2020-07-01T14:28:20-05:00 2019-12-31 382492570 DOEREN MAYHEW 12060 SW 129TH COURT STE 201 MIAMI FL 331864582 990 2019-01-01 041734980 POLISH NATIONAL CREDIT UNION POLI 4135929495 46 MAIN STREET CHICOPEE MA 01020 CHARLOTTE HANSEN SENIOR VP & CFO 4135929495 2020-07-01 DOUGLAS J ORTH P01076394 3052328272 104.11.88.150 2020-07-01 13:33:52 ED P A7DB26C3BB201601930FCFA0C4651552B54C26A2 B2EFC313AB4EEA4760135470907D022D8B217834 2019 2020-09-23 17:36:50Z JAMES P KELLY 46 MAIN STREET CHICOPEE MA 01020 22780451 0 X WWW.PNCU.COM X 1921 MA 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. 13 12 150 13 102350 0 0 0 16450112 20310763 1864295 1858961 1393841 610727 19708248 22780451 0 210196 0 0 8081803 8971624 0 0 0 9966038 11775892 18047841 20957712 1660407 1822739 602874739 615319959 525489493 535034138 77385246 80285821 X 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 12 BOARD MEMBERS WHO ARE VOLUNTEERS. THEY ARE NOT COMPENSATED FINANCIALLY IN ANY WAY. 0 0 MEMBERS HAD 45,903 DEPOSIT ACCOUNTS TOTALING APPROXIMATELY $486,064,000. DIVIDENDS AND INTEREST ON MEMBER DEPOSITS APPROXIMATED $5,090,000 FOR THE YEAR ENDED DECEMBER 31, 2019. AS OF DECEMBER 31, 2019, THE CREDIT UNION HAD 7,176 LOANS OUTSTANDING TOTALING APPROXIMATELY $517 MILLION. ADDITIONALLY, APPROXIMATELY 660 SAFE DEPOSIT BOXES WERE USED BY MEMBERS DURING 2019. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 14457 0 1 150 1 1 1 0 0 0 0 0 0 0 0 0 X 13 12 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 X CHARLOTTE HANSEN 4132060626 46 MAIN STREET CHICOPEE MA 01021 EDWARD RYBAK BOARD CHAIRMAN 5.00 X 0 0 0 STEPHEN BURKOTT BOARD CHAIRMAN 5.00 X 0 0 0 ROBERT MORITKO VICE CHAIRMAN 5.00 X 0 0 0 EDWARD CZEPIEL DIRECTOR 5.00 X 0 0 0 BENJAMIN DAVIS DIRECTOR 5.00 X 0 0 0 WILLIAM JEBB DIRECTOR 5.00 X 0 0 0 JAMES KELLY DIRECTOR 5.00 X 0 0 0 HENRY LENART DIRECTOR 5.00 X 0 0 0 STANLEY MATRAS DIRECTOR 5.00 X 0 0 0 JOHN MURPHY DIRECTOR 5.00 X 0 0 0 EUGENE PRZYBYLOWICZ DIRECTOR 5.00 X 0 0 0 RALPH SLATE DIRECTOR 5.00 X 0 0 0 JANINA SURDYKA DIRECTOR 5.00 X 0 0 0 MICHAEL WOISHNIS DIRECTOR 5.00 X 0 0 0 DR ANTHONY ZEPKO DIRECTOR 5.00 X 0 0 0 GARY ZIEMBA DIRECTOR 5.00 X 0 0 0 JAMES P KELLY PRESIDENT & CEO 40.00 X X 409306 0 71525 MICHAEL SUGRUE EVP 40.00 X 185158 0 45792 KIRK BURNHAM SVP OPERATIONS 40.00 X 147339 0 39504 CHARLOTTE HANSEN CFO\SVP 40.00 X 161090 0 41576 KATHI DONAHUE SVP COMMERCIAL LENDING 40.00 X 174272 0 35538 RICHARD ANDRE VP MEMBER SERVICES 40.00 X 105432 0 15191 TRACEY EGLOFF VP RESIDENTIAL LENDING 40.00 X 140937 0 20239 1323534 0 269365 7 0 1 0 CONNECTICUT ONLINE COMPUTER CENTER 100 EXECUTIVE BOULEVARD SOUTHINGTON CT 06489 IT SERVICES 1599625 SOLIDUS INC 1280 BLUE HILLS AVE BLOOMFIELD CT 06002 CONSTRUCTION AND DESIGN 1069263 MASSMUTUAL FINANCIAL GROUP APM PAYMENT PROCESSING CENTER CHICAGO IL 60601 LIFE INSURANCE 392000 BRANCHSERV 4 RESEARCH DRIVE BETHEL CT 06801 EQUIPMENT 334108 ELAN 225 W STATION SQUARE DR PITTSBURG PA 15219 ATM SETTLEMENT 189689 15 INTEREST ON LOANS 522100 17912025 17912025 FEES AND CHARGES 522100 890874 890874 INTERCHANGE INCOME 522100 742671 742671 OTHER INCOME 522100 662843 662843 FINANCIAL SERVICES INCOME FROM NO 523000 64419 64419 37931 37931 20310763 1858961 1858961 OTHER GAINS 522100 610727 610727 610727 22780451 20819140 102350 1858961 205696 4500 1101290 5685963 692304 914043 578024 59935 118591 144547 569185 1122690 1260396 607712 283663 5089829 691392 101350 OTHER 436976 DEBIT CARD PROGRAM EXPE 403044 PROVISION FOR LOAN LOSS 351140 WEB SERVICES 305347 230095 20957712 3774235 3626113 17101029 14833203 2368822 2341267 2149759 2224025 488220839 515685740 245468 200781 19531497 6586961 12592077 12944536 