2019-08-15T14:33:22-05:00 2018-09-30 420714325 RSM US LLP 801 NICOLLET MALL WEST TOWER STE 1100 MINNEAPOLIS MN 554022526 990 2017-10-01 042348884 LEOMINSTER CREDIT UNION LEOM 9785378021 20 ADAMS STREET LEOMINSTER MA 01453 GARY ABRAMS EVPCOOCFO EVP, CFO, COO 9785378021 2019-08-14 1 KACIE MCEWEN P01599614 6123324300 68.47.72.30 2019-08-14 14:36:17 CD P C0F43978DBA0C0105C9EC865D2B1B55C6AA9D490 B56786F7D21A8F39D00ED83C272556B8DDCB8C36 2017 2019-02-21 02:37:17Z JOHN O'BRIEN 20 ADAMS STREET LEOMINSTER MA 01453 37095424 0 X WWW.LEOMINSTERCU.COM X 1954 MA LEOMINSTER CREDIT UNION (LCU) EXISTS TO FULFILL OUR MEMBERS' FINANCIAL NEEDS THROUGH OUTSTANDING SERVICE AND EFFECTIVE TECHNOLOGY. 11 11 174 1 157938 -12493 0 0 20271256 23561244 4541774 4518436 348827 896181 25161857 28975861 123520 125581 2677549 2785076 10299620 10694973 0 0 0 10495829 12590617 23596518 26196247 1565339 2779614 661258604 706304393 597996869 644037012 63261735 62267381 X LEOMINSTER CREDIT UNION (LCU) IS A COMMUNITY-BASED FINANCIAL SERVICES PROVIDER. WE EXIST TO FULFILL OUR MEMBERS' FINANCIAL NEEDS THROUGH OUTSTANDING SERVICE AND EFFECTIVE TECHNOLOGY. AS A RESPONSIBLE CORPORATE CITIZEN, WE ARE COMMITTED TO ENRICHING THE COMMUNITIES IN WHICH WE LIVE AND WORK. 0 0 TO SERVE OUR MEMBERS, OUR HIGHEST EXPENSE IS INTEREST PAID ON CERTIFICATES OF DEPOSIT. AT YEAR-END, THE CREDIT UNION HAD 53,325 MEMBERS, AND INTEREST PAID ON CERTIFICATES OF DEPOSIT TOTALED $1,550,991. OUR SECOND HIGHEST EXPENSE IS INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 53,325 MEMBERS, AND INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS TOTALED $488,843. OUR THIRD HIGHEST EXPENSE IS INTEREST PAID ON DEMAND DEPOSIT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 53,325 MEMBERS, AND INTEREST PAID ON DEMAND DEPOSIT ACCOUNTS TOTALED $317,438. WE CONTINUE TO MAKE CREDIT AVAILABLE TO OUR MEMBERS FOR THE PURCHASE OF HOMES, VEHICLES, AND SMALL BUSINESSES. WE RAISE CAPITAL BY RECEIVING MEMBER DEPOSITS AND PAYING INTEREST ON THOSE DEPOSITS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 11414 0 1 174 1 1 1 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X GARY ABRAMS 9784667263 20 ADAMS STREET LEOMINSTER MA 01453 MICHAEL SAUVAGEAU CHAIR 2.00 X X 5587 0 0 ANDREW COUSINS TREASURER (10/1/17 - 7/1/18) 1.00 X X 2938 0 0 NANCY GRAVES ASST TREASURER/TREASURER (7/2/18) 1.00 X X 3343 0 0 GIULIO GRECO CLERK 1.00 X X 3644 0 0 AMEDEO BILOTTA DIRECTOR 1.00 X 4359 0 0 ANTHONY GASBARRO DIRECTOR 1.00 X 0 0 0 BRUCE BOLLIVAR DIRECTOR 1.00 X 3727 0 0 HENRY KULIK DIRECTOR 1.00 X 7001 0 0 JOSEPH QUINTAL DIRECTOR 1.00 X 4293 0 0 JOYCE LAFLEUR DIRECTOR 1.00 X 2066 0 0 JOYCE LEGER DIRECTOR 1.00 X 939 0 0 RICHARD SHEPPARD DIRECTOR 1.00 X 3148 0 0 JOHN O'BRIEN PRESIDENT/CEO 40.00 X 382346 0 35527 GARY ABRAMS EVP/COO/CFO 40.00 X 265457 0 38127 BARBARA MAHONEY SENIOR VICE PRESIDENT 40.00 X 173933 0 40186 CAROL PERRON SENIOR VICE PRESIDENT 40.00 X 