POLISH NATIONAL CREDIT UNION: Form 990, tax year 2021
View the entire original 990 at ProPublica ↗
- Organization
- POLISH NATIONAL CREDIT UNION (EIN 04-1734980)
- Tax period
- 2021-01-01 to 2021-12-31
- Filed
- 2022-09-06
- IRS object ID
- 202242499349300764
- 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 ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2022-09-06T08:59:12-05:00 | ReturnTs |
| Tax Period End | 2021-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 382492570 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DOEREN MAYHEW | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 12060 SW 129TH COURT STE 201 | AddressLine1Txt |
| City | MIAMI | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 331864582 | 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 | 041734980 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | POLISH NATIONAL CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | POLI | BusinessNameControlTxt |
| Phone | 4135929495 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 46 MAIN STREET | AddressLine1Txt |
| City | CHICOPEE | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 01020 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | CHARLOTTE HANSEN | PersonNm |
| Person Title | SENIOR VP & CFO | PersonTitleTxt |
| Phone | 4135929495 | PhoneNum |
| Signature | 2022-09-02 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | CHARLOTTE | PersonFirstNm |
| Person Last | HANSEN | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | DOUGLAS J ORTH | PreparerPersonNm |
| PTIN | P01076394 | PTIN |
| Phone | 3052328272 | PhoneNum |
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 | JAMES P KELLY | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 46 MAIN STREET | AddressLine1Txt |
| City | CHICOPEE | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 01020 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $26,906,300 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.PNCU.COM | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1921 | FormationYr |
| Legal Domicile State | MA | LegalDomicileStateCd |
| Activity Or Mission | AS A MEMBER-OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE, POLISH NATIONAL CREDIT UNION IS COMMITTED TO OUR MEMBERS. WE WILL UPHOLD OUR FUNDAMENTAL RESPONSIBILITY TO ACTIVELY SERVE PEOPLE WITHIN OUR FIELD OF MEMBERSHIP, AND AS APPROPRIATE, THE COMMUNITIES THEY LIVE IN. WE WILL TREAT ALL MEMBERS WITH RESPECT AND DIGNITY AND WE WILL OFFER HONEST, FAIR DEALS TO ALL MEMBERS. WE WILL DELIVER A RANGE OF LOW-COST PRODUCTS AND SERVICES TO THE DIVERSE ECONOMIC AND SOCIAL MAKE-UP OF OUR MEMBERS AND POTENTIAL MEMBERS. WE WILL LOOK FOR BETTER WAYS TO REACH THE UNDER-SERVED IN OUR FIELD OF MEMBERSHIP AND WE WILL CONTINUALLY, IN ALL FACETS OF OPERATION, DEMONSTRATE THE VALUE OF MEMBERSHIP IN OUR CREDIT UNION.WE WILL MONITOR AND COMMUNICATE OUR SERVICE IN A MEANINGFUL WAY SO THAT MEMBERS, POTENTIAL MEMBERS, LEGISLATORS, REGULATORS AND THE COMMUNITY AT LARGE WILL UNDERSTAND AND APPRECIATE THE UNIQUE ROLE THAT MEMBER-OWNED FINANCIAL COOPERATIVES PLAY IN THEIR LIVES. | ActivityOrMissionDesc |
| Voting Members Governing Body | 13 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 12 | VotingMembersIndependentCnt |
| Total Employee | 152 | TotalEmployeeCnt |
| Total Volunteers | 12 | TotalVolunteersCnt |
| Total Gross UBI | $692,983 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $20,974,571 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $24,437,725 | CYProgramServiceRevenueAmt |
| PY Investment Income | $1,032,349 | PYInvestmentIncomeAmt |
| CY Investment Income | $507,571 | CYInvestmentIncomeAmt |
| PY Other Revenue | $1,068,761 | PYOtherRevenueAmt |
| CY Other Revenue | $1,961,004 | CYOtherRevenueAmt |
| PY Total Revenue | $23,075,681 | PYTotalRevenueAmt |
| CY Total Revenue | $26,906,300 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $128,715 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $144,824 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $8,577,219 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $10,679,453 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $11,128,995 | PYOtherExpensesAmt |
