2019-11-12T16:06:22-06:00 2018-12-31 042689883 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2018-01-01 050125860 NAVIGANT CREDIT UNION NAVI 4012334304 1005 DOUGLAS PIKE SMITHFIELD RI 029171206 JASON M JOLIN SVP/CFO 4012334304 2019-11-12 1 HARRY A KALAJIAN JR CPA P00464296 6174399700 199.167.121.238 2019-11-12 13:59:10 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 3035F85F9C36F92B25132AD5EF9C80758CB5F135 2018 2020-03-31 21:24:44Z JASON M JOLIN 1005 DOUGLAS PIKE SMITHFIELD RI 029171206 143281228 0 X N/A X 1915 RI THE MISSION OF NAVIGANT CREDIT UNION IS TO IMPROVE THE FINANCIAL LIVES OF ITS MEMBERS. 11 0 384 0 224033 0 0 0 70036664 84553021 5608734 6400605 107195 634564 75752593 91588190 0 0 0 0 23804775 27696009 0 0 0 35119357 43831201 58924132 71527210 16828461 20060980 1933532470 2187804095 1723703804 1957627676 209828666 230176419 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 34,572 LOANS TOTALING $1,868,259,027 DUE FROM MEMBERS AND $1,741,579,061 IN 197,213 DEPOSIT ACCOUNTS FROM MEMBERS. ALSO $182,000 OF FEES WERE RECEIVED FROM MEMBERS RENTING 6,730 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 0 0 1 0 1 0 0 1 1 0 0 0 0 1 0 0 0 1 80661 0 1 384 1 1 1 0 0 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 ALFRED P DEGEN VICE CHAIRMAN 1.00 X 15450 0 0 PETER BAZIOTIS DIRECTOR 1.00 X 15000 0 0 JAMES K SALOME DIRECTOR 1.00 X 19675 0 0 ROLAND R LACHAPELLE DIRECTOR/VICE CHAIRMAN 1.00 X 44290 0 0 ROBERT MURRAY DIRECTOR 1.00 X 15375 0 0 GARY E FURTADO PRESIDENT/TREASURER 40.00 X X 591470 0 215019 CHARLES H DEBLOIS DIRECTOR 1.00 X 35465 0 0 JOSEPH BERETTA DIRECTOR 1.00 X 15225 0 0 ANN M KASHMANIAN DIRECTOR/SECRETARY 1.00 X 22200 0 0 MICHAEL RYAN DIRECTOR 1.00 X 15150 0 0 PAUL BEAUDOIN DIRECTOR 1.00 X 15450 0 0 BRIAN A AZAR SVP/CLO 40.00 X 287500 0 56775 H CHRIS DER VARTANIAN SVP/CRO 40.00 X 196938 0 45046 KATHLEEN OROVITZ SVP-CRBO 40.00 X 236750 0 60762 JASON M JOLIN SVP/CFO 40.00 X 184616 0 25390 LISA G DANDENEAU EVP/COO 40.00 X 362763 0 85245 JONATHAN ROBERTS SVP - CIO 40.00 X 203250 0 45658 ROSS SILVA REGIONAL LOAN OFFICER 40.00 X 176467 0 29227 DAVID DECUBELLIS VP - RESIDENTIAL MORTGAGE 40.00 X 166693 0 28055 LEONARDA CONTI MORTGAGE ORIGINATOR 40.00 X 181454 0 21657 JEFFREY P CASCIONE VP-COMMERCIAL LENDING 40.00 X 181936 0 25870 FREDDIE C ALMEIDA MORTGAGE ORIGINATOR 40.00 X 218471 0 32566 STEPHEN ANGELL FORMER CEO - DEXTER CU 40.00 X 210206 0 0 3411794 0 671270 42 1 1 0 FISERV SOLUTIONS INC PO BOX 99924 GRAPEVINE TX 76099 DATA PROCESSING 2261859 DUFFY UNITED 10 CHARLES STREET PROVIDENCE RI 02904 ADVERTISING SERVICES 1103866 NCR CORPORATION FKA INTUIT FINANCIAL SER 14181 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 DATA PROCESSING 1060967 D3 LOGIC INC 89 COMMERCIAL WAY EAST PROVIDENCE RI 02914 DATA PROCESSING - STATEMENT RENDERING 757827 BOWERMAN & ASSOCIATES ONE RICHMOND SQUARE SUITE 220E PROVIDENCE RI 02906 ARCHITECTURAL 414975 47 INTEREST ON LOANS 522291 72167692 72167692 MISCELLANEOUS FEES 525990 6805586 6805586 MEMBER SERVICE FEE 525990 5086632 4872139 214493 NCU FINANCIAL 524298 493111 483571 9540 84553021 5223103 5223103 10800 0 10800 10800 10800 51645700 1224840 51649956 43082 -4256 1181758 1177502 1177502 OTHER REVENUE 900099 531471 531471 GAIN ON LAWSUIT SETTLEMENT 900099 92293 92293 623764 91588190 84963552 224033 6400605 2276568 17392467 2282527 4215265 1529182 166311 876351 4883649 526358 4067368 3428524 43714 432713 17580720 2207506 CORRESPONDENT SERVICES 3597469 PROVISION FOR LOAN LOSS 2302457 COMMISSIONS AND LOAN SE 1064565 STATE DEPOSIT TAX 1020438 1633058 71527210 21541443 18983731 41782374 39551957 401170 401170 1597243750 1861504961 1784452 1770220 54329112 21806182 32749847 32522930 203388930 195511110 34640504 37558016 1933532470 2187804095 22419732 19383863 1320190 1575893 1699963882 1936667920 1723703804 1957627676 X 0 0 0 0 209828666 230176419 209828666 230176419 1933532470 2187804095 X 20060980 -1073831 1360604 X X 0 1 X 1 0 0 1 X 9311510 9311510 32874073 12425046 20449027 7949917 5919368 2030549 4193612 3461768 731844 32522930 DEPOSITS 1740274170 ACCRUED INTEREST PAYABLE 1114798 BORROWINGS 195278952 1936667920 X 91632000 728 728 91631272 -43082 -43082 91588190 71571000 43790 43790 71527210 0 71527210 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, 2018 AND 2017, 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, 2018 AND 2017. THE CREDIT UNION'S UNRELATED BUSINESS INCOME TAX RETURNS FOR FISCAL YEARS ENDED DECEMBER 31, 2015 TO PRESENT ARE SUBJECT TO REVIEW BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: ROUNDING 728. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION GAIN/LOSS ON DISPOSAL OF FA FROM EXPENSE -43,082. PART XII, LINE 2D - OTHER ADJUSTMENTS: RECLASSIFICATION GAIN/LOSS ON DISPOSAL OF FA TO INCOME 43,082. ROUNDING 708. X X 1 1 X X X X 0 1 0 GARY E FURTADO PRESIDENT/TREASURER 461500 0 123900 0 6070 0 210300 0 4719 0 806489 0 0 0 BRIAN A AZAR SVP/CLO 237500 0 50000 0 0 0 42817 0 13958 0 344275 0 0 0 H CHRIS DER VARTANIAN SVP/CRO 160938 0 36000 0 0 0 39342 0 5704 0 241984 0 0 0 KATHLEEN OROVITZ SVP-CRBO 193750 0 43000 0 0 0 45700 0 15062 0 297512 0 0 0 JASON M JOLIN SVP/CFO 184616 0 0 0 0 0 10769 0 14621 0 210006 0 0 0 LISA G DANDENEAU EVP/COO 286150 0 70000 0 6613 0 70300 0 14945 0 448008 0 0 0 JONATHAN ROBERTS SVP - CIO 168750 0 34500 0 0 0 30163 0 15495 0 248908 0 0 0 ROSS SILVA REGIONAL LOAN OFFICER 166467 0 10000 0 0 0 14117 0 15110 0 205694 0 0 0 DAVID DECUBELLIS VP - RESIDENTIAL MORTGAGE 126693 0 40000 0 0 0 12960 0 15095 0 194748 0 0 0 LEONARDA CONTI MORTGAGE ORIGINATOR 173954 0 7500 0 0 0 14516 0 7141 0 203111 0 0 0 JEFFREY P CASCIONE VP-COMMERCIAL LENDING 158273 0 19000 0 4663 0 11812 0 14058 0 207806 0 0 0 FREDDIE C ALMEIDA MORTGAGE ORIGINATOR 210971 0 7500 0 0 0 17478 0 15088 0 251037 0 0 0 STEPHEN ANGELL FORMER CEO - DEXTER CU 210206 0 0 0 0 0 0 0 0 0 210206 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 2018, SIX MEMBERS OF SENIOR MANAGEMENT PARTICIPATED IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN ADMINISTERED BY ANGELL PENSION GROUP AND RELIANCE TRUST COMPANY. LISA G. DANDENEAU - $48,300 BRIAN AZAR - $25,000 KATHY OROVITZ - $26,760 JONATHAN ROBERTS - $20,000 H CHRIS DER VARTANIAN - $23,900 GARY FURTADO - $188,300 CIDALIA C ROCHA SPLIT DOLLAR LOAN X 401170 0 1 1 401170 JEFFREY P CASCIONE BROTHER OF LAW FIRM PARTNER 39070 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, THERE ARE NO REPORTABLE TRANSACTIONS. BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 6 NAVIGANT CREDIT UNION IS OWNED AND OPERATED 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 INSURE 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 1,360,604. 2C THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR 2018. 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 1500000 FMV