169131 0 20843 CRAIG MADONIA SENIOR VICE PRESIDENT 40.00 X 160015 0 36817 STEPHANIE HYLES CHIEF STRATEGY OFFICER 40.00 X 201312 0 10895 DIANE FARNSWORTH MORTGAGE ORIGINATOR 40.00 X 129294 0 25674 DONALD O'CONNOR VP LENDING OPERATIONS 40.00 X 104544 0 32934 JANET BELSKY VP MARKETING 40.00 X 115209 0 19464 THOMAS CLANCY VICE PRESIDENT 40.00 X 149397 0 32453 1891683 0 292920 10 0 1 0 FISERV PO BOX 22705 LINCOLN NE 68542 IT SERVICES 1596791 NES GROUP INC BLDG B SUITE 201 MANSFIELD MA 02048 CONSTRUCTION SERVICES 441241 DAVIS ADVERTISING 1331 GRAFTON ST WORCESTER MA 01604 ADVERTISING SERVICES 295734 GELINAS & WARD LLP 106 MERRIAM AVENUE LEOMINSTER MA 01453 LEGAL SERVICES 252644 WINDSTREAM ENTERPRISES PO BOX 9001013 LOUISVILLE KY 40290 COMMUNICATIONS 190329 13 INTEREST ON LOANS 522100 18711748 18711748 SERVICE CHARGES AND FEE INCOME 522100 4566469 4408531 157938 OTHER NON-INTEREST INCOME 522100 283027 283027 23561244 4527747 4527747 101750 0 101750 101750 101750 8110252 8119563 -9311 -9311 -9311 CREDIT UNION OWNED LIFE INSURANCE 900099 794431 794431 794431 28975861 23403306 157938 5414617 125581 2785076 1574313 6939149 475049 1062032 644430 9249 246000 700569 532731 697207 2843054 27467 52897 3427501 1079959 216939 PROVISION FOR LOAN LOSS 702688 ATM EXPENSE 679410 SECURITY 233450 1141496 26196247 6443015 5691633 464404638 523066819 978076 1048770 24413055 13368825 11111527 11044230 150775056 135631367 7135800 8929600 20410492 20891974 661258604 706304393 2496064 3932405 1810474 2335291 144405000 178780000 449285331 458989316 597996869 644037012 X 0 0 0 0 63261735 62267381 63261735 62267381 661258604 706304393 2779614 -3773968 0 X 0 1 X 1 0 0 1 X 1841603 1841603 13268354 6080811 7187543 631638 385434 246204 7997597 6847047 1150550 673863 55533 618330 11044230 MEMBERS' SHARES 458989316 458989316 X 28975861 0 28975861 0 28975861 26196247 0 26196247 0 26196247 PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY INSURANCE AND TAXES ON BEHALF OF ITS MORTGAGE LOAN ACCOUNTS. PART X, LINE 2: MANAGEMENT EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THAT THE CREDIT UNION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. 1 HEALTH ALLIANCE HOSPITAL FOUNDATION 60 HOSPITAL RD LEOMINSTER MA 01453 042103555 501(C)(3) 7160 PROGRAM SUPPORT BENNETT SCHOOL LIFE SKILLS PROGRAM PO BOX 621 LEOMINSTER MA 01453 046006004 8000 GENERAL SUPPORT WORCESTER STATE FOUNDATION 486 CHANDLER ST WORCESTER MA 01602 223248067 501(C)(3) 7500 PROGRAM SUPPORT YMCA OF CENTRAL MA 108 ADAMS ST LEOMINSTER MA 01453 042105885 501(C)(3) 5500 PROGRAM SUPPORT WORCESTER REGIONAL CHAMBER OF COMMERCE 311 MAIN ST SUITE 200 WORCESTER MA 01608 041988780 501(C)(6) 6000 PROGRAM SUPPORT 3 2 PART I, LINE 2: THE CREDIT UNION INFORMALLY FOLLOWS UP WITH GRANT RECIPIENTS AND ENSURES THAT THE GRANT FUNDS ARE USED FOR THE PURPOSE INTENDED. X 1 1 X X X X 1 0 0 JOHN O'BRIEN PRESIDENT/CEO 346759 0 31355 0 4232 0 21600 0 16998 0 420944 