HARVARD FEDERAL CREDIT UNION: Form 990, tax year 2021

View the entire original 990 at ProPublica ↗

Organization: HARVARD FEDERAL CREDIT UNION (EIN 04-6017806)
Tax period: 2021-01-01 to 2021-12-31
Filed: 2022-05-11
IRS object ID: 202221319349304257
Schema version: 2021v4.2
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule D
Schedule I
Schedule J
Schedule L
Schedule O

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2022-05-11T13:24:42-05:00	ReturnTs
Tax Period End	2021-12-31	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	042689883	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	WOLF & COMPANY PC	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	255 STATE STREET	AddressLine1Txt
City	BOSTON	CityNm
State Abbreviation	MA	StateAbbreviationCd
ZIP	02109	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990	ReturnTypeCd
Tax Period Begin	2021-01-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	046017806	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	HARVARD UNIVERSITY EMPLOYEES CREDIT	BusinessNameLine1Txt
Business Name Line2	UNION	BusinessNameLine2Txt

Field	Value	IRS element (for citing)
Business Name Control	HARV	BusinessNameControlTxt
Phone	6174954460	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	104 MT AUBURN ST 4TH FLOOR	AddressLine1Txt
City	CAMBRIDGE	CityNm
State Abbreviation	MA	StateAbbreviationCd
ZIP	02138	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	CRAIG E LEONARD	PersonNm
Person Title	PRESIDENT & CEO	PersonTitleTxt
Phone	6174954460	PhoneNum
Signature	2022-05-11	SignatureDt
Discuss With Paid Preparer	Yes (1)	DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Field	Value	IRS element (for citing)
Person First	CRAIG	PersonFirstNm
Person Last	LEONARD	PersonLastNm

Field	Value	IRS element (for citing)
SSN	000009874	SSN

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	HARRY A KALAJIAN JR CPA	PreparerPersonNm
PTIN	P00464296	PTIN
Phone	6174399700	PhoneNum
Preparation	2022-05-11	PreparationDt

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

Field	Value	IRS element (for citing)
Trusted Customer	3	TrustedCustomerCd
Authentication Assurance Level	AAL1	AuthenticationAssuranceLevelCd
Identity Assurance Level	IAL1	IdentityAssuranceLevelCd

Field	Value	IRS element (for citing)
Tax	2021	TaxYr
Build TS	2022-09-23 18:48:47Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Principal Officer	CRAIG E LEONARD	PrincipalOfficerNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	104 MT AUBURN ST 4TH FLOOR	AddressLine1Txt
City	CAMBRIDGE	CityNm
State Abbreviation	MA	StateAbbreviationCd
ZIP	02138	ZIPCd

