2024-11-01T13:27:53-05:00 2023-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2023-01-01 041298900 FALL RIVER MUNICIPAL CREDIT UNION FALL 5086789028 333 MILLIKEN BOULEVARD FALL RIVER MA 02721 MATTHEW G SCHONDEK CEO 5086789028 2024-11-01 1 0 KAREN S NG P01067482 6174399700 2024-11-01 2023 2024-10-15 13:58:12Z MATTHEW G SCHONDEK 333 MILLIKEN BOULEVARD FALL RIVER MA 02721 9802438 0 X N/A X 1930 MA STRIVE TO PROVIDE A FULL RANGE OF QUALITY FINANCIAL SERVICES TO OUR MEMBERS, DELIVERED BY PROFESSIONAL AND MOTIVATED EMPLOYEES, WHILE MAINTAINING THE STABILITY AND SECURITY OF OUR MEMBERS AND THE CREDIT UNION. 11 11 66 12 0 0 0 0 5470080 7515458 1733541 2202028 0 0 7203621 9717486 20950 11915 0 0 2512328 3207066 0 0 0 3873798 6342140 6407076 9561121 796545 156365 244625881 282970513 228344527 263754856 16281354 19215657 STRIVE TO PROVIDE A FULL RANGE OF QUALITY FINANCIAL SERVICES TO OUR MEMBERS, DELIVERED BY PROFESSIONAL AND MOTIVATED EMPLOYEES, WHILE MAINTAINING THE STABILITY AND SECURITY OF OUR MEMBERS AND THE CREDIT UNION. 0 0 FALL RIVER MUNICIPAL CREDIT UNION IS A MEMBER-OWNED CREDIT UNION THAT IS COMMITTED TO PROVIDE ITS MEMBERS WITH SUPERIOR FINANCIAL SERVICES. ITS PRIMARY FUNCTION IS TO PROVIDE LOANS TO ITS MEMBERS AS WELL AS ACCEPT DEPOSITS FROM MEMBERS. AS OF 12/31/2023 THE CREDIT UNION HAD LOANS TOTALING $176 MILLION DUE FROM MEMBERS AND $194 MILLION OF DEPOSITS FROM MEMBERS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 3720 0 1 66 1 1 1 0 0 0 0 0 0 0 X 11 11 1 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X MATTHEW G SCHONDEK 5086789028 333 MILLIKEN BOULEVARD FALL RIVER MA 02721 RUSSELL OAGLES DIRECTOR 1.00 X 0 0 0 CARL SAWEJKO DIRECTOR 1.00 X 0 0 0 JAMES MACHADO TREASURER/DIRECTOR 1.00 X X 5148 0 0 JANICE SANTOS DIRECTOR 1.00 X 0 0 0 CARL GARCIA CHAIRMAN 1.00 X X 5448 0 0 MICHAEL L SHEA VICE CHAIR 1.00 X 0 0 0 RENEE HOWAYECK DIRECTOR 1.00 X 0 0 0 JOAN VASCONCELLOS CLERK 1.00 X X 5148 0 0 SCOTT O'BRIEN DIRECTOR 1.00 X 0 0 0 JANICE CARRIGG DIRECTOR 1.00 X 0 0 0 CHRISTOPHER CARREIRO DIRECTOR 1.00 X 0 0 0 DAVID MACHADO TERM ENDED 4292023 DIRECTOR 1.00 X 0 0 0 MATTHEW SCHONDEK PRESIDENT/CEO 40.00 X 275380 0 0 MARYELLEN MEDEIROS EVP OF OPERATIONS 40.00 X 162358 0 0 JAMES MALONEY VICE PRESIDENT LENDING 40.00 X 125458 0 0 BRIEN MAGINNIS VICE PRESIDENT OF FINANCE 40.00 X 137758 0 0 716698 0 0 4 0 1 0 0 INT & FEES ON LOAN 522100 6304889 6304889 MEMBER SERVICE FEE 522100 1068571 1068571 OTHER LOAN FEES 522100 141998 141998 7515458 1928980 1928980 358000 84952 273048 273048 273048 9717486 7515458 0 2202028 4915 7000 716698 2163405 -388025 476662 238326 9303 144000 75219 213805 243223 1189296 396449 6419 3138243 204722 159350 LOAN LOSS PROVISION 249780 EQUIPMENT RENTAL & REPA 102723 OTHER EXPENSES 92859 SERVICE CHARGES 81393 35356 9561121 4562211 4213279 11782061 9777474 133776157 175185238 217286 209309 11524580 8848224 2563760 2676356 77296145 73532628 1634400 3360900 12793861 14015329 244625881 282970513 610441 527885 227734086 263226971 228344527 263754856 X 0 0 0 0 16281354 19215657 16281354 19215657 244625881 282970513 X 156365 1914876 863062 X X 0 1 X 1 0 0 1 X 794491 794491 6462764 4967142 1495622 4267325 3881082 386243 2676356 DEPOSITS 194031807 ACCRUED EXPENSE & OTHER LIAB 975518 BORROWINGS 68219646 263226971 X 10067771 350285 350285 9717486 0 9717486 9561121 0 9561121 0 9561121 PART IV, LINE 2B: AS PART OF THE MORTGAGE AGREEMENT, AN ESCROW ACCOUNT IS MAINTAINED FOR EACH MORTGAGE WHERE ESCROW OF REAL ESTATE TAXES & HOME OWNERS INSURANCE IS REQUIRED. THE CREDIT UNION COMPLIES WITH ALL FEDERAL & STATE LAWS REGARDING DISCLOSURES AND OPERATION OF THESE ACCOUNTS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM FEDERAL AND STATE TAXES ON INCOME UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE 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. THERE ARE NO UNCERTAIN TAX POSITIONS THAT REQUIRE ACCRUAL OR DISCLOSURE AT DECEMBER 31, 2023 OR 2022. 