2020-11-10T07:43:47-06:00 2019-12-31 111986323 MARCUM LLP 155 SOUTH MAIN STREET SUITE 100 PROVIDENCE RI 02903 990 2019-01-01 041217290 CRESCENT CREDIT UNION CRES 5085806511 PO BOX 4290 BROCKTON MA 023034290 DAVID W COX CFO 5085806511 2020-11-10 1 DAVID ST YVES P00178146 4014576700 47.19.127.190 2020-11-10 05:20:28 ES P 3A222B4E1281552DF5C6EF6873621F39834D332B 987FDD9EF9C0A3B3B60512F2147F3E8DA595B8A8 2019 2022-01-07 14:23:13Z X DAVID W COX PO BOX 4290 BROCKTON MA 023034290 19771406 0 X WWW.CRESCENTCREDIT.ORG X 1919 MA A COOPERATIVE SOCIETY ORGANIZED WITH A GROUP OF PEOPLE OPERATING UNDER STATE AND FEDERAL SUPERVISION PROVIDING A SYSTEM FOR ACCUMULATING SAVINGS AND CREDIT X 14 13 116 13 215218 -70659 0 0 17428215 18269821 1145367 1250545 56972 62462 18630554 19582828 0 0 1523601 0 6848533 7217566 0 0 0 7727164 10624586 16099298 17842152 2531256 1740676 438601837 0 373549909 0 65051928 0 TO PROVIDE OUR MEMBERS WITH THE BEST POSSIBLE FINANCIAL PRODUCTS AND SERVICES THAT A CREDIT UNION CAN OFFER EFFICIENTLY 0 0 CRESCENT CREDIT UNION OFFERS A COMPLETE RANGE OF PERSONAL AND BUSINESS FINANCIAL SERVICES TO APPROXIMATELY 45,000 MEMBERS. THESE SERVICES INCLUDE CHECKING, SAVINGS, CERTIFICATES OF DEPOSIT, AND ALL TYPES OF LOANS, INCLUDING MORTGAGES, LINES OF CREDIT, EQUITY LOANS, PERSONAL LOANS AND CAR LOANS. AS OF 12/31/2019, THE CREDIT UNIONS HAD 13,311 LOANS OUTSTANDING, 17,233 CHECKING ACCOUNTS, 27,827 SAVINGS ACCOUNTS, AND 5,193 CERTIFICATE AND IRA ACCOUNTS. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 1 0 0 0 0 0 1 27933 0 116 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 14 13 1 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X THE ORGANIZATION 5085806511 PO BOX 4290 BROCKTON MA 023034290 DAVID A GOODMAN CPA TREASURER 5.00 X X 0 0 0 JOHN P KOLENTSAS CLERK 5.00 X X 0 0 0 ANTONIO F MACEDO ASSISTANT CLERK & MEMBERSHIP OFFICER 5.00 X X 0 0 0 PAUL A MARINO DIRECTOR 2.00 X 0 0 0 JAMES P MIHOS DIRECTOR 2.00 X 0 0 0 HERBERT S NAGLE DIRECTOR 2.00 X 0 0 0 ALFRED T NICCOLI VICE CHAIRMAN 5.00 X X 0 0 0 WILLIAM ROSA ESQ DIRECTOR 2.00 X 0 0 0 F ROBERT SILVERSTEIN DIRECTOR 2.00 X 0 0 0 ROBERT G SIMS DIRECTOR 2.00 X 0 0 0 HOWARD L SPILLER CPA CHAIRMAN 5.00 X X 20000 0 0 ARTHUR F SULLIVAN VICE CHAIRMAN 5.00 X X 0 0 0 JEAN CAPUTO WILLIAMS DIRECTOR 2.00 X 0 0 0 ROBERT W GUSTAFSON PRESIDENT & CEO 55.00 X X 529215 0 47144 BRIAN FINDLAY VP FINANCE 50.00 X 214954 0 48374 CHERYL MCCORMICK SVP COMMERCIAL LENDING 45.00 X 170601 0 49053 PAUL PIJANOWSKI SVP IT 45.00 X 186750 0 64061 MARK HENNESSY SVP COMMERCIAL LENDING 45.00 X 186894 0 49834 JONAH WEIN VP COMMUNITY RELATIONS 45.00 X 142548 0 23308 1450962 0 281774 6 0 1 0 K&L GATES LLP PO BOX 844255 BOSTON MA 02284 LEGAL SERVICES 309573 1 INTEREST ON LOANS 522100 14518173 14518173 OTHER INCOME 522100 3680407 3465189 215218 LATE CHARGE INCOME 522100 71241 71241 18269821 1250545 1250545 251040 188578 62462 62462 62462 19582828 18117065 215218 1250545 1622186 3777540 1386492 431348 320082 100975 349802 350386 2826244 1350068 103915 3210286 609270 295637 MISCELLANEOUS EXPENSES 450546 PROVISION FOR LOAN LOSS 410170 NON-OPERATING EXPENSES 193536 ASSOCIATION DUES 53669 17842152 7323253 0 401491 0 