| CY Other Expenses | $10,310,739 | CYOtherExpensesAmt |
| PY Total Expenses | $19,834,929 | PYTotalExpensesAmt |
| CY Total Expenses | $21,135,016 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $3,240,752 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $5,771,284 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $675,306,219 | TotalAssetsBOYAmt |
| Total Assets EOY | $705,019,055 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $590,749,221 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $615,705,202 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $84,556,998 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $89,313,853 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | PNCU IS A NON-PROFIT ORGANIZATION THAT IS OWNED BY THE MEMBERS. EACH MEMBER MUST OPEN AN ACCOUNT TO BECOME A MEMBER. EACH MEMBER IS ALLOWED TO CAST ONE VOTE AT THE ANNUAL MEETING. THE SLATE OF THE BOARD OF DIRECTORS IS VOTED BY THE MEMBERS. PNCU HAS 13 BOARD MEMBERS WHO ARE VOLUNTEERS. THEY ARE NOT COMPENSATED FINANCIALLY IN ANY WAY. | MissionDesc |
| Significant New Program Srvc | Yes (1) | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | THE CREDIT UNION MAINTAINED 44,950 DEPOSIT ACCOUNTS APPROXIMATING $567,000,000 AS OF DECEMBER 31, 2021. DIVIDENDS AND INTEREST ON MEMBER DEPOSITS APPROXIMATED $3,056,000 FOR THE YEAR ENDED DECEMBER 31, 2021. AS OF DECEMBER 31, 2021, THE CREDIT UNION HAD 6,900 LOANS OUTSTANDING TOTALING APPROXIMATELY $594,000,000. ADDITIONALLY, APPROXIMATELY 613 SAFE DEPOSIT BOXES WERE USED BY MEMBERS DURING 2021. | 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 | Yes (1) | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (1) | 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 | 0 | 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 | Yes (1) | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 14078 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 152 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| 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 | 13 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 12 | 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 | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | 0 | 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
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | CHARLOTTE HANSEN | PersonNm |
| Phone | 4132060626 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 46 MAIN STREET | AddressLine1Txt |
| City | CHICOPEE | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 01021 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (21 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 | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt |
|---|---|---|---|---|---|---|---|---|
| STEPHEN BURKOTT | ||||||||
| BOARD CHAIRPERSON | 5.00 | Yes (X) | $0 | $0 | $0 | |||
| ROBERT MORITKO | ||||||||
| VICE CHAIRPERSON | 5.00 | Yes (X) | $0 | $0 | $0 | |||
| EDWARD CZEPIEL | ||||||||
| DIRECTOR | 5.00 | Yes (X) | $0 | $0 | $0 | |||
| BENJAMIN DAVIS | ||||||||
| DIRECTOR | 5.00 | Yes (X) | $0 | $0 | $0 | |||
| WILLIAM JEBB | ||||||||
| DIRECTOR | 5.00 | Yes (X) | $0 | $0 | $0 | |||
| HENRY LENART | ||||||||
| DIRECTOR | 5.00 | Yes (X) | $0 | $0 | $0 | |||
| STANLEY MATRAS | ||||||||
| DIRECTOR | 5.00 | Yes (X) | $0 | $0 | $0 | |||
| JOHN MURPHY | ||||||||
| DIRECTOR | 5.00 | Yes (X) | $0 | $0 | $0 | |||
| RALPH SLATE | ||||||||
| DIRECTOR | 5.00 | Yes (X) | $0 | $0 | $0 | |||
| MICHAEL WOISHNIS | ||||||||
| DIRECTOR | 5.00 | Yes (X) | $0 | $0 | $0 | |||
| DR ANTHONY ZEPKO | ||||||||
| DIRECTOR | 5.00 | Yes (X) | $0 | $0 | $0 | |||
| GARY ZIEMBA | ||||||||
| DIRECTOR | 5.00 | Yes (X) | $0 | $0 | $0 | |||
| JAMES P KELLY | ||||||||
| PRESIDENT & CEO | 40.00 | Yes (X) | $477,715 | $0 | $57,691 | Yes (X) | ||
| MICHAEL SUGRUE | ||||||||
