2023-08-15T14:36:13-05:00 2022-09-30 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2021-10-01 042348884 LEOMINSTER CREDIT UNION LEOM 9785378021 20 ADAMS STREET LEOMINSTER MA 01453 JOSEPH NORMANT SVP/CFO 9785378021 2023-08-15 1 JOSEPH NORMANT 999009999 JENIFER L CHASE P01306883 5638884000 2023-08-15 0 AAL1 IAL1 2021 2023-04-26 12:10:37Z BARBARA MAHONEY 20 ADAMS STREET LEOMINSTER MA 01453 32883198 0 X WWW.LEOMINSTERCU.COM X 1954 MA FULFILL OUR MEMBERS' FINANCIAL NEEDS THROUGH OUTSTANDING SERVICE AND EFFECTIVE TECHNOLOGY. 9 9 190 10 62949 0 0 0 24881720 24867106 5125181 5147647 403854 370164 30410755 30384917 157237 197942 3447934 2027236 11886061 12622076 0 0 0 12544362 13382887 28035594 28230141 2375161 2154776 813719349 864317243 739407288 812407467 74312061 51909776 X LEOMINSTER CREDIT UNION (LCU) IS A COMMUNITY-BASED FINANCIAL SERVICES PROVIDER. WE EXIST TO FULFILL OUR MEMBERS' FINANCIAL NEEDS THROUGH OUTSTANDING SERVICE AND EFFECTIVE TECHNOLOGY. AS A RESPONSIBLE CORPORATE CITIZEN, WE ARE COMMITTED TO ENRICHING THE COMMUNITIES IN WHICH WE LIVE AND WORK. 0 0 TO SERVE OUR MEMBERS, OUR HIGHEST EXPENSE IS INTEREST PAID ON CERTIFICATES OF DEPOSIT. AT YEAR-END, THE CREDIT UNION HAD 32,686 MEMBERS, AND INTEREST PAID ON CERTIFICATES OF DEPOSIT TOTALED $3,092,977. OUR SECOND HIGHEST EXPENSE IS INTEREST PAID ON MONEY MARKET ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 32,686 MEMBERS, AND INTEREST PAID ON MONEY MARKET ACCOUNTS TOTALED $1,094,931. OUR THIRD HIGHEST EXPENSE IS INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 32,686 MEMBERS, AND INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS TOTALED $821,969. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 12581 0 1 190 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 1 0 1 1 0 1 0 0 0 1 1 1 1 1 1 1 1 0 X JOSEPH NORMANT 9785378021 20 ADAMS STREET LEOMINSTER MA 01453 BARBARA MAHONEY PRESIDENT/CEO 40.00 X 383529 0 45432 JOSEPH NORMANT CFO 40.00 X 241183 0 16971 DIANE FARNSWORTH FORMER SR. MORTGAGE ORIGINATOR 40.00 X 226140 0 29697 CRAIG MADONIA SVP LENDING 40.00 X 196805 0 47208 KATIE NAJJAR SVP RETAIL 40.00 X 183921 0 43711 MYCHELLE PHILLIPS VP OPERATIONS 40.00 X 165732 0 47889 ELLEN COUGHLIN SVP HR & DEVELOPMENT 40.00 X 142790 0 41280 KELLI ROONEY SVP COMMUNITY ENGAGEMENT & MARKETING 40.00 X 169553 0 14148 AUDIE FRANKS FORMER VP IT 40.00 X 151138 0 30752 OSCAR O'CONNOR VP LENDING OPERATIONS 40.00 X 136838 0 37923 BRUCE BOLLIVAR FORMER DIRECTOR 1.00 X 0 0 0 ROBERT DELLECHIAIE DIRECTOR 1.00 X 0 0 0 NANCY GRAVES TREASURER 1.00 X X 0 0 0 GIULIO GRECO ASSISTANT TREASURER 1.00 X X 0 0 0 HENRY KULIK DIRECTOR 1.00 X 0 0 0 JOYCE LEGER DIRECTOR 1.00 X 0 0 0 JOSEPH QUINTAL CLERK 1.00 X 0 0 0 JOHN W REEDY DIRECTOR 1.00 X 0 0 0 MICHAEL SAUVAGEAU VICE CHAIRPERSON 2.00 X 0 0 0 RICHARD SHEPPARD CHAIRPERSON 1.00 X X 0 0 0 1997629 0 355011 9 0 1 0 FISERV PO BOX 22705 LINCOLN NE 68542 IT SERVICES 2347355 CORELATION INC 2305 HISTORIC DECATUR