2024-05-21T09:44:33-05:00 2023-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2023-01-01 042023790 SOUTHBRIDGE CREDIT UNION SOUT 5087655454 155 MAIN STREET SOUTHBRIDGE MA 01550 JEFF CANNIFF TREASURER/CFO 5087655454 2024-05-20 1 JEFF CANNIFF 000001479 1 KAREN S NG P01067482 6174399700 2024-05-21 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z JEFF CANNIFF 155 MAIN STREET SOUTHBRIDGE MA 01550 10589215 0 X WWW.SBGECU.ORG X 1938 MA PROVIDE FINANCIAL PRODUCTS AND PERSONALIZED SERVICES THAT WILL ASSIST OUR MEMBERS IN ACHIEVING THEIR FINANCIAL GOALS. 11 10 51 11 0 0 0 0 7651286 8914636 655019 616632 1064509 1057947 9370814 10589215 103789 103765 0 0 3277265 3558336 0 0 0 4867070 6669518 8248124 10331619 1122690 257596 210069860 213066598 187249351 190233381 22820509 22833217 PROVIDE FINANCIAL PRODUCTS AND PERSONALIZED SERVICES THAT WILL ASSIST OUR MEMBERS IN ACHIEVING THEIR FINANCIAL GOALS. 0 0 SOUTHBRIDGE CREDIT UNION IS A MEMBER-OWNED CREDIT UNION THAT COMMITTED TO PROVIDING ITS MEMBERS WITH SUPERIOR FINANCIAL SERVICES. ITS PRIMARY FUNCTION IS TO PROVIDE LOANS TO ITS MEMBERS AS WELL AS ACCEPT DEPOSITS FROM THEM. FOR YEAR ENDED 12/31/2023, LOAN INTEREST RECEIVED FROM MEMBERS WAS $7,811,904. INTEREST PAID ON SHARE ACCOUNTS $1,567,919. SAFE DEPOSIT BOXES RENTALS $12,165 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 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 3461 0 1 51 1 0 0 0 0 0 0 0 0 X 11 10 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 X JEFFREY CANNIFF 5089097172 155 MAIN STREET SOUTHBRIDGE MA 015502524 JAMES KEYES 2ND VICE CHAIR/DIRECTOR 2.00 X 0 0 0 PHIL CYR 1ST VICE CHAIR/DIRECTOR 2.00 X 0 0 0 MICHELLE M ANDERSON DIRECTOR 2.00 X 0 0 0 MADALINE I BONADEIES DIRECTOR 2.00 X 0 0 0 BENJAMIN TULLY DIRECTOR 2.00 X 0 0 0 JOHN A LAFLECHE BOARD CHAIR/DIRECTOR 3.00 X 12000 0 0 WILLIAM TRIFONE DIRECTOR 2.00 X 0 0 0 ROBERT CAPRERA DIRECTOR 2.00 X 0 0 0 JOSE DINGAI DIRECTOR 2.00 X 0 0 0 AMY HOWARD DIRECTOR 2.00 X 0 0 0 REBECCA BRUSO DIRECTOR 2.00 X 0 0 0 KATHERINE R THEODOSS PRESIDENT/ CEO 40.00 X 234630 0 41691 JEFFREY CANNIFF CFO/TREASURER 40.00 X 177039 0 14457 BARBARA PALMER ENDED 102023 VP BRANCH RETAIL DEVELOPMENT 40.00 X 126896 0 16425 LYNN MERO VP OF CONSUMER LENDING 40.00 X 109531 0 16745 MARIA GARCIA-TORRES SVP OF ADMINISTRATION 40.00 X 111488 0 9164 KAREN BROUSSEAU SVP OF RETAIL OPERATIONS 40.00 X 102618 0 31209 874202 0 129691 6 0 1 0 0 INTEREST ON LOANS 900099 7811904 7811904 FEES & COMMISSIONS 900099 1072278 1072278 BORROWER'S INSURANCE 900099 30454 30454 8914636 616632 616632 66226 0 66226 66226 66226 ATM SERVICE FEES 900099 873991 873991 OTHER INCOME 900099 117730 117730 991721 10589215 9972583 0 616632 96765 7000 411670 2232106 160496 534834 219230 158411 1620 340473 314605 674622 764514 6878 1924433 512322 3815 ATM & DEBIT CARD PROCES 561315 PROVISION FOR LOAN LOSS 491061 KASASA REWARDS 259117 CONSULTANT FEES 252036 404296 10331619 1239052 2042810 9202882 8302322 556137 645661 168946172 172699097 12644800 7061486 5335784 