Field	Value	IRS element (for citing)
Gross Receipts	$42,695,601	GrossReceiptsAmt
Group Return For Affiliates	0	GroupReturnForAffiliatesInd
Organization501c	Yes (X)	Organization501cInd
Website Address	WWW.HUECU.ORG	WebsiteAddressTxt
Type Of Organization Corp	Yes (X)	TypeOfOrganizationCorpInd
Formation	1939	FormationYr
Legal Domicile State	MA	LegalDomicileStateCd
Activity Or Mission	PROVIDE CONVENIENT FINANCIAL AND PERSONAL SERVICES IN THE BEST INTEREST OF OUR MEMBERS, AS WELL AS EDUCATING OUR COMMUNITY ABOUT FINANCES.	ActivityOrMissionDesc
Voting Members Governing Body	15	VotingMembersGoverningBodyCnt
Voting Members Independent	15	VotingMembersIndependentCnt
Total Employee	155	TotalEmployeeCnt
Total Volunteers	15	TotalVolunteersCnt
Total Gross UBI	$0	TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm	$0	NetUnrelatedBusTxblIncmAmt
PY Contributions Grants	$0	PYContributionsGrantsAmt
CY Contributions Grants	$0	CYContributionsGrantsAmt
PY Program Service Revenue	$34,877,413	PYProgramServiceRevenueAmt
CY Program Service Revenue	$36,887,045	CYProgramServiceRevenueAmt
PY Investment Income	$8,196,424	PYInvestmentIncomeAmt
CY Investment Income	$5,808,556	CYInvestmentIncomeAmt
PY Other Revenue	$0	PYOtherRevenueAmt
CY Other Revenue	$0	CYOtherRevenueAmt
PY Total Revenue	$43,073,837	PYTotalRevenueAmt
CY Total Revenue	$42,695,601	CYTotalRevenueAmt
PY Grants And Similar Paid	$172,850	PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid	$225,484	CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members	$0	PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members	$0	CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid	$13,587,038	PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid	$14,841,789	CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns	$0	PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$0	CYTotalFundraisingExpenseAmt
PY Other Expenses	$21,348,091	PYOtherExpensesAmt
CY Other Expenses	$18,512,683	CYOtherExpensesAmt
PY Total Expenses	$35,107,979	PYTotalExpensesAmt
CY Total Expenses	$33,579,956	CYTotalExpensesAmt
PY Revenues Less Expenses	$7,965,858	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	$9,115,645	CYRevenuesLessExpensesAmt
Total Assets BOY	$936,760,234	TotalAssetsBOYAmt
Total Assets EOY	$1,037,994,144	TotalAssetsEOYAmt
Total Liabilities BOY	$856,766,941	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$950,224,242	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$79,993,293	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$87,769,902	NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part III	Yes (X)	InfoInScheduleOPartIIIInd
Mission	HARVARD UNIVERSITY EMPLOYEES CREDIT UNION ASPIRES TO BE A TRUSTED PARTNER IN OUR MEMBERS' FINANCIAL LIVES. WE ADD VALUE TO MEMBERSHIP BY OFFERING THE BEST POSSIBLE PRICE, THE HIGHEST QUALITY PERSONAL SERVICE, AND SINCERE, SOUND ADVICE.THE CREDIT UNION SEEKS TO BE KNOWN AS A COMMUNITY LEADER AND TO DEEPEN ITS LONG STANDING COMMITMENT TO HOUSING ISSUES, GREEN INITIATIVES, FINANCIAL LITERACY AND ACCESS TO CREDIT FOR LOW AND MODERATE INCOME BORROWERS. THE CREDIT UNION WORKS TOWARD TRANSFORMATIONAL GROWTH AND CHANGE WITHOUT RELINQUISHING THE CORE VALUES WE HOLD TODAY. WE ARE A NOT-FOR-PROFIT COOPERATIVE WHICH EXISTS SOLELY FOR THE BEST INTEREST OF OUR MEMBERS. WE VALUE INTEGRITY AND RESPONSIBILITY IN ALL OF OUR ACTIONS. WE STRIVE TO ENHANCE OUR COMMUNITIES AND CREATE SOLUTIONS FOR SOCIAL, ENVIRONMENTAL AND ECONOMIC ISSUES.	MissionDesc
Significant New Program Srvc	0	SignificantNewProgramSrvcInd
Significant Change	0	SignificantChangeInd
Desc	HARVARD UNIVERSITY EMPLOYEES CREDIT UNION (THE "CREDIT UNION") IS A STATE-CHARTERED CREDIT UNION ORGANIZED UNDER THE PROVISIONS OF THE MASSACHUSETTS CREDIT UNION ACT. PARTICIPATION IN THE CREDIT UNION IS LIMITED TO THOSE INDIVIDUALS WHO QUALIFY FOR MEMBERSHIP. THE FIELD OF MEMBERSHIP IS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THE CREDIT UNION PROVIDES A VARIETY OF FINANCIAL SERVICES TO MEMBERS. ITS PRIMARY LENDING PRODUCTS ARE RESIDENTIAL REAL ESTATE AND CONSUMER LOANS AND ITS PRIMARY SHARE PRODUCTS ARE CHECKING, SAVINGS AND TERM CERTIFICATE ACCOUNTS. THE CREDIT UNION HAS OVER 50,000 MEMBERS. THE MEMBERSHIP IS PRIMARILY LIMITED TO THOSE EMPLOYEES, FACULTY, STUDENTS, AND ALUMNI OF HARVARD UNIVERSITY AND ITS AFFILIATED HOSPITALS.	Desc
Described In Section501c3	0	DescribedInSection501c3Ind
Schedule B Required	0	ScheduleBRequiredInd
Political Campaign Acty	0	PoliticalCampaignActyInd
Subject To Proxy Tax	0	SubjectToProxyTaxInd
Donor Advised Fund	0	DonorAdvisedFundInd
Conservation Easements	0	ConservationEasementsInd
Collections Of Art	0	CollectionsOfArtInd
Credit Counseling	Yes (1)	CreditCounselingInd
Donor Rstr Or Quasi Endowments	0	DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment	Yes (1)	ReportLandBuildingEquipmentInd
Report Investments Other Sec	0	ReportInvestmentsOtherSecInd
Report Program Related Invst	Yes (1)	ReportProgramRelatedInvstInd
Report Other Assets	0	ReportOtherAssetsInd
Report Other Liabilities	Yes (1)	ReportOtherLiabilitiesInd
Include FIN48 Footnote	Yes (1)	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	Yes (1)	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	0	ConsolidatedAuditFinclStmtInd