2772000 2729900 68062211 53770579 5588299 6963815 602874739 615319959 3463718 3969973 2030602 2141349 42000000 45000000 477995173 483922816 525489493 535034138 X 0 0 0 0 0 2900575 77385246 80285821 602874739 615319959 1822739 1077836 0 X X 0 1 X 1 0 0 1 X 2214017 2214017 14333130 5080123 9253007 40897 10799 30098 2723074 1456652 1266422 220379 39387 180992 12944536 CAPITAL SHARES & PERPETUAL CONTRIBUTED CAPITAL 347780 C CERTIFICATES OF DEPOSITS 496000 C MORTGAGE BACKED SECURITIES 36370424 F COLLATERALIZED MORTGAGE OBLIGATIONS 13994649 F SMALL BUSINESS ADMINISTRATION 2356917 F COCC STOCK 150000 C ACBB STOCK 54809 C 53770579 MEMBER DEPOSITS 483922816 483922816 X 22780451 0 22780451 0 22780451 20957712 0 20957712 0 20957712 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: INCOME TAXES: THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UBI MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. MANAGEMENT HAS ASSESSED THE CREDIT UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OF DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2018, 2017, AND 2016 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. 1 CHICOPEE FIRE DEPT 110 CHURCH ST CHICOPEE MA 01020 115 10000 WASHER EXTRACTOR PURCHASE CHICOPEE BOYS & GIRLS CLUB 580 MEADOW ST CHICOPEE MA 01013 042166805 501(C)(3) 19500 CHARITABLE CONTRIBUTIONS CHICOPEE POLICE DEPT 110 CHURCH ST CHICOPEE MA 01020 115 11500 SEARCH & RESCUE DRONE PURCHASE, BATTLE OF THE BADGES HOCKEY GAME SPONSOR CITY OF CHICOPEE 274 FRONT ST CHICOPEE MA 01013 115 21000 CHARITABLE CONTRIBUTIONS IRISH CULTURAL CENTER 429 MORGAN RD WEST SPRINGFIELD MA 01089 300236528 501(C)(3) 6000 YEARLY PLEDGE FRIENDS OF SENIOR RIVER MILLS CENTER 5 WEST MAIN ST CHICOPEE MA 01020 115 10000 YEARLY PLEDGE STARFIRES BASEBALL LLC 181 NOTRE DAME ST WESTFIELD MA 01085 7500 SPONSORSHIP HOLYOKE MEDICAL CENTER 575 BEECH ST HOLYOKE MA 01040 222520073 501(C)(3) 7500 YEARLY PLEDGE & GALA SPONSOR 3 5 SCHOLARSHIPS 8 4000 PART I, LINE 2: THE DONATIONS CITED IN PART II ARE NOT GRANTS. THEY ARE CHARITABLE DONATIONS AND THUS ARE NOT MONITORED BY THE ORGANIZATION. PART III SCHOLARSHIPS ARE AWARDED BASED ON NEED AND/OR ACADEMIC PERFORMANCE FROM PNCU MEMBERSHIP. SCHOLARSHIP RECIPIENTS MUST PROVIDE PROOF OF ENROLLMENT IN A COLLEGE OR UNIVERSITY. X X X X X X 0 1 0 JAMES P KELLY PRESIDENT & CEO 401614 0 7692 0 0 0 51162 0 20363 0 480831 0 0 0 MICHAEL SUGRUE EVP 181312 0 3846 0 0 0 25481 0 20311 0 230950 0 0 0 KIRK BURNHAM SVP OPERATIONS 144415 0 2924 0 0 0 19374 0 20130 0 186843 0 0 0 CHARLOTTE HANSEN CFO\SVP 157873 0 3217 0 0 0 21311 0 20265 0 202666 0 0 0 KATHI DONAHUE SVP COMMERCIAL LENDING 170984 0 3288 0 0 0 21784 0 13754 0 209810 0 0 0 TRACEY EGLOFF VP RESIDENTIAL LENDING 138278 0 2659 0 0 0 17617 0 2622 0 161176 0 0 0 FORM 990, SCH J, LINE 4B 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. JAMES P KELLY PRESIDENT/CEO TO FUND PREMIUMS PAID ON SPLIT DOLLAR LIFE INSURANCE POLICY X 1824000 1999025 0 1 1 MICHAEL SUGRUE EVP/CHIEF RISK OFFICER TO FUND PREMIUMS PAID ON SPLIT DOLLAR LIFE INSURANCE POLICY X 225000 225000 0 1 1 2224025 FORM 990, SCH L, PART II 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. 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 FORM 990 IS PROVIDED TO THE CHAIR OF THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO BEING FINALIZED. 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 THE SVP OF HUMAN RESOURCES. ADDITIONALLY, ALL DIRECTORS ARE REQUIRED TO COMPLETE A QUESTIONNAIRE THAT DETAILS ALL RELATED INTERESTS. FORM 990, PART VI, SECTION B, LINE 15A 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 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.