2011-03-08T07:47:48-06:00 2010-12-31 PARENT MCLAUGHLIN &AMP NANGLE 160 FEDERAL STREET 6TH FL BOSTON MA 02110 990 2010-01-01 042391206 SHARON CREDIT UNION SHAR 7817847725 30 POND STREET SHARON MA 02067 JOHN A MACOMBER 7817847725 2011-02-24 1 DAVID A ST YVES 6174269440 2010 2016-02-24 21:20:13Z JOHN A MACOMBER 30 POND STREET SHARON MA 02067 45996283 0 X WWW.SHARONCU.COM X 1956 MA TO PROVIDE A FULL RANGE OF FINANCIAL SERVICES TO OUR MEMBERS. 11 10 89 0 55366 -25617 0 0 15842578 12888410 3615808 3884711 0 0 19458386 16773121 0 0 0 0 5411459 5288357 0 0 0 12331321 8687867 17742780 13976224 1715606 2796897 381607233 401625119 338119236 355340225 43487997 46284894 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 IS A MEMBER-OWNED ORGANIZATION COMMITTED TO PROVIDING SUPERIOR FINANCIAL SERVICES TO ITS MEMBERS AND THE COMMUNITY. AT 12/31/2010, THE CREDIT UNION HAD 6,956 LOANS OUTSTANDING TOTALING $214,601,204. ALSO MEMBERS HAD 55,412 DEPOSITS ACCOUNTS TOTALING $350,998,639. ADDITIONALLY MEMBERS HAD 893 SAFE DEPOSIT BOXES. 0 0 0 0 0 0 0 0 1 1 0 0 0 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 0 0 9842 0 1 89 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 4714 0 0 ANNE CARNEY 2.00 X 4324 0 0 DUDLEY D DAVENPORT 2.00 X 2377 0 0 DAVID DOUCETTE 2.00 X 4108 0 0 LAWRENCE GREEN 2.00 X 4714 0 0 CARL HUERTH 2.00 X 4372 0 0 BARRY SHERMAN 2.00 X 259 0 0 WILLIAM KEATING 2.00 X 3726 0 0 ANDREW MCCORMACK 2.00 X 4246 0 0 GLENN PARSONS 2.00 X 4246 0 0 WILLIAM MCINTOSH 2.00 X 746 0 0 JAMES L CARLSON 40.00 X X X 251707 0 49907 JOHN A MACOMBER 40.00 X X 157984 0 34022 MARK C EMERSON 40.00 X X 169747 0 35617 MAUREEN GREGORY 40.00 X 119097 0 33073 LINDA FOUNTAIN 40.00 X 119097 0 33124 BRIAN ARCAND 40.00 X 119866 0 30549 MARIANE BROADHURST 40.00 X 58897 0 364 1034227 0 216656 6 0 1 0 0 INTEREST ON LOANS 522100 10580955 10580955 FEE INCOME 524298 2307455 2252089 55366 12888410 3073142 3073142 30034731 29223162 811569 811569 811569 16773121 12833044 55366 3884711 1034560 1034560 2889876 2889876 410336 410336 666477 666477 287108 287108 94610 94610 60836 60836 236384 236384 541483 541483 722768 722768 76352 76352 4464111 4464111 470059 470059 NCUSIF EXPENSE 1160000 1160000 OTHER OPERATING EXPENSE 608222 608222 PROVISION FOR LOAN LOSS 160000 160000 LOAN SERVICING EXPENSE 51823 51823 PROFESSIONAL FEES 41219 41219 13976224 0 13976224 0 22834708 27719781 214782684 215049585 5403919 5665212 5403919 131214818 149092400 7109811 4359434 381607233 401625119 4536528 4359901 333582708 350980324 338119236 355340225 X 0 0 0 0 43487997 46284894 43487997 46284894 381607233 401625119 2796897 X 0 0 0 1488371 1488371 2129588 2129588 221582 221582 1511222 1511222 53156 53156 5403919 FEDERAL AGENCIES 131503125 C OTHER INVESTMENTS 17589275 C 149092400 DEPOSITS 350423378 BORROWINGS 556946 350980324 X 1 1 X X X 0 0 0 JAMES L CARLSON 246619 0 0 0 5088 0 0 0 49907 0 301614 0 0 0 JOHN A MACOMBER 154102 0 0 0 3882 0 0 0 34022 0 192006 0 0 0 MARK C EMERSON 165250 0 0 0 4497 0 0 0 35617 0 205364 0 0 0 MAUREEN GREGORY 118154 0 0 0 943 0 0 0 33073 0 152170 0 0 0 LINDA FOUNTAIN 117919 0 0 0 1178 0 0 0 33124 0 152221 0 0 0 BRIAN ARCAND 119565 0 0 0 301 0 0 0 30549 0 150415 0 0 0 SEE SCHEDULE O X 0 0 0 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 TO INTERVIEW MEMBERS OF SENIOR MANAGEMENT FOR INPUT IN THE PREPARATION OF A WRITTEN PERFORMANCE EVALUATION OF THE CREDIT UNION'S PRESIDENT. THE PERSONNEL COMMITTEE IS COMPRISED OF INDEPENDENT DIRECTORS. THE PERSONNEL COMMITTEE WILL THEN PRESENT THE WRITTEN 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 CLARK CONSULTING. 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 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 CLARK CONSULTING 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 PARENT, MCLAUGHLIN & NANGLE, CPAS, INC., A CERTIFIED PUBLIC ACCOUNTING FIRM. THE FINANCIAL STATEMENT YEAR END IS JUNE 30. THE DECEMBER 31, 2010 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.