2024-07-23T13:18:47-05:00 2023-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2023-01-01 041801520 ST JEANS CREDIT UNION STJE 7815925420 370 HIGHLAND AVENUE SALEM MA 01970 C DAVID SURFACE PRESIDENT & CEO 7815925420 2024-07-23 1 C DAVID SURFACE 000003597 0 KAREN S NG EA P01067482 6174399700 2024-07-23 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z C DAVID SURFACE 370 HIGHLAND AVENUE SALEM MA 01970 17647270 0 X WWW.STJEANSCU.COM X 1910 MA THE MISSION OF ST. JEAN'S CREDIT UNION IS TO FULFILL THE NEEDS OF OUR DIVERSE MEMBERSHIP WITH THE UTMOST INTEGRITY AND PRIVACY. 11 10 79 10 35751 0 0 363621 9822225 13471533 1468862 2628357 1125804 1183759 12416891 17647270 50000 127110 0 0 5255596 6048911 0 0 0 5077209 9069923 10382805 15245944 2034086 2401326 334286442 367484676 307493057 337592441 26793385 29892235 X ST. JEAN'S CREDIT UNION (THE "CREDIT UNION") IS A STATE-CHARTERED CREDIT UNION. ITS PRIMARY BUSINESS IS THE ACCEPTANCE OF DEPOSITS AND THE MAKING OF LOANS TO MEMBERS WHO LIVE OR WORK IN IN THE ESSEX, MIDDLESEX, AND SUFFOLK COUNTIES OF THE COMMONWEALTH OF MASSACHUSETTS, RETIREES OF THE CITY OF REVERE & THE TOWN OF WINTHROP, MASSACHUSETTS, THE EMPLOYEES OF H.P. HOOD LLC, AND MEMBERS' IMMEDIATE FAMILY, DEFINED AS SPOUSE, SON, DAUGHTER, MOTHER, FATHER, SISTER, OR BROTHER. 0 0 THE MAINTENANCE OF MEMBER ACCOUNTS AND PAYMENT OF DIVIDENDS THEREON. THE CREDIT UNION MAINTAINS 35,192 MEMBER ACCOUNTS AS OF THE CALENDAR YEAR-END. 0 1 0 0 0 0 0 1 0 1 0 0 0 1 1 1 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 1 0 1 6395 0 1 79 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 1 1 1 1 1 1 1 1 0 X X STEPHEN PEDRO CFO 9782191027 370 HIGHLAND AVENUE SALEM MA 01970 C DAVID SURFACE PRESIDENT/CEO 40.00 X X 417425 0 48823 IRA NOVOSELSKY TREASURER/CLERK/DIRECTOR 2.00 X X 0 0 0 LAWRENCE RAUSCH DIRECTOR 2.00 X 0 0 0 CHERYL CROUNSE DIRECTOR 2.00 X 0 0 0 STEPHEN SALVO DIRECTOR 2.00 X 0 0 0 STEVEN WALSH CHAIRMAN 4.00 X X 0 0 0 PAUL AMIRAULT 1ST VICE CHAIRMAN 2.00 X X 0 0 0 TIMOTHY SHEA 2ND VICE CHAIRMAN 2.00 X X 0 0 0 SHAWN NEWTON DIRECTOR 2.00 X 0 0 0 JOY LIVRAMENTO-BRYANT DIRECTOR 2.00 X 0 0 0 GEORGE ANZUONI DIRECTOR 2.00 X 0 0 0 KATHLEEN DONAHUE EXECUTIVE VICE PRESIDENT 40.00 X 175140 0 33916 STEPHEN PEDRO CFO 40.00 X 155250 0 34831 CHRISTOPHER NARDONE VP OF REAL ESTATE LENDING 40.00 X 131250 0 30794 NICOLE COKOROGIANIS VP IT 40.00 X 134250 0 23864 JAMES METCALF VP CONSUMER LENDING 40.00 X 142500 0 18096 KATHRYN MACDONALD VP OF COMPLIANCE 40.00 X 126650 0 25232 ALINE PAVAO DIR OF HUMAN RESOURCES 40.00 X 121250 0 29974 1403715 0 245530 9 0 1 0 SYNERGENT PO BOX 1236 PORTLAND ME 04104 CORE DATA PROVIDER 920845 DIGITAL INSIGHT CORPNCR PO BOX 740641 LOS ANGELES CA 