2022-11-10T15:19:19-06:00 2021-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2021-01-01 050125860 NAVIGANT CREDIT UNION NAVI 4012334304 1005 DOUGLAS PIKE SMITHFIELD RI 029171206 JASON M JOLIN EVP/CFO 4012334304 2022-11-10 1 JASON JOLIN 000006587 HARRY A KALAJIAN JR CPA P00464296 6174399700 2022-11-10 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z JASON M JOLIN 1005 DOUGLAS PIKE SMITHFIELD RI 029171206 116968150 0 X N/A X 1915 RI THE MISSION OF NAVIGANT CREDIT UNION IS TO IMPROVE THE FINANCIAL LIVES OF ITS MEMBERS. 11 0 421 0 231079 0 0 0 99819177 107727747 7906458 5731894 -93583 3508509 107632052 116968150 2467325 3456401 0 0 33687234 35739960 0 0 0 54362745 45764794 90517304 84961155 17114748 32006995 2701497948 3081655511 2428940287 2780376953 272557661 301278558 X NAVIGANT CREDIT UNION IS MEMBER OWNED AND OPERATED. THE MISSION OF NAVIGANT CREDIT UNION IS TO IMPROVE THE FINANCIAL LIVES OF ITS MEMBERS. IT DOES SO BY RESPONDING TO THE MEMBERS WITH THE VALUE THEY NEED AND THE CARING PERSONAL SERVICE THEY DESERVE. THIS IS ACCOMPLISHED BY PROVIDING COMPETITIVE LOAN AND DEPOSIT RATES AS WELL AS OTHER SERVICES TO OUR MEMBERS SEEK IN MANAGING THEIR FINANCES, DELIVERED BY A KNOWLEDGEABLE AND FRIENDLY STAFF. 0 0 THE CREDIT UNION IS A COOPERATIVE OWNED AND DIRECTED BY AND DEDICATED TO SERVING ITS MEMBERS. THE CREDIT UNION HAS 49,277 LOANS TOTALING $2,474,247,034 DUE FROM MEMBERS AND $2,731,310,342 IN 238,331 DEPOSIT ACCOUNTS FROM MEMBERS. ALSO $207,664 OF FEES WERE RECEIVED FROM MEMBERS RENTING 7,039 SAFE DEPOSIT BOXES. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 1 1 0 0 0 0 1 1 1 1 0 1 102957 0 1 421 1 1 1 0 0 0 0 0 0 0 X 11 0 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X JASON M JOLIN 4012334304 1005 DOUGLAS PIKE SMITHFIELD RI 029171206 ANN M KASHMANIAN DIRECTOR/SECRETARY 1.00 X X 27725 0 0 ROLAND R LACHAPELLE DIRECTOR/VICE CHAIRMAN 1.00 X 24000 0 0 PAUL BEAUDOIN DIRECTOR 1.00 X 18675 0 0 JAMES K SALOME DIRECTOR 1.00 X 24975 0 0 KAYLA GUARINO DIRECTOR 1.00 X 18450 0 0 ROBERT MURRAY DIRECTOR 1.00 X 23350 0 0 MICHAEL RYAN DIRECTOR 1.00 X 18300 0 0 PETER BAZIOTIS DIRECTOR 1.00 X 18525 0 0 CHARLES H DEBLOIS DIRECTOR 1.00 X 42075 0 0 JOSEPH BERETTA DIRECTOR/CHAIRMAN 1.00 X 18300 0 0 GARY E FURTADO PRESIDENT/TREASURER 40.00 X X 1844107 0 35237 DAVID DECUBELLIS SVP/CRO 40.00 X 219328 0 57648 H CHRIS DER VARTANIAN SVP/CRO 40.00 X 223007 0 50135 KATHLEEN OROVITZ EVP/CRBO 40.00 X 298396 0 74255 BRIAN A AZAR EVP/CLO (ENDED 4/9/2021) 40.00 X 152188 0 19169 JASON M JOLIN EVP/CFO 40.00 X 322671 0 78548 LISA G DANDENEAU SR EVP/COO 40.00 X 437610 0 102031 JONATHAN ROBERTS SVP/CIO 40.00 X 290641 0 71905 FREDDIE C ALMEIDA AVP - MORTGAGE LOAN OFFICE 40.00 X 289501 0 36538 ROSS SILVA AVP-BUS. DEV/REGIONAL LOAN 40.00 X 320888 0 41101 LEONARDA CONTI AVP - MORTGAGE LOAN OFFICE 40.00 X 243367 0 21374 JEFFREY P CASCIONE VP-COMMERCIAL LENDING 40.00 X 279024 0 59704 DAVID PELLEGRINO VP-COMPLIANCE 40.00 X 207948 0 11190 5363051 0 658835 57 0 1 0 FISERV SOLUTIONS INC PO