2017-08-15T10:23:02-05:00 2016-09-30 420714325 RSM US LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2015-10-01 042348884 LEOMINSTER CREDIT UNION LEOM 9785378021 20 ADAMS STREET LEOMINSTER MA 01453 GARY ABRAMS EVPCOOCFO EVP, CFO, COO 9785378021 2017-08-11 1 GERALD B KISSELL P00092658 6123324300 2015 2021-01-29 14:40:06Z JOHN O'BRIEN 20 ADAMS STREET LEOMINSTER MA 01453 60457750 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 11 173 0 142088 -9344 0 0 18358801 19557972 5382748 5071264 415418 424091 24156967 25053327 127703 122206 2806986 2674286 9678983 10417312 0 0 0 9911394 9756687 22525066 22970491 1631901 2082836 631489302 648396763 568895139 583268632 62594163 65128131 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 54,018 MEMBERS, AND INTEREST PAID ON CERTIFICATES OF DEPOSIT TOTALED $1,550,886. OUR SECOND HIGHEST EXPENSE IS INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 54,018 MEMBERS, AND INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS TOTALED $495,435. OUR THIRD HIGHEST EXPENSE IS INTEREST PAID ON DEMAND DEPOSIT ACCOUNTS FOR OUR MEMBERS. AT YEAR-END, THE CREDIT UNION HAD 54,018 MEMBERS, AND INTEREST PAID ON DEMAND DEPOSIT ACCOUNTS TOTALED $307,034. 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 11275 0 1 173 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 ANTHONY GASBARRO CHAIR 2.00 X X 2151 0 0 GIULIO GRECO TREASURER 1.00 X X 3461 0 0 HENRY KULIK ASSISTANT TREASURER 1.00 X X 4912 0 0 RICHARD SHEPPARD CLERK 1.00 X X 1974 0 0 AMEDEO BILOTTA DIRECTOR 1.00 X 4912 0 0 BRUCE BOLLIVAR DIRECTOR 1.00 X 3381 0 0 ANDREW COUSINS DIRECTOR 1.00 X 3318 0 0 NANCY GRAVES DIRECTOR 1.00 X 3128 0 0 JOYCE LAFLEUR DIRECTOR 1.00 X 1355 0 0 JOSEPH QUINTAL DIRECTOR 1.00 X 3268 0 0 MICHAEL SAUVAGEAU DIRECTOR 1.00 X 4823 0 0 JOHN O'BRIEN PRESIDENT/CEO 40.00 X 330511 0 33708 GARY ABRAMS EVP/COO/CFO 40.00 X 263712 0 36333 CAROL PERRON SENIOR VICE PRESIDENT 40.00 X 170988 0 18344 CRAIG MADONIA SENIOR VICE PRESIDENT 40.00 X 164719 0 35464 BARBARA MAHONEY SENIOR VICE PRESIDENT 40.00 X 165870 0 32181 THOMAS CLANCY VICE PRESIDENT 40.00 X 150544 0 37076 DIANE FANSWORTH MORTGAGE ORIGINATOR 40.00 X 147346 0 25521 JANET BELSKY VP MARKETING 40.00 X 137754 0 20286 OSCAR O'CONNOR VP LENDING OPERATIONS 40.00 X 100540 0 30122 1668667 0 269035 9 0 1 0 FISERV PO BOX 22705 LINCOLN NE 68542 IT SERVICES 1041511 LEE & MASON FINANCIAL SERVICES PO BOX 270 NORTHVILLE NY 12134 INSURANCE SERVICES 268415 DAVIS ADVERTISING 1331 GRAFTON ST WORCESTER MA 01604 ADVERTISING SERVICES 233020 PAETEC PO BOX 9001013 LOUISVILLE KY 402901013 TELEPOHONE SERVICES 205876 JAM LANDSCAPING PO BOX 60118 WORCESTER MA 01606 LANDSCAPING SERVICES 123139 13 INTEREST ON LOANS 522100 15291393 15291393 SERVICE CHARGES AND FEE INCOME 522100 4266579 4124491 142088 19557972 4775021 4775021 100019 0 100019 100019 100019 35700666 35404423 296243 296243 296243 CREDIT UNION OWNED LIFE INSURANCE 900099 324072 324072 324072 25053327 19415884 142088 5495355 122206 2674286 1424551 6946603 444382 992012 