5583314 15645202 15170991 238700 545100 8905931 8077303 210069860 213066598 329406 307901 601413 589343 186318532 189336137 187249351 190233381 X 0 0 0 0 22820509 22833217 22820509 22833217 210069860 213066598 X 257596 571847 -816735 X X 0 1 X 1 0 0 1 X 244000 244000 5998215 3175484 2822731 3050674 1317909 1732765 2520975 1962395 558580 830936 605698 225238 5583314 DEPOSITS 175090578 FHLB BORROWINGS 11000000 OTHER LIABILITIES 1156196 RIGHT-OF-USE 2089363 189336137 X 10645117 55902 55902 10589215 0 10589215 10331619 0 10331619 0 10331619 PART IV, LINE 2B: 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: 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. THE CREDIT UNION RECORDS INTEREST AND PENALTIES AS PART OF INCOME TAX EXPENSE. NO INTEREST OR PENALTIES WERE RECORDED FOR THE YEARS ENDED DECEMBER 31, 2023 OR 2022. THE CREDIT UNION'S TAX RETURNS FOR FISCAL YEARS ENDED DECEMBER 31, 2020 TO PRESENT ARE SUBJECT TO REVIEW BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CSV LIFE INSURANCE 55,902. 1 OPACUM LAND TRUST PO BOX 233 STURBRIDGE MA 01566 043501184 501(C)(3) 7200 0 EXEMPT PURPOSE YMCA TEEN CENTER PLEDGE 766 MAIN STREET WORCESTER MA 01566 000000000 501(C)(3) 6000 0 EXEMPT PURPOSE 2 SCHOLARHIPS 7 7000 PART I, LINE 2: SCHOLARSHIP APPLICATIONS ARE REVIEWED FOR COMPLETION/INCLUSION OF ALL CATEGORIES SET FORTH BY THE CREDIT UNION. THE GRANT COMMITTEE MEMBERS PERFORM A FINAL REVIEW AND MAKE THE FINAL SELECTION BASED ON THE CRITERIA SET FORTH BY THE CREDIT UNION. X 1 1 X 1 0 0 KATHERINE R THEODOSS PRESIDENT/ CEO 234630 0 0 0 0 0 17597 0 24094 0 276321 0 0 0 JEFFREY CANNIFF CFO/TREASURER 177039 0 0 0 0 0 13008 0 1449 0 191496 0 0 0 PART I, LINE 1A ONE IMMEDIATE FAMILY MEMBER OR SIGNIFICANT OTHER TRAVEL EXPENSES WILL BE ALLOWED UP TO ONE TRIP PER YEAR IN ADDITION TO A CREDIT UNION RELATED CONVENTION AND THE CREDIT UNION ANNUAL PLANNING SESSION. PART I, LINE 1B GUIDELINES FOR OUT OF THE AREA EDUCATION, TRAINING AND TRAVEL EXPENSES GENERAL: OUT OF AREA EDUCATION/TRAINING/TRAVEL EXPENSES WILL BE COVERED FOR THE DURATION OF THE CONFERENCE OR SESSIONS AND SHALL INCLUDE REASONABLE TIME BEFORE AND AFTER THE EVENT FOR TRAVEL TO AND FROM, USUALLY ONE DAY IF NEEDED. TRAVEL: TRAVEL TO AND FROM EVENTS WILL USUALLY BE BY COMMERCIAL AIR CARRIER. RESERVATIONS SHOULD BE MADE TIMELY WHENEVER POSSIBLE TO TAKE ADVANTAGE OF SPECIAL FARES. PRIVATE AUTOMOBILES MAY/SHOULD BE USED WHEN AIR TRAVEL IS NOT AVAILABLE OR OTHER PERSONS ARE TRAVELING TO THE SAME CONFERENCE, MAKING AUTO TRAVEL MORE ECONOMICAL OR IT IS MORE ECONOMICAL AND PRACTICAL. HOTEL: ROOM CHARGES WILL BE COVERED AT THE SITE OF THE CONFERENCE OR ALTERNATIVE SITE IF PRIMARY SITE IS NOT AVAILABLE. TAXI, BUS, RENTAL CAR, OR SHUTTLE: REASONABLE TRANSPORTATION EXPENSES TO, TRANSPORTATION IN CONJUNCTION WITH THE EVENT GENERALLY WILL BE HOTEL AND/OR PRACTICAL FOR THE REASONABLE CONVENIENCE AND COMFORT OF THE FROM AND DURING THE CONFERENCE OR MEETING WILL BE REIMBURSED. SHUTTLE OR BUS. TAXIS OR RENTAL CARS MAY BE USED WHEN IT