2013-05-15T11:54:23-07:00 2012-12-31 990 2012-01-01 046017806 HARVARD UNIVERSITY EMPLOYEES CREDIT UNION HARV 6174954460 104 Mt Auburn St 4th Fl Cambridge MA 02138 Christine Renaud 6174954460 2013-05-15 2012 2016-02-25 16:41:14Z Euguene Foley 104 Mt Auburn St 4th Fl Cambridge MA 02138 19728927 0 X www.huecu.org X Credit Union 1939 MA Provide convenient financial and personal services in the best interest of our members, as well as educating our community about finances. 14 14 69 0 0 0 0 0 17476205 18608785 781688 900267 95173 219875 18353066 19728927 0 0 0 0 5921853 6478093 0 0 0 10391160 10689767 16313013 17167860 2040053 2561067 384677354 415027474 351834245 379441975 32843109 35585499 X To be a trusted partner in our member's financial lives. To offer the best price, highest quality personal service, and sincere, sound advice. To create solutions for social, environmental and economic issues. 0 1 The HUECU is a state chartered Credit Union located in Cambridge, MA with branches at MA General Hospital, the Harvard School of Public Health, and the Charlestown Navy Yard. The credit union has over 33,000 members. Membership is limited to those employees and immediate family of Harvard University and its affiliated schools. The CU is dedicated in providing its members with the best and convenient financial services at a cost that is less than the prevailing banking industry practices. The CU offers numerous savings and loan products, including checking accounts, money market, certificates of deposit, and club accounts. Loan products incude personal loans, credit cards, automobile, student and a variety of fixed and variable rate mortgages. These are only some of the services the CU provides to partner with our members. 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 6568 0 1 69 1 0 0 0 0 0 0 X 14 14 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 MA X Eugene Foley 6174954460 104 Mt Auburn St 4th Fl Cambridge MA 02138 Guillermo Banchiere 1 X 0 0 0 Karen Deberio 1 X 0 0 0 Joseph DeCristoforo 1 X 0 0 0 Edward Doctoroff 1 X 0 0 0 Edward Emde 1 X 0 0 0 Edward Feldman 1 X 0 0 0 John Lichten 2 X X 0 0 0 Thomas Lucey 1 X 0 0 0 Jerremiah Murphy 1 X 0 0 0 Stephen King 1 X 0 0 0 Mary Straub 1 X 0 0 0 Marie Trottier 1 X 0 0 0 George White 2 X 0 0 0 William Murphy 1 X 0 0 0 Eugene J Foley 45 X X X 317837 0 64452 John Degnan 40 X X 120875 0 25139 Peter Buchanan 40 X X 120739 0 25108 Cheryl Gorman 42.5 X X 194251 0 38441 Craig Leonard 45 X X 213676 0 42285 Tom Montilli 40 X X 108388 0 22559 1075766 0 217984 7 0 1 0 Harvard University 1033 Massachusetts Avenue Cambridge MA 02138 HU Salaries 3251135 PSCU 560 Carillon Parkway Saint Petersburg FL 33716 Electronic services- Credit, Debit, Internet Banking 787998 Eliot Square LTD Partnership PO BOX 984001 Boston MA 02298 Lease 491915 National Credit Union Administration PO BOX 979069 St Lousi MO 631979000 Insurance 526211 Fi-Serv Information Systems 1250 Grumman Place Titusville FL 32780 Main Processor 413171 9 0 Interest on Loans 522130 14057113 14057113 0 0 Various Bank Fees 522130 4551672 4551672 0 0 0 0 0 0 18608785 900267 900267 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MBS Agencies 522130 219875 219875 0 0 0 0 0 0 219875 19728927 19728927 0 0 1293750 0 3669342 1515001 91821 128663 152853 511003 2098622 440969 1155722 99461 2232916 643159 423293 Loan Loss 1088000 Loan Servicing 1305682 Consulting Fees 180314 Chapter Dues 38951 98338 17167860 0 0 0 X 35889672 29866738 30888954 18282540 248241856 287279886 1706444 2239818 2470719 1886394 166049 212969 5274526 2487230 2800138 2787296 57288818 66345942 5224704 6125891 384677354 415027474 999495 4399785 12380917 1450462 338453833 373591728 351834245 379441975 X 0 0 0 0 32843109 35585499 32843109 35585499 384677354 415027474 2561067 181323 0 0 0 0 X 1 X 1 X 1 0 0 0 0 0 0 0 0 3818287 0 1762622 2055665 1112201 0 597534 514667 344038 0 127074 216964 2787296 Bonds 50102377 F MBS Agencies 16243565 F 66345942 Escrow Account 1507468 Savings Accounts 112235570 Checking Accounts 64630884 Money Market Accounts 98165502 Club Accounts 1756808 IRA Accounts 22929184 Certificates of Deposits 72366312 373591728 19728927 0 0 0 0 0 19728927 0 0 0 19728927 17167860 0 0 0 0 0 17167860 0 0 0 17167860 X X X 0 0 0 Eugene J Foley 265837 0 52000 0 0 0 0 0 64452 0 382289 0 394997 0 Craig Leonard 171601 0 42075 0 0 0 0 0 42285 0 255961 0 267464 0 Cheryl Gorman 156001 0 38250 0 0 0 0 0 38441 0 232692 0 243148 