RD SAN DIEGO CA 92106 IT SERVICES 610279 ALOGENT 35 TECHNOLOGY PARKWAY SOUTH SUITE 2 PEACHTREE CORNERS GA 30092 IT SERVICES 460778 DAVIS ADVERTISING 1331 GRAFTON STREET WORCESTER MA 01604 ADVERTISING 394193 ALKAMI TECHNOLOGY 5601 GRANITE PARKWAY SUITE 120 PLANO TX 75024 IT SERVICES 234214 15 INTEREST ON LOANS 522100 19855414 19855414 SERVICE CHARGES AND FEE INCOME 522100 5011692 4948743 62949 24867106 5061264 5061264 81184 0 81184 81184 81184 99000 2485664 0 2498281 99000 -12617 86383 86383 CREDIT UNION OWNED LIFE INSURANCE 900099 288980 288980 288980 30384917 24804157 62949 5517811 197942 2027236 1365144 8395053 665204 1458559 738116 60948 230004 967020 487980 2115901 1402809 6935 41361 1869749 1279902 532537 MAINTENANCE AND SERVICE 2837584 PROVISION FOR LOAN LOSS 484565 SECURITY 211986 COLLECTIONS 32375 821231 28230141 107865308 6822136 8715000 21165000 0 7650380 521655982 591872080 1083226 1429239 25207650 12133827 12427151 13073823 135072034 189767322 3130300 6276500 23770348 26260763 813719349 864317243 4410777 6678935 2933353 2852409 60000000 140975000 672063158 661901123 739407288 812407467 X 0 0 0 0 74312061 51909776 74312061 51909776 813719349 864317243 2154776 -24557061 0 X X 0 1 X 1 0 0 1 X 2002781 2002781 15177713 7528644 7649069 527239 377917 149322 7499917 4227266 3272651 13073823 MEMBERS' SHARES 661901123 661901123 X PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY INSURANCE AND TAXES ON BEHALF OF ITS MORTGAGE LOAN ACCOUNTS. PART X, LINE 2: LEOMINSTER CREDIT UNION (THE CREDIT UNION) IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN THE FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. THE IRS AND CERTAIN STATE TAXING AUTHORITIES ARE CURRENTLY REVISITING WHAT, IF ANY, PRODUCTS AND SERVICES PROVIDED BY THE CREDIT UNION ARE SUBJECT TO UBIT. THE IRS HAS INDICATED THAT THEY ARE STUDYING THE ISSUE AND MAY ISSUE ADDITIONAL GUIDANCE. AS A RESULT, AT THIS TIME THERE IS UNCERTAINTY REGARDING WHETHER THE CREDIT UNION SHOULD PAY INCOME TAX ON CERTAIN TYPES OF NET TAXABLE INCOME FROM ACTIVITIES THAT MAY BE CONSIDERED BY TAXING AUTHORITIES AS UNRELATED TO THE PURPOSE FOR WHICH THE CREDIT UNION WAS GRANTED NONTAXABLE STATUS. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES DEEMED TO BE UNRELATED TO THE CREDIT UNION'S NONTAXABLE STATUS IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATION. MANAGEMENT EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THAT THE CREDIT UNION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS. 1 CLINTON COUNCIL ON AGING 271 CHURCH ST CLINTON MA 01510 046001118 501(C)(3) 10000 0 PROGRAM SUPPORT FITCHBURG STATE UNIVERSITY 160 PEARL ST FITCHBURG MA 01420 043138437 501(C)(3) 5150 0 PROGRAM SUPPORT HEALTH ALLIANCE HOSPITAL 60 HOSPITAL RD LEOMINSTER MA 01453 042103555 501(C)(3) 9000 0 PROGRAM SUPPORT ST BERNARD'S HIGH SCHOOL 45 HARVARD ST FITCHBURG MA 01420 843653545 501(C)(3) 6352 0 PROGRAM SUPPORT STARBURST LEOMINSTER CITY HALL 25 WEST ST