| EVP | 40.00 | $230,746 | $0 | $52,158 | Yes (X) | |||
| KIRK BURNHAM | ||||||||
| SVP OPERATIONS | 40.00 | $165,350 | $0 | $42,496 | Yes (X) | |||
| CHARLOTTE HANSEN | ||||||||
| CFO/SVP | 40.00 | $187,058 | $0 | $47,367 | Yes (X) | |||
| KATHI DONAHUE | ||||||||
| SVP COMMERCIAL LENDING | 40.00 | $237,612 | $0 | $44,100 | Yes (X) | |||
| NANCY MIRKIN | ||||||||
| VP COMMERCIAL LENDING | 40.00 | $159,192 | $0 | $14,664 | Yes (X) | |||
| JEFFREY CHIRGWIN | ||||||||
| PRESIDENT, PNCU INSURANCE SERVICES | 0.00 | $0 | $151,263 | $26,761 | Yes (X) | 40.00 | ||
| TRACEY EGLOFF | ||||||||
| VP RESIDENTIAL LENDING | 40.00 | $156,972 | $0 | $20,678 | Yes (X) | |||
| MARIBEL TORRES-RODRIGUES | ||||||||
| AVP, LOAN ORIGINATION | 40.00 | $164,454 | $0 | $20,439 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,779,099 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $151,263 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $326,354 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 18 | 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 |
|---|---|---|---|---|---|
| CONNECTICUT ONLINE COMPUTER CENTER | |||||
| 100 EXECUTIVE BOULEVARD | SOUTHINGTON | CT | 06489 | CORE SYSTEM PROVIDER | $868,898 |
| CONVERGINT TECHNOLOGIES LLC | |||||
| 4 RESEARCH DRIVE | BETHEL | CT | 06801 | EQUIPMENT SALE AND SERVICE | $345,163 |
| SOLIDUS INC | |||||
| 1450 MAIN STREET | EAST HARTFORD | CT | 06108 | DESIGN AND BUILD SERVICES | $164,626 |
| CPI CARD GROUP | |||||
| 556 METROPLEX DR | NASHVILLE | TN | 37211 | DEBIT/CREDIT CARD STOCK | $117,804 |
| NUTTER MCCLENNEN & FISH LLP | |||||
| 155 SEAPORT BLVD | BOSTON | MA | 02210 | LEGAL SERVICES | $109,174 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 5 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (5 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| INTEREST ON LOANS | 522100 | $18,692,031 | $18,692,031 | |
| OTHER INCOME | 522100 | $3,407,189 | $3,407,189 | |
| INTERCHANGE INCOME | 522100 | $1,154,591 | $1,154,591 | |
| FINANCE AND INSURANCE | 520000 | $692,983 | $692,983 | |
| FEES AND CHARGES | 522100 | $490,931 | $490,931 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $24,437,725 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $507,571 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $507,571 | RelatedOrExemptFuncIncomeAmt |
Other Revenue Misc OtherRevenueMiscGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | OTHER GAINS | Desc |
| Business | 522100 | BusinessCd |
| Total Revenue Column | $1,961,004 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $1,961,004 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $1,961,004 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $26,906,300 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $26,213,317 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $692,983 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $139,824 | TotalAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,000 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,260,581 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $6,847,335 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $799,824 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,169,243 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $602,470 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $173,835 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $151,032 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $414,532 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $547,930 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,103,794 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,362,611 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $652,166 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $83,692 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,055,647 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $777,784 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $134,305 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| DEBIT CARD PROGRAM EXPE | $631,136 |
