2016-11-10T09:55:46-06:00 2015-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2015-01-01 042079901 Workers' Credit Union % WORKERS CREDIT UNION WORK 9783451021 815 Main Street Fitchburg MA 014200900 J TIMOTHY SMITH SVP CFO & Treasurer 9783451021 2016-11-09 true Michael J Rowe CPA P00535831 6174399700 2016-11-09 2015 2017-02-10 21:41:12Z Douglas Petersen 815 MAIN STREET Fitchburg MA 014200900 108495303 false X http://www.wcu.com X 1914 MA THE ORGANIZATION IS A STATE CHARTERED CREDIT UNION THAT SERVES MEMBERS WHO LIVE OR WORK IN MASSACHUSETTS. 10 10 305 10 93913 0 0 49306163 55243119 6820081 8602057 43544 70789 56169788 63915965 0 0 0 0 18286581 19362843 0 0 0 25826430 30821600 44113011 50184443 12056777 13731522 1151137509 1312153172 1009384357 1158779923 141753152 153373249 THE ORGANIZATION IS A STATE CHARTERED CREDIT UNION THAT SERVES MEMBERS WHO LIVE OR WORK IN MASSACHUSETTS. false false The Credit Union is cooperative owned, directed and dedicated to its members. As of 12/31/2015, the Credit Union's net loans totaled $934 million and share deposits totaled $873 million. false false false false false false false false 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 false false false false false false true true false false true 42552 0 true 305 true true true false false false false false X 10 10 false false false false true true true true true false false false true true true true true true true true true X WORKERS CREDIT UNION 9783451021 815 MAIN STREET FITCHBURG MA 014200900 JOHN S FORD director 1.0 0.0 X 0 0 0 MARINA M RAHER Director/Audit comm chair 1.0 0.0 X 0 0 0 ERIC D SHAPIRO direcot/chairman 1.0 0.0 X X 0 0 0 JOHN MORSE CLERK/Director 1.0 0.0 X X 0 0 0 WILHO MYLLYMAKI DIRECTOR 1.0 0.0 X 0 0 0 JAMES E ROUSE director 1.0 0.0 X 0 0 0 RAYMOND J MARTINO DIRECTOR/vice chairman 1.0 0.0 X X 0 0 0 Melissa Fetterhoff Director 1.0 0.0 X 0 0 0 Mary Heafy Director/assistant clerk 1.0 0.0 X X 0 0 0 Donata J Martin Director 1.0 0.0 X 0 0 0 DOUGLAS J PETERSEN President/CEO 40.0 0.0 X 594008 0 37821 CATHERINE GOODALL CONTROLLER/ASSISTANT TREASURER 40.0 0.0 X 142910 0 20151 J Timothy Smith SVP - CFO & Treasurer 40.0 0.0 X 246903 0 33259 John M DOOLIN SVP of HUMAN RESOURCES 40.0 0.0 X 188587 0 20354 MICHAEL J DEMBOWSKI SVP of Oper, Tech & Compliance 40.0 0.0 X 171393 0 21017 JOHN C DOYLE JR SVP of Retail Services 40.0 0.0 X 166254 0 28604 ROBERT P GALLO AVP Commercial Lending 40.0 0.0 X 154517 0 18762 THOMAS J GRAY SVP of Lending 40.0 0.0 X 225936 0 32335 GORDON R WETMORE SVP of Marketing 40.0 0.0 X 172185 0 28569 William Mullin SVP Bus Banking & Comm lending 40.0 0.0 X 215714 0 28589 DAVID EARLS REGISTERED INS & INV REP 40.0 0.0 X 300745 0 31855 MARK FANTASIA VP INSURANCE & INVESTMENT 40.0 0.0 X 375566 0 34782 Linda A Lagoy VP, Regional Manager 40.0 0.0 X 124389 0 18203 Brieanna L Kelley Sr. Mortgage Originator 40.0 0.0 X 153861 0 14769 Glen Marshall SENIOR MORTGAGE ORIGINATOR 40.0 0.0 X 160385 0 19272 3393353 0 388342 18 false true false cocc 100 executive blvd SOUTHINGTON CT 06489 technology solutions 1815891 Idea Agency Inc 420 Main Street STURBRIDGE MA 01566 MARKETING 685843 Bennett Building co 12 main street 2nd floor LEOMINSTER MA 01453 contruction 1095125 Eplus Technology po box 404398 ATLANTA GA 30384 technology solutions 273057 Digital Insight po box 515306 LOS ANGELES CA 90051 technology solutions 872813 