| Vice President, Lending | 40 | 118376 | 0 | 34748 | X | X | ||
| Cheryl Gorman | ||||||||
| Executive VP, Retail Services | 42.5 | 190442 | 0 | 52706 | X | X | ||
| Craig Leonard | ||||||||
| Executive VP/CFO | 45 | 209487 | 0 | 57977 | X | X | ||
| Tom Montilli | ||||||||
| Vice President Marketing | 40 | 114899 | 0 | 34035 | X | X | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 1059069 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 301898 | TotalOtherCompensation |
| Number Individuals GT100 K | 6 | NumberIndividualsGT100K |
| Formers Listed | 0 | FormersListed |
| Total Comp GT150 K | 1 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (5 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| CU Student Choice Partners LLC | |||||
| 1001 Connecticut Ave NW | Washington | DC | 20036 | Service our student loans | 325060 |
| PSCU | |||||
| 560 Carillon Parkway | Saint Petersburg | FL | 33716 | Electronic services- Credit, Debit, Internet Banking | 907414 |
| DEI | |||||
| 1550 Kemper Meadow Drive | Cincinnati | OH | 45240 | Renovations | 228484 |
| National Credit Union Administration | |||||
| PO BOX 979069 | St Lousi | MO | 631979000 | Insurance | 1052679 |
| Fi-Serv Information Systems | |||||
| 1250 Grumman Place | Titusville | FL | 32780 | Main Processor | 746534 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 5 | NumberOfContractorsGT100K |
| Total Contributions | 0 | TotalContributions |
Program Service Revenue ProgramServiceRevenue (2 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome | Unrelated Business RevenueUnrelatedBusinessRevenue | ExclusionExclusionAmount |
|---|---|---|---|---|---|
| Interest on Loans | 522130 | 13954927 | 13954927 | 0 | $0 |
| Various Bank Fees | 522130 | 3521278 | 3521278 | 0 | $0 |
Total Oth Program Service Revenue TotalOthProgramServiceRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
| Related Or Exempt Function Income | 0 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $0 | ExclusionAmount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 17476205 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 781688 | TotalRevenueColumn |
| Related Or Exempt Function Income | 781688 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $0 | ExclusionAmount |
Income From Invest Bond Proceeds IncomeFromInvestBondProceeds
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
| Related Or Exempt Function Income | 0 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $0 | ExclusionAmount |
Royalties Revenue RoyaltiesRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
| Related Or Exempt Function Income | 0 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $0 | ExclusionAmount |
Rental Income Or Loss RentalIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | 0 | Real |
| Personal | 0 | Personal |
Gain Or Loss GainOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 0 | Securities |
| Other | 0 | Other |
Other Revenue Misc OtherRevenueMisc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | MBS Agencies | Description |
| Business Code | 522130 | BusinessCode |
| Total Revenue Column | 95173 | TotalRevenueColumn |
| Related Or Exempt Function Income | 95173 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $0 | ExclusionAmount |
Miscellaneous Revenue MiscellaneousRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
| Related Or Exempt Function Income | 0 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $0 | ExclusionAmount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 95173 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 18353066 | TotalRevenueColumn |
| Related Or Exempt Function Income | 18353066 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $0 | ExclusionAmount |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1059069 | Total |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 3273063 | Total |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1589721 | Total |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 47286 | Total |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 102650 | Total |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 289848 | Total |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 272074 | Total |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1896525 | Total |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 449862 | Total |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1112499 | Total |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 113809 | Total |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2857104 | Total |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 474772 | Total |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 823533 | Total |
