2021-10-05T08:02:05-05:00 2020-12-31 111986323 MARCUM LLP 53 STATE STREET BOSTON MA 02109 990 2020-01-01 042391206 SHARON & CRESCENT UNITED CREDIT UNION SHAR 7817847725 30 POND STREET SHARON MA 02067 DAVID W COX CHIEF FINANCIAL OFFICER 7817847725 2021-10-04 1 DAVID COX 999009999 DAVID ST YVES P00178146 6178075000 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z DAVID W COX 30 POND STREET SHARON MA 02067 43682924 0 X WWW.SCUCU.COM X 1956 MA TO PROVIDE A FULL RANGE OF FINANCIAL SERVICES TO OUR MEMBERS. 17 16 204 16 212416 0 0 0 21732987 40992300 2078988 2690624 0 0 23811975 43682924 0 0 0 0 7194364 17581578 0 0 0 10737673 24658224 17932037 42239802 5879938 1443122 625014958 1157249699 548397355 1016177939 76617603 141071760 X OUR MISSION IS TO PROVIDE A FULL RANGE OF FINANCIAL SERVICES TO THE MEMBERS IN OUR COMMUNITY AT COMPETITIVE RATES WHILE EMPHAZING FINANCIAL SOUNDNESS, CONVENIENCE AND EFFICIENT-FRIENDLY SERVICE, WHILE MAINTAINING A CHALLENGING, REWARDING AND ENRICHING ENVIRONMENT FOR ALL EMPLOYEES. 0 0 SHARON CREDIT UNION IS A MEMBER-OWNED ORGANIZATION COMMITTED TO PROVIDING SUPERIOR FINANCIAL SERVICES TO ITS MEMBERS AND THE COMMUNITY. AT 12/31/2020, THE CREDIT UNION HAD 29,622 LOANS OUTSTANDING TOTALING $813,863,415. ALSO MEMBERS HAD 137,350 DEPOSITS ACCOUNTS TOTALING $975,664,627. ADDITIONALLY MEMBERS HAD 1,544 SAFE DEPOSIT BOXES. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 10139 0 204 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 17 16 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X DAVID W COX 7817932804 30 POND STREET SHARON MA 02067 DAVID DOUCETTE DIRECTOR 2.00 X 5087 0 0 LAWRENCE GREEN DIRECTOR 2.00 X 6183 0 0 CARL HUERTH DIRECTOR 2.00 X 6827 0 0 WILLIAM KEATING DIRECTOR 2.00 X 828 0 0 ANDREW MCCORMACK DIRECTOR 2.00 X 408 0 0 GLENN PARSONS III CHAIRMAN 2.00 X X 7451 0 0 WILLIAM MCINTOSH DIRECTOR 2.00 X 3875 0 0 JAMES L CARLSON PRESIDENT/CEO 40.00 X X 636967 0 49638 RONALD BECHTEL DIRECTOR 2.00 X 6179 0 0 ANNE CARNEY CLERK 2.00 X X 3532 0 0 JOHN KOLENTSAS DIRECTOR 2.00 X 6826 0 0 DAVID GOODMAN DIRECTOR 2.00 X 7451 0 0 JAMES MIHOS DIRECTOR 2.00 X 7451 0 0 ALFRED NOCCOLI DIRECTOR 2.00 X 6245 0 0 HOWARD SPILLER FIRST VICE CHAIRMAN 2.00 X X 5726 0 0 ARTHUR SULLIVAN AUDIT COMMITTEE CHAIRMAN 2.00 X 6914 0 0 ROSA WILLIAM DIRECTOR 2.00 X 828 0 0 DAVID COX CFO/TREASURER 40.00 X 246742 0 52540 LINDA FOUNTAIN CHIEF LENDING OFFICER 40.00 X 236121 0 36934 ROBERT GUSTAFSON EXECUTIVE VP 40.00 X 428752 0 43104 MAUREEN GREGORY CHIEF RETAIL OFFICER 40.00 X 201552 0 34105 PAUL PIJANOWSKI SVP INFORMATION TECHNOLOGY 40.00 X 138192 0 46213 JAMES LOVEN VP/CONTROLLER 40.00 X 136035 0 33344 CHERYL MCCORMICK SVP COMMERICAL LENDING 40.00 X 146781 0 36490 MARK HENNESSY SVP CONSUMER LENDING 40.00 X 137539 0 44023 2390492 0 376391 9 0 1 0 0 INTEREST ON LOANS 522100 35085676 35085676 