School Operating	0	SchoolOperatingInd
Foreign Office	0	ForeignOfficeInd
Foreign Activities	0	ForeignActivitiesInd
More Than5000 K To Org	0	MoreThan5000KToOrgInd
More Than5000 K To Individuals	0	MoreThan5000KToIndividualsInd
Professional Fundraising	0	ProfessionalFundraisingInd
Fundraising Activities	0	FundraisingActivitiesInd
Gaming Activities	0	GamingActivitiesInd
Operate Hospital	0	OperateHospitalInd
Grants To Organizations	Yes (1)	GrantsToOrganizationsInd
Grants To Individuals	Yes (1)	GrantsToIndividualsInd
Schedule J Required	Yes (1)	ScheduleJRequiredInd
Tax Exempt Bonds	0	TaxExemptBondsInd
Loan Outstanding	Yes (1)	LoanOutstandingInd
Grant To Related Person	0	GrantToRelatedPersonInd
Business Rln With Org Mem	0	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	0	BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent	0	BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri	0	DeductibleNonCashContriInd
Deductible Art Contribution	0	DeductibleArtContributionInd
Terminate Operations	0	TerminateOperationsInd
Partial Liquidation	0	PartialLiquidationInd
Disregarded Entity	0	DisregardedEntityInd
Related Entity	0	RelatedEntityInd
Related Organization Ctrl Ent	0	RelatedOrganizationCtrlEntInd
Activities Conducted Prtshp	0	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (1)	ScheduleORequiredInd
IRP Document	15096	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Backup Wthld Compliance	Yes (1)	BackupWthldComplianceInd
Employee	155	EmployeeCnt
Employment Tax Returns Filed	Yes (1)	EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over Limit	0	UnrelatedBusIncmOverLimitInd
Foreign Financial Account	0	ForeignFinancialAccountInd
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTransInd
Taxable Party Notification	0	TaxablePartyNotificationInd
Nondeductible Contributions	0	NondeductibleContributionsInd
Indoor Tanning Services	0	IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt	0	SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc	0	SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	15	GoverningBodyVotingMembersCnt
Independent Voting Member	15	IndependentVotingMemberCnt
Family Or Business Rln	0	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	0	DelegationOfMgmtDutiesInd
Change To Org Documents	0	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	0	MaterialDiversionOrMisuseInd
Members Or Stockholders	Yes (1)	MembersOrStockholdersInd
Election Of Board Members	Yes (1)	ElectionOfBoardMembersInd
Decisions Subject To Approva	Yes (1)	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	Yes (1)	MinutesOfGoverningBodyInd
Minutes Of Committees	Yes (1)	MinutesOfCommitteesInd
Officer Mailing Address	0	OfficerMailingAddressInd
Local Chapters	Yes (1)	LocalChaptersInd
Policies Reference Chapters	Yes (1)	PoliciesReferenceChaptersInd
Form990 Provided To Gvrn Body	Yes (1)	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (1)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (1)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (1)	RegularMonitoringEnfrcInd
Whistleblower Policy	Yes (1)	WhistleblowerPolicyInd
Document Retention Policy	Yes (1)	DocumentRetentionPolicyInd
Compensation Process CEO	Yes (1)	CompensationProcessCEOInd
Compensation Process Other	Yes (1)	CompensationProcessOtherInd
Investment In Joint Venture	0	InvestmentInJointVentureInd
Upon Request	Yes (X)	UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	CRAIG E LEONARD	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Phone	6174963535	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	104 MT AUBURN ST 4TH FLOOR	AddressLine1Txt
City	CAMBRIDGE	CityNm
State Abbreviation	MA	StateAbbreviationCd
ZIP	02138	ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp (22 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt	OfficerOfficerInd	Highest Compensated EmployeeHighestCompensatedEmployeeInd
HARMAN KAUR
DIRECTOR	1.00	Yes (X)	$0	$0	$0
JASON LUKE
DIRECTOR	1.00	Yes (X)	$0	$0	$0
GONZALO MUNOZ SANZ
DIRECTOR	1.00	Yes (X)	$0	$0	$0
DENNIS CAMPBELL
DIRECTOR	1.00	Yes (X)	$0	$0	$0
SHAHAR ZIV
DIRECTOR	1.00	Yes (X)	$0	$0	$0
JOHN LICHTEN
TREASURER/DIRECTOR	1.00	Yes (X)	$0	$0	$0	Yes (X)
KARRIE FORD
DIRECTOR	1.00	Yes (X)	$0	$0	$0
ANNE DEXTER
DIRECTOR	1.00	Yes (X)	$0	$0	$0
DEE DEE CHEN
DIRECTOR	1.00	Yes (X)	$0	$0	$0
APRIL EDRINGTON
DIRECTOR	1.00	Yes (X)	$0	$0	$0
THOMAS LUCEY
DIRECTOR	1.00	Yes (X)	$0	$0	$0
JEREMIAH MURPHY
VICE-CHAIRMAN/DIRECTOR	1.00	Yes (X)	$0	$0	$0	Yes (X)
MARY STRAUB
CLERK/DIRECTOR	1.00	Yes (X)	$0	$0	$0	Yes (X)
GEOERGE WHITE
CHAIRMAN/DIRECTOR	1.00	Yes (X)	$0	$0	$0	Yes (X)
SUSAN G SIMON
DIRECTOR	1.00	Yes (X)	$0	$0	$0
CRAIG LEONARD
PRESIDENT & CEO	40.00		$738,327	$0	$59,259	Yes (X)
THOMAS MONTILLI
EVP & CHIEF EXPERIENCE OFFICER	40.00		$307,212	$0	$54,892	Yes (X)
DAISY J FAMILIA
MORTGAGE LOAN ORIGINATOR	40.00		$295,128	$0	$26,171		Yes (X)
SHARON CUMMINGS
MORTGAGE LOAN ORIGINATOR	40.00		$368,756	$0	$26,851		Yes (X)
PETER BUCHANAN
SVP, REAL ESTATE LENDING	40.00		$251,508	$0	$49,758		Yes (X)
HELEN LASKARIS
MORTGAGE LOAN ORIGINATOR	40.00		$394,727	$0	$26,851		Yes (X)
MICHAEL LEVINE
MORTGAGE LOAN ORIGINATOR	40.00		$348,790	$0	$27,240		Yes (X)