609764 15091 176175 668675 529664 803964 2160217 36075 63959 1847249 1184520 110329 ATM EXPENSE 662153 PROVISION FOR LOAN LOSS 312654 SECURITY 231456 954506 22970491 5655337 6322862 418467557 431349952 931199 922409 25070107 13963436 11813356 11106671 167884044 170907318 6859300 7165500 19878509 20622051 631489302 648396763 3508274 2968418 1379455 1564438 564007410 578735776 568895139 583268632 X 0 0 0 0 62594163 65128131 62594163 65128131 631489302 648396763 2082836 451132 0 X 0 1 X 1 0 0 1 X 1733969 1733969 12773197 5125236 7647961 620194 326513 293681 9718497 8463620 1254877 224250 48067 176183 11106671 MEMBERS' SHARES 443610776 BORROWED FUNDS 135125000 578735776 X 24746114 0 24746114 307213 307213 25053327 22663279 0 22663279 307213 307213 22970492 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. PART XI, LINE 4B - OTHER ADJUSTMENTS: EMPLOYEE LOAN PAYMENTS RECLASSED FROM EXPENSE 307,213. PART XII, LINE 4B - OTHER ADJUSTMENTS: EMPLOYEE LOAN PAYMENTS RECLASSED TO REVENUE 307,213. 1 BOYS AND GIRLS CLUB OF FITCHBURG LEOMINSTER 365 LINDELL AVE LEOMINSTER MA 01453 043576700 501(C)(3) 5500 PROGRAM SUPPORT FRIENDS OF STERLING SENIORS 36 MUDDY POND ROAD STERLING MA 01564 352429698 501(C)(3) 6000 GENERAL SUPPORT HEALTH ALLIANCE HOSPITAL FOUNDATION 60 HOSPITAL RD LEOMINSTER MA 01453 042103555 501(C)(3) 5960 PROGRAM SUPPORT MOUNT WACHUSETT COMMUNITY COLLEGE FOUNDATION INC 444 GREEN ST GARDNER MA 01440 237136083 501(C)(3) 6500 PROGRAM SUPPORT STARBURST PO BOX 621 LEOMINSTER MA 01453 046006004 501(C)(3) 8000 GENERAL SUPPORT UNITED WAY OF NORTH CENTRAL MASSACHUSETTS 649 JOHN FITCH HIGHWAY FITCHBURG MA 01420 042233021 501(C)(3) 15805 GENERAL SUPPORT WORCESTER STATE FOUNDATION 486 CHANDLER ST WORCESTER MA 01602 223248067 501(C)(3) 6500 PROGRAM SUPPORT 7 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. 1 X X X X 0 0 0 JOHN O'BRIEN PRESIDENT/CEO 281767 0 47250 0 1494 0 21200 0 13948 0 365659 0 0 0 GARY ABRAMS EVP/COO/CFO 229177 0 32627 0 1908 0 21200 0 16573 0 301485 0 0 0 CAROL PERRON SENIOR VICE PRESIDENT 149259 0 20913 0 816 0 9782 0 9820 0 190590 0 0 0 CRAIG MADONIA SENIOR VICE PRESIDENT 142961 0 20449 0 1309 0 13618 0 25442 0 203779 0 0 0 BARBARA MAHONEY SENIOR VICE PRESIDENT 140256 0 24309 0 1305 0 8266 0 27420 0 201556 0 0 0 THOMAS CLANCY VICE PRESIDENT 129605 0 20031 0 908 0 12602 0 25603 0 188749 0 0 0 DIANE FANSWORTH MORTGAGE ORIGINATOR 49526 0 0 0 97820 0 12022 0 13934 0 173302 0 0 0 JANET BELSKY VP MARKETING 118147 0 17979 0 1628 0 11311 0 11075 0 160140 0 0 0 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 11 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) REVIEWS ALL RECOMMENDATIONS TO INCREASE THE SALARY OF ITS OFFICERS AND KEY EMPLOYEES WITHIN THE CREDIT UNION. HR REFERENCES PRE-DETERMINED SALARY RANGES FOR THE RESPECTIVE POSITION, AS WELL AS INFORMATION FROM PURCHASED SALARY SURVEYS TO DETERMINE THE APPROPRIATENESS OF THE RECOMMENDATION. IN ADDITION, HR LOOKS 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 38041 5310 LEOMINSTER CREDIT UNION