0 0 0 GARY ABRAMS EVP/COO/CFO 232241 0 17307 0 15909 0 21600 0 19549 0 306606 0 0 0 BARBARA MAHONEY SENIOR VICE PRESIDENT 155260 0 16030 0 2643 0 14495 0 27790 0 216218 0 0 0 CAROL PERRON SENIOR VICE PRESIDENT 158559 0 9507 0 1065 0 10372 0 12575 0 192078 0 0 0 CRAIG MADONIA SENIOR VICE PRESIDENT 148886 0 9297 0 1832 0 12481 0 27495 0 199991 0 0 0 STEPHANIE HYLES CHIEF STRATEGY OFFICER 186462 0 13469 0 1381 0 6134 0 7012 0 214458 0 0 0 DIANE FARNSWORTH MORTGAGE ORIGINATOR 51928 0 0 0 77366 0 10617 0 15772 0 155683 0 0 0 THOMAS CLANCY VICE PRESIDENT 120432 0 5695 0 23270 0 10810 0 23358 0 183565 0 0 0 PART I, LINE 1A THE CREDIT UNION WILL REIMBURSE THE COST OF BOARD-APPROVED SPOUSAL OR "SIGNIFICANT OTHER" TRAVEL EXPENSES WHEN ACCOMPANYING A DIRECTOR ON AN EDUCATIONAL EVENT OR SPECIAL PLANNING/MEETING HELD OFF-SITE FROM LEOMINSTER CREDIT UNION. COSTS INCLUDE TRAVEL, GUEST REGISTRATION, LODGING, MEALS, TELEPHONE CALLS, REFRESHMENTS AND REASONABLE TIPS TO HOTEL EMPLOYEES, CAB/LIMOUSINE DRIVERS AND RESTAURANT STAFF. PART I, LINE 4A THOMAS CLANCEY, VICE PRESIDENT RECEIVED A $22,340 SEVERANCE PAYMENT. 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 MEMBERS ALSO RECEIVE A SHARE OF 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 THE AVP/TREASURY AND EXECUTIVE VICE PRESIDENT REVIEW FORM 990 PRIOR TO ITS FILING. A COPY IS ALSO PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C WE SHARE OUR CONFLICT OF INTEREST POLICY WITH NEW EMPLOYEES WHEN WE HIRE THEM, AND THEY SIGN OFF TO ACKNOWLEDGE RECEIPT. THIS POLICY OUTLINES THE PARAMETERS AROUND ACTIVITIES WHICH CONFLICT WITH OR APPEAR TO CONFLICT WITH THE BUSINESS INTEREST OF LCU. ANNUALLY, WE DISTRIBUTE OUR ETHICS POLICY AND WHISTLEBLOWER POLICY TO REITERATE THE GUIDELINES IN REFERENCE TO CONFLICT OF INTEREST AND THE PROCESS IN PLACE TO ADDRESS ISSUES THAT MAY ARISE. EMPLOYEES SIGN OFF ON BOTH OF THESE PROCESSES ANNUALLY TO ACKNOWLEDGE THEIR RECEIPT. FORM 990, PART VI, SECTION B, LINE 15 HUMAN RESOURCES (HR) AND THE BOARD OF DIRECTORS (BOD) REVIEW ALL RECOMMENDATIONS TO INCREASE THE SALARY OF ITS OFFICERS AND KEY EMPLOYEES WITHIN THE CREDIT UNION. HR AND THE BOD REFERENCE PRE-DETERMINED SALARY RANGES FOR THE RESPECTIVE POSITION, AS WELL AS INFORMATION FROM PURCHASED SALARY SURVEYS AS COMPARABLE DATA TO DETERMINE THE APPROPRIATENESS OF THE RECOMMENDATION. IN ADDITION, HR AND THE BOD LOOK AT THE EQUITY TO COMPARABLE ROLES WITHIN THE CREDIT UNION BEFORE APPROVING THE RECOMMENDATION. FORM 990, PART VI, SECTION C, LINE 19 OUR GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO MEMBERS UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FINANCIAL STATEMENTS ARE POSTED IN THE LOBBIES OF OUR BRANCHES FOR MEMBERS TO REVIEW. WE DO NOT MAKE OUR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. LCU INSURANCE SERVICES LLC 20 ADAMS STREET LEOMINSTER MA 01453 452079582 INSURANCE SERVICES MA 1834 11019 LEOMINSTER CREDIT UNION