2011-11-14T15:37:52-05:00 2010-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2010-01-01 041123040 HarborOne Credit Union HARB 5088951000 770 Oak Street Brockton MA 023030720 Joseph Casey 5088951000 2011-11-14 true Michael J Rowe CPA 6174399700 2011-11-02 2010 2016-02-24 21:20:13Z Joseph Casey 770 Oak Street Brockton MA 02303 116847910 false X harboronecu.com X 1917 MA THE MISSION STATEMENT OF HARBORONE CREDIT UNION IS TO CONTINUE TO BE RECOGNIZED AS A LEADING, EFFICIENTLY OPERATED AND PROFITABLE FINANCIAL INSTITUTION. 10 9 529 0 264346 84223 0 0 91329753 89087523 11989253 7765204 0 0 103319006 96852727 0 0 0 0 22264747 24320245 0 0 0 73446255 63347162 95711002 87667407 7608004 9185320 1813095931 1850748006 1661583993 1690965315 151511938 159782691 THE MISSION STATEMENT OF HARBORONE CREDIT UNION IS TO CONTINUE TO BE RECOGNIZED AS A LEADING, EFFICIENTLY OPERATED AND PROFITABLE FINANCIAL INSTITUTION, MAINTAINING THE CONFIDENCE OF AND RESPONDING TO THE NEEDS OF ITS MEMBERS, ITS EMPLOYEES, ITS MARKETS AND ITS COMMUNITIES. false false HARBORONE CREDIT UNION PROVIDES A VARIETY OF FINANCIAL SERVICES TO INDIVIDUALS THROUGH ITS 13 OFFICES IN BROCKTON, MA AND SURROUNDING COMMUNITIES. ITS PRIMARY DEPOSIT PRODUCTS ARE SAVINGS, CHECKING, AND TERM CERTIFICATE ACCOUNTS AND ITS PRIMARY LENDING PRODUCTS ARE RESIDENTIAL MORTGAGE AND CONSUMER LOANS, INCLUDING INDIRECT AUTOMOBILE LENDING. false false false false false false true false true false false false true false true false false false false false false false false false false false false true false false false false false true false false false false false false false false false true 43879 0 true 529 true true true false false false false false X 10 9 false false false false true true true true true false false true true true true true true true true false X JOSEPH CASEY 5088951000 770 OAK STREET Brockton MA 02303 JAMES BLAKE 40.0 X X 705739 0 759098 WALLACE PECKHAM III 1.0 X 1834 0 0 JOSEPH BARRY 1.0 X 1387 0 0 DAVID FRENETTE 1.0 X 8183 0 0 GORDON JEZARD 1.0 X 1868 0 0 EDWARD KENT 1.0 X 1822 0 0 LAWRENCE SISKIND 1.0 X 6788 0 0 JOHN SVAGZDYS 1.0 X 6277 0 0 BARRY KORETZ 1.0 X 7818 0 0 STEVEN GREENE 1.0 X 75 0 0 JOSEPH CASEY 40.0 X 361147 0 177864 WAYNE DUNN 40.0 X 206238 0 36882 CHRISTOPHER GIBBONS X 209018 0 39279 LEO DONAHUE 40.0 X 208953 0 27222 MARCIA DMITRUK 40.0 X 208438 0 35585 PATRICIA WILLIAMS 40.0 X 188451 0 35564 DAVID REILLY 40.0 X 192375 0 28487 JAMES RICE 40.0 X 178024 0 26845 FRIEND WEILER 40.0 X X 204328 0 12074 LEO MACNEIL 40.0 X 172502 0 28618 ROBERT MULLIGAN 40.0 X 145449 0 29830 MAUREEN WILKINSON 40.0 X 160757 0 61618 3177471 0 1298966 13 false true false Connecticut Online Computer Center 135 Darling Drive AVON CT 06001 Data Processing 3102145 Hurley Chandler Chaffer Inc 2757 Pawtucket Ave Suite 200 EAST PROVIDENCE RI 02914 Marketing 1123558 Online Resources Corporation 4795 Meadow Wood Lane CHANTILLY VA 20151 Online Nanking 515891 Fairway Landscaping Lawn Care 718 Washington Street SOUTH EASTON MA 02375 Landscaping 398374 HARLAND CLARKE 10931 Laureate Drive SAN ANTONIO TX 78249 Check Printing 343013 20 0 INCOME ON LOANS 74430645 74430645 DEPOSIT ACCOUNT FEES 522100 11141098 10876752 264346 OTHER INCOME 2277296 2277296 LOAN FEES 1238484 1238484 89087523 4130923 4130923 0 0 20000000 3629464 19995183 4817 3629464 3634281 3634281 0 0 0 0 96852727 88823177 264346 7765204 0 0 0 0 3847584 0 13429721 1574817 4090853 1377270 0 354180 497765 0 0 0 541213 1976656 1604857 4382048 0 2883824 145268 0 55759 29896237 0 2774518 116137 DEPOSIT EXPENSES & ASSESSMENTS 4335096 PROVISION FOR LOAN LOSS 8391811 FORECLOSET ASSET EXPENSE 1239035 LOAN EXPENSES 1101800 EQUIPMENT MAINTENANCE 1246737 1804221 87667407 13109765 16115449 143396857 104878523 1437742928 1450733458 42558532 13222560 29636156 29335972 108695339 158493935 23418700 23418700 57096186 67771969 1813095931 1850748006 1331356 1157224 2818260 2745129 1657434377 1687062962 1661583993 1690965315 X 151511938 