2015-02-28T10:33:28-06:00 2013-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2013-01-01 042079901 Workers' Credit Union % WORKERS CREDIT UNION WORK 9783451021 815 Main Street Suite Fitchburg MA 014200900 J TIMOTHY SMITH SVP/CFO/Treasurer 9783451021 2014-11-13 true Michael J Rowe CPA P00535831 9783451021 2014-11-13 2013 2016-02-25 16:41:14Z Douglas Petersen 815 MAIN STREET Fitchburg MA 014200900 50511421 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 10 271 5 195009 -346791 0 0 43324583 44544036 6540547 5951045 63318 16340 49928448 50511421 0 0 0 0 14128514 15720131 0 0 0 24252535 25821546 38381049 41541677 11547399 8969744 913270562 1038005093 791518870 910462304 121751692 127542789 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 12/31/2013, the Credit Union's net loans totaled $742 million and share deposits totaled $707 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 44924 0 true 271 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 vice chairman 1.0 X X 1031 0 0 MARINA M RAHER Director/Audit comm chair 1.0 X 1089 0 0 ERIC D SHAPIRO DIRECTOR/Assistant Clerk 1.0 X X 0 0 0 JOHN MORSE CLERK/Director 1.0 X X 1266 0 0 WILHO MYLLYMAKI DIRECTOR 1.0 X 0 0 0 JAMES E ROUSE Chairman 1.0 X X 3283 0 0 RAYMOND J MARTINO DIRECTOR 1.0 X 1610 0 0 Melissa Fetterhoff Director 1.0 X 0 0 0 James Dolan Director 1.0 X 0 0 0 Mary Heafy Director 1.0 X 0 0 0 DOUGLAS J PETERSEN President/CEO 40.0 X 429478 0 40879 CATHERINE GOODALL CONTROLLER/ASSISTANT TREASURER 40.0 X 131330 0 10164 J Timothy Smith SVP - CFO & Treasurer 40.0 X 194579 0 36325 LINDA JACKSON AVP, TRAINING MANAGER 40.0 X 95382 0 8559 John M DOOLIN SVP of HUMAN RESOURCES 40.0 X 169516 0 15117 MICHAEL J DEMBOWSKI SVP of Oper, Tech & Compliance 40.0 X 144699 0 10087 JOHN C DOYLE JR SVP of Retail Services 40.0 X 157090 0 11875 ROBERT GALLO AVP Commercial Lending 40.0 X 145668 0 13662 THOMAS J GRAY SVP of Lending 40.0 X 163952 0 12341 GORDON R WETMORE SVP pf Marketing 40.0 X 156777 0 11857 Linda Lagoy VP, Reginal Manager 40.0 X 113113 0 9180 Richard Rogers Vice President 40.0 X 114851 0 5842 Robert Remillard VP/Sales Manager 40.0 X 110172 0 9035 David Thibodeau VP/Information Technology 40.0 X 103284 0 10974 William Mullin SVP Bus Banking & Comm lending 40.0 X 172629 0 13789 John Manfroni AVP, Risk Mgmt Officer, CRCM 40.0 X 95989 0 9170 DAVID ROGERS SVP OF COMMERCIAL DEVELOPMENT 40.0 X 100713 0 9415 DAVID EARLS REGISTERED INSURANCE & INV REP 40.0 X 250626 0 14318 MARK FANTASIA VP INSURANCE & INVESTMENT 40.0 X 226821 0 15187 CATHERINE BENOIT AVP Mortgage Lending 40.0 X 214933 0 10967 Glen Marshall Mortgage Originator 40.0 X 143987 0 8274 FREDERICK D HEALEY former PRESIDENT/CEO 0.0 X 129224 0 149 3573092 0 287166 20 true true false Intuit Financial Services PO BOX 515306 LOS ANGELES CA 900516606 Consulting 585197 Smith Jones 76 Main Street STURBRIDGE MA 01566 MARKETING 615682 Blue Cross Blue Shield PO Box 371318 PITTSBURGH PA 152507318 insurance 1809968 EPLUS Technology Inc po box 404398 ATLANTA GA 303844398 technology solutions 397756 My CU Mortgage 3040 Presidential Dr FAIRBORN OH 45324 Mortgage Servicing 251307 26 0 ATM SURCHARGES/SHARED BRANCHING 522100 78814 78814 INTEREST ON LOANS 33311448 33311448 FEES 11153774 11153774 44544036 5175085 116195 5058890 0 0 16340 16340 0 16340 16340 775960 775960 775960 775960 0 0 0 0 50511421 44481562 195009 5834850 0 0 0 0 3443868 0 8786762 1007617 1501529 980355 0 427697 154190 0 0 0 707375 1231077 2363389 2776416 0 1234108 102853 0 272519 7864001 0 1320927 0 LOAN LOSS PROVISION 5510925 NCUSIF INSURANCE ASSESSMENT 655948 LOAN SERVICING EXPENSE 932733 DUES, MEMBERSHIPS, SUBSCIPTS 155799 111589 41541677 19893027 16182844 0 0 0 0 0 0 0 0 0 0 660879936 742122702 0 0 8770158 9809364 23077005 15060383 7901255 8016622 192746503 247279049 0 0 0 0 0 0 23079683 14594512 913270562 1038005093 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 