2023-11-15T17:14:34-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 041659235 NEW BEDFORD CREDIT UNION NEWB 5089946546 1150 PURCHASE ST NEW BEDFORD MA 027406687 HUMBERTA VARAO PRESIDENT & CEO 5089946546 2023-11-15 1 HUMBERTA VARAO 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2023-11-15 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z HUMBERTA VARAO 1150 PURCHASE ST NEW BEDFORD MA 027406687 5691082 0 X HTTPS://NBCU4U.COM/ X CU 1932 MA CREDIT UNION - PROVIDE THRIFT SERVICES TO MEMBERS WITH THE BEST SERVICE POSSIBLE. 8 8 71 8 35022 0 0 0 4770224 5172415 187291 518667 55033 0 5012548 5691082 0 0 205737 288823 2089182 2046851 0 0 0 2209664 2662797 4504583 4998471 507965 692611 151838807 161883461 138147176 147499222 13691631 14384239 CREDIT UNION - PROVIDE THRIFT SERVICES TO MEMBERS WITH THE BEST SERVICE POSSIBLE. 0 0 MAINTENANCE OF MEMBER SHARES AND DEPOSITS. MAKING OF LOANS TO MEMBERS AT MARKET RATES OF INTEREST. 0 0 0 0 0 0 0 1 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 917 0 71 1 1 1 0 0 0 0 0 0 0 0 0 X 8 8 0 0 1 0 1 1 1 1 1 0 1 1 0 0 1 1 1 1 0 X TARA DE GRACE 5089946546 1150 PURCHASE STREET NEW BEDFORD MA 02740 DENNIS AUDETTE DIRECTOR 2.00 X 0 0 0 HADEN COREDIRO DIRECTOR 2.00 X 0 0 0 LAWRENCE J FINNERTY DIRECTOR 2.00 X 0 0 0 LAWRENCE OLIVEIRA VICE CHAIRMAN 2.00 X X 0 0 0 NORA BARNES DIRECTOR 2.00 X 0 0 0 STEVE WHITE DIRECTOR 2.00 X 0 0 0 THOMAS J CARREIRO TREASURER & CLERK 2.00 X X 6521 0 0 PETER E BERTHIAUME CHAIRMAN 2.00 X X 17687 0 0 TARA DEGRACE VP OPERATIONS 40.00 X 72780 0 26073 LISA ARRAIAL AVP LENDING 40.00 X 72279 0 6354 ALEXIA JACOBSON VP HUMAN RESOURCES 40.00 X 71998 0 17957 JOYCE FERREIRA VP RETAIL SERVICES/BRANCH 40.00 X 78939 0 3814 JENNIFER DELGADO VP LENDING 40.00 X 85489 0 26651 MICHELLE GREENWALT VP FINANCE/CONTROLLER 40.00 X 103765 0 8699 HUMBERTA VARAO PRESIDENT/CEO 40.00 X 198762 0 34877 708220 0 124425 3 0 1 0 FISERV 1601 TRAPELO ROAD SUITE 240 WALTHAM MA 02451 DATA PROCESSING AND DEBT CARD SERVICES 392644 PSCU 560 CARLLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD SERVICES 132855 2 INTEREST ON LOANS 522100 3989661 3989661 SERVICE CHARGES & FEES 522100 1182754 1147732 35022 5172415 518667 518667 5691082 5137393 35022 518667 X 288823 832645 920456 16270 149190 128290 5033 20800 531841 144542 1147485 226903 3242 7545 99294 LOAN SERVICING EXPENSE 258098 PROVISION FOR LOAN & LE 133500 MISCELLANEOUS 74921 EDUCATIONAL EXPENSE 9593 4998471 1824752 1654166 39588103 19901976 84473423 107827167 81098 156713 1572145 1040424 481346 531721 4464000 15513126 25565935 5412959 6245783 151838807 161883461 411856 352915 217473 217496 137517847 146928811 138147176 147499222 X 0 0 0 0 13691631 14384239 13691631 14384239 151838807 161883461 X 692611 -3 X 0 1 X 1 0 0 1 X 172200 172200 849001 659896 189105 550944 380528 170416 531721 HTM SECURITIES 24763961 C FHLB CAPITAL STOCK 78300 C OTHER INVESTMENTS 723674 C 25565935 MEMBER SHARE AND SAVINGS ACCOUNTS 146928811 146928811 X 5685013 0 5685013 6069 6069 5691082 4992406 0 4992406 6065 6065 4998471 PART IV, LINE 2B: THE CREDIT UNION SERVICES MORTGAGE LOANS. CUSTODIAL ESCROW BALANCES ARE MAINTAINED IN CONNECTION WITH THESE LOANS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM MOST FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED ITS ANNUAL 990 TAX RETURN FOR 2021, WHICH INDICATES THE CREDIT UNION HAD NO UNREALIZED BUSINESS INCOME TAX. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2022 AND 2021. THE CREDIT UNION'S 2019 THROUGH CURRENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: REV INCLUDED IN EXP 6,065. ROUNDING 4. PART XII, LINE 4B - OTHER ADJUSTMENTS: REV INCLUDED IN EXP 6,065. X X 0 0 0 HUMBERTA VARAO PRESIDENT/CEO 194991 0 3771 0 0 0 11813 0 23064 0 233639 0 0 0 FORM 990, PART VI, SECTION A, LINE 4 THE CREDIT UNION ADOPTED AN AMENDED VERSION OF THE BYLAWS. FORM 990, PART VI, SECTION A, LINE 6 PERSONS WHO MEET THE REQUIREMENTS OF THE ORGANIZATION'S FIELD OF MEMBERSHIP WHO HOLD AT LEAST ONE SHARE OF CAPITAL. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER HAS A VOTE AT THE ELECTION OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B ANY CHANGES TO THE ENTITY'S BYLAWS NEED TO BE APPROVED BY THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE BOARD OF DIRECTORS AFTER IT IS FILED. IT IS THEN RECORDED IN THE MINUTES. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD EXECUTIVE COMMITTEE REVIEWS COMPENSATION AND AREA SURVEYS BEFORE ESTABLISHING THE COMPENSATION OF THE CEO, EXECUTIVE DIRECTOR, AND TOP MANAGEMENT OFFICIALS. THE SALARY FOR OTHER INDIVIDUALS IS ESTABLISHED THROUGH THE SALARY AND WAGE BUDGET WHICH IS DEVELOPED BY THE CEO AND VP OF HR PRIOR TO THE NEW BUDGET PROCESS. THE CEO WITH INPUT FROM THE MANAGEMENT TEAM IS RESPONSIBLE FOR ALL EMPLOYEE COMPENSATION BASED UPON ESTABLISHED BUDGETED FUNDS FOR SALARIES. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2022 FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST, AS WELL AS MADE AVAILABLE IN THE CREDIT UNION LOBBY. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 531,841. FORM 990, PART XI, LINE 9: ROUNDING -3. 990 PAGE 6, PART VI, LINE 4 THE CREDIT UNION ADOPTED A NEW AMENDED VERSION OF BY-LAWS.