0 SchJ_P01_S00_L03 Schedule J, Part I, Line 3 Each year the Executive Committee and the Personnel Committee review the performance of the President/CEO. Independent CU compensation data is referenced and utilized in determining the compensation. Peter Buchanan Vice President of Lending Mastercard X 2500 1271 0 1 1 Joseph DeCristoforo Board of Director Credit Card X 15000 4759 0 1 1 Joseph DeCristoforo Board of Director Mass Save X 9500 9500 0 1 1 Joseph DeCristoforo Board of Director Second Mortgage X 61777 11760 0 1 1 Joseph DeCristoforo Board of Director HELOC X 75000 11863 0 1 1 Edward Doctoroff Board of Director Personal X 15000 392 0 1 1 Edward Emde Board of Director Mastercard X 6000 5852 0 1 1 Edward Feldman Board of Director Mastercard X 25000 684 0 1 1 Edward Feldman Board of Director Mortgage X 230000 225033 0 1 1 Eugene Foley President and CEO Mastercard X 16000 7194 0 1 1 Eugene Foley President and CEO Mortgage X 465000 460321 0 1 1 Eugene Foley President and CEO Mortgage X 465000 463514 0 1 1 Cheryl Gorman Executive VP of Retail Sales Mastercard X 35000 5209 0 1 1 Stephen King Board of Director Personal Loan X 25000 18195 0 1 1 Stephen King Board of Director Mortgage X 643000 629078 0 1 1 John Lichten Board of Director Auto X 10200 8976 0 1 1 John Lichten Board of Director HELOC X 79000 15506 0 1 1 Tom Montilli Vice President of Marketing Mastercard X 5000 869 0 1 1 Tom Montilli Vice President of Marketing Mass Save X 8851 7228 0 1 1 William Murphy Board of Director Mastercard X 8000 5058 0 1 1 Christian Schumann Former Board of Director Mastercard X 10000 2499 0 1 1 Christian Schumann Former Board of Director Auto X 10000 2612 0 1 1 Mary Straub Board of Director HELOC X 30000 13534 0 1 1 Mary Straub Board of Director Mortgage X 215500 199254 0 1 1 Marie Trottier Board of Director Mastercard X 6000 5582 0 1 1 Marie Trottier Board of Director Personal X 3000 2689 0 1 1 George White Board of Director Mortgage X 155000 121386 0 1 1 2239818 PSCU CU CEO is on the BOD 787998 Electronic Processing & Internet Banking 0 F990_P03_S00_L03 Form 990, Part III, Line 3 The Harvard University Employees Credit Union bought a Credit Card Portfolio in 2012. This portfolio consisted of Harvard Alumni which the CU serves as part of our community. With this new portfolio, the credit union is undertaking a new credit card program with reward points. The Credit Union is also switching from offering Visa Credit Cards to strictly only Mastercard Credit Cards. The Credit Union redesigned the checking account products to fit our members current needs. We also instituted a "Balance Fitness" program to help our members help themselves with their financial needs and learning. F990_P06_S0A_L06 Form 990, Part VI, Section A, Line 6 The Credit Union has approximately 33,000 members in its field of membership. F990_P06_S0A_L07a Form 990, Part VI, Section A, Line 7a Each member has one voting right to cast at the annual meeting to elect the members of the Board of Directors. Five of the fifteen directors are voted in each year. F990_P06_S0A_L07b Form 990, Part VI, Section A, Line 7b Any by law changes must be approved by the members at the annual meeting. A special meeting may also be called to vote on a by law change. F990_P06_S0B_L11b Form 990, Part VI, Section B, Line 11b The 990 is prepared by the accounting manager and then reviewed by the CFO of the Credit Union. The 990 is then presented to the Audit Committee for final review. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c A confilict of interest policy is reviewed and approved each year by the Board of Directors. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 Each year the Executive Committee and the Personnel Committee review the performance and position of the President/CEO. Independent CU compensation data is referenced and utilized in determining the compensation. Other officer positions are reviewed by the President/CEO and compared to independent Credit Unon data. The final salary recommendation is presented and approved by the Board of Directors. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 By laws, conflict of interest policy, and financial statements are available upon request. Financial Statements are posted in each branch and are on the CU's Website. F990_P10_S00_L15 Form 990, Part X, Line 15 Other Assets: NCUSIF $3,481,117.00 Student Loan Rec $1,893,891.00 FNMA Servicing Rights $688,001.00 PSCU Rec $62,882.00