791518870 910462304 791518870 910462304 X 0 0 8301403 8301403 113450289 119241386 121751692 127542789 913270562 1038005093 8969744 -3178647 X false true X true false 1368902 1368902 12298996 7303743 4995253 626949 562066 64883 8782158 7194574 1587584 8016622 0 SHARE AND DEPOSIT ACCOUNTS 706482980 OTHER LIABILITIES 4979324 SHORT TERM BORROWINGS 8000000 LONG TERM DEBT 191000000 910462304 X 47316434 -3178647 -3178647 50495081 16340 16340 50511421 41558017 16340 16340 41541677 41541677 Schedule D part XII Line 4b $16,340 of rental income was reclassified to income from expense. Schedule D Page 4 Part XII Line 2d $16,340 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, 2013 or 2012. X X true true X X X X true false false FREDERICK D HEALEY former PRESIDENT/CEO 42670 0 86554 0 0 0 0 0 149 0 129373 0 0 0 DOUGLAS J PETERSEN President/CEO 335550 0 78842 0 15086 0 32800 0 8079 0 470357 0 0 0 DAVID EARLS REGISTERED INSURANCE & INV REP 242362 0 1000 0 7264 0 7926 0 6392 0 264944 0 0 0 MARK FANTASIA VP INSURANCE & INVESTMENT 216097 0 10000 0 724 0 9308 0 5879 0 242008 0 0 0 John M DOOLIN SVP of HUMAN RESOURCES 131628 0 32648 0 5240 0 7038 0 8079 0 184633 0 0 0 CATHERINE BENOIT AVP Mortgage Lending 212245 0 0 0 2688 0 7858 0 3109 0 225900 0 0 0 MICHAEL J DEMBOWSKI SVP of Oper, Tech & Compliance 114767 0 28298 0 1634 0 4508 0 5579 0 154786 0 0 0 JOHN C DOYLE JR SVP of Retail Services 126615 0 28658 0 1817 0 6499 0 5376 0 168965 0 0 0 ROBERT GALLO AVP Commercial Lending 122729 0 21989 0 950 0 6128 0 7534 0 159330 0 0 0 THOMAS J GRAY SVP of Lending 134961 0 27014 0 1977 0 6762 0 5579 0 176293 0 0 0 GORDON R WETMORE SVP pf Marketing 125553 0 28420 0 2804 0 5485 0 6372 0 168634 0 0 0 J Timothy Smith SVP - CFO & Treasurer 154015 0 39370 0 1194 0 30746 0 5579 0 230904 0 0 0 Glen Marshall Mortgage Originator 143378 0 50 0 559 0 5856 0 2418 0 152261 0 0 0 William Mullin SVP Bus Banking & Comm lending 146044 0 23325 0 3260 0 7170 0 6619 0 186418 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. Schedule J Part I Line 4a The Former CEO departed the Credit Union at the end of 2010. The Credit Union has made agreed upon severance payments, as part of that departure. The CEO will continue receive payments including salaries, bonus and benefits coverage from the Credit Union through 2013. Schedule L, Part II - Loans to/from Interest Persons 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, Line 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 assets income and expense is posted in all banking lobbies. Page 6, Part VI, Section B, Line 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 113217 10896 Workers CU NorthEast Member Business Services 600 Main street waltham MA 02452 201741448 Loan underwri NH RTN Federal CU unrelated -219440 0 false 0 false 0.23810 Gateway Servces Group LLC 7600 E Orchard Rd Greenwood Village CO 801112583 061695018 Insurance CO Workers CU unrelated 11507 152200 false 0 false 0.07380 Member Gateways LLC PO Box 2617 South Bend IN 46680 911944928 Product Dev IN Workers CU unrelated 42139 135379 false 0 0.04000 CUSO Development Company LLC 6090 Fulton St E Ada MI 49301 020772844 Mortgage Loan MI Workers CU unrelated false 0 false CUSO Financial Services PO Box 85744 San Diego CA 92186 330731851 Investments CA Workers CU unrelated 168173 710235 false 0 false 0.01984 CU Student Choice Partners LLC 1001 Connecticut Ave NW Washington DC 20036 383777896 Student Loans DC Workers CU unrelated 134063 228420 false 0 false 0.05128 Student CU connect cuso 8575 w 110th street suite 220 Overland Park KS 66210 263590122 Student Loans KS Workers CU unrelated 42937 -886696 false 0 false 0.17021 X-Card Systems LLC 5 Fram Ave suite 102 Frazer PA 19355 261167506 Debit Cards PA X-Card Systems unrelated 0 -21794 false 0 false 0.03394 false false false false false false false false false false false false false false false false false false false