0 SCHOLARSHIPS 7 7000 PART III, COLUMN (B) SCHOLARSHIP NOTIFICATIONS ARE SENT OUT APPROXIMATELY 1 MONTH BEFORE SCHOLARSHIPS ARE DUE. ONCE ALL APPLICATIONS ARE RECEIVED BACK, INFORMATION IS BLOCKED OUT REGARDING NAME, DOB, ADDRESS, SCHOOL CURRENTLY ATTENDING. APPLICATIONS ARE THEN SENT TO VOLUNTEER READERS WHO READ THE SCHOLARSHIPS AND GRADE BASED ON; GRADES, ESSAY THAT IS WRITTEN BY STUDENT, AND EXTRACURRICULAR/COMMUNITY ACTIVITY. ALL POINTS GIVEN SHOULD TOTAL 100 POINTS. GRADING SHEETS ARE THEN SENT BACK TO ADMINISTRATIVE ASSISTANT AND GRADES ARE ENTERED INTO EXCEL SHEET THEN TOP 6 OR 7 WINNERS ARE CHOSEN. X X X 0 0 0 MATTHEW SCHONDEK PRESIDENT/CEO 275380 0 0 0 0 0 0 0 0 0 275380 0 0 0 MARYELLEN MEDEIROS EVP OF OPERATIONS 162358 0 0 0 0 0 0 0 0 0 162358 0 0 0 SEE SUPPLEMENTAL INFORMATION X 0 0 0 SCHEDULE L PART II - LOANS SOME OF THE OFFICERS & DIRECTORS HAVE LOANS OUTSTANDING WITH THE CREDIT UNION. THESE LOANS WERE OBTAINED IN THE ORDINARY COURSE OF BUSINESS OF THE CREDIT UNION AT THE SAME TERMS AS AVAILABLE TO ALL MEMBERS. AS PER THE INSTRUCTIONS FOR SCHEDULE L THESE LOANS ARE NOT REQUIRED TO BE DISCLOSED. FORM 990, PART VI, SECTION A, LINE 2 DIRECTORS JAMES MACHADO AND DAVID MACHADO ARE NEPHEW AND UNCLE. FORM 990, PART VI, SECTION A, LINE 6 AT FALL RIVER MUNICIPAL CREDIT UNION, MEMBERSHIP IN THIS CREDIT UNION IS OPEN TO INDIVIDUALS WHO RESIDE, WORK, HAVE A PLACE OF BUSINESS, OR ATTEND SCHOOL IN BRISTOL, PLYMOUTH, BARNSTABLE AND DUKES COUNTIES IN MASSACHUSETTS AND KENT, PROVIDENCE, BRISTOL AND NEWPORT COUNTIES IN RHODE ISLAND, AND TO MEMBERS OF THEIR IMMEDIATE FAMILY OR HOUSEHOLD TO INCLUDE: MOTHER, FATHER, SON, DAUGHTER, SISTER, BROTHER, GRANDPARENTS, OR ANY OTHER INDIVIDUAL RESIDING IN THE MEMBER HOUSEHOLD. ATTEND SCHOOL INCLUDES ANY INDIVIDUAL ENROLLED IN A FULL OR PART-TIME PROGRAM AT A PUBLIC OR PRIVATE COLLEGE, COMMUNITY COLLEGE, UNIVERSITY, HIGH SCHOOL, ELEMENTARY SCHOOL, VOCATIONAL SCHOOL OR TRADE SCHOOL. EVIDENCE OF ATTENDING SCHOOL MAY INCLUDE SCHOOL IDENTIFICATION CARDS, TRANSCRIPTS, TUITION STATEMENT, OR ANY OTHER OFFICIAL SCHOOL CORRESPONDENCE. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS VOTE FOR THEIR BOARD OF DIRECTORS AND MAKE GOVERNING DECISIONS AT THEIR ANNUAL BOARD MEETING. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS VOTE FOR THEIR BOARD OF DIRECTORS AND MAKE GOVERNING DECISIONS AT THEIR ANNUAL BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS HAS DELEGATED THE RESPONSIBILITY FOR REVIEWING, APPROVING AND SIGNING THE FORM 990 TO THE CEO. THE FORM 990 IS MADE AVAILABLE TO ANY DIRECTOR UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZAION DOES HAVE A CONLICT OF INTEREST POLICY IN PLACE. THE OFFICERS, DIRECTORS, AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE ANNUALLY INTEREST THAT COULD GIVE RISE TO CONFLICTS AND THE BOARD OF DIRECTORS WILL DISCUSS IN BOARD MEETINGS TO CONFIRM THAT NO CONFLICT OF INTEREST EXIST. FORM 990, PART VI, SECTION B, LINE 15 OFFICER COMPENSATION DETERMINATION THE BOARD OF DIRECTORS DETERMINES THE COMPENSATION FOR THEIR ORGANIZATION'S CEO, DIRECTORS AND MANAGEMENT. THIS PROCESS INCLUDES REVIEW AND APPROVAL BY INDEPENDENT PERSONS, COMPARABILITY DATA, AND CONTEMPORANEOUS SUBSTANTIATION OF THE DELIBERATION AND DECISION. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS THE ORGANIZATIONAL GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND FORM 990 ARE AVAILABLE UPON REQUEST TO THE GENERAL PUBLIC. FORM 990, PART XI, LINE 9: NET UNREALIZED GAINS/(LOSSES) FAS 158 PENSION COSTS 863,062. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS FOR FALL RIVER MUNICIPAL CREDIT UNION DURING THE TAX YEAR 2023