2024-11-13T12:33:31-06:00 2023-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2023-01-01 041144988 NAVEO CREDIT UNION NAVE 6177025128 493 SOMERVILLE AVENUE SOMERVILLE MA 02143 BRENDA TAM CHIEF FINANCIAL OFFICER 6177025128 2024-11-12 1 0 KAREN S NG P01067482 6174399700 2024-11-12 2023 2024-10-15 13:58:12Z ANDREA WHITE 493 SOMERVILLE AVENUE SOMERVILLE MA 02143 6809632 0 X HTTPS://NAVEO.ORG X 1928 MA MEMBER THRIFT & SERVICE 10 10 44 10 0 0 0 0 4507439 5679561 1030819 1130071 0 0 5538258 6809632 0 56494 321562 0 2970580 3151376 0 0 0 2077983 3342032 5370125 6549902 168133 259730 168948495 170305612 163130050 162855833 5818445 7449779 X SEE SCHEDULE O.NAVEO CREDIT UNION, (THE "CREDIT UNION") IS A STATE-CHARTERED CREDIT UNION ORGANIZED UNDER THE PROVISIONS OF THE MASSACHUSETTS CREDIT UNION ACT. PARTICIPATION IN THE CREDIT UNION IS LIMITED TO THOSE INDIVIDUALS WHO QUALIFY FOR MEMBERSHIP. THE FIELD OF MEMBERSHIP IS DEFINED IN THE CREDIT UNION'S BYLAWS WITH A SIGNIFICANT CONCENTRATION OF MEMBERS RESIDING IN SOMERVILLE AND CAMBRIDGE, MASSACHUSETTS AND SURROUNDING COMMUNITIES. THE CREDIT UNION PROVIDES A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS. ITS PRIMARY DEPOSIT PRODUCTS ARE SAVINGS, CHECKING AND TERM CERTIFICATE ACCOUNTS AND ITS PRIMARY LENDING PRODUCTS ARE RESIDENTIAL REAL ESTATE, MEMBER BUSINESS AND CONSUMER LOANS. 0 0 MAINTENANCE OF MEMBER SHARE AND DEPOSIT ACCOUNTS, AND THE PAYMENT OF DIVIDENDS THEREON WITH THE PURPOSE OF LENDING TO MEMBERS AT COMPETITIVE INTEREST RATES. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 2767 0 1 44 1 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 0 1 1 1 0 X BRENDA TAM 6177025128 493 SOMERVILLE AVENUE SOMERVILLE MA 02143 LEONTINA MANCINI CHAIRPERSON 2.00 X X 0 0 0 ISAAC MACHADO 1ST VICE CHAIRMAN 2.00 X X 0 0 0 PAUL FERREIRA 2ND VICE CHAIRMAN 2.00 X X 0 0 0 CHARLES MONTEMOR TREASURER 2.00 X X 0 0 0 LINDSAY LUCKE SECRETARY/CLERK 2.00 X X 0 0 0 MANUEL DA SILVA DIRECTOR 2.00 X 0 0 0 SONJA DARAI DIRECTOR 2.00 X 0 0 0 JENNIFER LAWRENCE DIRECTOR 2.00 X 0 0 0 MARIO BRUM DIRECTOR 2.00 X 0 0 0 JASON ALVES DIRECTOR 2.00 X 0 0 0 ANDREA WHITE PRESIDENT & CEO 40.00 X 267205 0 6115 ALBERT PINHO SVP LENDING 40.00 X 202264 0 12631 KEVIN GEORGE VP FIANCE 40.00 X 116326 0 17468 MICHAEL DWYER VP OPERATIONS 40.00 X 113209 0 17468 JAMIE LEVINE VP HUMAN RESOURCES 40.00 X 125542 0 12631 ADAM CARPENTER VP TECHNOLOGY 40.00 X 117276 0 6115 941822 0 72428 6 0 1 0 0 LOAN & FEE INCOME 522100 5679561 5679561 5679561 1115622 1115622 14449 0 14449 14449 14449 6809632 5679561 0 1130071 47994 8500 469469 2139865 67708 276743 197591 4992 121385 7575 262776 57102 244383 628850 260328 61018 994885 182002 45078 PROVISION-LOAN & OVERDR 165149 ATM/DEBIT CARD EXPENSE 142469 LENDING EXPENSE 70086 COLLECTION EXPENSE 29978 63976 6549902 627820 788782 11136236 3371080 31523 47523 2605284 2680188 89262254 105095769 0 217846 5008696 3467823 1644501 1540873 61707431 54207464 1933446 2356087 168948495 170305612 708961 2908768 0 571750 162421089 159375315 163130050 162855833 X 0 0 0 0 5818445 7449779 5818445 7449779 168948495 170305612 259730 1371604 0 X 0 0 0 0 1 X 209790 209790 430567 430567 0 2613339 1535174 1078165 1024589 816780 207809 730411 685302 45109 1540873 MEMBER DEPOSITS 159375315 159375315 X PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW ACCOUNT IN CONNECTION WITH THE MORTGAGE LOANS. 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, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES ON INCOME RELATED TO ITS EXEMPT PURPOSE. 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 JUNE 30, 2024 AND 2023. 1 MASSACHUSETTS ALLIANCE OF PORTUGUESE SPEAKERS 1046 CAMBRIDGE STREET CAMBRIDGE MA 02139 042596270 501(C)(3) 10000 0 CHARITABLE CONTRIBUTIONS 1 SCHOLARSHIPS 5 8500 0 PART I, LINE 2: MANAGEMENT TEAM AND BOARD OF DIRECTORS REVIEWS EACH APPLICATION CAREFULLY AND MONITOR GRANT PROCESS CLOSELY TO ENSURE THAT EXPENDITURES ARE APPROPRIATE. X X X X 0 0 0 ANDREA WHITE PRESIDENT & CEO 256205 0 11000 0 0 0 0 0 6115 0 273320 0 0 0 ALBERT PINHO SVP LENDING 194764 0 7500 0 0 0 0 0 12631 0 214895 0 0 0 SEE PART V SUPPLEMENTAL INFORMATION X 2680188 0 1 1 2680188 SCHEDULE L PART II - OFFICER & DIRECTOR LOANS 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 THE SAME TERMS AND CONDITIONS AVAILABLE TO ALL MEMBERS. AS PER INSTRUCTIONS FOR SCHEDULE L, THESE LOANS ARE NOT TO BE LISTED ON SCHEDULE L. FORM 990, PART VI, SECTION A, LINE 6 EACH PERSON WHO HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION HAS AN ANNUAL ELECTION IN WHICH MEMBERS OF THE CREDIT UNION ELECT BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B AUDIT COMMITTEE REVIEWS THE RETURN PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION HAS A CONFLICT OF INTEREST POLICY IN PLACE AND WILL REVIEW IT ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 A COMPENSATION CONSULTING FIRM IS USED TO DETERMINE SALARY RANGES FOR ALL POSITIONS AT THE CREDIT UNION. FORM 990, PART VI, SECTION C, LINE 19 FINANCIALS ARE PUBLISHED MONTHLY AND POSTED IN THE LOBBY OF BOTH BRANCH LOCATIONS.