BOX 99924 GRAPEVINE TX 76099 DATA PROCESSING 7018974 NCR CORPORATION FKA INTUIT FINANCIAL SER 14181 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 DATA PROCESSING 1745173 DECIBEL MEDIA LLC 10 CITY SQUARE 5TH FLOOR BOSTON MA 02129 ADVERTISING SERVICES 1133829 BOWERMAN & ASSOCIATES ONE RICHMOND SQUARE SUITE 220E PROVIDENCE RI 02906 ARCHITECTURAL 1091904 D3 LOGIC INC 89 COMMERCIAL WAY EAST PROVIDENCE RI 02914 DATA PROCESSING - STATEMENT RENDERING 984026 53 INTEREST ON LOANS, INCLUDING FEES 522291 93038410 93038410 MISCELLANEOUS FEES 525990 8950162 8950162 MEMBER SERVICE FEE 525990 5297930 5068077 229853 NCU FINANCIAL 524298 441245 440019 1226 107727747 4745913 4745913 10800 0 10800 10800 10800 205674 780307 0 0 205674 780307 985981 985981 OTHER REVENUE 900099 3497709 3497709 3497709 116968150 111005177 231079 5731894 3456401 4022324 21819983 2359357 5543949 1994347 1172196 2818408 765079 6302710 3778746 43746 297572 15153781 2395005 CORRESPONDENT SERVICES 5482553 COMMISSIONS AND LOAN SE 2311173 PROVISION FOR LOAN LOSS 1818897 STATE DEPOSIT TAX 1589879 1835049 84961155 21539524 23064560 169280983 130268408 401170 401170 2169949391 2461460082 1894665 1993213 59303932 24863795 32378512 34440137 261686568 382157805 44367135 47870136 2701497948 3081655511 27166989 22310890 972143 1488958 2400801155 2756577105 2428940287 2780376953 X 0 0 0 0 272557661 301278558 272557661 301278558 2701497948 3081655511 X 32006995 -7150684 3864586 X X 0 1 X 1 0 0 1 X 9268049 9268049 35701965 15114037 20587928 13135486 9749758 3385728 1198432 1198432 34440137 DEPOSITS 2729731692 ACCRUED INTEREST PAYABLE 2494702 BORROWINGS 24350711 2756577105 X 116965000 0 116965000 3150 3150 116968150 84958000 0 84958000 3155 3155 84961155 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 A NOT-FOR-PROFIT CORPORATION AS DESCRIBED IN SECTION 501(C)(14) OF THE INTERNAL REVENUE CODE (THE "CODE") AND IS GENERALLY EXEMPT FROM FEDERAL INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE. HOWEVER, STATE-CHARTERED CREDIT UNIONS ARE SUBJECT TO FEDERAL AND STATE TAXES ON UNRELATED BUSINESS INCOME. FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020, THE CREDIT UNION DID NOT HAVE ANY INCOME TAX EXPENSE FOR UNRELATED BUSINESS INCOME. TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN, INCLUDING THE POSITION THAT THE CREDIT UNION QUALIFIES AS A TAX EXEMPT ENTITY, ARE REQUIRED TO BE EVALUATED TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE-LIKELY-THAN-NOT" TO BE UPHELD UNDER REGULATORY REVIEW. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE ACCRUED AND DISCLOSED IN THE FINANCIAL STATEMENTS. THERE ARE NO UNCERTAIN TAX POSITIONS THAT REQUIRE ACCRUAL OR DISCLOSURE AT DECEMBER 31, 2021 AND 2020. THE CREDIT UNION'S UNRELATED BUSINESS INCOME TAX RETURNS FOR FISCAL YEARS ENDED DECEMBER 31, 2018 TO PRESENT ARE SUBJECT TO REVIEW BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASS G/L ON DISPOSAL OF FIXED ASSETS FROM EXPENSES -4,723. RECLASS G/L ON LAWSUIT SETTLEMENT FROM EXPENSES 7,182. ROUNDING 691. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASS G/L ON DISPOSAL OF FIXED ASSETS TO REVENUE -4,723. RECLASS G/L ON LAWSUIT SETTLEMENT TO REVENUE 7,182. ROUNDING 696. 0 BLACKSTONE VALLEY HEALTH STATION 39 EAST AVENUE PAWTUCKET RI 02860 510183476 501(C)(3) 25000 0 CHARITABLE CONTRIBUTIONS BLACKSTONE VALLEY TOURISM COUNCIL POLAR EXPRESS 175 MAIN STREET PAWTUCKET RI 02860 050424318 501(C)(3) 10000 0 CHARITABLE CONTRIBUTIONS BOY SCOUTS OF AMERICA NARRAGANSETT COUNCIL PO BOX 14777 EAST PROVINDENCE RI 029140777 050308384 501(C)(3) 12000 0 CHARITABLE CONTRIBUTIONS BOYS & GIRLS CLUB OF NORTHERN RI 1 JAMES JMCKEE WAY CUMBERLAND RI 02864 020280121 501(C)(3) 23500 0 CHARITABLE CONTRIBUTIONS BOYS & GIRLS CLUB OF PAWTUCKET 1 MOELLER PLACE PAWTUCKET RI 02860 050258924 501(C)(3) 7500 0 CHARITABLE CONTRIBUTIONS BRYANT UNIVERSITY 1150 DOUGLAS PIKE SMITHFIELD RI 02917 050258810 501(C)(3) 16000 0 CHARITABLE CONTRIBUTIONS CHILDREN'S WISHES 2348 POST RD WARWICK RI 02886 264662878 501(C)(3) 7500 0 CHARITABLE CONTRIBUTIONS CITY OF PAWTUCKET RESTAURANT WEEK SPONSORSHIP 137 ROOSEVELT AVENUE PAWTUCKET RI 02860 056000307 6000 0 CHARITABLE CONTRIBUTIONS COOPERATIVE CREDIT UNION ASSOCIATION 845 DONALD LYNCH BLVD MARLBOROUGH MA 01752 043403594 501(C)(6) 6000 0 CHARITABLE CONTRIBUTIONS LITTLE SISTERS OF THE POOR 964 MAIN STREET PAWTUCKET RI 02860 050283791 501(C)(3) 15000 0 CHARITABLE CONTRIBUTIONS PROVINDEN PERFORMING ARTS CENTER 220 WEYBOSSET STREET PROVIDENCE RI 029033783 050377244 501(C)(3) 25000 0 CHARITABLE CONTRIBUTIONS RI HISPANIC CHAMBER OF COMMERCE 1955 WESTMINSTER ST FL 2 WOONSOCKET RI 02895 812701009 501(C)(3) 15000 0 CHARITABLE CONTRIBUTIONS RI SCPA 186 AMARAL STREET RIVERSIDE RI 02915 050262716 501(C)(3) 10000 0 CHARITABLE CONTRIBUTIONS SAINT TERESA SCHOOL 140 WOODHAVEN ROAD PAWTUCKET RI 02861 050258842 501(C)(3) 7500 0 CHARITABLE CONTRIBUTIONS SAVE THE BAY 100 SAVE THE BAY DRIVE PROVIDENCE RI 02905 050343046 501(C)(3) 8500 0 CHARITABLE CONTRIBUTIONS SPECIAL OLYMPICS 370 GEORGE WASHINGTON HIGHWAY SMITHFIELD RI 02917 050377867 501(C)(3) 10000 0 CHARITABLE CONTRIBUTIONS THE CITY OF CENTRAL FALLS PARKS AND RECREATION DEPARTMENT 580 BROAD STREET CENTRAL FALLS RI 02863 056000063 10000 0 CHARITABLE CONTRIBUTIONS THE LEARNING COMMUNITY 21 LINCOLN AVENUE CENTRAL FALLS RI 02863 223510465 501(C)(3) 10000 0 CHARITABLE CONTRIBUTIONS THE LIGHT FOUNDATION 440 GREENVILLE NASHVILLE RD GREENVILLE OH 45331 562311765 501(C)(3) 7000 0 CHARITABLE CONTRIBUTIONS UNITED WAY OF RI 50 VALLEY STREET PROVIDENCE RI 02909 050276059 501(C)(3) 10000 0 CHARITABLE CONTRIBUTIONS YMCA OF PAWTUCKET 8 SUMMER STREET PAWTUCKET RI 02860 050259114 501(C)(3) 8500 0 CHARITABLE CONTRIBUTIONS NAVIGANT CREDIT UNION CHARITABLE FOUNDATION 1005 DOUGLAS PIKE SMITHFIELD RI 02917 815171277 501(C)(3) 2500000 0 CHARITABLE CONTRIBUTIONS 19 3 X X 1 1 X X X X 0 1 0 GARY E FURTADO PRESIDENT/TREASURER 603250 0 149625 0 1091232 0 23200 0 12037 0 1879344 0 842366 0 LISA G DANDENEAU SR EVP/COO 352631 0 79185 0 5794 0 84378 0 17653 