900740641 HOME BANKING 299352 CUSTOMIZED SEVICE CONCEPTS LLC 18 COTE AVUE SUITE 13 COFFSTOWN NH 03045 ATM SUPPLIER AND SERVICE 150311 3 363621 363621 INTEREST ON LOANS 522100 12101174 12101174 MEMBERS SERVICE FEES 522100 1370359 1334608 35751 13471533 2614232 2614232 67442 0 67442 67442 67442 14125 0 14125 14125 14125 INTERCHARGE INCOME 900099 806010 806010 OTHER INCOME 900099 248444 248444 INSURANCE REIMBURSEMENT 900099 49158 49158 12705 12705 1116317 17647270 14619541 35751 2628357 127110 747815 3805333 615220 495066 385477 10290 54500 20181 304207 1239464 827576 19388 42637 4174157 590863 27282 OTHER EXPENSES 671592 PROVISION FOR LOSSES 527772 SERVICING CONTRACTS 277517 EDUCATION & PROMOTIONS 122836 159661 15245944 4023103 5099950 16945692 18544600 223715242 246697264 362947 350526 13429612 5440970 7885540 7988642 61150697 58768477 9913631 17787688 10289590 12247529 334286442 367484676 286834 274173 860980 887538 11248604 22147031 295096639 314283699 307493057 337592441 X 0 0 0 0 26793385 29892235 26793385 29892235 334286442 367484676 X 2401326 488989 208535 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 1631641 1631641 2303514 670373 1633141 4969648 1169599 3800049 4374972 3600998 773974 149837 149837 7988642 SHARES AND DEPOSITS 308177187 OTHER LIABILITIES 6106512 314283699 X 17272156 0 17272156 375114 375114 17647270 14870830 -375114 -375114 15245944 0 15245944 PART IV, LINE 2B: MORTGAGE ESCROW ACCOUNTS ARE HELD FOR THE PAYMENT OF REAL ESTATE TAXES FOR MUNICIPALITIES. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES ON INCOME UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND MASSACHUSETTS STATUTES. TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN, INCLUDING THE POSITION THAT THE CREDIT UNION QUALIFIES AS A TAX EXEMPT ENTITY, ARE REQUIRED TO BE EVALUATED TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE-LIKELY-THAN-NOT" TO BE UPHELD UNDER REGULATORY REVIEW. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE ACCRUED AND DISCLOSED IN THE FINANCIAL STATEMENTS. THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AS OF DECEMBER 31, 2023 AND 2022 AND HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE. CURRENTLY TAX YEARS FROM 2020 THROUGH PRESENT ARE OPEN AND SUBJECT TO EXAMINATION BY TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASS EMPLOYEE RETENTION CREDIT AND INTEREST RECEIVED 375,114. PART XII, LINE 2D - OTHER ADJUSTMENTS: RECLASS EMPLOYEE RETENTION CREDIT AND INTEREST RECEIVED -375,114. PARTS XI AND XII - EMPLOYEE RETENTION CREDIT: THE EMPLOYEE RETENTION CREDIT ("ERC") PROGRAM WAS ESTABLISHED BY THE CORONAVIRUS AID RELIEF, AND ECONOMIC SECURITY (CARES) ACT, IN MARCH 2020 TO HELP BUSINESSES RETAIN EMPLOYEES. ELIGIBLE