2011-11-10T08:06:26-06:00 2010-12-31 RSM MCGLADREY INC 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2010-01-01 041217290 CRESCENT CREDIT UNION CRES 5085806511 P O BOX 4290 BROCKTON MA 023034290 ROBERT GUSTAFSON 5085806511 2011-11-09 1 COLLIN F BUZZELL 6125738750 2010 2016-03-07 17:11:31Z P O BOX 4290 BROCKTON MA 023034290 39437227 0 X WWW.CRESCENTCREDIT.ORG X 1919 MA A COOPERATIVE SOCIETY ORGANIZED WITHIN A GROUP OF PEOPLE OPERATING UNDER STATE AND FEDERAL SUPERVISION PROVIDING A SYSTEM FOR ACCUMULATING SAVINGS AND CREDIT. 15 12 126 0 196881 -43865 0 0 19127643 19147724 1362085 1268075 1365471 122357 21855199 20538156 0 0 5033772 3594101 6768622 6718557 0 0 0 6008465 7101718 17810859 17414376 4044340 3123780 370192379 389997990 326210379 342873990 43982000 47124000 TO PROVIDE OUR MEMBERS WITH THE BEST POSSIBLE FINANCIAL PRODUCTS AND SERVICES THAT A CREDIT UNION CAN OFFER EFFICIENTLY. 0 0 CRESCENT CREDIT UNION OFFERS A COMPLETE RANGE OF PERSONAL AND BUSINESS FINANCIAL SERVICES TO APPROXIMATELY 45,000 MEMBERS. THESE SERVICES INCLUDE CHECKING, SAVINGS, CERTIFICATES OF DEPOSIT, AND ALL TYPES OF LOANS, INCLUDING MORTGAGES, LINES OF CREDIT, EQUITY LOANS, AND CAR LOANS. 0 0 0 0 0 0 1 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 50266 0 126 1 1 1 0 0 0 0 0 X 15 12 1 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X STEPHEN SPOONER 5084086305 1300 BELMONT STREET BROCKTON MA 023014290 ROBERT GUSTAFSON 55.00 X X 293048 0 32502 WILLIAM ROSA 10.00 X X 15000 0 315 JAMES MIHOS 6.00 X X 0 0 0 HOWARD SPILLER 3.00 X X 0 0 315 F ROBERT SILVERSTEIN 8.00 X X 4500 0 315 ROBERT SIMS 2.00 X X 830 0 315 MORTON FEINBERG 2.00 X 0 0 0 HERBERT NAGLE 2.00 X 0 0 0 DAVID GOODMAN 2.00 X 0 0 0 JOHN KOLENTSAS 2.00 X 0 0 0 ANTONIO MACEDO 2.00 X 0 0 315 PAUL MARINO 2.00 X 1224 0 0 ALFRED NICCOLI 2.00 X 1158 0 0 ARTHUR SULLIVAN 2.00 X 0 0 315 JEAN CAPUTO WILLIAMS 2.00 X 0 0 0 STEPHEN SPOONER 50.00 X 156937 0 28036 PAUL PIJANOWSKI 45.00 X 118135 0 22627 WILLIAM EASTLY 40.00 X 110723 0 21958 701555 0 107013 4 0 1 0 TUFTS HEALTH PLAN PO BOX 9224 CHELSEA MA 021509224 HEALTH INSURANCE PREMIUMS FOR EMPLOYEES 930475 FISERV 75 REMITTANCE DRIVE CHICAGO IL 60675 DEPOSIT & LOAN DATA PROCESSING 698681 LEE AND MASON FINANCIAL SERVICES PO BOX 270 NORTHVILLE NY 12134 VSI AND CPI INSURANCE 409102 VERIZON PO BOX 1100 ALBANY NY 12250 PHONE AND DATA 195232 BFI PRINT COMMUNICATIONS 602 BEDFORD STREET SOUTH EASTON MA 02375 PRINTING OF FORMS 184980 12 INTEREST ON LOANS 522100 15291980 15291980 SERVICE CHARGES 522100 3082888 2895244 187644 OTHER NON-INTEREST INC 522100 641097 638871 2226 LOAN SERVICING FEES 524292 131759 94479 37280 19147724 865715 865715 368213 245856 122357 122357 -30269 152626 19055575 18653215 402360 402360 402360 20538156 18920574 196881 1420701 3594101 535125 4436370 403876 909970 433216 2409 109282 272661 350995 521207 1246233 1080327 435497 198056 OTHER OPERATIONS EXPENS 1269537 NCUA STABILIZATION EXPE 745586 FISERV NSP EXPENSE 676962 ATM EXPENSE 440972 PROVISION FOR LOAN LOSS -248006 17414376 5028669 5863121 879614 318675 297892629 317286230 290604 303910 17384864 7893657 9196783 9491207 55314679 55009769 1589401 1725078 370192379 389997990 683043 1059207 1581312 1660734 29687471 50824296 294258553 289329753 326210379 342873990 X 0 0 0 0 43982000 47124000 43982000 47124000 370192379 