2011-05-16T15:55:08-07:00 2010-12-31 990 2010-01-01 046017806 HARVARD UNIVERSITY EMPLOYEES CREDIT UNION HARV 6174954460 104 Mt Auburn St 4th Fl Cambridge MA 02138 Christine Renaud 6174954460 2011-05-16 2010 2016-02-24 21:20:13Z Eugene Foley 104 Mt Auburn St 4th Fl Cambridge MA 02138 17642537 0 X www.huecu.org X Credit Union 1939 MA Provide convenient financial and personal services in the best interest of our members. 15 15 63 0 0 0 0 0 15062746 17042853 827426 599684 0 0 15890172 17642537 0 0 0 0 4841244 5480882 0 0 0 10258131 10919645 15099375 16400527 790797 1242010 324969598 349771484 296138701 319643983 28830897 30127501 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. 1 0 0 0 0 The HUECU is a state chartered CU located in Cambridge, MA with branches at MA General Hospital and the Harvard School of Public Health. The CU has over 29,000 members. Membership is limited to those employees and immediate family of Harvard University and its affiliated organizations. Membership also allows for the students and alumni of Harvard University and its affilliated 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 include personal loans, credit card, automobile, and a variety of fixed and variable rate mortgages. 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 0 1 10955 0 1 63 1 0 0 0 0 0 0 X 15 15 0 0 0 0 1 1 1 1 1 0 1 1 0 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 Chris Schumann 1 X 0 0 0 Eileen Sullivan 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 299450 0 80332 John Degnan 40 X 101237 0 48583 Peter Buchanan 40 X 101106 0 30938 Cheryl Gorman 45 X 147899 0 45257 Craig Leonard 45 X 169846 0 48583 Tom Montilli 40 X 101424 0 31036 920962 0 284729 6 0 1 0 CU Student Choice Partners LLC 1001 Connecticut Ave NW Washington DC 20036 Service our student loans 323373 1 0 Interest on Loans 522130 13632146 13632146 0 0 Various Bank Fees 522130 3410707 3410707 0 0 0 0 0 0 17042853 599684 599684 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 17642537 17642537 0 0 0 0 0 0 920962 0 3183404 0 1376516 0 19621 47583 185414 283405 1874709 497816 1061951 89401 3723771 462932 729921 Chapter Dues 37156 Loan Servicing 723606 Loan Loss 1008847 Charitable Contributions 51579 Miscellaneous 121933 16400527 0 0 0 43186967 30287209 13446097 16485873 220795453 248735488 2546510 2553126 896865 2525041 146277 188731 3150345 770618 2158803 2379727 37610136 41773675 4182490 4842614 324969598 349771484 1242641 1761045 14725165 12674732 280170895 305208206 296138701 319643983 X 0 0 0 0 28830897 30127501 28830897 30127501 324969598 349771484 X 1242010 54594 X 1 1 1 X 0 0 0 0 0 0 0 0 2037492 0 0 2037492 1028408 0 770618 257790 84445 0 0 84445 2379727 Term Share Certificates 6017423 C AFS Bonds 35756252 F 41773675 0 Checking Accounts 42560204 Share Accounts 82643140 Money Market Accounts 82756298 Term Share Certificates 71767986 Individual Retirement Accounts 23913029 Holiday Club Accounts 558497 Vacation Club Accounts 1009052 305208206 17642537 16400527 1242010 0 0 0 0 0 0 1242010 17642537 0 0 0 0 0 17642537 0 0 0 17642537 16400527 0 0 0 0 0 16400527 0 0 0 16400527 SchD_P10_S00_L00 Schedule D, Part X The other liabilities listed are our members accounts. X X X 0 0 0 Eugene J Foley 299450 0 0 0 0 0 0 0 80332 0 379782 0 0 0 Craig Leonard 169846 0 0 0 0 0 0 0 48583 0 218429 0 0 0 SchJ_P01_S00_L03 Schedule J, Part I, Line 3 Each year the Executive Committee and the Personal Committee review the performance of the President/CEO. Independent CU compensation data is referenced and utilized in determining the compensation. Guillermo Banchiere Personal X 17500 1687 0 1 1 Guillermo Banchiere Credit Card X 12000 6334 0 1 1 Karen DeBerio Personal X 25017 8677 0 1 1 Joe DeCristoforo Credit Card X 15000 3511 0 1 1 Joe DeCristoforo Checking Reserve X 500 28 0 1 1 Joe DeCristoforo Second Mortgage X 61777 32567 0 1 1 Joe DeCristoforo HELOC X 75000 15243 0 1 1 John Degnan Used Auto X 11278 3881 0 1 1 John Degnan Mortgage X 168000 72483 0 1 1 John Degnan HELOC X 30000 27325 0 1 1 Edward Doctoroff Personal X 15000 7802 0 1 1 Ed Emde Credit Card X 6000 5826 0 1 1 Ed Emde Personal X 2000 2000 0 1 1 Ed Emde Mortgage X 214000 132714 0 1 1 Ed Feldman Credit Card X 255000 1431 0 1 1 Ed Feldman Mortgage X 240000 232483 0 1 1 George White Checking Reserve X 1000 502 0 1 1 Gene Foley Mortgage X 400000 383301 0 1 1 John Lichten Used Auto X 11000 3746 0 1 1 John Lichten Used Auto X 4500 1612 0 1 1 John Lichten Mortgage X 603000 443967 0 1 1 Tom Montilli Mortgage X 153600 147787 0 1 1 William Murphy Auto X 16500 7014 0 1 1 William Murphy Credit Card X 8000 1293 0 1 1 Chris Schumann Credit Card X 10000 1720 0 1 1 Chris Schumann Used Auto X 10000 8112 0 1 1 Chris Schumann Mortgage X 328500 290239 0 1 1 Mary Straub Used Auto X 10413 4184 0 1 1 Mary Straub Mortgage X 247750 243792 0 1 1 Eileen Sullivan Mortgage X 317000 317000 0 1 1 Marie Trottier Credit Card X 6000 5372 0 1 1 Marie Trottier Mortgage X 50000 6322 0 1 1 George White Mortgage X 155000 133171 0 1 1 2553126 PSCU Board Member 750838 Credit Card and Debit Card Processor 0 F990_P03_S00_L02 Form 990, Part III, Line 2 The Credit Union implemented two new personal loans: MassSave Heat Loan and Personal Sustainability Loan. Both loans are for energy-efficient improvements to the home or energy saving purchases with low to zero interest. These two products were implemented to be eco-friendly and conscious of weary times our members are going through right now. We also instituted Branch capture to image our deposits and joined the Fi-Serv Clearing Network. This will enhance our speed of processing the incoming and outgoing drafts. F990_P06_S0A_L06 Form 990, Part VI, Section A, Line 6 The Credit Union has approximately 29,000 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_L11a Form 990, Part VI, Section B, Line 11a 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 conflict 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 Personal 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 Union 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 $2,821,966 FHLB Stock $1,284,200 PSCU Clearing Account $254,700 FNMA Servicing Rights $481,748 F990_P11_S00_L05 Form 990, Part XI, Line 5 Unrealized Gain/Loss on Securities I, the accounting manager was out unexpected on an FMLA due to a medical issue. I was out for 10 days. I did not return to work until May 11th. I had to start the 990 then, as well as catch up on month end work and any questions my department and the rest of the credit union had for me.