2024-11-05T15:34:51-06:00 2023-12-31 390758449 WIPFLI LLP 30 LONG CREEK DRIVE SOUTH PORTLAND ME 041062437 990 2023-01-01 042391206 SHARON & CRESCENT UNITED CREDIT UNION SHAR 7817847725 30 POND ST SHARON MA 02067 JEREMY PARKER CFO AND TREASURER 7817847725 2024-10-18 1 0 JULIA HOWLAND CPA P01711658 2077745701 2024-10-02 2023 2024-10-15 13:58:12Z GLENN PARSONS 30 POND ST SHARON MA 02067 47733917 0 X WWW.SCUCU.COM X 1956 MA TO PROVIDE A FULL RANGE OF FINANCIAL SERVICES TO OUR MEMBERS. 17 3 218 15 116686 0 0 0 36770599 43075485 3215585 4658432 0 0 39986184 47733917 149865 150632 1942514 10309014 15793625 15781931 0 0 0 14245699 17253470 32131703 43495047 7854481 4238870 1236549386 1247271764 1100001377 1098101412 136548009 149170352 X OUR MISSION IS TO PROVIDE A FULL RANGE OF FINANCIAL SERVICES TO THE MEMBERS IN OUR COMMUNITY AT COMPETITIVE RATES WHILE EMPHASIZING FINANCIAL SOUNDNESS, CONVENIENCE AND EFFICIENT-FRIENDLY SERVICE, WHILE MAINTAINING A CHALLENGING, REWARDING AND ENRICHING ENVIRONMENT FOR ALL EMPLOYEES. 0 0 SHARON CREDIT UNION IS A MEMBER-OWNED ORGANIZATION COMMITTED TO PROVIDING SUPERIOR FINANCIAL SERVICES TO ITS MEMBERS AND THE COMMUNITY. AT 12/31/2023, THE CREDIT UNION HAD 22,277 LOANS OUTSTANDING TOTALING $873,436,481. ALSO MEMBERS HAD 126,152 DEPOSITS ACCOUNTS TOTALING $1,005,783,790. ADDITIONALLY MEMBERS HAD 1,407 SAFE DEPOSIT BOXES. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 13722 0 1 218 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 17 3 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X JEREMY PARKER 7817932804 30 POND STREET SHARON MA 02067 GLENN PARSONS PRESIDENT & CEO 40.00 X X 548555 0 69386 JAMES L CARLSON PRESIDENT/CFO (THRU FEB 20 40.00 X X 114381 0 17494 JEREMY PARKER CFO & TREASURER 40.00 X X 227230 0 64964 HOWARD SPILLER CHAIRMAN 2.00 X X 4982 0 0 DAVID DOUCETTE VICE CHAIRMAN 2.00 X X 5623 0 0 ANNE CARNEY SECRETARY 2.00 X X 3219 0 0 RON BECHTEL DIRECTOR 2.00 X 5345 0 0 DAVID GOODMAN DIRECTOR 2.00 X 7230 0 0 LAWRENCE GREEN DIRECTOR 2.00 X 7189 0 0 CARL HUERTH DIRECTOR 2.00 X 5148 0 0 WILLIAM KEATING DIRECTOR 2.00 X 0 0 0 JOHN KOLENTSAS DIRECTOR 2.00 X 8906 0 0 ANDREW MCCORMACK DIRECTOR 2.00 X 8906 0 0 WILLIAM MCINTOSH DIRECTOR 2.00 X 0 0 0 JAMES MIHOS DIRECTOR 2.00 X 8906 0 0 ALFRED NICCOLI DIRECTOR 2.00 X 6552 0 0 WILLIAM ROSA DIRECTOR 2.00 X 5918 0 0 ARTHUR SULLIVAN DIRECTOR 2.00 X 0 0 0 LINDA FOUNTAIN CHIEF LENDING OFFICER 40.00 X 231223 0 44241 JOSHUA PARKER CIO 40.00 X 208438 0 25952 MAUREEN GREGORY CHIEF RETAIL OFFICER 40.00 X 216206 0 41593 JENNIFER SPIECKER SVP - MARKETING 40.00 X 189239 0 27420 DARLENE SILVA SVP-HUMAN RESOURCES 40.00 X 164903 0 22097 MARK HENNESSY SVP CONSUMER LENDING 40.00 X 162781 0 49236 2140880 0 362383 21 0 1 0 JACK HENRY & ASSOC PO BOX 609 MONET MO 65708 CORE SYSTEM PROVIDER 910743 ALKAMI TECHNOLOGY PO BOX 122223 DALLAS TX 75312 ONLINE BANKING PROVIDER 747472 COX MEDIA 13229 COLLECTION CENTER DRIVE CHICAGO IL 60693 ADVERTISING 281471 