0 539641 0 0 0 JASON M JOLIN EVP/CFO 269231 0 53440 0 0 0 60463 0 18085 0 401219 0 0 0 KATHLEEN OROVITZ EVP/CRBO 249231 0 49165 0 0 0 56577 0 17678 0 372651 0 0 0 JONATHAN ROBERTS SVP/CIO 244231 0 46410 0 0 0 53484 0 18421 0 362546 0 0 0 ROSS SILVA AVP-BUS. DEV/REGIONAL LOAN 310888 0 10000 0 0 0 23200 0 17901 0 361989 0 0 0 JEFFREY P CASCIONE VP-COMMERCIAL LENDING 220496 0 55000 0 3528 0 44401 0 15303 0 338728 0 0 0 FREDDIE C ALMEIDA AVP - MORTGAGE LOAN OFFICE 278501 0 11000 0 0 0 18739 0 17799 0 326039 0 0 0 DAVID DECUBELLIS SVP/CRO 219328 0 0 0 0 0 39432 0 18216 0 276976 0 0 0 H CHRIS DER VARTANIAN SVP/CRO 186192 0 36815 0 0 0 43453 0 6682 0 273142 0 0 0 LEONARDA CONTI AVP - MORTGAGE LOAN OFFICE 234367 0 9000 0 0 0 13832 0 7542 0 264741 0 0 0 DAVID PELLEGRINO VP-COMPLIANCE 180174 0 25000 0 2774 0 10197 0 993 0 219138 0 0 0 BRIAN A AZAR EVP/CLO (ENDED 4/9/2021) 82933 0 60385 0 8870 0 12175 0 6994 0 171357 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS THE CREDIT UNION DOES PERMIT SPOUSES TO TRAVEL WITH MEMBERS OF SENIOR MANAGEMENT FOR CERTAIN TRIPS. NO REIMBURSEMENT IS REQUIRED BY THE EMPLOYEE. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES - THE CREDIT UNION DOES MAINTAIN MEMBERSHIPS FOR THE CREDIT UNION'S OFFICERS AT LOCAL COUNTRY CLUBS. PART I, LINE 4B DURING 2021, SIX MEMBERS OF SENIOR MANAGEMENT PARTICIPATED IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN ADMINISTERED BY ANGELL PENSION GROUP AND RELIANCE TRUST COMPANY. LISA G. DANDENEAU - $61,178 KATHY OROVITZ - $34,500 JONATHAN ROBERTS - $33,281 H CHRIS DER VARTANIAN - $26,700 JASON JOLIN - $37,263 DAVID DECUBELLIS - $26,313 PART II, COLUMN F: GARY FURTADO RECEIVED $842,366 OF COMPENSTION IN 2021 WHICH REPORTED AS DEFERRED COMPENSATION ON PRIOR FORM 990. CIDALIA C ROCHA EMPLOYEE SPLIT DOLLAR LOAN X 401170 401170 0 1 1 401170 JEFFREY P CASCIONE BROTHER OF LAW FIRM PARTNER 160044 LEGAL SERVICES 0 LOANS TO/FROM INTERESTED PERSONS THE CREDIT UNION GRANTS LOANS TO INTERESTED PERSONS (OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES AND THE FIVE HIGHEST COMPENSATED EMPLOYEES) ON THE SAME TERMS AND CONDITIONS AS OFFERED TO OTHER MEMBERS OF THE CREDIT UNION. ACCORDINGLY, THESE TRANSACTIONS ARE NOT REPORTABLE. BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 6 NAVIGANT CREDIT UNION IS OWNED BY ITS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERSHIP VOTE FOR THE GOVERNING BODY AND APPROVE ALL MAJOR ACTIONS OF THE GOVERNING BODY AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERSHIP VOTE FOR THE GOVERNING BODY AND APPROVE ALL MAJOR ACTIONS OF THE GOVERNING BODY AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 AND FORM 990-T ARE PREPARED BY THE CREDIT UNION'S EXTERNAL AUDIT FIRM, WOLF & COMPANY. THE FORMS ARE COMPLETED BASED UPON FINANCIAL DATA SUBJECT TO AUDIT BY WOLF & COMPANY AS WELL AS DETAIL INFORMATION PROVIDED BY THE CREDIT UNION. DETAILED REVIEWS OF FORM 990 AND 990-T ARE COMPLETED BY THE CREDIT UNION'S CFO TO ENSURE THAT ALL INFORMATION PROVIDED IS ACCURATE