18 0 ATM SURCHARGES/SHARED BRANCHING 522100 93913 93913 INTEREST ON LOANS 41839416 41839416 FEES 13309790 13309790 55243119 7123452 7123452 0 0 70789 70789 0 70789 70789 45596622 461321 44579338 1017284 461321 1478605 1478605 0 0 0 0 63915965 55219995 93913 8602057 0 0 0 0 2278407 0 12824269 1265453 1856130 1138584 0 379404 163226 0 0 0 965877 1712930 2585753 2778604 0 1586418 97130 0 454574 10639842 0 1873758 0 LOAN LOSS PROVISION 5531918 LOAN SERVICING EXPENSE 1531478 DUES, MEMBERSHIPS, SUBSCIPTS 345249 EDUCATION EXPENSE 153351 22088 50184443 13128105 12091336 0 0 0 0 0 0 0 0 0 0 821876771 933839790 0 0 9570434 11093054 34867102 15986135 11336471 18880967 281836041 320704422 0 0 0 0 0 0 13389687 15543603 1151137509 1312153172 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1009384357 1158779923 1009384357 1158779923 X 0 0 8301403 8301403 133451749 145071846 141753152 153373249 1151137509 1312153172 13731522 -2111425 X false true X true 5008910 5008910 18912889 8377398 10535491 622869 592586 30283 9697520 7016151 2681369 624914 624914 18880967 0 SHARE AND DEPOSIT ACCOUNTS 873203601 OTHER LIABILITIES 8085352 SHORT TERM BORROWINGS 11000000 LONG TERM DEBT 266490970 1158779923 X 61733751 -2111425 -2111425 63845176 70789 70789 63915965 50113654 -70789 -70789 50184443 50184443 SCHEDULE D PART XII LINE 4B $70,789 of rental income was reclassified to income from expense. SCHEDULE D PAGE 4 PART XII LINE 2D $70,789 of rental income was reclassified to income from expense. SCHEDULE D, PAGE 3, PART X, LINE 2 - Uncertain Tax Positions The Credit Union is exempt, by statute, from federal taxes on income related to the exempt purpose of the Credit Union. 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 consolidated financial statements. There are no uncertain tax positions that require accrual or disclosure at December 31, 2015 or 2014. X X true true X X X X false false false DOUGLAS J PETERSEN President/CEO 583829 0 0 0 10179 0 26500 0 11321 0 631829 0 0 0 DAVID EARLS REGISTERED INS & INV REP 293623 0 0 0 7122 0 24180 0 7675 0 332600 0 0 0 CATHERINE GOODALL CONTROLLER/ASSISTANT TREASURER 121465 0 14665 0 6780 0 12630 0 7548 0 163088 0 0 0 MARK FANTASIA VP INSURANCE & INVESTMENT 364676 0 10000 0 890 0 26500 0 8282 0 410348 0 0 0 John M DOOLIN SVP of HUMAN RESOURCES 183450 0 0 0 5137 0 18176 0 2175 0 208938 0 0 0 MICHAEL J DEMBOWSKI SVP of Oper, Tech & Compliance 168406 0 0 0 2987 0 16896 0 4121 0 192410 0 0 0 JOHN C DOYLE JR SVP of Retail Services 163213 0 0 0 3041 0 17714 0 10890 0 194858 0 0 0 ROBERT P GALLO AVP Commercial Lending 137618 0 15103 0 1796 0 15753 0 3009 0 173279 0 0 0 THOMAS J GRAY SVP of Lending 222661 0 0 0 3275 0 22214 0 10121 0 258271 0 0 0 GORDON R WETMORE SVP of Marketing 162048 0 7135 0 3002 0 16829 0 11740 0 200754 0 0 0 J Timothy Smith SVP - CFO & Treasurer 244095 0 0 0 2808 0 24918 0 8341 0 280162 0 0 0 Brieanna L Kelley Sr. Mortgage Originator 152563 0 1000 0 298 0 14769 0 0 0 168630 0 0 0 William Mullin SVP Bus Banking & Comm lending 190863 0 20824 0 4027 0 22209 0 6380 0 244303 0 0 0 Glen Marshall SENIOR MORTGAGE ORIGINATOR 158874 0 1115 0 396 0 16333 0 2939 0 179657 0 0 0 SCHEDULE J, PART I, 1A AND 1B ALL EXPENSES PAID ARE WITHIN THE GUIDELINES OF THE CREDIT UNION'S ACCOUNTS PAYABLE POLICY. GUIDELINES FOR THE APPROVAL PROCESS INCLUDE FINAL APPROVAL OF ALL EXPENSES INCURRED BY THE CEO; SENIOR VICE