2017-05-05T13:26:19-05:00 2016-12-31 111986323 MARCUM LLP 53 STATE STREET FLOOR 17 BOSTON MA 02109 990 2016-01-01 042391206 SHARON CREDIT UNION SHAR 7817847725 30 POND STREET SHARON MA 02067 DAVID COX CHIEF FINANCIAL OFFICER 7817847725 2017-05-04 1 DAVID ST YVES P00178146 6178075000 2017-05-03 47.19.127.190 2017-05-04 05:04:05 ED P B4348D3F7AA9C053774522A1CD49F914A6DDABA6 C7BBEB1135011959E8ABB5C7DB0910FF2864C9DA 2016 2021-01-29 14:40:06Z DAVID COX 30 POND STREET SHARON MA 02067 19262680 0 X WWW.SHARONCU.COM X 1956 MA TO PROVIDE A FULL RANGE OF FINANCIAL SERVICES TO OUR MEMBERS. 11 10 96 10 57009 -63684 0 0 13084163 14799295 1671896 1577173 0 0 14756059 16376468 0 0 0 0 6422011 6415421 0 0 0 5678633 6783390 12100644 13198811 2655415 3177657 488703973 539372413 431519119 479017245 57184854 60355168 X OUR MISSION IS TO PROVIDE A FULL RANGE OF FINANCIAL SERVICES TO THE MEMBERS IN OUR COMMUNITY AT COMPETITIVE RATES WHILE EMPHAZING FINANCIAL SOUNDNESS, CONVENIENCE AND EFFICIENT-FRIENDLY SERVICE, WHILE MAINTAINING A CHALLENGING, REWARDING AND ENRICHING ENVIRONMENT FOR ALL EMPLOYEES. 0 0 SHARON CREDIT UNION IS A MEMBER-OWNED ORGANIZATION COMMITTED TO PROVIDING SUPERIOR FINANCIAL SERVICES TO ITS MEMBERS AND THE COMMUNITY. AT 12/31/2016, THE CREDIT UNION HAD 12,373 LOANS OUTSTANDING TOTALING $385,400,000. ALSO MEMBERS HAD 62,302 DEPOSITS ACCOUNTS TOTALING $463,500,000. ADDITIONALLY MEMBERS HAD 914 SAFE DEPOSIT BOXES. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 5940 0 96 1 1 1 0 0 0 0 0 0 0 0 0 X 11 10 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 MA X DAVID COX 7817932804 30 POND STREET SHARON MA 02067 DAVID DOUCETTE AUDIT COMMITTEE CHAIRMAN 2.00 X 1381 0 0 LAWRENCE GREEN TREASURER 2.00 X 5320 0 0 CARL HUERTH SECOND VICE CHAIRMAN 2.00 X 5706 0 0 WILLIAM KEATING FIRST VICE CHAIRMAN 2.00 X 408 0 0 ANDREW MCCORMACK DIRECTOR 2.00 X 5808 0 0 GLENN PARSONS III CLERK 2.00 X 5885 0 0 WILLIAM MCINTOSH DIRECTOR 2.00 X 3127 0 0 RONALD BECHTEL DIRECTOR 2.00 X 5910 0 0 ANNE CARNEY DIRECTOR 2.00 X 3427 0 0 DUDLEY DAVENPORT DIRECTOR 2.00 X 1904 0 0 MAUREEN GREGORY SENIOR RETAIL OFFICER 40.00 X 136328 0 32338 LINDA FOUNTAIN CHIEF LENDING OFFICER 40.00 X 171096 0 37177 JAMES L CARLSON PRESIDENT 40.00 X 355297 0 56823 DAVID COX CHIEF FINANCIAL OFFICER 40.00 X 173014 0 38175 JENNIFER SPIECKER SENIOR MARKETING OFFICER 40.00 X 102023 0 1855 GEORGE SUTHERLAND SENIOR INFORMATION OFFICER 40.00 X 121231 0 26985 WILLIAM BEITLER CHIEF OPERATING OFFICER 40.00 X 136846 0 26973 1234711 0 220326 8 1 1 0 0 INTEREST ON LOANS 522100 12605378 12605378 FEE INCOME 524298 2193917 2136908 57009 14799295 1477531 1477531 2985854 