AND THAT THE FINANCIAL INFORMATION AGREES TO THE AUDITED FINANCIAL STATEMENTS. A REPORT OF THE RESULTS OF THE ANNUAL FINANCIAL AUDIT CONDUCTED BY WOLF & COMPANY IS MADE BY THE SUPERVISORY COMMITTEE TO THE BOARD OF DIRECTORS. THE REPORT INCLUDES THE STATEMENT THAT THE FORMS 990 AND 990-T HAVE BEEN REVIEWED IN DETAIL BY THE CFO AND CEO OF THE CREDIT UNION PRIOR TO BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION'S CORPORATE GOVERNANCE COMMITTEE MEETS PERIODICALLY DURING THE YEAR. THE MAIN FOCUS OF THE COMMITTEE IS THE CONDUCT OF BOARD AND COMMITTEE MEETINGS. TO THAT EXTENT, ANNUAL SELF ASSESSMENTS ARE PROVIDED FOR EACH MAJOR COMMITTEE AND THE BOARD OF DIRECTORS. COMMENTS SUGGESTING IMPROVEMENTS OR OTHER ISSUES RELATING TO THE OPERATION OF COMMITTEES ARE REVIEWED. STATEMENTS OF CHANGES THE COMMITTEE PLANS, IF ANY, TO ADDRESS OR REMEDIATE THE COMMENTS MADE ARE SOUGHT FROM THE RESPECTIVE COMMITTEES. FINDINGS OF THE COMMITTEE AND BOARD SELF ASSESSMENTS AND RESULTING CORRECTIVE ACTION TAKEN, IF NEEDED, ARE REPORTED ANNUALLY TO THE BOARD. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION HAS A COMPENSATION COMMITTEE MADE UP OF MEMBERS OF THE CREDIT UNION'S BOARD OF DIRECTORS. ANNUALLY, THE COMMITTEE MEETS TO REVIEW SALARY INFORMATION PROVIDED BY A NUMBER OF CREDIT UNION AND BANKING SOURCES. IN ADDITION, THE COMMITTEE CONDUCTS THE ANNUAL EVALUATION OF THE CEO. THE CEO'S EVALUATION IS DISCUSSED AMONGST BOARD MEMBERS IN EXECUTIVE SESSION. THE CEO CONDUCTS ANNUAL REVIEWS OF THE SENIOR MANAGEMENT STAFF. RESULTS OF THE PERFORMANCE EVALUATIONS ARE REPORTED TO THE COMPENSATION COMMITTEE. NO ACTION IS TAKEN BY THE COMPENSATION COMMITTEE RELATIVE TO THE SENIOR MANAGEMENT STAFF. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S BYLAWS ARE AVAILABLE UPON REQUEST OF ANY MEMBER OF THE CREDIT UNION. A COPY OF OUR BYLAWS IS ALSO MAINTAINED BY THE RI DEPARTMENT OF BUSINESS REGULATION AND WOULD BE AVAILABLE FOR INSPECTION FROM THE BANKING DIVISION IF REQUESTED. QUARTERLY, A STATEMENT OF CONDITION, CERTIFIED BY THE CREDIT UNION'S CFO AND SUPERVISORY COMMITTEE, IS MADE AVAILABLE WITHIN 45 DAYS FOLLOWING QUARTER END AS REQUIRED BY RI GENERAL LAW. THE STATEMENT OF CONDITION IS POSTED IN A CONSPICUOUS PLACE WITHIN EACH CREDIT UNION BRANCH AND THE CORPORATE OFFICE. WE CURRENTLY DO NOT MAKE OUR CODE OF BUSINESS CONDUCT AND ETHICS AVAILABLE TO MEMBERS. ALL OFFICERS AND DIRECTORS ARE PROVIDED A COPY AND REQUIRED TO ACKNOWLEDGE RECEIPT OF A COPY OF THE POLICY AND A REVIEW OF ITS PROVISIONS ANNUALLY. FORM 990, PART XI, LINE 9: FAS 158 PENSION LIABILITIES & POST RETIREMENT HEALTH BENEFITS 3,864,586. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR 2021. NCU WEALTH MANAGEMENT LLC 1005 DOUGLAS PIKE SMITHFIELD RI 02917 431968891 FINANCIAL SVC RI 0 0 NCU NAVIGANT CREDIT UNION CHARITABLE FOUNDATION 1005 DOUGLAS PIKE SMITHFIELD RI 02917 815171277 GRANT MAKING RI 501(C)(3) LINE 7 N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NAVIGANT CREDIT UNION CHARITABLE FOUNDATION B 2500000 FMV