2012-05-08T13:49:33-07:00 2011-12-31 990 2011-01-01 046017806 HARVARD UNIVERSITY EMPLOYEES CREDIT UNION HARV 6174954460 104 Mt Auburn St 4th Fl Cambridge MA 02138 Christine Renaud 6174954460 2012-05-15 2011 2016-02-24 21:20:13Z Eugene Foley 104 Mt Auburn St 4th Fl Cambridge MA 02138 18353066 0 X www.huecu.org X Credit Union 1939 MA Provide convenient financial and personal services in the best interest of our members, as well as educating our community about finances. 15 15 66 0 0 0 0 0 17042853 17476205 599684 781688 0 95173 17642537 18353066 0 0 0 0 5480882 5921853 0 0 0 10919645 10391160 16400527 16313013 1242010 2040053 349771484 384677354 319643983 351834245 30127501 32843109 X 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. 1 0 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. 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 9259 0 1 66 1 0 0 0 0 0 0 X 15 15 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 MA X Eugene Foley 6174954460 104 Mt Auburn St 4th Fl Cambridge MA 02138 Guillermo Banchiere 1 X 0 0 0 Karen Deberio 1 X 0 0 0 Joseph DeCristoforo 1 X 0 0 0 Edward Doctoroff 1 X 0 0 0 Edward Emde 1 X 0 0 0 Edward Feldman 1 X 0 0 0 John Lichten 2 X X 0 0 0 Thomas Lucey 1 X 0 0 0 Jerremiah Murphy 1 X 0 0 0 Chris Schumann 1 X 0 0 0 Stephen King 1 X 0 0 0 Mary Straub 1 X 0 0 0 Marie Trottier 1 X 0 0 0 George White 2 X 0 0 0 William Murphy 1 X 0 0 0 Eugene J Foley 45 X X X 307356 0 87641 John Degnan 40 X X 118509 0 34791 Peter Buchanan 40 X X 118376 0 34748 Cheryl Gorman 42.5 X X 190442 0 52706 Craig Leonard 45 X X 209487 0 57977 Tom Montilli 40 X X 114899 0 34035 1059069 0 301898 6 0 1 0 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 5 0 Interest on Loans 522130 13954927 13954927 0 0 Various Bank Fees 522130 3521278 3521278 0 0 0 0 0 0 17476205 781688 781688 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MBS Agencies 522130 95173 95173 0 0 0 0 0 0 95173 18353066 18353066 0 0 1059069 3273063 1589721 47286 102650 289848 272074 1896525 449862 1112499 113809 2857104 474772 823533 Chapter Dues 39660 Loan Servicing 942154 Loan Loss 864443 Charitable Contributions 37375 67566 16313013 0 0 0 30287209 35889672 16485873 30888954 248735488 248241856 2553126 1706444 2525041 2470719 188731 166049 3342731 542593 2379727 2800138 41773675 57288818 4842614 5224704 349771484 384677354 1761045 999495 12674732 12380917 305208206 338453833 319643983 351834245 X 0 0 0 0 30127501 32843109 30127501 32843109 349771484 384677354 X 2040053 675555 X 1 1 1 X 0 0 0 0 0 0 0 0 2269047 0 0 2269047 962968 0 542593 420375 110716 0 0 110716 2800138 Available for Sale Bonds 50713859 F MBS Agencies 6574959 F 57288818 Checking Accounts 52491990 Share Accounts 99382353 Money Market 87289198 Term Share Certificates 74536793 IRAs 23056955 Holiday/Vacation 1696544 338453833 18353066 16313013 2040053 0 0 0 0 0 0 2040053 18353065 0 0 0 0 0 18353065 0 1 1 18353066 16313012 0 0 0 0 0 16313012 0 1 1 16313013 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. X X X X 0 0 0 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 SchJ_P01_S00_L03 Schedule J, Part I, Line 3 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. Karen DeBerio Personal Loan X 25017 1804 0 1 1 Joseph DeCristoforo Credit Card X 15000 5356 0 1 1 Joseph DeCristoforo Second Mortgage X 61777 22526 0 1 1 Joseph DeCristoforo HELOC X 75000 10490 0 1 1 John Degnan Used Auto X 11278 967 0 1 1 Edward Doctoroff Personal Loan X 15000 4424 0 1 1 Edward Emde Credit Card X 6000 5951 0 1 1 Ed Feldman Credit Card X 25000 4565 0 1 1 Ed Feldman Mortgage X 240000 228574 0 1 1 George White Checking Reserve X 1000 1007 0 1 1 Eugene Foley Mortgage X 400000 364091 0 1 1 Stephen King Mortgage X 643000 640273 0 1 1 Stephen King Personal X 25000 22339 0 1 1 John Lichten HELOC X 84057 12690 0 1 1 William Murphy Credit Card X 8000 4130 0 1 1 William Murphy New Auto X 16500 3273 0 1 1 Christian Schumann Used Auto X 10000 5235 0 1 1 Christian Schumann Credit Card X 10000 1695 0 1 1 Mary Straub Used Auto X 10413 204 0 1 1 Mary Straub HELOC X 15018 14814 0 1 1 Mary Straub Mortgage X 247750 219520 0 1 1 Marie Trottier Credit Card X 6000 4801 0 1 1 George White HELOC X 10015 9577 0 1 1 George White Mortgage X 155000 118138 0 1 1 1706444 PSCU CU CEO is on the Board of PSCU 907414 Electronic Processing- Credit Card, Debit Card, Internet Banking 0 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.