2011-07-20T08:36:26-05:00 2010-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2010-01-01 050125860 NAVIGANT CREDIT UNION NAVI 4012334304 1005 DOUGLAS PIKE SMITHFIELD RI 029171206 Daniel j O'Brien 4012334304 2011-07-07 true Michael J Rowe CPA 6174399700 2011-07-06 2010 2016-02-24 21:20:13Z Daniel J O'Brien 1005 Douglas Pike Smithfield RI 029171206 54179578 false X N/A X 1915 RI THE MISSION OF NAVIGANT CREDIT UNION IS TO IMPROVE THE FINANCIAL LIVES OF ITS MEMBERS. 11 10 246 0 268760 -112311 0 0 41451232 40271966 10676330 12304846 0 0 52127562 52576812 0 0 0 0 13648457 14470762 0 0 0 36390628 32882238 50039085 47353000 2088477 5223812 1157362905 1216663593 1008470934 1062352258 148891971 154311335 NAVIGANT CREDIT UNION IS MEMBER OWNED AND OPERATED. THE MISSION OF NAVIGANT CREDIT UNION IS TO IMPROVE THE FINANCIAL LIVES OF ITS MEMBERS. IT DOES SO BY RESPONDING TO THE MEMBERS WITH THE VALUE THEY NEED AND THE CARING PERSONAL SERVICE THEY DESRVE. THIS IS ACCOMPLISHED BY PROVIDING COMPETITIVE LOAN AND DEPOSIT RATES AS WELL AS OTHER SERVICES OUR MEMBERS SEEK IN MANAGING THEIR FINANCES, DELIVEREED BY A KNOWLEDGEABLE AND FRIENDLY STAFF. false false THE CREDIT UNION IS A COOPERATIVE OWNED AND DIRECTED BY AND DEDICATED TO SERVING ITS MEMBERS. THE CREDIT UNION HAS 14,358 loans totalling $719,635,916 DUE FROM MEMBERS AND $929,033,739 IN 93,801 Deposit ACCOUNTS FROM MEMBERS. ALSO $103,752 OF FEES WERE RECEIVED From MEMBERS RENTING 4,327 SAFE DEPOSIT BOXES false false false false false false false false true false false false true false true false false false false false false false false false false false false true false false false false true true false false false false false false false false false true 28471 0 true 246 true true true false false false false false X 11 10 false false true false true true true true true false false true true true true true true true true false X DANIEL J O'BRIEN 4012334304 1005 DOUGLAS PIKE SMITHFIELD RI 029171206 PAUL BEAUDOIN 1.0 X 12225 0 0 WILLAM S CARDEN 1.0 X 20686 0 0 DONALD CHEVRETTE 4.0 X 13287 0 0 STEPHEN CROSS 1.0 X 9000 0 0 CHARLES DEBLOIS 1.0 X 31928 0 0 ALFRED DEGEN 1.0 X 21650 0 0 ANN KASHMANIAN 1.0 X 12150 0 0 ROLAND LACHAPELLE 1.0 X 26953 0 0 JOHN MAYNARD 1.0 X 27661 0 0 CATHERINE PARENTE 1.0 X 18567 0 0 MAURICE RHAULT 4.0 X 20686 0 0 GARY FURTADO 40.0 X X X 383205 0 229249 JOSEPH BERETTA 1.0 X 12450 0 0 ROBERT MURRAY 1.0 X 12000 0 0 MICHAEL RYAN 1.0 X 12075 0 0 JEAN M RYAN 1.0 X 9000 0 0 LISA DANDENEAU 40.0 X X 173786 0 39147 TIMOTHY DRAPER 40.0 X 104826 0 19243 DANIEL O BRIEN 40.0 X X 179003 0 38556 FRED REINHARDT 40.0 X X 160450 0 38047 ROBERT VILLUCCI 40.0 X X 102432 0 19159 MELISSA A CARLTON 40.0 X X 114071 0 11469 MARTHA CORREIA 40.0 X 70448 0 17827 JAMES FLAVIN 40.0 X 26874 0 7248 DAVID M DECUBELLIS 40.0 X 63751 0 17437 KATHY ANTONELLI 40.0 X 81083 0 18290 JAMES CARNEY 40.0 X 102728 0 19156 PATRICIA CROSS 40.0 X 85231 0 5731 BRUCE LAVINE 40.0 X 86669 0 18554 MARY MALONEY 40.0 X 83981 0 18497 MONIQUE RIOUX 40.0 X 81653 0 18391 MANUELA ROCHA 40.0 X 102748 0 19192 RANDALL SACILOTTO 40.0 X 104065 0 19240 JEFFREY P CASCIONE 40.0 X 112235 0 19549 STEPHEN P ORMEROD 40.0 X 103386 0 6456 JUDY FISCHBACH 40.0 X 101340 0 19114 KELLI BIENVENUE 40.0 X 78086 0 18248 