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$2,704,448	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$0	TotReportableCompRltdOrgAmt
Total Other Compensation	$271,022	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	27	IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed	0	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	Yes (1)	TotalCompGreaterThan150KInd
Compensation From Other Srcs	0	CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp (5 entries)

Address Line1ContractorAddress/USAddress/AddressLine1Txt	CityContractorAddress/USAddress/CityNm	State AbbreviationContractorAddress/USAddress/StateAbbreviationCd	ZIPContractorAddress/USAddress/ZIPCd	ServicesServicesDesc	CompensationCompensationAmt
PSCU
560 CARILLON PARKWAY	ST PETERSBURG	FL	33716	DATA PROCESSING	$3,158,797
FISERV
PO BOX 99924	GRAPEVINE	TX	76099	DATA PROCESSING	$1,301,764
NATIONAL CREDIT UNION ADMINISTRATION
PO BOX 979069	ST LOUIS	MO	63197	DEPOSIT INSURANCE PREMIUMS	$880,106
ALKAMNI TECHNOLOGY
PO BOX 122223	DALLAS	TX	75312	DATA PROCESSING	$618,011
DIEBOLD NIXDORF INCORPORATED
PO BOX 643543	PITTSBURGH	PA	152643543	ATM SERVICING	$383,630

Field	Value	IRS element (for citing)
Cntrct Rcvd Greater Than100 K	23	CntrctRcvdGreaterThan100KCnt

Program Service Revenue ProgramServiceRevenueGrp (2 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt
INTEREST ON LOANS	522100	$32,143,892	$32,143,892
VARIOUS BANK FEES	522100	$4,743,153	$4,743,153

Field	Value	IRS element (for citing)
Total Program Service Revenue	$36,887,045	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$1,153,154	TotalRevenueColumnAmt
Exclusion	$1,153,154	ExclusionAmt

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

Field	Value	IRS element (for citing)
Other	$4,655,402	OtherAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

Field	Value	IRS element (for citing)
Other	$0	OtherAmt

Gain Or Loss GainOrLossGrp

Field	Value	IRS element (for citing)
Other	$4,655,402	OtherAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$4,655,402	TotalRevenueColumnAmt
Exclusion	$4,655,402	ExclusionAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$42,695,601	TotalRevenueColumnAmt
Related Or Exempt Func Income	$36,887,045	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$0	UnrelatedBusinessRevenueAmt
Exclusion	$5,808,556	ExclusionAmt