LEOMINSTER MA 01453 046006004 501(C)(3) 7500 0 PROGRAM SUPPORT UNITED WAY 649 JOHN FITCH HIGHWAY FITCHBURG MA 01420 042233021 501(C)(3) 7568 0 PROGRAM SUPPORT WORCESTER STATE FOUNDATION 486 CHANDLER ST WORCESTER MA 01602 223248067 501(C)(3) 9500 0 PROGRAM SUPPORT 7 0 PART I, LINE 2: THE CREDIT UNION INFORMALLY FOLLOWS UP WITH GRANT RECIPIENTS AND ENSURES THAT THE GRANT FUNDS ARE USED FOR THE PURPOSE INTENDED. X 1 1 X X X X 0 0 0 BARBARA MAHONEY PRESIDENT/CEO 354841 0 24288 0 4400 0 23200 0 22232 0 428961 0 0 0 JOSEPH NORMANT CFO 224096 0 15540 0 1547 0 15926 0 1045 0 258154 0 0 0 DIANE FARNSWORTH FORMER SR. MORTGAGE ORIGINATOR 56128 0 7054 0 162958 0 18314 0 11383 0 255837 0 0 0 CRAIG MADONIA SVP LENDING 180257 0 13265 0 3283 0 16384 0 30824 0 244013 0 0 0 KATIE NAJJAR SVP RETAIL 170942 0 12035 0 944 0 15237 0 28474 0 227632 0 0 0 MYCHELLE PHILLIPS VP OPERATIONS 155674 0 8060 0 1998 0 13536 0 34353 0 213621 0 0 0 ELLEN COUGHLIN SVP HR & DEVELOPMENT 133553 0 8437 0 800 0 12013 0 29267 0 184070 0 0 0 KELLI ROONEY SVP COMMUNITY ENGAGEMENT & MARKETING 157910 0 10771 0 872 0 13564 0 584 0 183701 0 0 0 AUDIE FRANKS FORMER VP IT 143121 0 7037 0 980 0 12438 0 18314 0 181890 0 0 0 OSCAR O'CONNOR VP LENDING OPERATIONS 126333 0 9041 0 1464 0 11341 0 26582 0 174761 0 0 0 PART I, LINE 1A THE CREDIT UNION REIMBURSES THE COST OF BOARD-APPROVED SPOUSAL OR "SIGNIFICANT OTHER" TRAVEL EXPENSES WHEN ACCOMPANYING A DIRECTOR ON AN EDUCATIONAL EVENT OR SPECIAL PLANNING MEETING HELD OFF-SITE FROM LEOMINSTER CREDIT UNION. COSTS INCLUDE TRAVEL, GUEST REGISTRATION, LODGING, MEALS, TELEPHONE CALLS, REFRESHMENTS AND REASONABLE TIPS TO HOTEL EMPLOYEES, CAB AND LIMOUSINE DRIVERS, AND RESTAURANT STAFF. BARBARA MAHONEY OFFICER COLLATERAL ASSIGNED LIFE INSURANCE POLICY X 5675000 5675000 0 1 1 JOSEPH NORMANT OFFICER COLLATERAL ASSIGNED LIFE INSURANCE POLICY X 2000000 1975380 0 1 1 7650380 FORM 990, PART VI, SECTION A, LINE 4 LEOMINSTER CREDIT UNION UPDATED THEIR BYLAWS FOR THE FOLLOWING CHANGES: TO REDUCE THE NUMBER OF SHARES NECESSARY FOR MEMBERSHIP FROM FIVE TO ONE, THE MINIMUM NUMBER OF DIRECTORS WAS REDUCED FROM NINE TO SEVEN, THE BOARD OF DIRECTORS IS NOW ALLOWED TO ACT WITHOUT A MEETING BY UNANIMOUS CONSENT, THE AUDIT COMMITTEE IS AUTHORIZED TO INDEPENDENTLY ENGAGE ACCOUNTING AND LEGAL SERVICES, AND THE BYLAWS MAY BE AMENDED BY A MAJORITY VOTE OF THE MEMBERS PRESENT AT A MEETING INSTEAD OF A THREE-FOURTHS VOTE. FORM 990, PART VI, SECTION A, LINE 6 LEOMINSTER CREDIT UNION HAS MEMBERS AS SPECIFIED BY ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A LEOMINSTER CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B LEOMINSTER CREDIT UNION DOES NOT HAVE ANY COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE ASSISTANT VICE PRESIDENT/TREASURY AND CHIEF FINANCIAL OFFICER WILL REVIEW THE FORM 990 AFTER FILING IT WITH THE INTERNAL REVENUE SERVICE. A COPY IS ALSO PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C LEOMINSTER CREDIT