SCOTT HAMMOND 40.0 X 77933 0 5560 KATHLEEN MARABELLO 40.0 X 79234 0 5419 BEVERLY MARTEL 40.0 X 989 0 2280 IRIA MOGAYZEL 40.0 X 68920 0 20157 CYNTHIA MORRA 40.0 X 69007 0 17832 MICHAEL TARTAGLIA 40.0 X 84896 0 18525 KAREN BALCH 40.0 X 76609 0 9949 JOANNE BAZ 40.0 X 73983 0 17909 STEPHEN GIANNINI 40.0 X 141330 0 20566 KATHLEEN OROVITZ 40.0 X 129002 0 20196 KENNETH SENUS 40.0 X 129002 0 20196 MARGARET GRIVERS 40.0 X 72930 0 17950 DESPINA IZZO 40.0 X 54711 0 3981 BRYCE JACKSON 40.0 X 72614 0 5228 JOSE V MONTEIRO 40.0 X 93282 0 18288 TIFFANY TALBERT 40.0 X 22397 0 15720 EILEEN TWEEDIE 40.0 X 41074 0 7704 CRAIG NARDI 40.0 X 129733 0 12663 RICHARD B BESSETTE 1.0 X 28433 0 0 4208448 0 877923 17 true true false FISERV 75 REMITTANCE DRIVE - SUITE 6944 CHICAGO IL 606756944 DATA PROCESSING 774087 DIGITAL INSIGHT CORPORATION PO BOX 515306 LOS ANGELES CA 900516606 ONLINE BANKING SERVI 368879 ANTHONY STEVEN WALSH DBA FRIENDS AN 35 NORTH BEND STREET PAWTUCKET RI 02860 JANITORIAL SERVICES 338798 D3 LOGIC 2220 PLAINFIELD PIKE CRANSTON RI 02921 STATEMENT RENDERING 210492 FTPS HOLDINGS LLC 5050 KINGSLEY DR CINCINNATI OH 45263 DEBit CARD PROCESSer 475753 5 0 INTEREST ON LOANS 36409281 36409281 MEMBER SERVICE FEE 525990 2402144 2346566 55578 MISCELLANEOUS FEES 525990 1279941 1247359 32582 MFS FEES INCOME 524298 180600 180600 40271966 10694220 10694220 0 0 2391813 821579 1602766 789047 821579 1610626 0 0 0 0 52576812 40003206 268760 10694220 0 0 0 0 4098200 4098200 0 5255912 5255912 1412705 1412705 2907691 2907691 796254 796254 0 0 0 0 0 0 1015314 1015314 1419107 1419107 0 0 0 1577240 1577240 37605 37605 0 119002 119002 16951603 16951603 0 1611017 1611017 0 PROVISION FOR LOAN LOSSES 2105733 2105733 MEMBER & NCUA INSURANCE 2400456 2400456 DATA PROCESSING EXPENSES 1837339 1837339 CORRESPONDENT SERVICES 1177125 1177125 STATE DEPOSIT TAX 567370 567370 2063327 2063327 47353000 47353000 15199598 10807956 56120705 42664989 685917660 716170210 33917408 11626439 23367630 22290969 348281026 399854860 28476286 24874609 1157362905 1216663593 9624450 11777452 998846484 1050574806 1008470934 1062352258 X 148891971 154311335 148891971 154311335 1157362905 1216663593 X 5223812 195552 X false true true X 5999900 5999900 19875564 5424592 14450972 7802294 6201847 1600447 239650 239650 22290969 0 DEPOSITS 929425548 MORTGAGORS ESCROW ACCOUNTS 563568 ACCRUED INTEREST PAYABLE 1484878 BORROWINGS 119100812 1050574806 52576812 47353000 5223812 635453 -439901 195552 5419364 52576812 52576812 52576812 47353000 47353000 47353000 Change in Pension per SFAS 158 Schedule D page 4 Part XI Line 8 Change in actuarial loss, prior service costs and transition obligation SFAS 158 ($439,461) X X true true X X X X false true false RICHARD B BESSETTE 28433 0 0 0 0 0 0 0 0 0 28433 0 0 LISA DANDENEAU 166250 0 0 0 7536 0 17500 0 21647 0 212933 0 0 GARY FURTADO 315500 0 45000 0 22705 0 201679 0 27570 0 612454 0 0 DANIEL O BRIEN 171750 0 0 0 7253 0 16800 0 21756 0 217559 0 0 FRED REINHARDT 155000 0 0 0 5450 0 16800 0 21247 0 198497 0 0 STEPHEN GIANNINI 140750 0 0 0 580 0 0 0 20566 0 161896 0 0 SCHEDULE J, PART 1, LINE 4B SCHEDULE J, PART 1, LINE 4B LISA G. DANDENEAU - $15,800 GARY E. FURTADO - $191,845 DANIEL J. O'BRIEN - $15,800 FREDERICK REINHARDT, III - $15,800 