Grants To Domestic Orgs GrantsToDomesticOrgsGrp

Field	Value	IRS element (for citing)
Total	$215,484	TotalAmt

Grants To Domestic Individuals GrantsToDomesticIndividualsGrp

Field	Value	IRS element (for citing)
Total	$10,000	TotalAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

Field	Value	IRS element (for citing)
Total	$1,045,538	TotalAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

Field	Value	IRS element (for citing)
Total	$9,894,790	TotalAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

Field	Value	IRS element (for citing)
Total	$3,901,461	TotalAmt

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$50,200	TotalAmt

Fees For Services Accounting FeesForServicesAccountingGrp

Field	Value	IRS element (for citing)
Total	$128,298	TotalAmt

Fees For Services Other FeesForServicesOtherGrp

Field	Value	IRS element (for citing)
Total	$461,956	TotalAmt

Advertising AdvertisingGrp

Field	Value	IRS element (for citing)
Total	$691,884	TotalAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$703,941	TotalAmt

Information Technology InformationTechnologyGrp

Field	Value	IRS element (for citing)
Total	$4,186,232	TotalAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$2,542,099	TotalAmt

Conferences Meetings ConferencesMeetingsGrp

Field	Value	IRS element (for citing)
Total	$94,104	TotalAmt

Interest InterestGrp

Field	Value	IRS element (for citing)
Total	$3,848,065	TotalAmt

Depreciation Depletion DepreciationDepletionGrp

Field	Value	IRS element (for citing)
Total	$977,906	TotalAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$377,645	TotalAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDesc	TotalTotalAmt
PROVISION FOR LOSSES	$1,900,000
LOAN SERVICING EXPENSES	$1,791,967
OTHER SERVICE CONTRACTS	$264,110
EQUIPMENT	$90,411

All Other Expenses AllOtherExpensesGrp

Field	Value	IRS element (for citing)
Total	$403,865	TotalAmt

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$33,579,956	TotalAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

Field	Value	IRS element (for citing)
BOY	$85,076,652	BOYAmt
EOY	$82,704,820	EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$5,411,722	BOYAmt
EOY	$0	EOYAmt

Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp

Field	Value	IRS element (for citing)
BOY	$761,372,450	BOYAmt
EOY	$839,672,260	EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

Field	Value	IRS element (for citing)
BOY	$900,173	BOYAmt
EOY	$971,874	EOYAmt

Field	Value	IRS element (for citing)
Land Bldg Equip Cost Or Other Bss	$9,650,751	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$5,874,110	LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

Field	Value	IRS element (for citing)
BOY	$3,565,013	BOYAmt
EOY	$3,776,641	EOYAmt

Investments Other Securities InvestmentsOtherSecuritiesGrp

Field	Value	IRS element (for citing)
BOY	$19,966,600	BOYAmt
EOY	$16,536,800	EOYAmt

Investments Program Related InvestmentsProgramRelatedGrp

Field	Value	IRS element (for citing)
BOY	$37,377,018	BOYAmt
EOY	$71,461,555	EOYAmt

Other Assets Total OtherAssetsTotalGrp

Field	Value	IRS element (for citing)
BOY	$23,090,606	BOYAmt
EOY	$22,870,194	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$936,760,234	BOYAmt
EOY	$1,037,994,144	EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

Field	Value	IRS element (for citing)
BOY	$9,363,915	BOYAmt
EOY	$9,607,923	EOYAmt

Escrow Account Liability EscrowAccountLiabilityGrp

Field	Value	IRS element (for citing)
BOY	$5,211,281	BOYAmt
EOY	$5,556,252	EOYAmt

Other Liabilities OtherLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$842,191,745	BOYAmt
EOY	$935,060,067	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$856,766,941	BOYAmt
EOY	$950,224,242	EOYAmt

Field	Value	IRS element (for citing)
Org Does Not Follow FASB117	Yes (X)	OrgDoesNotFollowFASB117Ind

Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp

Field	Value	IRS element (for citing)
BOY	$79,993,293	BOYAmt
EOY	$87,769,902	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$79,993,293	BOYAmt
EOY	$87,769,902	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$936,760,234	BOYAmt
EOY	$1,037,994,144	EOYAmt