VERIFIN SOLUTIONS 18 HEBRON WAY ST JOHNS NL CA COMPLIANCE 165125 K & L GATES LLP PO BOX 830304 PHILADELPHIA PA 191820304 ATTORNEYS 147770 7 INTEREST ON LOANS 522100 37264230 37264230 FEE INCOME 524298 5811255 5694569 116686 43075485 4658432 4658432 47733917 42958799 116686 4658432 123132 27500 10309014 1395399 10511173 1044866 1895429 935064 664276 165000 335314 868189 4142058 2938488 264756 2973832 2051409 155417 PROVISION FOR LOAN LOSS 1465134 LOAN SERVICING EXPENSE 822655 OTHER OPERATING EXPENSE 406942 43495047 49270474 36093353 2580250 8338097 817493139 862993386 362797 742144 29786765 17026496 13711940 12760269 338371079 309179804 1585019 894912 13174688 16269799 1236549386 1247271764 10784111 13403969 2589504 2548459 3106280 3502790 1083521482 1078646194 1100001377 1098101412 X 0 0 0 0 136548009 149170352 136548009 149170352 1236549386 1247271764 X 4238870 8727687 -344214 X X 0 0 0 0 1 X 3736146 3736146 16389186 8829180 7560006 818851 752033 66818 8277611 7445283 832328 564971 564971 12760269 FEDERAL AGENCIES 230175075 C OTHER INVESTMENTS 79004729 C 309179804 DEPOSITS 1002281000 FHLB BORROWINGS 76365194 1078646194 PART IV, LINE 2B: THE ORGANIZATION HOLDS REAL ESTATE TAXES IN ESCROW FOR MORTGAGE BORROWERS. 1 BOYS & GIRLS CLUBS OF AMERICA 1275 PEACHTREE STREET NE ATLANTA GA 303093506 135562976 501(C)3 50000 0 CASH TO CONTINUE PROGRAMS AND SERVICES. SIGNATURE HEALTHCARE CORPORATION 680 CENTRE STREET BROCKTON MA 02302 042103554 501(C)3 6250 0 CASH TO CONTINUE PROGRAMS AND SERVICES. 2 0 SCHOLARSHIPS 11 27500 X 1 1 X X X 0 0 0 GLENN PARSONS PRESIDENT & CEO 524613 0 0 0 23942 0 39600 0 29786 0 617941 0 0 0 JEREMY PARKER CFO & TREASURER 226240 0 0 0 990 0 23840 0 41124 0 292194 0 0 0 LINDA FOUNTAIN CHIEF LENDING OFFICER 226236 0 0 0 4987 0 27823 0 16418 0 275464 0 0 0 MAUREEN GREGORY CHIEF RETAIL OFFICER 207250 0 0 0 8956 0 25505 0 16088 0 257799 0 0 0 JOSHUA PARKER CIO 207448 0 0 0 990 0 24941 0 1011 0 234390 0 0 0 JENNIFER SPIECKER SVP - MARKETING 188301 0 0 0 938 0 22962 0 4458 0 216659 0 0 0 MARK HENNESSY SVP CONSUMER LENDING 156095 0 3220 0 3466 0 19879 0 29357 0 212017 0 0 0 DARLENE SILVA SVP-HUMAN RESOURCES 164103 0 0 0 800 0 19776 0 2321 0 187000 0 0 0 SEE PART V X 0 1 1 LINDA FOUNTAIN CHIEF LENDING OFFICER SPLIT DOLLAR INSURANCE AGREEMENT LOAN X 420831 443334 0 1 1 JAMES CARLSON PRESIDENT/CEO SPLIT DOLLAR INSURANCE AGREEMENT LOAN X 8159419 7894763 0 1 1 8338097 SCHEDULE L PART II, TRANSACTIONS WITH INTERESTED PERSONS SOME OF THE OFFICERS AND DIRECTORS HAVE LOANS OUTSTANDING WITH THE CREDIT UNION. THESE LOANS WERE OBTAINED IN THE NORMAL COURSE OF BUSINESS OF THE CREDIT UNION WITH TERMS THE SAME AS AVAILABLE TO ALL MEMBERS. THESE LOANS ARE NOT REQUIRED TO BE REPORTED ON SCHEDULE L PART II. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS A MEMBERS ONLY FINANCIAL INSTITUTION. ITS MEMBERS MEET ANNUALLY AND VOTE FOR A BOARD OF DIRECTORS AND ALL BUSINESS BROUGHT BEFORE THE MEMBERSHIP MUST BE APPROVED. FORM 990, PART VI, SECTION A, LINE 7A SEE ANSWER TO LINE 6. FORM 990, PART VI, SECTION A, LINE 7B SEE ANSWER TO LINE 6. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS HAS DELEGATED AUTHORITY FOR THE REVIEW OF THE FORM 990 TO THE CHIEF FINANCIAL OFFICER (CFO). THE CFO ENGAGES THE SERVICES OF AN INDEPENDENT ACCOUNTING FORM FOR THE PREPARATION OF THE FORM 990. UPON COMPLETION, THE FORM 990, IS REVIEWED BY THE CFO, SIGNED BY THE CFO, AND FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE CODE OF ETHICS, WHICH INCORPORATES A CONFLICT OF INTEREST POLICY, IS UPDATED AND RATIFIED BY THE BOARD OF DIRECTORS. THE CODE OF ETHICS PERTAINS TO EMPLOYEES AS WELL AS THE BOARD OF DIRECTORS. ANNUALLY, ALL EMPLOYEES AND BOARD OF MEMBERS SIGN AN ACKNOWLEDGEMENT THAT THEY HAVE RECEIVED AND READ THE CODE OF ETHICS. FURTHER, ALL EMPLOYEES AND BOARD MEMBERS MUST IDENTIFY, IN WRITING, ALL DEPOSIT AND LOAN ACCOUNTS IN WHICH THEY HAVE A RELATED INTEREST. LOANS GRANTED TO SENIOR MANAGEMENT, DIRECTORS, OR THEIR RELATED PARTIES MUST BE APPROVED BY THE BOARD. IF THE LOAN IS FOR A BOARD MEMBER OR HIS/HER RELATED INTEREST, THE BOARD MEMBER MUST LEAVE THE BOARDROOM DURING DISCUSSION AND VOTE. THE BOARD MEMBER IS RECUSED FROM THE VOTE. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION'S BOARD OF DIRECTORS ASSIGNS RESPONSIBILITY TO THE BOARD'S PERSONNEL COMMITTEE FOR INPUT IN THE PREPARATION OF A PERFORMANCE EVALUATION OF THE CREDIT UNION'S PRESIDENT. THE PERSONNEL COMMITTEE IS COMPRISED OF INDEPENDENT DIRECTORS. THE PERSONNEL COMMITTEE WILL THEN PRESENT THE EVALUATION TO THE FULL BOARD, ALONG WITH A RECOMMENDATION FOR COMPENSATION. THE COMPENSATION LEVEL IS BASED ON A COMBINATION OF THE PRESIDENT'S PERCEIVED VALUE TO THE CREDIT UNION; JOB PERFORMANCE; AND A COMPARISON TO A PEER GROUP SALARY SURVEY CONDUCTED BY PEARL MEYER & PARTNERS. BASED ON THE PERSONNEL COMMITTEE'S RECOMMENDATION, THE FULL BOARD APPROVES THE PRESIDENT'S COMPENSATION. FOR MEMBERS OF SENIOR MANAGEMENT (I.E. COO, SENIOR LENDING OFFICER, SENIOR BRANCH ADMINISTRATOR, CFO, SENIOR MARKETING OFFICER AND SENIOR INFORMATION OFFICER), WRITTEN PERFORMANCE EVALUATIONS ARE PREPARED BY THE IMMEDIATE SUPERVISOR AND REVIEWED BY THE BOARD'S PERSONNEL COMMITTEE. COMPENSATION IS BASED ON VALUE TO THE CREDIT UNION, JOB PERFORMANCE AND COMPARISON TO SALARY RANGES IN THE PEARL MEYER & PARTNERS SALARY SURVEY. THE PERSONNEL COMMITTEE THEN MAKES A RECOMMENDATION TO THE FULL BOARD FOR ITS APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S BY-LAWS, CODE OF ETHICS, CONFLICT OF INTEREST POLICY, ETC. ARE AVAILABLE FOR INSPECTION AT THE CREDIT UNION'S ANNUAL MEETING OR AVAILABLE AT ANYTIME UPON A MEMBER'S REQUEST. THE CREDIT UNION'S PRIVACY POLICY IS MAILED TO EACH MEMBER, ANNUALLY. A STATEMENT OF CONDITION IS POSTED IN EACH BRANCH EVERY MONTH. THE CREDIT UNION'S CALL REPORT DATA IS AVAILABLE TO THE GENERAL PUBLIC VIA THE NCUA'S WEBSITE. FORM 990, PART XI, LINE 9: CECL TRANSITIONAL AMOUNT -344,214.