PRESIDENT EXPENSES ARE APPROVED BY THE CEO. THE POLICY IS APPROVED BY THE BOARD OF DIRECTORS ANNUALLY. Officer and Director loans Some of the officers and directors have loans outstanding with the Credit Union. These loans were obtained in the ordinary course of business of the Credit Union on the same terms as are available to all members. Persuant to instructions for Schedule L, these loans are not reportable on Schedule L. PAGE 6, PART VI, SECTION A, LINES 6, 7A & 7B - Members Line 6 - Workers' Credit Union is a state-chartered community credit union. Our field of membership allows us to accept members who either reside in Massachusetts or work for a company that is based in Massachusetts. Line 7a and 7b - The members vote for the board of directors at the annual meeting and on all business brought before the members. PAGE 6, PART VI, SECTION B, LINE 11A - Review of Form 990 The board of directors has delegated the responsibility of reviewing the form 990 to the CEO and CFO. The form 990 is made available to any board member who requests it. PAGE 6, PART VI, SECTION B, LINEs 12A, B & C - Conflict of interest policy There is a written conflict of interest policy for all board members and all employees. All employees and board members are required to sign off on a code of conduct policy annually which addresses conflicts of interest. The board reviews all conflicts to assure that all conflicts are resolved. PAGE 6, PART VI, SECTION B, LINES 15A & 15B - Officer Compensation The board reviews and approves the employment contract of the CEO annually. The board uses comparables with other like financial institutions along with job performance factors to determine compensation. PAGE 6, PART VI, SECTION C, LINE 19 - Public documents The Credit Union makes available all governing documents and form 990 to anyone who asks for it. a copy of the statement of condition is posted in all banking lobbies annually. PAGE 6, PART VI, SECTION B, LINEs 16A & 16B - Joint Ventures The Credit Union has invested in several joint ventures. These CUSOs are approved for investing only after careful review of the economics and how the investment will help the Credit Union deliver more financial services to its members. Please refer to Schedule R for details. Workers Financial Services LLC 815 Main Street Fitchburg MA 01420 043535666 Insurance MA 34807 20640 Workers CU Gateway Servces Group LLC 7600 E Orchard Rd Greenwood Village CO 801112583 061695018 Insurance CO Workers CU unrelated 60341 170885 false 0 false 0.06950 Member Gateways LLC PO Box 2617 South Bend IN 46680 911944928 Product Dev IN Workers CU unrelated -6034 61534 false 0 false 0.04348 CUSO Financial Services PO Box 85744 San Diego CA 92186 330731851 Investments CA Workers CU unrelated 178231 761246 false 0 false 0.01963 CU Student Choice Partners LLC 1001 Connecticut Ave NW Washington DC 20036 383777896 Student Loans DC Workers CU unrelated 177582 472349 false 0 false 0.05405 Student CU connect cuso 8575 w 110th street suite 220 Overland Park KS 66210 263590122 Student Loans KS Workers CU unrelated -8552 0 false 0 false 0.17021 CU Wallet LLC 21550 OXNARD St STE 300 Woodland Hills CA 91367 463335704 mobile banking CA Workers CU unrelated -30791 54990 false 0 false 0.01097 false false false false false false false false false false false false false false false false false false false