Field	Value	IRS element (for citing)
Reconcilation Revenue Expnss	$9,115,645	ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst	-$1,339,036	NetUnrlzdGainsLossesInvstAmt
Other Changes In Net Assets	$0	OtherChangesInNetAssetsAmt
Info In Schedule O Part XII	Yes (X)	InfoInScheduleOPartXIIInd
Method Of Accounting Accrual	Yes (X)	MethodOfAccountingAccrualInd
Accountant Compile Or Review	0	AccountantCompileOrReviewInd
FS Audited	Yes (1)	FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

Field	Value	IRS element (for citing)
Separate Basis Fincl Stmt	Yes (X)	SeparateBasisFinclStmtInd

Field	Value	IRS element (for citing)
Audit Committee	Yes (1)	AuditCommitteeInd
Federal Grant Audit Required	0	FederalGrantAuditRequiredInd

Schedule D IRS990ScheduleD

Field	Value	IRS element (for citing)
Agent Trustee Etc	0	AgentTrusteeEtcInd
Incl Escrow Custodial Acct Liab	Yes (1)	InclEscrowCustodialAcctLiabInd
Explanation Provided	Yes (X)	ExplanationProvidedInd

Leasehold Improvements LeaseholdImprovementsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$3,191,927	OtherCostOrOtherBasisAmt
Depreciation	$2,482,543	DepreciationAmt
Book Value	$709,384	BookValueAmt

Equipment EquipmentGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$6,151,685	OtherCostOrOtherBasisAmt
Depreciation	$3,391,567	DepreciationAmt
Book Value	$2,760,118	BookValueAmt

Other Land Buildings OtherLandBuildingsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$307,139	OtherCostOrOtherBasisAmt
Book Value	$307,139	BookValueAmt

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$3,776,641	TotalBookValueLandBuildingsAmt

Invst Program Related Org InvstProgramRelatedOrgGrp (2 entries)

DescDesc	Book ValueBookValueAmt	Method ValuationMethodValuationCd
BONDS	$53,372,243	F
MBS AGENCIES	$18,089,312	F

Field	Value	IRS element (for citing)
Total Book Value Program Rltd	$71,461,555	TotalBookValueProgramRltdAmt

Other Liabilities Org OtherLiabilitiesOrgGrp (7 entries)

DescDesc	AmtAmt
SAVINGS ACCOUNTS	$303,973,044
CHECKING ACCOUNTS	$196,793,351
MONEY MARKET ACCOUNTS	$205,485,716
CLUB ACCOUNTS	$1,954,577
IRA ACCOUNTS	$16,698,307
CERTIFICATES OF DEPOSITS	$119,673,777
FHLB ADVANCES	$90,481,295

Field	Value	IRS element (for citing)
Total Liability	$935,060,067	TotalLiabilityAmt
Footnote Text	Yes (X)	FootnoteTextInd
Total Rev Etc Audited Fincl Stmt	$41,356,565	TotalRevEtcAuditedFinclStmtAmt
Net Unrealized Gains Invst	-$1,339,036	NetUnrealizedGainsInvstAmt
Revenue Not Reported	-$1,339,036	RevenueNotReportedAmt
Revenue Subtotal	$42,695,601	RevenueSubtotalAmt
Revenue Not Reported Fincl Stmt	$0	RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990	$42,695,601	TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt	$33,579,956	TotExpnsEtcAuditedFinclStmtAmt
Expenses Not Reported	$0	ExpensesNotReportedAmt
Expenses Subtotal	$33,579,956	ExpensesSubtotalAmt
Expenses Not Rpt Fincl Stmt	$0	ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990	$33,579,956	TotalExpensesPerForm990Amt

Supplemental Information Detail SupplementalInformationDetail (2 entries)

Form And Line ReferenceFormAndLineReferenceDesc

ExplanationExplanationTxt

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.

PART X, LINE 2:

THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES. HOWEVER, THE CREDIT UNION MAY BE SUBJECT TO UNRELATED BUSINESS INCOME TAX ("UBIT") AT THE STATE AND FEDERAL LEVEL. THE CREDIT UNION DID NOT HAVE A UBIT LIABILITY AT DECEMBER 31, 2021 AND 2020. THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AS OF DECEMBER 31, 2021 AND 2020 AND CONCLUDED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE CREDIT UNION FILES FORM 990 IN THE U.S. FEDERAL JURISDICTION AND THE STATE OF MASSACHUSETTS. THE CREDIT UNION IS NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR YEARS BEFORE 2018.

