2022-11-15T09:26:54-06:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2021-01-01 041659235 NEW BEDFORD CREDIT UNION NEWB 5089946546 1150 PURCHASE ST NEW BEDFORD MA 027406687 MICHELLE GREENWALT VP OF FINANCE/CONTROLLER 5089946546 2022-11-09 1 MICHELLE GREENWALT 999009999 TANYA MEDGAARDEN P01717240 5074347000 2022-11-03 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z HUMBERTA VARAO 1150 PURCHASE ST NEW BEDFORD MA 027406687 5012548 0 X WWW.NEWBEDFORDCU.COM X CU 1932 MA CREDIT UNION - PROVIDE THRIFT SERVICES TO MEMBERS WITH THE BEST SERVICE POSSIBLE. 8 8 78 10 37723 0 0 0 4774650 4770224 452073 187291 18415 55033 5245138 5012548 0 0 368839 205737 2099000 2089182 0 0 0 2277136 2209664 4744975 4504583 500163 507965 140656028 151838807 127472362 138147176 13183666 13691631 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 1 881 0 1 78 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 1 1 0 0 1 1 1 0 0 X HUMBERTA VARAO 5089946546 1150 PURCHASE ST NEW BEDFORD MA 027406687 JAMES W ALLEN CHAIRMAN - PART YEAR 2.00 X X 14105 0 0 PETER E BERTHIAUME CHAIRMAN 2.00 X X 2821 0 0 THOMAS J CARREIRO TREASURER & CLERK 2.00 X X 5720 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 STEVE WHITE DIRECTOR 2.00 X 0 0 0 DENNIS AUDETTE DIRECTOR 2.00 X 0 0 0 NORA BARNES DIRECTOR 2.00 X 0 0 0 DAVID BORGES CEO/PRESIDENT 40.00 X 32628 0 21836 HUMBERTA VARAO PRESIDENT/CEO 40.00 X 182438 0 30632 MICHELLE GREENWALT VP FINANCE/CONTROLLER 40.00 X 98218 0 9168 JENNIFER DELGADO VP LENDING 40.00 X 83653 0 26584 TARA DEGRACE VP OPERATIONS 40.00 X 72575 0 25515 JOYCE FERREIRA VP RETAIL SERVICES/BRANCH ADMINISTRATION 40.00 X 20692 0 800 ALEXIA JACOBSON VP HUMAN RESOURCES 40.00 X 11196 0 3955 LISA ARRAIAL AVP LENDING 40.00 X 63509 0 7213 LINDSAY MULLANE AVP OPERATION 40.00 X 49977 0 14534 637532 0 140237 1 0 1 0 FISERV 1601 TRAPELO ROAD SUITE 240 WALTHAM MA 02451 DATA PROCESSING AND DEBT CARD SERVICES 412000 PSCU 560 CARLLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD SERVICES 123000 2 INTEREST ON LOANS 522100 3550992 3550992 SERVICE CHARGES & FEES 522100 1219232 1181509 37723 4770224 186935 186935 356 0 356 356 356 OTHER INCOME 522100 55033 55033 55033 5012548 4787534 37723 187291 X 205737 777769 990897 16056 179196 125264 4144 18800 540740 59753 1033077 197353 94 85331 LOAN SERVICING EXPENSE 216066 MISCELLANEOUS 53097 EDUCATIONAL EXPENSE 15600 PROVISION FOR LOAN & LE -14391 4504583 1366277 1824752 35673981 39588103 86581574 84473423 88334 81098 1485237 1003891 522012 481346 6019806 4464000 0 15513126 10404044 5412959 140656028 151838807 419513 411856 226654 217473 126826195 137517847 127472362 138147176 X 0 0 0 0 13183666 13691631 13183666 13691631 140656028 151838807 507965 0 X X 0 1 X 1 0 0 1 X 172200 172200 181300 140004 41296 670071 554593 115478 461666 309294 152372 481346 HTM SECURITIES 14801552 C FHLB CAPITAL STOCK 187900 C OTHER INVESTMENTS 523674 C 15513126 MEMBER SHARE AND SAVINGS ACCOUNTS 137517847 137517847 X 5003540 0 5003540 9008 9008 5012548 4495575 0 4495575 9008 9008 4504583 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 IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED ITS ANNUAL 990 TAX RETURN FOR 2020, 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, 2021 AND 2020. THE CREDIT UNION'S 2018 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: CASH OVER/SHORT 9,008. PART XII, LINE 4B - OTHER ADJUSTMENTS: CASH OVER/SHORT 9,008. X X 0 0 0 HUMBERTA VARAO PRESIDENT/CEO 178880 0 3558 0 0 0 10854 0 19778 0 213070 0 0 0 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 15A THE BOARD 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 THE PERSONNEL COMMITTEE 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. 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 540,740. FORM 990, PART XII, LINE 2C AUDIT OVERSIGHT - THE AUDIT COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT.