2017-05-11T15:23:20-05:00 2016-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2016-01-01 050125860 Navigant Credit Union % DANIEL J O'BRIEN NAVI 4012334304 1005 DOUGLAS PIKE SMITHFIELD RI 029171206 DANIEL J O'BRIEN SVP/CFO 4012334304 2017-05-11 true Michael J Rowe CPA P00535831 6174399700 2017-05-04 74.92.33.29 04102520171315000000 2017-05-11 P FC2C3B3E33F5728E88F8F1C970CCBE89E423E2A2 AB4632533840A799C2F045CE9F5D9B6D33CBA32F 2016 2021-01-29 14:40:06Z Daniel J O'Brien 1005 Douglas Pike Smithfield RI 029171206 72168668 false X N/A X 1915 RI THE MISSION OF NAVIGANT CREDIT UNION IS to improve the financial lives of its members. 11 0 332 168141 0 0 54772270 62376621 4381581 5399498 70130 98023 59223981 67874142 0 0 0 0 19774532 22052874 0 0 0 27823981 31568700 47598513 53621574 11625468 14252568 1580996531 1790718272 1399757974 1596027635 181238557 194690637 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 OUR MEMBER SEEK IN MANAGING THEIR FINANCES, DELIVERED BY A KNOWLEDGEABLE AND FRIENDLY STAFF. false false THE CREDIT UNION IS A COOPERATIVE OWNED AND DIRECTED BY AND DEDICATED TO SERVING ITS MEMBERS. THE CREDIT UNION HAS 30,226 loans totalling $1,448,519,000 DUE FROM MEMBERS AND $1,392,649,000 IN 173,441 Deposit ACCOUNTS FROM MEMBERS. ALSO $164,000 OF FEES WERE RECEIVED From MEMBERS RENTING 5,972 SAFE DEPOSIT BOXES. false false false false false false false true false true false false false true true true false false false false false false false false false false false false true false true false false true true false false false false true false false false true 61977 0 true 332 true true true false false false false false X 11 0 false false false false true true true true true false false false true true true true true true true false X DANIEL J O'BRIEN 4012334304 1005 DOUGLAS PIKE SMITHFIELD RI 029171206 Paul Beaudoin director 1.0 0.0 X 15525 0 0 Robert Murray director 1.0 0.0 X 15225 0 0 CHARLES H DEBLOIS DIRECTOR 1.0 0.0 X 32890 0 0 ALFRED P DEGEN VICE CHAIRMAN 1.0 0.0 X 15825 0 0 ANN M KASHMANIAN DIRECTOR/secretary 1.0 0.0 X 20275 0 0 ROLAND R LACHAPELLE DIRECTOR 1.0 0.0 X 40015 0 0 GARY E FURTADO PRESIDENT/TREASURER 40.0 0.0 X X 525988 0 374882 JOSEPH BERETTA DIRECTOR 1.0 0.0 X 24800 0 0 MICHAEL RYAN DIRECTOR 1.0 0.0 X 15000 0 0 JAMES K SALOME DIRECTOR 1.0 0.0 X 15000 0 0 PETER BAZIOTIS DIRECTOR 1.0 0.0 X 15000 0 0 LISA G DANDENEAU EVP/COO 40.0 0.0 X 522258 0 77408 DANIEL J O'BRIEN SVP/CFO 40.0 0.0 X 440603 0 60630 FREDERICK REINHARDT III SVP/CLO 40.0 0.0 X 423162 0 58369 KATHLEEN OROVITZ SVP-Retail Banking 40.0 0.0 X 195291 0 47690 KENNETH SENUS SVP-IT 40.0 0.0 X 218168 0 50982 H Chris Der Vartanian SVP/CRO 40.0 0.0 X 184416 0 37275 JEFFREY P CASCIONE VP-Commercial Lending 40.0 0.0 X 145500 0 24590 Freddie C Almeida Mortgage Originator 40.0 0.0 X 164785 0 27112 Stephen Angell FOMER CEO - DEXTER CU 40.0 0.0 X 153612 0 0 Leonarda Conti Mortgage Originator 40.0 0.0 X 134232 0 16970 Timothy Draper VP - Marketing 40.0 0.0 X 125119 0 24138 3442689 0 800046 28 false true false FISERV 75 REMITTANCE DRIVE - SUITE 6944 CHICAGO IL 606756944 DATA PROCESSING 2352047 intuit fka digital insight corpor PO BOX 515306 LOS ANGELES CA 900516606 data processing 799465 cocc 100 executive blvd SOUTHINGTON CT 064891040 data processing 807620 bowerman associates inc one richmond square suite 220E PAWTUCKET RI 02860 architectual 1293809 Duffy United 10 charles street PROVIDENCE RI 02904 advertising services 858397 33 0 INTEREST ON LOANS 53089627 53089627 MEMBER SERVICE FEE 525990 4527359 4368323 159036 MISCELLANEOUS FEES 525990 4391731 4391731 MFS FEES INCOME 524298 367904 358799 9105 62376621 3286879 3286879 0 0 10800 10800 0 10800 10800 4283768 2123377 4294526 -10758 2123377 2112619 0 0 0 GAIN ON LAWSUIT SETTLEMENT 3440 3440 OTHER REVENUE 83783 83783 87223 67874142 62306503 168141 3286879 0 0 0 0 2719441 0 12673927 1775006 3637809 1246691 0 499121 0 0 0 0 549204 2648217 412073 3031586 0 2535571 57366 0 323869 10956310 0 1744059 0 PROVISION FOR LOAN LOSSES 1679071 CORRESPONDENT SERVICES 2870950 MERGER 993402 STATE DEPOSIT TAX 860787 2407114 53621574 14453558 18136914 50315368 64931255 0 0 0 0 320936 361053 0 0 1267038598 1432923635 0 0 1352038 1340322 49289103 19487637 27367280 29801466 185107665 206627341 0 0 0 0 0 0 35041088 36596286 1580996531 1790718272 19326343 23589273 0 0 0 0 0 0 1278429 1548883 0 0 0 0 0 0 1379153202 1570889479 1399757974 1596027635 X 0 0 0 0 181238557 194690637 181238557 194690637 1580996531 