BUSINESSES COULD RECEIVE A QUARTERLY REFUNDABLE PAYROLL TAX CREDIT. ERCS ARE CLAIMED PRIMARILY ON FEDERAL PAYROLL TAX FORMS. DURING 2022, THE CREDIT UNION DETERMINED THAT IT QUALIFIED FOR THE EMPLOYEE RETENTION CREDIT AND HAS FILED FOR A CREDIT AGAINST PAYROLL TAXES PREVIOUSLY PAID OF APPROXIMATELY $356,000. THE CREDIT UNION IS ACCOUNTING FOR THIS ANALOGOUS TO IAS 20, ACCOUNTING FOR GOVERNMENT GRANTS AND DISCLOSURE OF GOVERNMENT ASSISTANCE. AS THERE IS REASONABLE ASSURANCE THAT THE CREDIT UNION HAS COMPLIED WITH ALL CONDITIONS ATTACHED TO THE PROGRAM, THE $356,000 CREDIT HAS BEEN RECORDED AS A CREDIT TO PAYROLL TAX EXPENSE, INCLUDED IN SALARIES AND EMPLOYEE BENEFITS EXPENSE. 1 ST JEAN'S CREDIT UNION CHARITABLE FOUNDATION 370 HIGHLAND AVE SALEM MA 01970 824193604 501(C)(3) 125000 0 CASH CHARITABLE CONTRIBUTIONS 1 0 PART I, LINE 2: THE CREDIT UNION'S BOARD REVIEWS ALL THE DONATIONS AND ACTIVITIES OF THE FOUNDATION ON A QUARTERLY BASIS. THE GRANT FUNDS THAT THE CREDIT UNION GIVES TO THE FOUNDATION ARE NOT RESTRICTED FOR A PRE-DETERMINED USE. X 1 1 X X X 0 1 0 C DAVID SURFACE PRESIDENT/CEO 305000 0 58600 0 53825 0 26650 0 22173 0 466248 0 0 0 KATHLEEN DONAHUE EXECUTIVE VICE PRESIDENT 155792 0 9250 0 10098 0 14011 0 19905 0 209056 0 0 0 STEPHEN PEDRO CFO 148708 0 5750 0 792 0 12420 0 22411 0 190081 0 0 0 CHRISTOPHER NARDONE VP OF REAL ESTATE LENDING 125500 0 5750 0 0 0 10500 0 20294 0 162044 0 0 0 JAMES METCALF VP CONSUMER LENDING 136250 0 6250 0 0 0 11300 0 6796 0 160596 0 0 0 NICOLE COKOROGIANIS VP IT 127375 0 6250 0 625 0 10740 0 13124 0 158114 0 0 0 KATHRYN MACDONALD VP OF COMPLIANCE 120510 0 5750 0 390 0 10132 0 15100 0 151882 0 0 0 ALINE PAVAO DIR OF HUMAN RESOURCES 114417 0 6250 0 583 0 9700 0 20274 0 151224 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS ESTABLISHED A NONQUALIFIED DEFERRED COMPENSATION PLAN UNDER SECTION 457(B) OF THE INTERNAL REVENUE CODE FOR CERTAIN KEY EXECUTIVES. UNDER THE TERMS OF THIS PLAN CERTAIN KEY EXECUTIVES OF THE CREDIT UNION DEFER PORTIONS OF THEIR WAGES, WHICH THE CREDIT UNION USES TO PURCHASE ANNUITIES. THE ANNUITIES PURCHASED ARE OWNED BY THE CREDIT UNION AND ARE HELD FOR THE PURPOSE OF FUNDING A CONTRACTUAL OBLIGATION, BETWEEN THE CREDIT UNION AND CERTAIN KEY EXECUTIVES, TO PROVIDE CERTAIN PENSION BENEFITS TO THE KEY EXECUTIVES. AS OF DECEMBER 31, 2023 AND 2022, THE 457(B) DEFERRED INCOME PLAN HAD CUMULATIVE BALANCES OF $811,575 AND $648,298, RESPECTIVELY. THE CREDIT UNION PROVIDES TO ELIGIBLE EMPLOYEES DEFERRED COMPENSATION BENEFITS UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. THESE BENEFITS ARE INTENDED FOR CERTAIN MEMBERS OF A SELECT GROUP OF MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES. PARTICIPANTS