2024-11-08T09:31:45-05:00 2023-12-31 472604526 MYSTIC ACCOUNTING GROUP LLP PO BOX 397 MYSTIC CT 06355 990 2023-01-01 041126132 BROTHERHOOD CREDIT UNION BROT 7815985555 75 MARKET STREET LYNN MA 01901 ADAM H SHERMAN PRESIDENT/CEO 7815985555 2024-11-07 true false NANETTE A BANCROFT CPA P01315598 8605361040 2024-11-07 2023 2024-10-15 13:58:12Z ADAM H SHERMAN 75 MARKET STREET LYNN MA 01901 4754323 false X BROTHERHOODCU.ORG X 1934 MA CREDIT UNION MEMBER SERVICES 10 9 28 9 10387 0 1913517 2467326 976417 2050828 227664 236169 3117598 4754323 4000 0 0 1712242 1805116 0 0 1555142 2351407 3271384 4156523 -153786 597800 120701668 111888397 77570077 68317899 43131591 43570498 CREDIT UNION MEMBER SERVICES false false MAINTENANCE OF MEMBERS' ACCOUNTS AND THE PAYMENT OF INTEREST AND DIVIDENDS THEREON. NUMBER OF DEPOSIT ACCOUNTS IS 6,610. NUMBER OF LOAN ACCOUNTS IS 1,086. false false false false false false false true false true false false false true true false false false false false false false false false false false false false true false false false false false false false false false false false false false false true 1138 0 true 28 true true true false false false false false false false X 10 9 true false false false true true true true true false true true false false false false true true false MA X X ADAM H SHERMAN 7815985555 75 MARKET STREET LYNN MA 01901 ADAM H SHERMAN PRESIDENT/CE 40.00 X 173383 0 35659 MARILYN DESIMONE CHIEF OPER O 40.00 X 156698 0 27987 JAMES J SHERMAN ADVISORADMIN 12.00 X X 7090 0 355 JOSE ALAS-RUIZ DIRECTOR 2.00 X 0 0 0 MICHAEL COHEN DIRECTOR 2.00 X 0 0 0 HOWARD FIELD DIRECTOR 2.00 X 0 0 0 RICHARD KESSEL CLERK 2.00 X X 0 0 0 DARREN KLEIN DIRECTOR 2.00 X 0 0 0 SCOTT SAGAN DIRECTOR 2.00 X 0 0 0 EDWARD I SHADOFF DIRECTOR 2.00 X 0 0 0 MARTIN SHUMAN TREASURER 4.00 X X 0 0 0 337171 64001 3 false true false FISERV INC 255 FISERV DRIVE BROOKFIELD WI 53045 IT 441956 PANNOS MARKETING 57 MARKET STREET MANCHESTER NH 03101 ADVERTISING PR 146128 ADT COMMERCIAL - EVERON PO BOX 382109 PITTSBURGH PA 15251 SECURITY 125026 3 INTEREST ON LOANS 2467326 2467326 2467326 2050828 2050828 MISCELLANEOUS 176146 176146 SERVICE CHARGES AND FEES 39364 39364 MEMBER INSURANCE 10272 10272 10387 10387 236169 4754323 4743936 10387 534154 1020423 13698 119070 117771 5549 15026 171813 61543 424220 270895 17761 842401 98644 32720 ELAN EXPENSE 99199 SHARE DRAFT PROCESSING 76654 MAINTENANCE 51059 PROFESSIONAL SERVICES 46067 137856 4156523 0 0 0 5647747 4428230 22770773 16510001 65964216 63746006 57358 27251 3059211 2245599 677907 813612 22672978 23061302 1896576 1745587 1014113 1556408 120701668 111888397 134247 723768 446633 434595 6000000 2900000 70989197 64259536 77570077 68317899 X 43131591 43570498 43131591 43570498 120701668 111888397 X 597800 -158893 X false false false false true X 49000 49000 1894822 1432827 461995 150105 102930 47175 42221 42221 923063 667621 255442 813612 MEMBER DEPOSIT ACCOUNTS 64179588 OTHER LIABILITIES-SUSPENSE ACCOUNTS 79948 64259536 X SCHEDULE D, PAGE 2, PART IV, LINE 2B MORTGAGE ESCROW ACCOUNTS HELD FOR THE PAYMENT OF REAL ESTATE TAXES FOR MUNICIPALITIES. SCHEDULE D, PAGE 3, PART X THE CREDIT UNION FOLLOWS FASB ACCOUNTING STANDARDS CODIFICATION 740-10, ACCOUNTING FOR UNCERTAINTIES IN INCOME TAXES, AND HAS EVALUATED ITS TAX POSITIONS TAKEN FOR ALL OPEN YEARS AND HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE. X true true X X X false false false ADAM H SHERMAN PRESIDENT/CEO 163450 9933 12136 23523 209042 MARILYN DESIMONE CHIEF OPER OFFICER 155421 1277 10969 17018 184685 FORM 990, PAGE 1, PART I, LINE 6 BOARD OF DIRECTORS WHO ARE VOLUNTEERS AND RECEIVE NO COMPENSATION FOR THEIR SERVICES. FORM 990, PAGE 6, PART VI, LINE 2 DARREN KLEIN JAMES J. SHERMAN DIRECTOR ADVISOR/DIR NEPHEW ADAM H. SHERMAN JAMES J. SHERMAN PRESIDENT ADVISOR/DIR SON FORM 990, PAGE 6, PART VI, LINE 6 PERSONS WHO MEET THE REQUIREMENTS OF THE ORGANIZATIONS'S FIELD OF MEMBERSHIP WHO HOLD AT LEAST ONE SHARE OF THE CAPITAL. FORM 990, PAGE 6, PART VI, LINE 7A EACH MEMBER HAS A VOTE AT THE ELECTION OF THE BOARD OF DIRECTORS. FORM 990, PAGE 6, PART VI, LINE 7B ANY CHANGES TO THE INCORPORATING DOCUMENTS, I.E. BYLAWS ARE APPROVED BY THE MEMBERSHIP. FORM 990, PAGE 6, PART VI, LINE 11B THE 990 AND 990T ARE REVIEWED BY THE PRESIDENT, TREASURER, AND AUDIT COMMITTEE FIRST. THE BOARD THEN REVIEWS AND VOTES TO ACCEPT. DUE TO THE TIMING OF THE PREPARATION OF THE RETURN, THE REVIEW MAY BE AFTER THE RETURN IS FILED. FORM 990, PAGE 6, PART VI, LINE 15A COMPENSATION FOR THE CEO/TOP MANAGEMENT IS APPROVED BY THE BOARD. ANY INCREASE IS NOTED IN THE MINUTES. A COMPARISON OF THE INDUSTRY IS PERFORMED. FORM 990, PAGE 6, PART VI, LINE 15B COMPENSATION FOR THE CEO/TOP MANAGEMENT IS APPROVED BY THE BOARD. ANY INCREASE IS NOTED IN THE MINUTES. A COMPARISON OF THE INDUSTRY IS PERFORMED. FORM 990, PAGE 6, PART VI, LINE 19 INFORMATION IS POSTED IN THE CREDIT UNION LOBBY AND AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9 ONE TIME CECL ADJUSTMENT -157,102 ONE TIME LEASE ADJUSTMENT -1,791 TOTAL -158,893 THE CREDIT UNION MADE A ONE-TIME ADJUSTMENT TO MEMBERS' EQUITY FOR THE IMPLEMENTATION FOR EACH OF THE FOLLOWING ACCOUNTING STANDARDS THAT WERE ADOPTED IN TAX YEAR 2023: ASU 2016-13 CECL FOR -157,102 ASU 2016-02 LEASES FOR -1,791