IS MORE ECONOMICAL TRAVELER. PARKING AND TOLL CHARGES: AIRPORT PARKING FOR PERSONAL VEHICLES WHEN USING AIR TRAVEL WILL BE PAID BY THE CREDIT UNION. TOLL CHARGES WILL BE PAID BY THE CREDIT UNION. MISCELLANEOUS: ALL MISCELLANEOUS EXPENSES WILL BE ITEMIZED AND EXPLAINED, SUCH AS BAGGAGE HANDLING, TIPS, OFFICIAL PHONE MESSAGES AND BRIEF CALLS HOME. TIPS: REASONABLE TIPPING WILL BE A COVERED EXPENSE. TIPS ARE NORMALLY ADDED TO MEALS AND WILL BE SHOWN ON THE RECEIPTS. OTHER TIPS WILL NEED TO BE ITEMIZED FOR CONSIDERATION OF REIMBURSEMENT. MEALS: ACTUAL COST OF MEALS, INCLUDING TIPS, DURING THE TIME OF ATTENDANCE AND TRAVEL WILL BE ALLOWED. A DAILY LIMIT OF $200 MAY BE ALLOWED FOR OUT OF TOWN TRAVEL. AUTO TRAVEL: MILEAGE REIMBURSEMENT RATE IS BASED ON THE CURRENT IRS RATE. ALL REQUESTS FOR MILEAGE REIMBURSEMENT WILL DETAIL THE MILES DRIVEN, ALONG WITH THE BUSINESS JUSTIFICATION. RECEIPTS: ALL RECEIPTS WILL BE ATTACHED TO JUSTIFY EXPENSES. ALL EXPENSES, REGARDLESS OF HOW PAID, WILL BE NOTED WITH THE JUSTIFICATION FOR BUSINESS PURPOSE AND DATES. EXPENSES CLAIMED WITHOUT A RECEIPT WILL BE KEPT TO A MINIMUM AND SUBJECT TO DENIAL. PURSUANT TO IRS RULES, UNSUBSTANTIATED EXPENSES IN EXCESS OF $30 PER DAY MAY BE TAXABLE INCOME FOR THE INDIVIDUAL. EXPENSE FORMS: ALL CLAIMED EXPENSES BY A DIRECTOR MUST BE SUBMITTED ON THE PROPER EXPENSE CLAIM FORM AND BE APPROVED BY THE AUDIT COMMITTEE AND RATIFIED BY THE BOARD OF DIRECTORS. AUDIT COMMITTEE EXPENSES WILL BE APPROVED BY THE BOARD CHAIR. FILES FOR EACH DIRECTOR WITH APPROPRIATE EXPENSE DOCUMENTATION WILL BE KEPT IN THE ACCOUNTING DEPARTMENT WHICH IS A CONTROLLED AREA. THESE FILES WILL BE AVAILABLE TO EXAMINERS, AUDITORS, AND THE MEMBERS. PROHIBITED ENTERTAINMENT EXPENSES: EXPENSES NOT REIMBURSABLE DURING BUSINESS TRAVEL WILL INCLUDE MAGAZINES, MOVIES, BOOKS, NEWSPAPERS, AND ANY OTHER NONBUSINESS RELATED EXPENSE WILL NOT BE REIMBURSED. REPORTING TO THE MEMBERSHIP: AT THE ANNUAL MEMBERS' MEETING, DIRECTOR EXPENSES SHALL BE REPORTED AS A WHOLE. AN AGGREGATE OF THE EXPENSES BY TYPE WILL BE REPORTED TO INCLUDE BUT NOT BE LIMITED TO MEETINGS, TRAVEL, LODGING, ETC. REVISED BY THE BOARD OF DIRECTORS ON MAY 19, 2009. PART I, LINE 4A THE VP BRANCH RETAIL DEVELOPMENT RECEIVED $23,718 SEVERANCE PAYMENT IN 2023. SCHEDULE J, PART I, LINE 2 - SUBSTANTIATION REQUIRED FOR REIMBURSEMENTS RECEIPTS: ALL RECEIPTS WILL BE ATTACHED TO JUSTIFY EXPENSES. ALL FOR BUSINESS PURPOSE AND DATES. EXPENSES CLAIMED WITHOUT A RECEIPT WILL UNSUBSTANTIATED EXPENSES IN EXCESS OF $30 PER DAY MAY BE TAXABLE INCOME EXPENSES, REGARDLESS OF HOW PAID, WILL BE NOTED WITH THE JUSTIFICATION BE KEPT TO A MINIMUM AND SUBJECT TO DENIAL. PURSUANT TO IRS RULES, FOR THE INDIVIDUAL. EXPENSE FORMS: ALL CLAIMED EXPENSES BY A DIRECTOR MUST BE SUBMITTED ON THE PROPER EXPENSE CLAIM FORM AND BE APPROVED BY THE AUDIT COMMITTEE AND RATIFIED BY THE BOARD OF DIRECTORS. AUDIT COMMITTEE EXPENSES WILL BE APPROVED BY THE BOARD CHAIR. FILES FOR EACH DIRECTOR WITH APPROPRIATE EXPENSE DOCUMENTATION WILL