Schedule I IRS990ScheduleI

Field	Value	IRS element (for citing)
Grant Records Maintained	0	GrantRecordsMaintainedInd

Recipient Table RecipientTable (11 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	Recipient EINRecipientEIN	IRC SectionIRCSectionDesc	Cash GrantCashGrantAmt	Non Cash AssistanceNonCashAssistanceAmt	Purpose Of GrantPurposeOfGrantTxt
COOPERATIVE CREDIT UNION ASSOCIATION
845 DONALD LYNCH BLVD	MARLBOROUGH	MA	01752	043403594	501(C)(6)	$8,800	$0	DONATION
CAMBRIDGE FAMILY & CHILDREN'S SERVICE
60 GORE ST	CAMBRIDGE	MA	02141	042104057	501(C)(3)	$12,750	$0	DONATION
COALITION FOR THE HOMELESS
73 BUFFUM ST	LYNN	MA	01902	222599662	501(C)(3)	$11,500	$0	DONATION
FOOD FOR FREE
11 INMAN ST	CAMBRIDGE	MA	02139	222561771	501(C)(3)	$16,000	$0	DONATION
GREATER BOSTON FOOD BANK
70 S BAY AVE	BOSTON	MA	02118	042717782	501(C)(3)	$17,500	$0	DONATION
HARVARD VARSITY
65 N HARVARD ST	BOSTON	MA	02163	042104295	501(C)(3)	$7,900	$0	DONATION
MOUNT AUBURN HOSPITAL
330 MT AUBURN ST	CAMBRIDGE	MD	02136	042103606	501(C)(3)	$7,500	$0	DONATION
PHILLIPS BROOKS HOUSE ASSOCIATION
1 HARVARD YARD	CAMBRIDGE	MA	20136	046046123	501(C)(3)	$41,000	$0	DONATION
SOMERVILLE CAMBRIDGE ELDER SERVICES
61 MEDFORD ST	SOMERVILLE	MA	02143	042515020	501(C)(3)	$10,000	$0	DONATION
SOMERVILLE HOMELESS COALITION
1 DAVIS SQUARE	SOMERVILLE	MA	02144	042897447	501(C)(3)	$12,900	$0	DONATION
TUTORING PLUS
225 WINDSOR ST	CAMBRIDGE	MA	02139	042485197	501(C)(3)	$5,300	$0	DONATION

Field	Value	IRS element (for citing)
Total501c3 Org	10	Total501c3OrgCnt
Total Other Org	1	TotalOtherOrgCnt

Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp

Field	Value	IRS element (for citing)
Grant Type	SCHOLARSHIPS	GrantTypeTxt
Recipient	10	RecipientCnt
Cash Grant	$10,000	CashGrantAmt

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	PART I, LINE 2:	FormAndLineReferenceDesc
Explanation	SCHOLARSHIP APPLICATIONS ARE REVIEWED FOR COMPLETION/INCLUSION OF ALL CATEGORIES SET FORTH BY THE CREDIT UNION. THE GRANT COMMITTEE MEMBERS PERFORM A FINAL REVIEW AND MAKE THE FINAL SELECTION BASED ON THE CRITERIA SET FORTH BY THE CREDIT UNION.	ExplanationTxt

Schedule J IRS990ScheduleJ

Field	Value	IRS element (for citing)
Travel For Companions	Yes (X)	TravelForCompanionsInd
Written Policy Ref T And E Expnss	Yes (1)	WrittenPolicyRefTAndEExpnssInd
Substantiation Required	Yes (1)	SubstantiationRequiredInd
Compensation Committee	Yes (X)	CompensationCommitteeInd
Independent Consultant	Yes (X)	IndependentConsultantInd
Compensation Survey	Yes (X)	CompensationSurveyInd
Board Or Committee Approval	Yes (X)	BoardOrCommitteeApprovalInd
Severance Payment	0	SeverancePaymentInd
Supplemental Nonqual Rtr Plan	0	SupplementalNonqualRtrPlanInd
Equity Based Comp Arrngm	0	EquityBasedCompArrngmInd

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (7 entries)