| OTHER | $619,281 |
| WEB SERVICES | $305,795 |
| LOAN SERVICING | $273,849 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $23,350 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $21,135,016 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,203,499 | BOYAmt |
| EOY | $3,523,913 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $22,924,445 | BOYAmt |
| EOY | $22,874,700 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,309,172 | BOYAmt |
| EOY | $2,416,121 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,841,025 | BOYAmt |
| EOY | $3,458,025 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $555,387,587 | BOYAmt |
| EOY | $592,051,679 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $432,914 | BOYAmt |
| EOY | $501,684 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $20,914,799 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $8,051,780 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $13,295,095 | BOYAmt |
| EOY | $12,863,019 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,288,437 | BOYAmt |
| EOY | $7,802,558 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $63,865,355 | BOYAmt |
| EOY | $51,037,695 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,238,000 | BOYAmt |
| EOY | $1,238,000 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,520,690 | BOYAmt |
| EOY | $7,251,661 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $675,306,219 | BOYAmt |
| EOY | $705,019,055 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,147,550 | BOYAmt |
| EOY | $3,800,492 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,294,388 | BOYAmt |
| EOY | $2,531,127 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $59,940,000 | BOYAmt |
| EOY | $44,730,583 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $524,367,283 | BOYAmt |
| EOY | $564,643,000 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $590,749,221 | BOYAmt |
| EOY | $615,705,202 | 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 | $84,556,998 | BOYAmt |
| EOY | $89,313,853 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $84,556,998 | BOYAmt |
| EOY | $89,313,853 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $675,306,219 | BOYAmt |
| EOY | $705,019,055 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $5,771,284 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$1,008,756 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$5,673 | 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) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| 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 |
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,214,017 | OtherCostOrOtherBasisAmt |
| Book Value | $2,214,017 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $15,257,578 | OtherCostOrOtherBasisAmt |
| Depreciation | $5,907,654 | DepreciationAmt |
| Book Value | $9,349,924 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $40,897 | OtherCostOrOtherBasisAmt |
| Depreciation | $13,535 | DepreciationAmt |
| Book Value | $27,362 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $3,181,928 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,077,764 | DepreciationAmt |
| Book Value | $1,104,164 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $220,379 | OtherCostOrOtherBasisAmt |
| Depreciation | $52,827 | DepreciationAmt |
| Book Value | $167,552 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $12,863,019 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp (6 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| CAPITAL SHARES & PERPETUAL CONTRIBUTED CAPITAL | $347,780 | C |
| SMALL BUSINESS ADMINISTRATION | $1,358,774 | F |
| COLLATERALIZED MORTGAGE OBLIGATIONS | $25,465,280 | F |
| MORTGAGE BACKED SECURITIES | $23,661,052 | F |
| COCC STOCK | $150,000 | C |
| ACBB STOCK | $54,809 | C |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $51,037,695 | TotalBookValueSecuritiesAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBER DEPOSITS | Desc |
