2014-05-14T13:58:41-05:00 2013-09-30 420714325 MCGLADREY LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2012-10-01 042348884 LEOMINSTER CREDIT UNION LEOM 9785378021 20 ADAMS STREET LEOMINSTER MA 01453 GARY ABRAMS EVPCOOCFO 9785378021 2014-05-09 1 GERALD B KISSELL P00092658 6123324300 2012 2015-11-30 17:44:51Z JOHN O'BRIEN 20 ADAMS STREET LEOMINSTER MA 01453 53239223 0 X WWW.LEOMINSTERCU.COM X 1954 MA LEOMINSTER CREDIT UNION (LCU) IS A STATE CHARTERED CREDIT UNION. 11 11 166 0 52349 -177075 0 0 20104602 19185242 6184808 5689473 87726 87728 26377136 24962443 114368 102493 5037780 4182670 8946873 8763574 0 0 0 10622009 11085780 24721030 24134517 1656106 827926 619149841 621728878 556933050 565097583 62216791 56631295 X LEOMINSTER CREDIT UNION 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. OUR SECOND HIGHEST EXPENSE IS INTEREST PAID ON INDIVIDUAL RETIREMENT ACCOUNTS FOR OUR MEMBERS. OUR THIRD HIGHEST EXPENSE IS INTEREST PAID ON DEMAND DEPOSIT ACCOUNTS FOR OUR MEMBERS. 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 12283 0 1 166 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 2.00 X X 1000 0 1623 MICHAEL SAUVAGEAU 1.00 X X 0 0 4019 RICHARD SHEPPARD 1.00 X X 0 0 3163 AMEDEO BILOTTA 1.00 X 3000 0 3014 BRUCE BOLLIVAR 1.00 X 0 0 3433 ANDREW COUSINS 1.00 X 0 0 1724 NANCY GRAVES 1.00 X 0 0 3174 GIULIO GRECO 1.00 X 0 0 3412 HENRY KULIK 1.00 X 0 0 4019 JOSEPH QUINTAL 1.00 X 0 0 3520 JOYCE LAFLEUR 1.00 X 0 0 0 GORDON EDMONDS 40.00 X 354138 0 21952 PAUL GILBODY 40.00 X 73338 0 6663 GARY ABRAMS 40.00 X 245776 0 44436 JOHN O'BRIEN 40.00 X 173559 0 14668 CAROL SOUTHWORTH 40.00 X 161920 0 13329 SETH WISH 40.00 X 147936 0 33971 BARBARA MAHONEY 40.00 X 149215 0 28589 DIANE FARNSWORTH 40.00 X 135974 0 22985 JANET BELSKY 40.00 X 128245 0 18576 1574101 0 236270 8 0 1 0 FISERV PO BOX 22705 LINCOLN NE 68542 IT SERVICES 331439 PAETEC PO BOX 1283 BUFFALO NY 14240 TELEPHONE SERVICES 257981 VELOCITY SOLUTIONS INC PO BOX 460939 FORT LAUDERDALE FL 33346 ACCOUNT ANALYSIS SERVICES 191355 GELINAS & WARD 106 MERRIAM AVE LEOMINSTER MA 01453 LEGAL SERVICES 107099 CITY OF WORCESTER 455 MAIN ST WORCESTER MA 01608 POLICE SECURITY SERVICES 106461 8 INTEREST ON LOANS 522100 15116643 15116643 SERVICE CHARGES AND FEE INCOME 522100 3871280 3818931 52349 OTHER INCOME 522100 197319 197319 19185242 5126237 5126237 103748 16020 87728 87728 87728 27381675 1442321 26706457 1554303 675218 -111982 563236 563236 24962443 19132893 52349 5777201 102493 4182670 807948 6126517 406080 847140 575889 15756 212000 474262 480855 1305236 1060158 32765 53780 2389991 1309980 164216 PROVISION FOR LOAN LOSS 1148150 MAINTENANCE AND SERVICE 973210 NCUSIF INSURANCE PREMIU 435000 COLLECTIONS 259101 771320 24134517 4841701 6500753 347318982 405132250 625955 743522 23781812 10925067 13458611 12856745 239781909 183778434 5318800 5133400 7803883 7583774 619149841 621728878 3175553 4191159 867432 1095894 552890065 559810530 556933050 565097583 X 0 0 0 0 62216791 56631295 62216791 56631295 619149841 621728878 827926 -6413422 0 X 0 1 X 1 0 0 1 X 1378459 1378459 12616123 3765794 8850329 615192 210266 404926 9111335 6905364 2205971 60703 43643 17060 12856745 MEMBERS' SHARES 475305530 BORROWED FUNDS 84505000 559810530 X 24962443 0 24962443 0 24962443 24134517 0 24134517 0 24134517 PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY INSURANCE AND TAXES ON BEHALF OF ITS MORTGAGE LOAN ACCOUNTS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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. 1 UNITED WAY - NORTH CENTRAL MA 860 SOUTH ST FITCHBURG MA 01420 042233021 501(C)(3) 5500 GENERAL SUPPORT LEOMINSTER ARTS COUNCIL INC 320 PLEASANT ST LEOMINSTER MA 01453 042784618 501(C)(3) 2000 6000 ACTUAL COST FIREWORKS PROGRAM SUPPORT 2 0 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE CREDIT UNION INFORMALLY FOLLOWS UP WITH GRANT RECIPIENTS AND ENSURES THAT GRANT FUNDS ARE USED FOR THE PURPOSE INTENDED. X X X X 0 0 0 GORDON EDMONDS 216687 0 62500 0 74951 0 20000 0 1952 0 376090 0 0 0 GARY ABRAMS 193673 0 39949 0 12154 0 20000 0 24436 0 290212 0 0 0 JOHN O'BRIEN 146489 0 26266 0 804 0 13524 0 1144 0 188227 0 0 0 CAROL SOUTHWORTH 136795 0 24938 0 187 0 4929 0 8400 0 175249 0 0 0 SETH WISH 126212 0 21294 0 430 0 12333 0 21638 0 181907 0 0 0 BARBARA MAHONEY 125992 0 22419 0 804 0 7455 0 21134 0 177804 0 0 0 DIANE FARNSWORTH 47347 0 84765 0 3862 0 11087 0 11898 0 158959 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 INTERESTS 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 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. FINANCIAL STATEMENTS ARE POSTED IN THE LOBBIES OF OUR BRANCES 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 7932 8174 LEOMINSTER CREDIT UNION