TitleTitleTxt	Base Compensation Filing OrgBaseCompensationFilingOrgAmt	Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt	Bonus Filing OrganizationBonusFilingOrganizationAmount	Bonus Related OrganizationsBonusRelatedOrganizationsAmt	Other Compensation Filing OrgOtherCompensationFilingOrgAmt	Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt	Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt	Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt	Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt	Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt	Total Compensation Filing OrgTotalCompensationFilingOrgAmt	Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt	Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt	Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt
CRAIG LEONARD
PRESIDENT & CEO	$438,327	$0	$100,000	$0	$200,000	$0	$32,277	$0	$26,982	$0	$797,586	$0	$200,000	$0
HELEN LASKARIS
MORTGAGE LOAN ORIGINATOR	$392,227	$0	$2,500	$0	$0	$0	$7,365	$0	$19,486	$0	$421,578	$0	$0	$0
SHARON CUMMINGS
MORTGAGE LOAN ORIGINATOR	$367,256	$0	$1,500	$0	$0	$0	$7,365	$0	$19,486	$0	$395,607	$0	$0	$0
MICHAEL LEVINE
MORTGAGE LOAN ORIGINATOR	$347,290	$0	$1,500	$0	$0	$0	$7,653	$0	$19,587	$0	$376,030	$0	$0	$0
THOMAS MONTILLI
EVP & CHIEF EXPERIENCE OFFICER	$248,462	$0	$58,750	$0	$0	$0	$32,277	$0	$22,615	$0	$362,104	$0	$0	$0
DAISY J FAMILIA
MORTGAGE LOAN ORIGINATOR	$293,628	$0	$1,500	$0	$0	$0	$6,862	$0	$19,309	$0	$321,299	$0	$0	$0
PETER BUCHANAN
SVP, REAL ESTATE LENDING	$211,508	$0	$40,000	$0	$0	$0	$27,993	$0	$21,765	$0	$301,266	$0	$0	$0

Supplemental Information Detail SupplementalInformationDetail (2 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
TRAVEL FOR COMPANION	THE CREDIT UNION PROVIDES SPOUSE TRAVEL FOR ITS DIRECTORS AND OFFICERS.
SCHEDULE J, PART II, COLUMN F:	THE PRESIDENT/CEO RECEIVED A $200,000 RETENTION AWARD PAYOUT IN 2021.

Schedule L IRS990ScheduleL

Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	SEE PART IV	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Loan From Organization	Yes (X)	LoanFromOrganizationInd
Default	0	DefaultInd
Board Or Committee Approval	0	BoardOrCommitteeApprovalInd
Written Agreement	0	WrittenAgreementInd

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	SCHEDULE L, PART II	FormAndLineReferenceDesc
Explanation	LOANS TO INTERESTED PERSONSTHE CREDIT UNION GRANTS LOANS TO INTERESTED PERSON (OFFICERS, DIRECTORS,TRUSTEES, KEY EMPLOYEES AND THE FIVE HIGHEST COMPENSATED EMPLOYEES) AT THE SAME TERMS AND CONDITIONS AS OFFERED TO OTHER MEMBERS OF THE CREDIT UNION. PER SCHEDULE L INSTRUCTION, THESE LOANS SHOULD NOT BE DISCLOSED.	ExplanationTxt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (8 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
FORM 990, PART VI, SECTION A, LINE 6	THE CREDIT UNION HAS APPROXIMATELY 50,000 MEMBERS IN ITS FIELD OF MEMBERSHIP.
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 FIFTEEN DIRECTORS ARE VOTED IN EACH YEAR.
FORM 990, PART VI, SECTION A, LINE 7B	ANY BYLAW 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.
FORM 990, PART VI, SECTION B, LINE 11B	THE 990 IS PREPARED BY THE OUTSIDE ACCOUNTING FIRM AND THEN REVIEWED BY THE CFO OF THE CREDIT UNION. THE 990 IS THEN PRESENTED TO THE AUDIT COMMITTEE FOR FINAL REVIEW PRIOR FILING WITH THE IRS.
FORM 990, PART VI, SECTION B, LINE 12C	THE CREDIT UNION HAS A CONFLICT OF INTEREST POLICY IN PLACE. THE BOARD OF DIRECTORS REVIEW THE CONFLICT OF INTEREST POLICY ANNUALLY.
FORM 990, PART VI, SECTION B, LINE 15	EACH YEAR THE EXECUTIVE COMMITTEE AND PERSONNEL COMMITTEE REVIEW THE PERFORMANCE AND POSITION OF THE PRESIDENT/CEO. INDEPENDENT CREDIT UNION COMPENSATION DATA IS REFERENCED AND UTILIZED, AS WELL AS ENGAGING INDEPENDENT COMPENSATION CONSULTANTS, IN DETERMINING COMPENSATION. THE FINAL SALARY RECOMMENDATION IS PRESENTED AND APPROVED BY THE BOARD OF DIRECTORS.
FORM 990, PART VI, SECTION C, LINE 19	BYLAWS, CONFLICTS OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FINANCIAL STATEMENTS ARE POSTED IN EACH BRANCH MONTHLY.
FORM 990, PART XII, LINE 2C:	THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.