GARY FURTADO Board member Members United Corporate CU false Jeff Cascione Brother of law partner 4280 Brennan, Recupero, Cascione false SCHEDULE L PART II SCHEDULE L PART II - LOANS TO/FROM INTERESTED PERSONS THE CREDIT UNION GRANTS LOANS TO INTERESTED PERSONS (OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES AND THE FIVE HIGHEST COMPENSATED EMPLOYEES) ON THE SAME TERMS AND CONDITIONS AS OFFERED TO OTHER MEMBERS OF THE CREDIT UNION. ACCORDINGLY, THERE ARE NO REPORTABLE TRANSACTIONS. FORM 990 PART VI SECTION A LINE 10 FORM 990 PART VI SECTION A LINE 10 FORM 990 AND FORM 990-T ARE PREPARED BY THE CREDIT UNION'S EXTERNAL AUDIT FIRM, WOLF & COMPANY. THE FORMS ARE COMPLETED BASED UPON FINANCIAL DATA SUBJECT TO AUDIT BY WOLF & COMPANY AS WELL AS DETAIL INFORMATION PROVIDED BY THE CREDIT UNION. DETAILED REVIEWS OF FORM 990 AND 990-T ARE COMPLETED BY THE CREDIT UNION'S CFO TO INSURE THAT ALL INFORMATION PROVIDED IS ACCURATE AND THAT THE FINANCIAL INFORMATION AGREES TO THE AUDITED FINANCIAL STATEMENTS. A COPY OF FORMS 990 AND 990-T ARE AVAILABLE FOR REVIEW BY THE SUPERVISORY COMMITTEE AND THE BOARD OF DIRECTORS PRIOR TO THE FILING OF SAID FORMS. A REPORT OF THE RESULTS OF THE ANNUAL FINANCIAL AUDIT CONDUCTED BY WOLF & COMPANY IS MADE BY THE SUPERVISORY COMMITTEE TO THE BOARD OF DIRECTORS. THE REPORT INCLUDES THAT STATEMENT THAT THE FORMS 990 AND 990-T HAVE BEEN REVIEWED IN DETAIL BY THE CFO AND CEO OF THE CREDIT UNION PRIOR TO BEING FILED. FORM 990 PART VI SECTION B LINE 12C FORM 990 PART VI SECTION B LINE 12C THE CREDIT UNION'S CORPORATE GOVERNANCE COMMITTEE MEETS PERIODICALLY DURING THE YEAR. THE MAIN FOCUS OF THE COMMITTEE IS THE CONDUCT OF BOARD AND COMMITTEE MEETINGS. TO THAT EXTENT, ANNUAL SELF ASSESSMENTS ARE PROVIDED FOR EACH MAJOR COMMITTEE AND THE BOARD OF DIRECTORS. COMMENTS SUGGESTING IMPROVEMENTS OR OTHER ISSUES RELATING TO THE OPERATION OF COMMITTEES ARE REVIEWED. STATEMENTS OF CHANGES THE COMMITTEE PLANS, IF ANY, TO ADDRESS OR REMEDIATE THE COMMENTS MADE ARE SOUGHT FROM THE RESPECTIVE COMMITTEES. FINDINGS OF THE COMMITTEE AND BOARD SELF ASSESSMENTS AND RESULTING CORRECTIVE ACTION TAKEN, IF NEEDED, ARE REPORTED ANNUALLY TO THE BOARD. IN ADDITION, AN ANNUAL UPDATE FROM THE CREDIT UNION'S LEGAL COUNSEL AS TO THE DUTIES AND RESPONSIBILITIES OF THE BOARD AND COMMITTEES IS CONDUCTED. FORM 990 PART VI SECTION B LINES 15A AND 15B FORM 990 PART VI SECTION B LINES 15A AND 15B THE CREDIT UNION HAS A COMPENSATION COMMITTEE MADE UP OF MEMBERS OF THE CREDIT UNION'S BOARD OF DIRECTORS. ANNUALLY, THE COMMITTEE MEETS TO REVIEW SALARY INFORMATION PROVIDED BY A NUMBER OF CREDIT UNION AND BANKING SOURCES. IN ADDITION, THE COMMITTEE CONDUCTS THE ANNUAL EVALUATION OF THE CEO. THE CEOS EVALUATION IS DISCUSSED AMONGST BOARD MEMBERS IN EXECUTIVE SESSION. THE CEO CONDUCTS ANNUAL REVIEWS OF THE SENIOR MANAGEMENT STAFF. RESULTS OF THE PERFORMANCE EVALUATIONS ARE REPORTED TO THE COMPENSATION COMMITTEE. NO ACTION IS TAKEN BY THE COMPENSATION COMMITTEE RELATIVE TO THE SENIOR MANAGEMENT STAFF. FORM 990 PART VI SECTION C LINE 19 FORM 990 PART VI SECTION C LINE 19 THE CREDIT UNION'S BYLAWS ARE AVAILABLE UPON REQUEST OF ANY MEMBER OF THE CREDIT UNION. A COPY OF OUR BYLAWS IS ALSO MAINTAINED BY THE RI DEPARTMENT OF BUSINESS