Other Expenses OtherExpenses (4 entries)
| DescriptionDescription | TotalTotal |
|---|---|
| Chapter Dues | 39660 |
| Loan Servicing | 942154 |
| Loan Loss | 864443 |
| Charitable Contributions | 37375 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 67566 | Total |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 16313013 | Total |
| Program Services | 0 | ProgramServices |
| Management And General | 0 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 30287209 | BOY |
| EOY | 35889672 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 16485873 | BOY |
| EOY | 30888954 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 248735488 | BOY |
| EOY | 248241856 | EOY |
Receivables From Officers Etc ReceivablesFromOfficersEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2553126 | BOY |
| EOY | 1706444 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2525041 | BOY |
| EOY | 2470719 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 188731 | BOY |
| EOY | 166049 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 3342731 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 542593 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2379727 | BOY |
| EOY | 2800138 | EOY |
Investments Program Related InvestmentsProgramRelated
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 41773675 | BOY |
| EOY | 57288818 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 4842614 | BOY |
| EOY | 5224704 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 349771484 | BOY |
| EOY | 384677354 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1761045 | BOY |
| EOY | 999495 | EOY |
Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 12674732 | BOY |
| EOY | 12380917 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 305208206 | BOY |
| EOY | 338453833 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 319643983 | BOY |
| EOY | 351834245 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Do Not Follow SFAS117 | X | DoNotFollowSFAS117 |
Cap Stck Trst Prin Current Funds CapStckTrstPrinCurrentFunds
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Paid In Cap Srpls Land Bldg Eqp Fund PaidInCapSrplsLandBldgEqpFund
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 30127501 | BOY |
| EOY | 32843109 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 30127501 | BOY |
| EOY | 32843109 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 349771484 | BOY |
| EOY | 384677354 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | 2040053 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | 675555 | ReconcilationOtherChanges |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 1 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
| Audit Committee | 1 | AuditCommittee |
| Financial Statement Separate | X | FinancialStatementSeparate |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequired |
Schedule D IRS990ScheduleD
Land Land
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 0 | InvestmentCostOrOtherBasis |
| Other Cost Or Other Basis | 0 | OtherCostOrOtherBasis |
| Book Value | 0 | BookValue |
Buildings Buildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 0 | InvestmentCostOrOtherBasis |
| Other Cost Or Other Basis | 0 | OtherCostOrOtherBasis |
| Depreciation | 0 | Depreciation |
| Book Value | 0 | BookValue |
Leasehold Improvements LeaseholdImprovements
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 2269047 | InvestmentCostOrOtherBasis |
| Other Cost Or Other Basis | 0 | OtherCostOrOtherBasis |
| Depreciation | 0 | Depreciation |
| Book Value | 2269047 | BookValue |
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 962968 | InvestmentCostOrOtherBasis |
| Other Cost Or Other Basis | 0 | OtherCostOrOtherBasis |
| Depreciation | 542593 | Depreciation |
| Book Value | 420375 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 110716 | InvestmentCostOrOtherBasis |
| Other Cost Or Other Basis | 0 | OtherCostOrOtherBasis |
| Depreciation | 0 | Depreciation |
| Book Value | 110716 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 2800138 | TotalOfBookValueLandBuildings |
Investments Program Related InvestmentsProgramRelated (2 entries)
| DescriptionDescription | Book ValueBookValue | Method Of ValuationMethodOfValuation |
|---|---|---|
| Available for Sale Bonds | 50713859 | F |
| MBS Agencies | 6574959 | F |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Program Related | 57288818 | TotalOfBookValueProgramRelated |
Other Liabilities OtherLiabilities (6 entries)
| DescriptionDescription | AmountAmount |
|---|---|
| Checking Accounts | $52,491,990 |
| Share Accounts | $99,382,353 |
| Money Market | $87,289,198 |
| Term Share Certificates | $74,536,793 |
| IRAs | $23,056,955 |
| Holiday/Vacation | $1,696,544 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 338453833 | TotalOfAmounts |
| Total Revenue | 18353066 | TotalRevenue |
| Total Expenses | 16313013 | TotalExpenses |
| Excess Or Deficit For Year | 2040053 | ExcessOrDeficitForYear |
| Net Unrealized GL On Investments | 0 | NetUnrealizedGLOnInvestments |
| Donated Services And Facilities | 0 | DonatedServicesAndFacilities |
| Investment Expenses | 0 | InvestmentExpenses |
| Prior Period Adjustments | 0 | PriorPeriodAdjustments |
| Other | $0 | OtherAmount |
| Total Adjustments | 0 | TotalAdjustments |
| Excess Or Deficit Per FS | 2040053 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 18353065 | TotRevenueEtcAuditedFinclStmt |
| Net Unrealized Gains Investments | 0 | NetUnrealizedGainsInvestments |
| Donated Srvc And Use Of Facilities | 0 | DonatedSrvcAndUseOfFacilities |
| Recoveries Of Prior Year Grants | 0 | RecoveriesOfPriorYearGrants |
| Other Revenues | 0 | OtherRevenues |
| Revenue Not Rptd F990 | 0 | RevenueNotRptdF990 |
| Revenue Subtotal | 18353065 | RevenueSubtotal |
| Investment Expenses Not Included | 0 | InvestmentExpensesNotIncluded |
| Other Revenues Not Included | 1 | OtherRevenuesNotIncluded |
| Revenue Not Rptd On Fin Stmt | 1 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 18353066 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 16313012 | TotExpensesEtcAuditedFinclStmt |
| Donated Services Use Of Facilities | 0 | DonatedServicesUseOfFacilities |
| Prior Year Adjustments | 0 | PriorYearAdjustments |
| Losses Reported | 0 | LossesReported |
| Other Expenses Included | 0 | OtherExpensesIncluded |
| Expenses Not Rptd F990 | 0 | ExpensesNotRptdF990 |
| Expenses Subtotal | 16313012 | ExpensesSubtotal |
| Investment Expenses Not Included2 | 0 | InvestmentExpensesNotIncluded2 |
| Other Expenses Not Included | 1 | OtherExpensesNotIncluded |
| Expenses Not Rptd On Fin Stmt | 1 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 16313013 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV (2 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| SchD_P12_S00_L04b | Schedule D, Part XII, Line 4b | Variance is due to rounding. |
| SchD_P13_S00_L04b | Schedule D, Part XIII, Line 4b | Variance is due to rounding. |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Committee | X | CompensationCommittee |
| Independent Consultant | X | IndependentConsultant |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | 0 | SeverancePayment |
| Supplemental Nonqual Retire Plan | 0 | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | 0 | EquityBasedCompArrangement |
Form990 Schedule J Part II Form990ScheduleJPartII (3 entries)
| Base Compensation Filing OrgBaseCompensationFilingOrg | Comp Based On Related OrgsCompBasedOnRelatedOrgs | Bonus Filing OrgBonusFilingOrg | Bonus Related OrgsBonusRelatedOrgs | Other Compensation Filing OrgOtherCompensationFilingOrg | Other Compensation Related OrgsOtherCompensationRelatedOrgs | Deferred Comp Filing OrgDeferredCompFilingOrg | Deferred Comp Related OrgsDeferredCompRelatedOrgs | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg | Nontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgs | Total Compensation Filing OrgTotalCompensationFilingOrg | Total Compensation Related OrgsTotalCompensationRelatedOrgs |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Eugene J Foley | |||||||||||
| 257356 | 0 | 50000 | 0 | 0 | 0 | 0 | 0 | 87641 | 0 | 394997 | 0 |
| Craig Leonard | |||||||||||
| 168237 | 0 | 41250 | 0 | 0 | 0 | 0 | 0 | 57977 | 0 | 267464 | 0 |
| Cheryl Gorman | |||||||||||
| 152942 | 0 | 37500 | 0 | 0 | 0 | 0 | 0 | 52706 | 0 | 243148 | 0 |
Form990 Schedule J Part III Form990ScheduleJPartIII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | SchJ_P01_S00_L03 | Identifier |
| Return Reference | Schedule J, Part I, Line 3 | ReturnReference |
| Explanation | Each year the Executive Committee and the Personal Committee review the performance of the President/CEO. Independent CU compensation data is referenced and utilized in determining the compensation. | Explanation |
Schedule L IRS990ScheduleL
Loan Table LoanTable (24 entries)
| Purpose Of LoanPurposeOfLoan | Loan From OrganizationLoanFromOrganization | Original PrincipalOriginalPrincipalAmount | Balance DueBalanceDue | DefaultDefault | Approved By BoardApprovedByBoard | Written AgreementWrittenAgreement |
|---|---|---|---|---|---|---|
| Karen DeBerio | ||||||
| Personal Loan | X | $25,017 | 1804 | 0 | 1 | 1 |
| Joseph DeCristoforo | ||||||
| Credit Card | X | $15,000 | 5356 | 0 | 1 | 1 |
| Joseph DeCristoforo | ||||||
| Second Mortgage | X | $61,777 | 22526 | 0 | 1 | 1 |
| Joseph DeCristoforo | ||||||