159782691 151511938 159782691 1813095931 1850748006 X 9185320 -914567 X false true true X false false true 4268591 4268591 27953521 7734273 20219248 53635 37083 16552 10282784 5451203 4831581 29335972 0 OTHER BORROWINGS 346115735 ACCRUED EXPENSES & OTHER LIABI 1340947227 1687062962 96852727 87667407 9185320 -914567 -914567 8270753 96852727 96852727 96852727 87667407 87667407 87667407 Escrow accounts Schedule D page 2 Part IV line 2b As part of the mortgage agreement, an escrow account is maintained for each mortgage where escrow of real estate taxes & home owners insurance is required. The credit union complies with all federal & state laws regarding disclosures and operation of these accounts. X X X false true false JAMES BLAKE 506491 0 161587 0 37661 0 747397 0 11701 0 1464837 0 JOSEPH CASEY 287902 0 67874 0 5371 0 166018 0 11846 0 539011 0 WAYNE DUNN 161911 0 40907 0 3420 0 25900 0 10982 0 243120 0 CHRISTOPHER GIBBONS 164485 0 40832 0 3701 0 27597 0 11682 0 248297 0 LEO DONAHUE 163514 0 40129 0 5310 0 26164 0 1058 0 236175 0 0 0 MARCIA DMITRUK 161365 0 39852 0 7221 0 30284 0 5301 0 244023 0 PATRICIA WILLIAMS 148477 0 37485 0 2489 0 23851 0 11713 0 224015 0 DAVID REILLY 152572 0 38077 0 1726 0 23388 0 5099 0 220862 0 LEO MACNEIL 132503 0 33103 0 6896 0 23839 0 4779 0 201120 0 JAMES RICE 137610 0 34399 0 6015 0 15205 0 11640 0 204869 0 FRIEND WEILER 166342 0 33846 0 4140 0 10960 0 1114 0 216402 0 ROBERT MULLIGAN 48090 0 96213 0 1146 0 17097 0 12733 0 175279 0 MAUREEN WILKINSON 147574 0 9976 0 3207 0 48856 0 12762 0 222375 0 Deferred Compensation Schedule J Part I Line 4b James Blake $716,735 Joseph Casey $134,708 Maureen Wilkinson $33,222 James Blake Chief Executive officer 177694 loan underwriting NEMS false James Blake Chief Executive officer 3102145 Computer processing false Executive transactions with Credit Union Schedule l Part IV James Blake, the Credit Union's chief executive officer is a member of the board of directors with two vendors that conduct business with the credit union. Northeast Member Business Services & COCC. The Credit Union is also an owner of shares in both entities which are not publically traded. Mr. Blake is one of several directors in both corporations and is not in a position to influence the acquisition of services or otherwise personally benefit from the relationship. Member Voting Rights Page 6 Part VI Section A Line 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. Member Votes Page 6 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. Member approval of board actions Page 6 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. Review of 990 return Page 6 Part VI Section b Line 11 FORM 990 WILL BE REVIEWED BY THE CONTROLLER, CFO, CEO, AND BOARD OF DIRECTORS PRIOR TO FILING. Conflict of Interest Policy Page 6 Part VI Section b Line 12c ALL EMPLOYEES ARE ANNUALLY REQUIRED TO SIGN THE CONFLICT OF INTEREST POLICY. Executive compensation Page 6 Part VI Section b Line 15 THE BOARD OF DIRECTORS COMPENSATION COMMITTEE UTILIZES COMPARABLE DATA TO DETERMINE COMPENSATION. Availablity of documents Page 6 Part VI Section C Line 19 THE ORGANIZATION GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND FORM 990 ARE AVAILABLE UPON REQUEST TO THE GENERAL PUBLIC. Deferred Compensation Schedule J Part I line 4b James Blake, Joseph Casey, and Maureen Wilkinson have deferred compensation arrangements with the Credit Union. Other Changes in Net Assets Form 990 page 12 Part XI Line 5 Other change in net assets consist of the following adjustment related to general accepted accounting principals ("GAAP") FAS 115 unrealized investment gains $(914,568) Officer and Director Loans Form 990 Page 4 Part IV Line 26 Some of the officers and directors have loans outstanding with the Credit Union. These loans were obtained in the ordinary course of business of the Credit Union at terms available to all members. Per instructions for Schedule L these loans are not to be included on Schedule L.