REGULATION AND WOULD BE AVAILABLE FOR INSPECTION FROM THE BANKING DIVISION IF REQUESTED. QUARTERLY, A STATEMENT OF CONDITION, CERTIFIED BY THE CREDIT UNION'S CFO AND SUPERVISORY COMMITTEE, IS MADE AVAILABLE WITHIN 45 DAYS FOLLOWING QUARTER END AS REQUIRED BY RI GENERAL LAW. THE STATEMENT OF CONDITION IS POSTED IN A CONSPICUOUS PLACE WITHIN EACH CREDIT UNION BRANCH AND THE CORPORATE OFFICE. WE CURRENTLY DO NOT MAKE OUR CONFLICT OF INTEREST POLICY AVAILABLE TO MEMBERS. ALL EMPLOYEES AND DIRECTORS ARE PROVIDED A COPY AND REQUIRED TO ACKNOWLEDGE RECEIPT OF A COPY OF THE POLICY AND A REVIEW OF ITS PROVISIONS ANNUALLY. Members Form 990 Page 6 Part VI Section A Lines 6, 7a & 7b Navigant Credit Union is owned and operated by its members. The membership vote for the governing body and approve all major actions of the governing body at the annual meeting. Business relationships Schedule L Part IV The President of the Credit Union is a member of the board of directors of Members United Corporate Federal Credit Union which acts as the Credit Union's correspondent bank. As a director, the President is one of several directors and cannot exercise un-due influence on behalf of the Credit Union. A key employee is related to an individual who is a partner in a law firm that the Credit Union does business with. Neither individual is involved in the decision of the Credit Union to use the services of the law firm. Other changes in Net Assets Form 990 page 12 Part XI Line 5 Other change in net assets consitst of the following adjustment related to general accepted accounting principals ("GAAP") FAS 115 unrealized investment gains - $635,453 FAS 158 Pension liabilities -($439,901) Net Other increases to net assets $195,552 By-Law changes Form 9990 page 6 Part VI Section A Line 4 Bylaw Amendments - 2010 The Bylaws of Navigant Credit Union were amended in 2010. " On June 28, 2010 the credit union's Board of Directors voted to approve proposed amendments and hold a meeting of the membership at which they would vote on the proposed amendments. " On August 23, 2010 the members of the credit union voted to approve the proposed amendments. The bylaw amendments, votes by the Board of Directors and members and related documents were forwarded to the RI Department of Business Regulation. " The amended bylaws were approved by the Department of Business Regulation on November 24, 2010. Below is a summary of the amendments to the bylaws: " Clarification and enhancement regarding the requirements by which membership is ascertained and maintained. (Article II and Article III) " Provide that the annual meeting of the members may be held at such time as determined by the Board of Directors during the first quarter of the calendar year, as opposed to the current requirement for the fourth Monday in the month of January. (Article XIII) " Provide that the Board of Directors may approve amendments to the bylaws without the approval by the membership; current bylaws require such membership approval. (Article XIV) " Provide a new provision addressing amendments of the agreement to form (articles of incorporation). (Article XIV) " Minor technical revisions and word changes were also incorporated into those Articles considered for amendment.