| Amt | $564,643,000 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $564,643,000 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $26,906,300 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Not Reported | $0 | RevenueNotReportedAmt |
| Revenue Subtotal | $26,906,300 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $26,906,300 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $21,140,689 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | $5,673 | OtherExpensesIncludedAmt |
| Expenses Not Reported | $5,673 | ExpensesNotReportedAmt |
| Expenses Subtotal | $21,135,016 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $21,135,016 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (3 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART IV, LINE 2B: | THE CREDIT UNION COLLECTS (ON A MONTHLY BASIS) PAYMENT FROM THEIR MEMBERS WITH MORTGAGE LOANS OUTSTANDING. AS STIPULATED BY THE AGREEMENT SIGNED BY BOTH PARTIES, THE MONTHLY PAYMENT FOR EACH MEMBER INLCUDES PRINCIPAL, INTEREST, AND ESCROWS. ESCROWS ARE USED TO PAY TAXES AND INSURANCE ON THE PROPERTY. |
| PART X, LINE 2: | THE CREDIT UNION IS EXEMPT, BY THE INTERNAL REVENUE CODE SECTION 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. |
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | HOLDING LOSS ON EQUITY SECURITIES REPORTED IN AUDITED FINANCIAL STATEMENTS BUT EXCLUDED FROM FORM 990 5,673. |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (3 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceAmt | Purpose Of GrantPurposeOfGrantTxt | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc |
|---|---|---|---|---|---|---|---|---|
| CITY OF CHICOPEE | ||||||||
| 274 FRONT ST | CHICOPEE | MA | 01013 | $6,000 | $0 | CHARITABLE CONTRIBUTIONS | ||
| POLISH CENTER OF DISCOVERY & LEARNING | ||||||||
| 33 SOUTH ST | CHICOPEE | MA | 01013 | $7,500 | $0 | CHARITABLE CONTRIBUTIONS | 300058825 | 501(C)(3) |
| THE FOOD BANK OF WESTERN MASSACHUSETTS | ||||||||
| 97 N HATFIELD RD | HATFIELD | MA | 01038 | $25,000 | $0 | CHARITABLE CONTRIBUTIONS | 042751023 | 501(C)(3) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 2 | Total501c3OrgCnt |
| Total Other Org | 1 | TotalOtherOrgCnt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | THE DONATIONS CITED IN PART II ARE NOT GRANTS. THEY ARE CHARITABLE DONATIONS AND THUS ARE NOT MONITORED BY THE ORGANIZATION. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Form990 Of Other Organizations | Yes (X) | Form990OfOtherOrganizationsInd |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (9 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JAMES P KELLY | ||||||||||||||
| PRESIDENT & CEO | $450,115 | $0 | $16,800 | $0 | $10,800 | $0 | $36,250 | $0 | $21,441 | $0 | $535,406 | $0 | $0 | $0 |
| MICHAEL SUGRUE | ||||||||||||||
| EVP | $221,131 | $0 | $9,615 | $0 | $0 | $0 | $28,846 | $0 | $23,312 | $0 | $282,904 | $0 | $0 | $0 |
| KATHI DONAHUE | ||||||||||||||
| SVP COMMERCIAL LENDING | $190,726 | $0 | $46,886 | $0 | $0 | $0 | $28,893 | $0 | $15,207 | $0 | $281,712 | $0 | $0 | $0 |
| CHARLOTTE HANSEN | ||||||||||||||
| CFO/SVP | $160,367 | $0 | $26,691 | $0 | $0 | $0 | $24,060 | $0 | $23,307 | $0 | $234,425 | $0 | $0 | $0 |
| KIRK BURNHAM | ||||||||||||||
| SVP OPERATIONS | $149,267 | $0 | $16,083 | $0 | $0 | $0 | $21,055 | $0 | $21,441 | $0 | $207,846 | $0 | $0 | $0 |
| MARIBEL TORRES-RODRIGUES | ||||||||||||||
| AVP, LOAN ORIGINATION | $160,940 | $0 | $3,514 | $0 | $0 | $0 | $20,439 | $0 | $0 | $0 | $184,893 | $0 | $0 | $0 |
| JEFFREY CHIRGWIN | ||||||||||||||
| PRESIDENT, PNCU INSURANCE SERVICES | $0 | $145,494 | $0 | $5,769 | $0 | $0 | $0 | $18,967 | $0 | $7,794 | $0 | $178,024 | $0 | $0 |
| TRACEY EGLOFF | ||||||||||||||
| VP RESIDENTIAL LENDING | $141,441 | $0 | $15,531 | $0 | $0 | $0 | $19,237 | $0 | $1,441 | $0 | $177,650 | $0 | $0 | $0 |
| NANCY MIRKIN | ||||||||||||||
| VP COMMERCIAL LENDING | $152,371 | $0 | $6,821 | $0 | $0 | $0 | $0 | $0 | $14,664 | $0 | $173,856 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | FORM 990, SCH J, LINE 4B | FormAndLineReferenceDesc |