2886212 99642 99642 99642 16376468 14742286 57009 1577173 1234711 1234711 3552065 3552065 484833 484833 792567 792567 351245 351245 213032 213032 91346 91346 451017 451017 628805 628805 858733 858733 78308 78308 1883442 1883442 498118 498118 OTHER OPERATING EXPENSE 1106153 1106153 PROVISION FOR LOAN LOSS 456890 456890 LOAN SERVICING EXPENSE 423702 423702 PROFESSIONAL FEES 93844 93844 13198811 0 13198811 0 30355331 30634273 317034197 383881035 5725769 0 6022791 5725769 129706110 113370478 5585544 5760858 488703973 539372413 4497838 6690860 427021281 472326385 431519119 479017245 X 0 0 0 0 57184854 60355168 57184854 60355168 488703973 539372413 3177657 -7343 0 X 0 0 0 1698671 1698671 3096854 3096854 53643 53643 876601 876601 5725769 FEDERAL AGENCIES 92939424 C OTHER INVESTMENTS 20431054 C 113370478 DEPOSITS 462326385 FHLB BORROWINGS 10000000 472326385 X 1 1 X X X 0 0 0 MAUREEN GREGORY SENIOR RETAIL OFFICER 136328 0 0 0 0 0 16053 0 16285 0 168666 0 0 0 LINDA FOUNTAIN CHIEF LENDING OFFICER 171096 0 0 0 0 0 20016 0 17161 0 208273 0 0 0 JAMES L CARLSON PRESIDENT 355297 0 0 0 0 0 31741 0 25082 0 412120 0 0 0 DAVID COX CHIEF FINANCIAL OFFICER 173014 0 0 0 0 0 20308 0 17867 0 211189 0 0 0 WILLIAM BEITLER CHIEF OPERATING OFFICER 136846 0 0 0 0 0 14021 0 12952 0 163819 0 0 0 SEE SCHEDULE O X 0 1 1 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS A MEMBERS ONLY FINANCIAL INSTITUTION. ITS MEMBERS MEET ANNUALLY AND VOTE FOR A BOARD OF DIRECTORS AND ALL BUSINESS BROUGHT BEFORE THE MEMBERSHIP MUST BE APPROVED. FORM 990, PART VI, SECTION A, LINE 7A SEE ANSWER TO LINE 6 FORM 990, PART VI, SECTION A, LINE 7B SEE ANSWER TO LINE 6 FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS HAS DELEGATED AUTHORITY FOR THE REVIEW OF THE FORM 990 TO THE CHIEF FINANCIAL OFFICER (CFO). THE CFO ENGAGES THE SERVICES OF AN INDEPENDENT ACCOUNTING FIRM FOR THE PREPARATION OF THE FORM 990. UPON COMPLETION, THE FORM 990, IS REVIEWED BY THE CFO, SIGNED BY THE CFO, AND FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE CODE OF ETHICS, WHICH INCORPORATES A CONFLICT OF INTEREST POLICY, IS UPDATED AND RATIFIED BY THE BOARD OF DIRECTORS. THE CODE OF ETHICS PERTAINS TO EMPLOYEES AS WELL AS THE BOARD OF DIRECTORS. ANNUALLY, ALL EMPLOYEES AND BOARD MEMBERS SIGN AN ACKNOWLEDGEMENT THAT THEY HAVE RECEIVED AND READ THE CODE OF ETHICS. FURTHER, ALL EMPLOYEES AND BOARD MEMBERS MUST IDENTIFY, IN WRITING, ALL DEPOSIT AND LOAN ACCOUNTS IN WHICH THEY HAVE A RELATED INTEREST. LOANS GRANTED TO SENIOR MANAGEMENT, DIRECTORS, OR THEIR RELATED PARTIES MUST BE APPROVED BY THE BOARD. IF THE LOAN IS FOR A BOARD MEMBER OR HIS/HER RELATED INTEREST, THE BOARD MEMBER MUST LEAVE THE BOARDROOM DURING DISCUSSION AND VOTE. THE BOARD MEMBER IS RECUSED FROM THE VOTE. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION'S BOARD OF DIRECTORS ASSIGNS RESPONSIBILITY TO THE BOARD'S PERSONNEL COMMITTEE FOR INPUT IN THE PREPARATION OF A PERFORMANCE EVALUATION OF THE CREDIT UNION'S PRESIDENT. THE PERSONNEL COMMITTEE IS COMPRISED OF INDEPENDENT DIRECTORS. THE PERSONNEL COMMITTEE WILL THEN PRESENT THE EVALUATION TO THE FULL BOARD, ALONG WITH A RECOMMENDATION FOR COMPENSATION. THE COMPENSATION LEVEL IS BASED ON A COMBINATION OF THE PRESIDENT'S PERCEIVED VALUE TO THE CREDIT UNION; JOB PERFORMANCE; AND A COMPARISON TO A PEER GROUP SALARY SURVEY CONDUCTED BY PEARL MEYER & PARTNERS. BASED ON THE PERSONNEL COMMITTEE'S RECOMMENDATION, THE FULL BOARD APPROVES THE PRESIDENT'S COMPENSATION. FOR MEMBERS OF SENIOR MANAGEMENT (I.E. COO, SENIOR LENDING OFFICER, SENIOR BRANCH ADMINISTRATOR, CFO, SENIOR MARKETING OFFICER AND SENIOR INFORMATION OFFICER), WRITTEN PERFORMANCE EVALUATIONS ARE PREPARED BY THE IMMEDIATE SUPERVISOR AND REVIEWED BY THE BOARD'S PERSONNEL COMMITTEE. COMPENSATION IS BASED ON VALUE TO THE CREDIT UNION, JOB PERFORMANCE AND COMPARISON TO SALARY RANGES IN THE PEARL MEYER & PARTNERS SALARY SURVEY. THE PERSONNEL COMMITTEE THEN MAKES A RECOMMENDATION TO THE FULL BOARD FOR ITS APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S BY-LAWS, CODE OF ETHICS, CONFLICT OF INTEREST POLICY, ETC. ARE AVAILABLE FOR INSPECTION AT THE CREDIT UNION'S ANNUAL MEETING OR AVAILABLE AT ANYTIME UPON A MEMBER'S REQUEST. THE CREDIT UNION'S PRIVACY POLICY IS MAILED TO EACH MEMBER, ANNUALLY. A STATEMENT OF CONDITION IS POSTED IN EACH BRANCH EVERY MONTH. THE CREDIT UNION'S CALL REPORT DATA IS AVAILABLE TO THE GENERAL PUBLIC VIA THE NCUA'S WEBSITE. PART XI, LINE 2B & 2C, FINANCIAL STATEMENTS AND REPORTING THE SHARON CREDIT UNION FINANCIAL STATEMENTS ARE AUDITED BY MARCUM, LLP, A CERTIFIED PUBLIC ACCOUNTING FIRM. THE FINANCIAL STATEMENT YEAR END IS JUNE 30. THE DECEMBER 31, 2016 STATEMENTS ARE NOT AUDITED. THE SHARON CREDIT UNION BY-LAWS REQUIRE A FINANCE COMMITTEE MADE UP OF BOARD MEMBERS TO REVIEW THE AUDITED FINANCIAL STATEMENTS AND ASSURE THAT ANY FINDINGS BY THE AUDITORS ARE IMPLEMENTED. SCHEDULE L PART II, TRANSACTIONS WITH INTERESTED PERSONS SOME OF THE OFFICERS AND DIRECTORS HAVE LOANS OUTSTANDING WITH THE CREDIT UNION. THESE LOANS WERE OBTAINED IN THE NORMAL COURSE OF BUSINESS OF THE CREDIT UNION WITH TERMS THE SAME AS AVAILABLE TO ALL MEMBERS. THESE LOANS ARE NOT REQUIRED TO BE REPORTED ON SCHEDULE L, PART II. THERE ARE NO REPORTED TRANSACTIONS ON SCHEDULE L.