389997990 X 3123780 18220 X X 0 1 1 X 0 0 1 2963816 2963816 7359883 2017604 5342279 622938 537269 85669 6438227 5338784 1099443 9491207 FEDERAL AGENCY OBLIGATIONS 25311603 F NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 2804700 F FHLB CAPITAL STOCK 2763800 F CERTIFICATES OF DEPOSIT 23682423 F OTHER INVESTMENTS 447243 F 55009769 DEPOSITS 288688781 OTHER LIABILITES 640972 289329753 20538156 17414376 3123780 17000 1220 18220 3142000 20784012 0 20784012 -245856 -245856 20538156 17660232 245856 245856 17414376 0 17414376 PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY INSURANCE AND TAXES ON BEHALF OF ITS REAL ESTATE LOAN MEMBERS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE CREDIT UNION ADOPTED GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES AS OF JANUARY 1, 2009. 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 TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE CREDIT UNION FILES FORMS 990 AND 990-T IN U.S. FEDERAL JURISDICTION AND THE STATE OF MASSACHUSETTS. PART XI, LINE 8 - OTHER ADJUSTMENTS: ROUNDING DIFFERENCE 1,220. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE RECLASSED TO REVENUE -245,856. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE RECLASSED TO REVENUE 245,856. X 1 1 X X X 0 0 0 ROBERT GUSTAFSON 239048 0 54000 0 0 0 25833 0 6669 0 325550 0 0 0 STEPHEN SPOONER 119937 0 37000 0 0 0 15767 0 12269 0 184973 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - A SPOUSE OR GUEST MAY ACCOMPANY DIRECTORS TO THE MASSACHUSETTS LEAGUE'S ANNUAL CONFERENCE OR A NATIONAL CONFERENCE, AS WELL AS THE LEAGUE'S SPRING AND FALL CONFERENCE AT THE CREDIT UNION'S EXPENSE AS DESCRIBED IN THE CREDIT UNION'S DIRECTORS CONFERENCE/CONVENTION EXPENSES POLICY APPROVED BY THE BOARD. FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBERS JAMES MIHOS AND DAVID GOODMAN HAVE A BUSINESS RELATIONSHIP. 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 FORM 990 IS PREPARED BY RSM MCGLADREY UTILIZING INFORMATION PROVIDED BY THE CFO. THE CFO AND CEO REVIEW THE COMPLETED FORM AND A COPY IS PROVIDED TO THE BOARD OR DIRECTORS PRIOR TO FILING FORM 990 WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL NEW EMPLOYEES SIGN A FORM ACKNOWLEDGING THEY UNDERSTAND AND WILL ABIDE BY THE POLICIES CONTAINED IN THE EMPLOYEE HANDBOOK, INCLUDING ETHICS AND CONFLICTS POLICY. ALL EMPLOYEES ARE REQUIRED TO PARTICIPATE IN AN ON-LINE ETHICS TRAINING PROGRAM EACH YEAR AND PASS A QUIZ. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION UTILIZES SURVEY DATA PUBLISHED BY A THIRD PARTY SOURCE TO ESTABLISH SALARY RANGES FOR ALL EMPLOYEES. THE CEO RECOMMENDS ANNUAL COMPENSATION ADJUSTMENTS FOR BRANCH MANAGERS AND OFFICERS TO THE PERSONNEL COMMITTEE, WHICH IS COMPRISED OF BOARD MEMBERS. THE PERSONNEL COMMITTEE RECOMMENDS COMPENSATION ADJUSTMENTS FOR THE CEO, BRANCH MANAGERS, AND OFFICERS FOR VOTE. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS ARE POSTED ANNUALLY AT THE MAIN OFFICE, HEADQUARTERS BUILDING, AND EACH BRANCH LOCATIONS. THE GOVERNING DOCUMENTS AND CONFLICTS OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 17,000. ROUNDING 1,220. TOTAL TO FORM 990, PART XI, LINE 5: 18,220. FORM 990, PART XI, LINE 2C THE PROCESS FOR OVERSEEING THE AUDIT OF THE CREDIT UNION'S FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED SINCE THE PREVIOUS YEAR.