| Explanation | THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO JAMES P. KELLY AND MICHAEL SUGRUE THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. | ExplanationTxt |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp (2 entries)
| Relationship With OrgRelationshipWithOrgTxt | Loan PurposeLoanPurposeTxt | Loan From OrganizationLoanFromOrganizationInd | Original PrincipalOriginalPrincipalAmt | Balance DueBalanceDueAmt | DefaultDefaultInd | Board Or Committee ApprovalBoardOrCommitteeApprovalInd | Written AgreementWrittenAgreementInd |
|---|---|---|---|---|---|---|---|
| JAMES P KELLY | |||||||
| PRESIDENT/CEO | TO FUND PREMIUMS PAID ON SPLIT DOLLAR LIFE INSURANCE POLICY | Yes (X) | $2,783,025 | $2,783,025 | 0 | Yes (1) | Yes (1) |
| MICHAEL SUGRUE | |||||||
| EVP/CHIEF RISK OFFICER | TO FUND PREMIUMS PAID ON SPLIT DOLLAR LIFE INSURANCE POLICY | Yes (X) | $675,000 | $675,000 | 0 | Yes (1) | Yes (1) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $3,458,025 | TotalBalanceDueAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | FORM 990, SCH L, PART II | FormAndLineReferenceDesc |
| Explanation | THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN. THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (12 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART III, LINE 2 | PNCU BEGAN OFFERING PROPERTY AND CASUALTY INSURANCE THROUGH OUR WHOLLY OWNED SUBSIDIARY, PNCU INSURANCE SERVICES, LLC. |
| FORM 990, PART VI, SECTION A, LINE 6 | THE ORGANIZATION HAS MEMBERS. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE MEMBERS OF THE CREDIT UNION MAY ELECT THE MEMBERS OF THE GOVERNING BODY. |
| FORM 990, PART VI, SECTION A, LINE 7B | MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR, SUCH AS MERGERS. |
| FORM 990, PART VI, SECTION B, LINE 11B | OUR CPA FIRM PREPARES FORM 990. A COMPLETED DRAFT OF FORM 990 IS REVIEWED BY THE CFO/SVP. ONCE THE FINAL DRAFT IS APPROVED, THE FORM IS FILED. |
| FORM 990, PART VI, SECTION B, LINE 12C | ALL EMPLOYEES, OFFICERS AND DIRECTORS RECEIVE THE CODE OF ETHICS POLICY. ANNUALLY, ALL EMPLOYEES, OFFICERS, AND DIRECTORS MUST COMPLETE A COMPLIANCE STATEMENT AND SUBMIT TO HUMAN RESOURCES. ADDITIONALLY, ALL DIRECTORS ARE REQUIRED TO COMPLETE A QUESTIONNAIRE THAT DETAILS ALL RELATED INTERESTS. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE CREDIT UNION'S BOARD OF DIRECTORS ASSIGNS RESPONSIBILITY TO THE BOARD'S PERSONNEL COMMITTEE. THE PERSONNEL COMMITTEE MEETS ANNUALLY TO DISCUSS THE PERFORMANCE OF THE CEO AND DETERMINES SALARY INCREASES. THE BOARD REVIEWS SALARY INFORMATION FROM SIMILAR-SIZED CREDIT UNIONS. THE PERSONNEL COMMITTEE PRESENTS ITS RECOMMENDATION TO THE FULL BOARD OF DIRECTORS FOR ITS APPROVAL. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE CREDIT UNION MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC VIA THE WEBSITE, WWW.PNCU.COM. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. |
| FORM 990, PART IX, LINE 11G | OTHER PROFESSIONAL SERVICES 414,532. |
| FORM 990, PART IX, LINE 24E | PROVISION FOR LOAN LOSSES 18,859. OTHER LOSSES 4,491. |
| FORM 990, PART XI, LINE 9: | HOLDING LOSS ON EQUITY SECURITIES REPORTED IN AUDITED FINANCIAL STATEMENTS BUT EXCLUDED FROM FORM 990 -5,673. |
| FORM 990, PART XII, LINE 2C | THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTTE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PNCU INSURANCE SERVICES LLC | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 270 WESTFIELD RD | AddressLine1Txt |
| City | HOLYOKE | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 01040 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 853678459 | EIN |
| Primary Activities | PROPERTY AND CASUALTY INSURANCE AGENCY | PrimaryActivitiesTxt |
| Legal Domicile State | MA | LegalDomicileStateCd |
| Total Income | $547,169 | TotalIncomeAmt |
| End Of Year Assets | $2,087,069 | EndOfYearAssetsAmt |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | POLISH NATIONAL CREDIT UNION | BusinessNameLine1Txt |
Comments