0 0 0 0 366196575 0 0 337379 0 0 9158627 0 0 53338266 0 0 0 1846246 0 438601837 0 1429785 1555013 40919527 329645584 0 373549909 0 X 0 0 0 0 65051928 0 65051928 0 438601837 0 X 1740676 454168 -67246772 X 0 0 0 0 0 0 X 0 0 X X X 0 0 0 ROBERT W GUSTAFSON PRESIDENT & CEO 311377 0 200221 0 17617 0 15000 0 32144 0 576359 0 0 0 BRIAN FINDLAY VP FINANCE 149516 0 63062 0 2376 0 0 0 48374 0 263328 0 0 0 CHERYL MCCORMICK SVP COMMERCIAL LENDING 106734 0 63062 0 805 0 0 0 49053 0 219654 0 0 0 PAUL PIJANOWSKI SVP IT 112071 0 73851 0 828 0 15000 0 49061 0 250811 0 0 0 MARK HENNESSY SVP COMMERCIAL LENDING 122284 0 63062 0 1548 0 0 0 49834 0 236728 0 0 0 JONAH WEIN VP COMMUNITY RELATIONS 89076 0 53062 0 410 0 0 0 23308 0 165856 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - THE CREDIT UNION REIMBURSES BOARD MEMBERS FOR CONFERENCE EXPENSES (TRAVEL, MEALS, LODGING) INCURRED BY A BOARD MEMBER'S SPOUSE OR GUEST, AS DESCRIBED IN THE CREDIT UNION'S DIRECTORS CONFERENCE/CONVENTION EXPENSES POLICY APPROVED BY THE BOARD. THESE EXPENSES ARE TAXABLE TO THE RECIPIENT. SEE SCHEDULE O X 0 0 0 SEE SUPPLEMENTAL INFORMATION 2020-01-01 67246772 THIRD PARTY APPRAISAL 042391206 SHARON & UNITED CREDIT UNION 30 POND STREET SHARON MA 02067 501(C)(14) 1 1 0 0 1 1 1 1 0 1 1 0 0 PART I, LINE 2E: PERSON(S) INVOLVED: ALL OFFICERS AND DIRECTORS PART I, LINE 2E: EXPLANATION OF INVOLVEMENT: ALL DIRECTORS AND OFFICERS OF CRESCENT CREDIT UNIOS BECAME DIRECTORS AND OFFICERS OD SHARON & CRECENT UNTIED CREDIT UNION UPON MERGER. SCHEDULE N EFFECTIVE 1/1/2020, CRESCENT CREDIT UNION HAS MERGED INTO SHARON CREDIT UNION (NEW ORGANIZATION NAME IS SHARON & CRESCENT UNITED CREDIT UNION). ALL NET ASSETS WERE TRANSFERRED TO SHARON CREDIT UNION UPON COMPLETION OF THE MERGER. FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBERS JAMES MIHOS AND DAVID GOODMAN HAVE A BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMEBER ALSO RECEIVE A SHARE FO THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY MARCUM, LLP UTILIZING INFORMATION PROVIDED BY THE CFO. THE CFO AND CEO REVIEW THE COMPLETED FORM AND A COPY IS PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING FORM 990 WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL NEW EMPLOYEES SIGN A FORM ACKNOWLEDGING THEY UNDERSTAND AND WILL ABIDE BY THE POLICIES CONTAINED IN THE EMPLOYEE HANDBOOK, INCLUDING ETHICS AND CONFLICTS POLICY. ALL EMPLOYEES ARE REQUIRED TO PARTICIPATE IN AN ON-LINE ETHICS TRAINING PROGRAM EACH YEAR AND PASS A QUIZ. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION UTILIZES SURVEY DATA PUBLISHED BY A THIRD PARTY SOURCE TO ESTABLISH SALARY RANGES FOR ALL EMPLOYEES. THE CEO APPROVES COMPENSATION ADJUSTMENTS FOR BRANCH MANAGERS AND ALL OTHER STAFF. THE CEO RECOMMENDS SENIOR MANAGEMENT COMPENSATION ADJUSTMENTS TO THE PERSONNEL COMMITTEE, WHICH IS COMPRISED OF BOARD MEMBERS. THE PERSONNEL COMMITTEE RECOMMENDS COMPENSATION ADJUSTMENTS FOR SENIOR MANAGEMENT ALONG WITH COMPENSATION ADJUSTMENTS FOR THE CEO. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: TRANSFER OF NET ASSETS TO SHARON & CRESCENT UNITED CREDIT UNION AT MERGER -67,246,772. 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.