1790718272 X 14252568 -452959 -347529 X false true X true false true 8638087 8638087 29638660 10442728 19195932 4058228 3175474 882754 6954128 5869435 1084693 29801466 0 DEPOSITS 1395553065 ACCRUED INTEREST PAYABLE 660172 BORROWINGS 174676242 1570889479 X 67858000 2058 2058 67855942 18200 18200 67874142 53605000 -16574 -16574 53621574 53621574 Escrow Accounts, 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. Reconciliation of Revenue, Part XI, Lines 2d & 4d: Line 2D: Rounding Adjustment 2,058 Line 4D: Reclase gain/loss on disposa of FA from Expense 18,200 Reconciliation of Expenses, Part XII, Lines 2d & 4d: Line 2D: Reclass gain/loss on disposal of FA to income 18,200 Rounding adjustment (1,626) -------- Total 16,574 ======== Uncertain Tax Positions, 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, 2016 and 2015, 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, 2016 and 2015. The Credit Unions unrelated business income tax returns for fiscal years ended December 31, 2013 to present are subject to review by federal and state taxing authorities. X X true true X X X X false true false LISA G DANDENEAU EVP/COO 238938 0 60000 0 223320 0 64362 0 13046 0 599666 0 216996 0 GARY E FURTADO PRESIDENT/TREASURER 410385 0 110200 0 5403 0 371200 0 3682 0 900870 0 0 0 DANIEL J O'BRIEN SVP/CFO 192338 0 41850 0 206415 0 48511 0 12119 0 501233 0 200034 0 FREDERICK REINHARDT III SVP/CLO 173957 0 45400 0 203805 0 47940 0 10429 0 481531 0 199638 0 JEFFREY P CASCIONE VP-Commercial Lending 123121 0 19500 0 2879 0 10899 0 13691 0 170090 0 0 0 KATHLEEN OROVITZ SVP-Retail Banking 158716 0 36575 0 0 0 34558 0 13132 0 242981 0 0 0 KENNETH SENUS SVP-IT 177793 0 40375 0 0 0 37850 0 13132 0 269150 0 0 0 Freddie C Almeida Mortgage Originator 164235 0 550 0 0 0 13120 0 13992 0 191897 0 0 0 Stephen Angell FOMER CEO - DEXTER CU 153612 0 0 0 0 0 0 0 0 0 153612 0 0 0 H Chris Der Vartanian SVP/CRO 151416 0 33000 0 0 0 32720 0 4555 0 221691 0 0 0 Leonarda Conti Mortgage Originator 133682 0 550 0 0 0 10739 0 6231 0 151202 0 0 0 schedule J, 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. Expenses are reported as taxable benefits. schedule J, Part I, Line 1a HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES The credit union does maintain a membership for the credit union's CEO at a local country club. A country club membership is also provided to 4 employees, including the CEO, commercial lending and business development. Schedule J, Part I, Line 4b - RETIREMENT PLAN During 2016, Seven MEMBERS OF SENIOR MANAGEMENT participated in a supplemental nonqualified retirement plan administered by Angell Pension Group and Reliance Trust Company. Lisa G. Dandeneau $43,550 Gary E. Furtado $350,000 Daniel J. O'Brien $28,750 Kathleen C. Orovitz $18,934 Frederick W. Reinhardt III $29,950 Kenneth L. Senus $20,397 H Chris Der Vartanian $17,989 CIDALIA C ROCHA Split Dollar Loan X 361053 false true true 361053 Jeffrey P Cascione Brother of law FIRM PTNR 2863 LEGAL SERVICES false 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 Jeffrey P. Cascione's brother, is a partner in a law firm that the Credit Union does business with. Jeff is not involved in the decision of the Credit Union to use the services of the law firm. FORM 990 PART VI SECTION A LINE 11a - Review of Form 990: 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 that 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 - CONFLICT OF INTEREST: 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. In addition, an annual update from the credit union's legal counsel as to the duties and responsibilities of the board and committees is conducted. FORM 990 PART VI SECtion B LINES 15A & 15B THE PROCESS FOR DETERMINING COMPENSATION 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 CEOS 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 - ORGANIZATION DOCUMENTS: 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 CONFLICT OF INTEREST POLICY AVAILABLE TO MEMBERS. ALL EMPLOYEES 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 VI SECTION A LINES 6, 7A & 7B - MEMBERS: Navigant Credit Union is owned and operated by its members. The membership vote for the governing body and approve all major actions of the governing body at the annual meeting. FORM 990 PART XI LINE 9 - OTHER CHANGES IN NET ASSETS: FAS 158 Pension liabilities & Post Retirement Health Benefits (347,529) NCU WEALTH MANAGEMENT LLC 1005 DOUGLAS PIKE SMITHFIELD RI 02917 431968891 FINANCIAL SVC RI 0 0 NCU