RECEIVE AN ANNUAL ALLOCATION FROM THE CREDIT UNION EQUAL TO 8% OF ANNUAL SALARY FOR THE YEAR OF CONTRIBUTION. ALL SUCH AMOUNTS ALLOCATED TO THE PARTICIPANT SHALL BE DEFERRED FOR PAYMENT TO THE PARTICIPANT ON OR AFTER THE PARTICIPANT'S RETIREMENT DATE. AT DECEMBER 31, 2023 AND 2022, THE 457(F) PLAN HAD CUMULATIVE BALANCES OF $546,647 AND $442,567, RESPECTIVELY. FORM 990, PART VI, SECTION A, LINE 6 CLASSES OF MEMBERS OR STOCKHOLDERS PERSONS WHO MEET THE REQUIREMENTS OF THE ORGANIZATION'S FIELD OF MEMBERSHIP WHO HOLD AT LEAST ONE SHARE OF THE CAPITAL FORM 990, PART VI, SECTION A, LINE 7A ELECTION OF MEMBERS AND THEIR RIGHTS - EACH MEMBER HAS A VOTE AT THE ELECTION OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS SUBJECT TO THE APPROVAL OF MEMBERS ANY CHANGES TO THE INCORPORATING DOCUMENTS, I.E BYLAWS ARE APPROVED BY MEMBERSHIP FORM 990, PART VI, SECTION B, LINE 11B THE 990 WILL BE REVIEWED BY CEO, CFO AND DIRECTORS. DUE TO FILING DEADLINES, THE 990 MAY BE REVIEWED BY THE BOARD OF DIRECTORS SUBSEQUENT TO FILING. THE REVIEW IS DOCUMENTED IN THE MINUTES. FORM 990, PART VI, SECTION B, LINE 12C POLICY IS REVIEWED ANNUALLY WITH THE BOARD AND EMPLOYEES. WRITTEN ACKNOWLEDGEMENTS ARE SIGNED ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 FORM 990, PART VI, LINE 15A COMPENSATION PROCESS FOR TOP OFFICIAL CEO'S COMPENSATION IS DETERMINED BY THE BOARD OF DIRECTORS, EXECUTIVE COMITTEE. WAGE AND SALARY PLAN INTRODUCED IN 2013. JOB DESCRIPTIONS WERE UPDATED. A SALARY SURVEY WAS CONDUCTED BY AN INDEPENDENT COMPANY. ALL POSITIONS WERE EVALUATED. POSITIONS WITHIN THE CREDIT UNION HAVE BEEN ASSIGNED A RANK. SALARY RANGES WERE ESTABLISHED FOR EACH RANK. COMPENSATION IS BASED ON CURRENT AND RELATED EXPERIENCE. FORM 990, PART VI, LINE 15B CEO'S COMPENSATION IS DETERMINED BY THE BOARD OF DIRECTORS. SENIOR MANAGEMENT IS DETERMINED BY INCREASE SET FORTH FOR STAFF AND APPROVED BY THE BOARD OF DIRECTORS. SALARY SURVEYS, INDUSTRY TRENDS AND EARNINGS ARE ALL TAKEN INTO CONSIDERATION. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE POSTED IN THE LOBBY AT BRANCH LOCATIONS AND ARE AVAILABLE UPON REQUEST. THE INFORMATION IS UPDATED ON A MONTHLY BASIS AFTER THE BOARD MEETS. FORM 990, PART XI, LINE 9: EQUITY ACQUIRED IN MERGER 357,217. CUMULATIVE CHANGE IN ACCOUNTING PRINCIPLE -148,682. FORM 990, PART XII, LINE 2C THE ORGANIZATION DID NOT CHANGE EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. ST JEAN'S CREDIT UNION CHARITABLE FOUNDATION 370 HIGHLAND AVE SALEM MA 01970 824193604 TO PROMOTE AND CARRY OUT CHARITABLE PURPOSES MA 501(C)(3) LINE 10 N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ST JEAN'S CREDIT UNION CHARITABLE FOUNDATION C 125000 CASH