2013-05-13T08:16:25-05:00 2012-12-31 111986323 MARCUM LLP 53 STATE STREET FLOOR 38 BOSTON MA 02109 990 2012-01-01 042391206 SHARON CREDIT UNION SHAR 7817847725 30 POND STREET SHARON MA 02067 JOHN A MACOMBER 7817847725 2013-05-09 1 DAVID ST YVES P00178146 6177429666 2012 2016-02-25 16:41:14Z JOHN A MACOMBER 30 POND STREET SHARON MA 02067 48834654 0 X WWW.SHARONCU.COM X 1956 MA TO PROVIDE A FULL RANGE OF FINANCIAL SERVICES TO OUR MEMBERS. 11 10 84 10 52617 -33045 0 0 12331235 12242655 3366663 3418677 0 0 15697898 15661332 0 0 0 0 5450562 5655806 0 0 0 8004529 7297062 13455091 12952868 2242807 2708464 431592604 453800272 383064903 402564107 48527701 51236165 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 12/31/2012, THE CREDIT UNION HAD 6,672 LOANS OUTSTANDING TOTALING $242,187,111. ALSO MEMBERS HAD 57,310 DEPOSITS ACCOUNTS TOTALING $399,239,967. ADDITIONALLY MEMBERS HAD 896 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 9077 0 84 1 1 1 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 JOHN A MACOMBER 7817932804 30 POND STREET SHARON MA 02067 RONALD BECHTEL 2.00 X 5239 0 0 ANNE CARNEY 2.00 X 2173 0 0 DUDLEY D DAVENPORT 2.00 X 1963 0 0 DAVID DOUCETTE 2.00 X 1380 0 0 LAWRENCE GREEN 2.00 X 5239 0 0 CARL HUERTH 2.00 X 4248 0 0 WILLIAM KEATING 2.00 X 684 0 0 ANDREW MCCORMACK 2.00 X 4795 0 0 GLENN PARSONS 2.00 X 5107 0 0 WILLIAM MCINTOSH 2.00 X 2643 0 0 JAMES L CARLSON 40.00 X X 300765 0 44892 JOHN A MACOMBER 40.00 X 189731 0 34609 MARK C EMERSON 40.00 X 186935 0 34567 MAUREEN GREGORY 40.00 X 128164 0 33042 LINDA FOUNTAIN 40.00 X 132577 0 33538 BRIAN ARCAND 40.00 X 130093 0 30291 MARIANE BROADHURST 40.00 X 101320 0 24496 1203056 0 235435 7 0 1 0 0 INTEREST ON LOANS 522100 10022455 10022455 FEE INCOME 524298 2220200 2167583 52617 12242655 1975210 1975210 34616789 33173322 1443467 1443467 1443467 15661332 12190038 52617 3418677 1181642 1181642 2976969 2976969 445486 445486 744695 744695 307014 307014 196266 196266 82900 82900 381693 381693 510219 510219 815015 815015 55167 55167 2860177 2860177 516206 516206 OTHER OPERATING EXPENSE 737559 737559 PROVISION FOR LOAN LOSS 650000 650000 NCUSIF EXPENSE 343874 343874 LOAN SERVICING EXPENSE 102971 102971 45015 45015 12952868 0 12952868 0 31748953 31734077 225512904 241624780 5190203 0 5231032 5190203 164347802 170673748 4751913 4577464 431592604 453800272 5732003 3733574 377332900 398830533 383064903 402564107 X 0 0 0 0 48527701 51236165 48527701 51236165 431592604 453800272 2708464 0 X 0 0 0 1488371 1488371 2156467 2156467 165602 165602 1368313 1368313 11450 11450 5190203 FEDERAL AGENCIES 162663697 C OTHER INVESTMENTS 8010051 C 170673748 DEPOSITS 398721404 BORROWINGS 109129 398830533 X 1 1 X X X 0 0 0 JAMES L CARLSON 294135 0 0 0 6630 0 0 0 44892 0 345657 0 0 0 JOHN A MACOMBER 184479 0 0 0 5252 0 0 0 34609 0 224340 0 0 0 MARK C EMERSON 181865 0 0 0 5070 0 0 0 34567 0 221502 0 0 0 MAUREEN GREGORY 126473 0 0 0 1691 0 0 0 33042 0 161206 0 0 0 LINDA FOUNTAIN 131365 0 0 0 1212 0 0 0 33538 0 166115 0 0 0 BRIAN ARCAND 129765 0 0 0 328 0 0 0 30291 0 160384 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 11 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. FINANCIAL STATEMENTS AND REPORTING PART XI, LINE 2B & 2C 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, 2012 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. TRANSACTIONS WITH INTERESTED PERSONS SCHEDULE L PART II 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.