FEE INCOME 524298 5906624 5694208 212416 40992300 2690624 2690624 43682924 43470508 212416 0 2301041 10331472 1615095 2430488 903482 339131 153049 882079 815499 1593600 6600608 22201 6487581 2616602 OTHER OPERATING EXPENSE 2776314 PROVISION FOR LOAN LOSS 1677203 LOAN SERVICING EXPENSE 694357 42239802 37307056 90521957 490480066 812801794 15186434 0 4979083 15186434 85101256 226246468 3665878 7147497 8827168 625014958 1157249699 7208717 12619803 2666882 541188638 1000891254 548397355 1016177939 X 0 0 0 0 76617603 141071760 76617603 141071760 625014958 1157249699 X 1443122 375342 62635693 X 0 0 0 3736146 3736146 8817188 8817188 345949 345949 1988562 1988562 298589 298589 15186434 FEDERAL AGENCIES 173676800 C OTHER INVESTMENTS 52569668 C 226246468 DEPOSITS 972799657 FHLB BORROWINGS 28091597 1000891254 X 1 1 X X X 0 0 0 JAMES L CARLSON PRESIDENT/CEO 629969 0 0 0 6998 0 34200 0 15438 0 686605 0 0 0 ROBERT GUSTAFSON EXECUTIVE VP 428752 0 0 0 0 0 34966 0 8138 0 471856 0 0 0 DAVID COX CFO/TREASURER 246742 0 0 0 0 0 31026 0 21514 0 299282 0 0 0 LINDA FOUNTAIN CHIEF LENDING OFFICER 235479 0 0 0 642 0 27807 0 9127 0 273055 0 0 0 MAUREEN GREGORY CHIEF RETAIL OFFICER 201552 0 0 0 0 0 25172 0 8933 0 235657 0 0 0 PAUL PIJANOWSKI SVP INFORMATION TECHNOLOGY 138192 0 0 0 0 0 25007 0 21206 0 184405 0 0 0 CHERYL MCCORMICK SVP COMMERICAL LENDING 146781 0 0 0 0 0 15430 0 21060 0 183271 0 0 0 MARK HENNESSY SVP CONSUMER LENDING 137539 0 0 0 0 0 22838 0 21185 0 181562 0 0 0 JAMES LOVEN VP/CONTROLLER 136035 0 0 0 0 0 17008 0 16336 0 169379 0 0 0 SEE SCHEDULE O X 0 1 1 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS A MEMBERS ONLY FINANCIAL INSTITUTION. ITS MEMBERS MEET ANNUALLY AND VOTE FOR A BOARD OF DIRECTORS AND ALL BUSINESS BROUGHT BEFORE THE MEMBERSHIP MUST BE APPROVED. FORM 990, PART VI, SECTION A, LINE 7A SEE ANSWER TO LINE 6 FORM 990, PART VI, SECTION A, LINE 7B SEE ANSWER TO LINE 6 FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS HAS DELEGATED AUTHORITY FOR THE REVIEW OF THE FORM 990 TO THE CHIEF FINANCIAL OFFICER (CFO). THE CFO ENGAGES THE SERVICES OF AN INDEPENDENT ACCOUNTING FIRM FOR THE PREPARATION OF THE FORM 990. UPON COMPLETION, THE FORM 990, IS REVIEWED BY THE CFO, SIGNED BY THE CFO, AND FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE CODE OF ETHICS, WHICH INCORPORATES A CONFLICT OF INTEREST POLICY, IS UPDATED AND RATIFIED BY THE BOARD OF DIRECTORS. THE CODE OF ETHICS PERTAINS TO EMPLOYEES AS WELL AS THE BOARD OF DIRECTORS. ANNUALLY, ALL EMPLOYEES AND BOARD MEMBERS SIGN AN ACKNOWLEDGEMENT THAT THEY HAVE RECEIVED AND READ THE CODE OF ETHICS. FURTHER, ALL EMPLOYEES AND BOARD MEMBERS MUST IDENTIFY, IN WRITING, ALL DEPOSIT AND LOAN ACCOUNTS IN WHICH THEY HAVE A RELATED INTEREST. LOANS GRANTED TO SENIOR MANAGEMENT, DIRECTORS, OR THEIR RELATED PARTIES MUST BE APPROVED BY THE BOARD. IF THE LOAN IS FOR A BOARD MEMBER OR HIS/HER RELATED INTEREST, THE BOARD MEMBER MUST LEAVE THE BOARDROOM DURING DISCUSSION AND VOTE. THE BOARD MEMBER IS RECUSED FROM THE VOTE. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION'S BOARD OF DIRECTORS ASSIGNS RESPONSIBILITY TO THE BOARD'S PERSONNEL COMMITTEE FOR INPUT IN THE PREPARATION OF A PERFORMANCE EVALUATION OF THE CREDIT UNION'S PRESIDENT. THE PERSONNEL COMMITTEE IS COMPRISED OF INDEPENDENT DIRECTORS. THE PERSONNEL COMMITTEE WILL THEN PRESENT THE EVALUATION TO THE FULL BOARD, ALONG WITH A RECOMMENDATION FOR COMPENSATION. THE COMPENSATION LEVEL IS BASED ON A COMBINATION OF THE PRESIDENT'S PERCEIVED VALUE TO THE CREDIT UNION; JOB PERFORMANCE; AND A COMPARISON TO A PEER GROUP SALARY SURVEY CONDUCTED BY PEARL MEYER & PARTNERS. BASED ON THE PERSONNEL COMMITTEE'S RECOMMENDATION, THE FULL BOARD APPROVES THE PRESIDENT'S COMPENSATION. FOR MEMBERS OF SENIOR MANAGEMENT (I.E. COO, SENIOR LENDING OFFICER, SENIOR BRANCH ADMINISTRATOR, CFO, SENIOR MARKETING OFFICER AND SENIOR INFORMATION OFFICER), WRITTEN PERFORMANCE EVALUATIONS ARE PREPARED BY THE IMMEDIATE SUPERVISOR AND REVIEWED BY THE BOARD'S PERSONNEL COMMITTEE. COMPENSATION IS BASED ON VALUE TO THE CREDIT UNION, JOB PERFORMANCE AND COMPARISON TO SALARY RANGES IN THE PEARL MEYER & PARTNERS SALARY SURVEY. THE PERSONNEL COMMITTEE THEN MAKES A RECOMMENDATION TO THE FULL BOARD FOR ITS APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S BY-LAWS, CODE OF ETHICS, CONFLICT OF INTEREST POLICY, ETC. ARE AVAILABLE FOR INSPECTION AT THE CREDIT UNION'S ANNUAL MEETING OR AVAILABLE AT ANYTIME UPON A MEMBER'S REQUEST. THE CREDIT UNION'S PRIVACY POLICY IS MAILED TO EACH MEMBER, ANNUALLY. A STATEMENT OF CONDITION IS POSTED IN EACH BRANCH EVERY MONTH. THE CREDIT UNION'S CALL REPORT DATA IS AVAILABLE TO THE GENERAL PUBLIC VIA THE NCUA'S WEBSITE. FORM 990, PART XI, LINE 9: NET ASSETS ACQUIRED IN MERGER WITH CRESCENT CREDIT UNION AT FAIR VALUE 62,635,693. PART XI, LINE 2B & 2C, FINANCIAL STATEMENTS AND REPORTING THE SHARON & CRESCENT UNITED CREDIT UNION FINANCIAL STATEMENTS ARE AUDITED BY AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTING FIRM. THE FINANCIAL STATEMENT YEAR END IS JUNE 30. THE DECEMBER 31, 2020 STATEMENTS ARE NOT AUDITED. THE ORGANIZATION'S BY-LAWS REQUIRE A FINANCE COMMITTEE MADE UP OF BOARD MEMBERS TO REVIEW THE AUDITED FINANCIAL STATEMENTS AND ASSURE THAT ANY FINDINGS BY THE AUDITORS ARE IMPLEMENTED. SCHEDULE L PART II, TRANSACTIONS WITH INTERESTED PERSONS SOME OF THE OFFICERS AND DIRECTORS HAVE LOANS OUTSTANDING WITH THE CREDIT UNION. THESE LOANS WERE OBTAINED IN THE NORMAL COURSE OF BUSINESS OF THE CREDIT UNION WITH TERMS THE SAME AS AVAILABLE TO ALL MEMBERS. THESE LOANS ARE NOT REQUIRED TO BE REPORTED ON SCHEDULE L, PART II. THERE ARE NO REPORTED TRANSACTIONS ON SCHEDULE L.