BE KEPT IN THE ACCOUNTING DEPARTMENT WHICH IS A CONTROLLED AREA. THESE FILES WILL BE AVAILABLE TO EXAMINERS, AUDITORS, AND THE MEMBERS. PROHIBITED ENTERTAINMENT EXPENSES: EXPENSES NOT REIMBURSABLE DURING BUSINESS TRAVEL WILL INCLUDE MAGAZINES, MOVIES, BOOKS, NEWSPAPERS, AND ANY OTHER NONBUSINESS RELATED EXPENSE WILL NOT BE REIMBURSED. REPORTING TO THE MEMBERSHIP: AT THE ANNUAL MEMBERS' MEETING, DIRECTOR TYPE WILL BE REPORTED TO INCLUDE BUT NOT BE LIMITED TO MEETINGS, EXPENSES SHALL BE REPORTED AS A WHOLE. AN AGGREGATE OF THE EXPENSES BY TRAVEL, LODGING, ETC. SEE SUPPLEMENTAL INFORMATION FOR DISCLOSURE X 0 0 0 SCHEDULE L, PART II - LOANS TO AND/OR FROM INTERESTED PERSONS SOME OF THE OFFICERS AND DIRECTORS HAVE LOANS OUTSTANDING WITH THE CREDIT UNION. THESE LOANS WERE OBTAINED IN THE ORDINARY COURSE OF BUSINESS WITH THE SAME TERMS AS ARE AVAILABLE TO ALL MEMBERS. AS PER INSTRUCTIONS FOR SCHEDULE L THESE LOANS ARE NOT TO BE SCHEDULED. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNIONS IS A MEMBERS ONLY CREDIT UNION CHARTERED IN MASSACHUSETTS. MEMBERSHIP IN THE SOUTHBRIDGE CREDIT UNION IS AVAILABLE TO PERSONS, BUSINESSES AND ORGANIZATIONS THAT ARE EITHER RESIDING, WORKING OR OPERATING WITHIN OUR SPHERE OF OPERATION. THIS IS THE MASSACHUSETTS COUNTIES OF WORCESTER, BRISTOL, FRANKLIN, HAMPSHIRE, NORFOLK, HAMPDEN, WINDHAM AND MIDDLESEX, AND WITHIN A 25-MILES RADIUS OF OUR MAIN BRANCH, IN SOUTHBRIDGE, WHICH BORDERS CONNECTICUT. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS VOTE FOR THE BOARD OF DIRECTORS AT THE ANNUAL MEETING AND VOTE ON ALL BUSINESS PRESENTED AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS VOTE FOR THE BOARD OF DIRECTORS AT THE ANNUAL MEETING AND VOTE ON ALL BUSINESS PRESENTED AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B BY BOARD APPROVAL FORM 990 WILL BE REVIEWED BY SOUTHBRIDGE CREDIT UNION'S TREASURER/CFO OR PRESIDENT/CEO PRIOR TO BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION HAS A CONFLICT OF INTEREST POLICY IN PLACE. THE BOARD OF DIRECTORS REVIEW THE CONFLICT OF INTEREST POLICY ANNAULLY. FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION OF PRESIDENT/CEO: THE SOUTHBRIDGE CREDIT UNION'S PERSONNEL COMMITTEE COMPLETES AN EMPLOYEE EVALUATION ON THE PRESIDENT/CEO AND THEN THE EVALUATION AND COMPENSATION RECOMMENDATION IS BROUGHT TO THE SOUTHBRIDGE CREDIT UNION'S BOARD FOR APPROVAL. THE PRESIDENT/CEO COMPLETES AN EMPLOYEE EVALUATION FOR ALL OTHER SOUTHBRIDGE CREDIT UNION'S OFFICERS AND APPROVES THE COMPENSATION STAYING WITHIN THE CURRENT YEAR'S BUDGET WHICH HAD BEEN APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS AVAILABLE TO PUBLIC, SOUTHBRIDGE CREDIT UNION'S AUDIT COMMITTEE SIGNS A MONTHLY STATEMENT OF CONDITION, WHICH IS POSTED IN THE LOBBY OF EACH BRANCH LOCATION THE THIRD WEEK OF EACH MONTH. ALL OTHER GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CSV LIFE INSURANCE 55,902. CUMULATIVE CHANGE IN ACCOUNTING PRINCIPLE -872,637. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR 2023.