UNION'S CONFLICT OF INTEREST POLICY IS PART OF THE ETHICS POLICY. THE ETHICS POLICY COVERS ALL DIRECTORS, OFFICERS, AND EMPLOYEES OF THE CREDIT UNION. EMPLOYEES MAY NOT ACCEPT GIFTS OR GRATUITIES OF MORE THAN A NOMINAL VALUE ($100), FROM VENDORS AND SERVICE PROVIDERS EXCEPT IN MODERATION AND CONSISTENT WITH ACCEPTED GOODWILL-BUILDING PRACTICES. IF THE CREDIT UNION EMPLOYEE IS OFFERED OR RECEIVES SOMETHING OF VALUE THAT EXCEEDS THE NOMINAL VALUE ($100) THAT IS AUTHORIZED IN THE WRITTEN ETHICS POLICY, THE CREDIT UNION EMPLOYEE MUST DISCLOSE THAT FACT TO THE VP HUMAN RESOURCES & DEVELOPMENT. THE VP HUMAN RESOURCES & DEVELOPMENT WILL KEEP CONTEMPORANEOUS WRITTEN REPORTS OF SUCH DISCLOSURES AND ADVISE THE EMPLOYEE WHAT SHOULD BE DONE WITH THE GIFT. IN NO INSTANCE MAY AN EMPLOYEE'S PERSONAL TRANSACTIONS CREATE A CONFLICT OF INTEREST OR POTENTIAL CONFLICT OF INTEREST. OFFICERS AND EMPLOYEES WHO BENEFIT DIRECTLY OR INDIRECTLY FROM A CREDIT UNION LOAN MAY NOT PARTICIPATE IN THE APPROVAL PROCESS. EMPLOYEES ARE NOT PERMITTED TO TRANSACT PAYMENT OR ADVANCES, PROCESS, VERIFY, UNDERWRITE, OR APPROVE ANY LOAN REQUESTS OF IMMEDIATE FAMILY, HOUSEHOLD MEMBERS, PERSONAL FRIENDS, OR WHERE THEY MAY HAVE A PERSONAL INTEREST OR ACT AS A JOINT OWNER OR CO-MAKER. ULTIMATELY, CREDIT UNION MANAGEMENT CONSISTENTLY MONITORS FOR CONFLICTS OF INTEREST. EMPLOYEES ARE REQUIRED TO SIGN THE ETHICS POLICY (WHICH CONTAINS THE CONFLICT-OF-INTEREST POLICY) ANNUALLY, AGREEING TO SELF-REPORT APPARENT CONFLICTS OF INTEREST TO THEIR RESPECTIVE MANAGERS. IF A CONFLICT OF INTEREST IS DISCOVERED BY MANAGEMENT (OR THE EMPLOYEE SELF-REPORTS), THEN THE EMPLOYEE'S MANAGER, IN COORDINATION WITH THE VICE PRESIDENT OF HUMAN RESOURCES, WILL REVIEW THE SITUATION AND REQUIRE THE EMPLOYEE TO RETURN THE GIFT OR TAKE OTHER ACTION WHICH IS WARRANTED BY THE SPECIFIC SITUATION. FORM 990, PART VI, SECTION B, LINE 15 HUMAN RESOURCES AND THE BOARD OF DIRECTORS, IN CONJUNCTION WITH AN OUTSIDE CONSULTANT, REVIEW ALL RECOMMENDATIONS TO INCREASE THE SALARY OF ITS CHIEF EXECUTIVE OFFICER, OFFICERS, AND KEY EMPLOYEES WITHIN THE CREDIT UNION. HUMAN RESOURCES AND THE BOARD OF DIRECTORS REVIEW PRE-DETERMINED SALARY RANGES FOR EACH POSITION. THESE RANGES ARE COMPARED TO SALARY SURVEYS PURCHASED BY LEOMINSTER CREDIT UNION TO ASSESS THE APPROPRIATENESS OF ANY COMPENSATION ADJUSTMENT RECOMMENDATIONS. IN ADDITION, HUMAN RESOURCES COMPARES ROLES AND COMPENSATION LEVELS WITHIN THE ORGANIZATION BEFORE APPROVING ANY FINAL RECOMMENDATION. THE REVIEW PROCESS AND ANY FINAL ADJUSTMENT RECOMMENDATIONS ARE APPROVED BY THE COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 LEOMINSTER CREDIT UNION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNER INTERNAL REVENUE CODE SECTION 6104. THE CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. LCU INSURANCE SERVICES LLC 20 ADAMS STREET LEOMINSTER MA 01453 452079582 FINANCIAL SERVICES ACTIVITIES MA 1498 18446 LEOMINSTER CREDIT UNION