| HELOC | X | $75,000 | 10490 | 0 | 1 | 1 |
| John Degnan | ||||||
| Used Auto | X | $11,278 | 967 | 0 | 1 | 1 |
| Edward Doctoroff | ||||||
| Personal Loan | X | $15,000 | 4424 | 0 | 1 | 1 |
| Edward Emde | ||||||
| Credit Card | X | $6,000 | 5951 | 0 | 1 | 1 |
| Ed Feldman | ||||||
| Credit Card | X | $25,000 | 4565 | 0 | 1 | 1 |
| Ed Feldman | ||||||
| Mortgage | X | $240,000 | 228574 | 0 | 1 | 1 |
| George White | ||||||
| Checking Reserve | X | $1,000 | 1007 | 0 | 1 | 1 |
| Eugene Foley | ||||||
| Mortgage | X | $400,000 | 364091 | 0 | 1 | 1 |
| Stephen King | ||||||
| Mortgage | X | $643,000 | 640273 | 0 | 1 | 1 |
| Stephen King | ||||||
| Personal | X | $25,000 | 22339 | 0 | 1 | 1 |
| John Lichten | ||||||
| HELOC | X | $84,057 | 12690 | 0 | 1 | 1 |
| William Murphy | ||||||
| Credit Card | X | $8,000 | 4130 | 0 | 1 | 1 |
| William Murphy | ||||||
| New Auto | X | $16,500 | 3273 | 0 | 1 | 1 |
| Christian Schumann | ||||||
| Used Auto | X | $10,000 | 5235 | 0 | 1 | 1 |
| Christian Schumann | ||||||
| Credit Card | X | $10,000 | 1695 | 0 | 1 | 1 |
| Mary Straub | ||||||
| Used Auto | X | $10,413 | 204 | 0 | 1 | 1 |
| Mary Straub | ||||||
| HELOC | X | $15,018 | 14814 | 0 | 1 | 1 |
| Mary Straub | ||||||
| Mortgage | X | $247,750 | 219520 | 0 | 1 | 1 |
| Marie Trottier | ||||||
| Credit Card | X | $6,000 | 4801 | 0 | 1 | 1 |
| George White | ||||||
| HELOC | X | $10,015 | 9577 | 0 | 1 | 1 |
| George White | ||||||
| Mortgage | X | $155,000 | 118138 | 0 | 1 | 1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | 1706444 | TotalBalanceDue |
Form990 Schedule L Part IV Form990ScheduleLPartIV
Name Of Interested Person NameOfInterestedPerson
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PSCU | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Relationship | CU CEO is on the Board of PSCU | Relationship |
| Amount Of Transaction | 907414 | AmountOfTransaction |
| Description Of Transaction | Electronic Processing- Credit Card, Debit Card, Internet Banking | DescriptionOfTransaction |
| Sharing Of Revenues | 0 | SharingOfRevenues |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (12 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| F990_P01_S00_L11 | Form 990, Part I, Line 11 | MBS Income |
| F990_P03_S00_L02 | Form 990, Part III, Line 2 | The Credit Union opened a new branch in Charlestown to help service our members in that area. The Credit Union also started a Financial Literacy Program for Students to help them with their finances when they graduate from College. It educates the students on practical life skills including: consumer credit, credit scoring, financial budgeting, taxes, insurance, and investing. |
| F990_P06_S0A_L06 | Form 990, Part VI, Section A, Line 6 | The Credit Union has approximately 30,000 members in its field of membership. |
| F990_P06_S0A_L07a | Form 990, Part VI, Section A, Line 7a | Each member has one voting right to cast at the annual meeting to elect the members of the Board of Directors. Five of the fifteen directors are voted in each year. |
| F990_P06_S0A_L07b | Form 990, Part VI, Section A, Line 7b | Any by law changes must be approved by the members at the annual meeting. A Special meeting may also be called to vote on a by law change. |
| F990_P06_S0B_L11b | Form 990, Part VI, Section B, Line 11b | The 990 is prepared by the accounting manager and then reviewed by the CFO of the Credit Union. The 990 is then presented to the Audit Committee for final review. |
| F990_P06_S0B_L12c | Form 990, Part VI, Section B, Line 12c | A conflict of interest policy is reviewed and approved each year by the Board of Directors. |
| F990_P06_S0B_L15 | Form 990, Part VI, Section B, Line 15 | Each year the Executive Committee and the Personnel Committee review the performance and position of the President/CEO. Independent CU compensation data is referenced and utilized in determining the compensation. Other officer positions are reviewed by the President/CEO and compared to independent Credit Union data. The final salary recommendation is presented and approved by the Board of Directors. |
| F990_P06_S0C_L19 | Form 990, Part VI, Section C, Line 19 | By laws, conflict of interest policy, and financial statements are available upon request. Financial Statements are posted in each branch and are on the CU's website. |
| F990_P08_S00_L11a | Form 990, Part VIII, Line 11a 11b 11c | This revenue is from MBS Securities. |
| F990_P10_S00_L15 | Form 990, Part X, Line 15 | NCUSIF $3,099,716 FHLB Stock $1,284,200 PSCU Floating Sec Dep $241,500 FNMA Servicing Rights $599,288 |
| F990_P11_S00_L05 | Form 990, Part XI, Line 5 | Unrealized gain on change in market value on bonds and MBS investments. |