2024-10-29T08:42:28-07:00 2023-12-31 990 2023-01-01 042314232 QUINCY CREDIT UNION QUIN 6174795558 100 Quincy Ave Quincy MA 02169 Denise Fillis CFO 6178044605 2024-10-31 1 2023 2024-10-15 13:58:12Z John Miller 100 Quincy Ave Quincy MA 02169 31740273 0 X www.qcu.org X Credit Union 1937 MA Provide our members the best financial services possible in order to successfully satisfy their financial needs and requirements. 14 12 108 14 0 0 0 0 18391582 24151156 4623804 6280590 295000 1308527 23310386 31740273 0 0 2893376 7482841 6980754 7976809 0 0 0 8436023 9599329 18310153 25058979 5000233 6681294 710026576 712234801 652079281 649640423 57947295 62594378 Provide our members the best financial services possible in order to successfully satisfy their financial needs and requirements. 0 0 7482841 Dividends and Insurance paid to and for our members. 4514300 Loan servicing expenses and outside services. 0 0 0 11997141 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 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 0 0 108 1 0 0 0 0 0 0 0 0 X 14 12 1 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X Denise Fillis 6178044605 100 Quincy Ave Quincy MA 02169 John Miller CEO 40 0 X X 499388 0 57732 Denise Fillis CFO / Treasurer 40 0 X 217572 0 57256 Sean Dunn CLO 40 0 X 197139 0 44458 Matthew Lindblom Chief Technology Officer 40 0 X 201132 0 29496 Steven Kunkel Chief Operations Officer 40 0 X 154904 0 22325 Harold Goodwin Clerk 5 0 X X 10008 0 84 William Phelan Chairman 5 0 X X 10008 0 84 Stewart Steele Director 2 0 X 0 0 8928 William Barron Director 2 0 X 0 0 84 Michael Hobin Director 2 0 X 0 0 84 Ernest Arienti Director 2 0 X 0 0 84 Paul Keenan Vice Chairman 2 0 X 0 0 84 John Scribi Director 2 0 X 0 0 84 Michael Granahan Director 2 0 X 0 0 84 Robert Hanna Director 2 0 X 0 0 84 John Barber Director 2 0 X 0 0 84 Paul Daley Director 2 0 X 0 0 84 Paul O'Connell Director 2 0 X 0 0 84 Michael Conners Asst. Treasurer 2 0 X 0 0 84 1290151 0 221287 10 0 1 0 0 0 Income Loans to Members 522130 18466089 18466089 0 0 Service Fees Charged to Members 522130 5685067 5685067 0 0 0 0 0 0 24151156 6280590 6280590 0 0 0 0 0 0 0 0 0 0 364000 0 0 0 364000 0 364000 364000 0 0 0 0 Recording of Mortgage Servicing Rights 522130 944527 944527 0 0 0 0 0 0 944527 31740273 31740273 0 0 7482841 735308 0 5313584 538153 933665 456099 0 0 104472 0 0 0 0 967558 1491939 3797049 0 0 0 0 289592 0 0 596660 96325 Loan Servicing 717251 Miscellaneous 1085898 Provision for Loan Loss 452585 25058979 0 0 0 3918388 3237266 41162700 36079164 0 0 551552 321872 3800000 3800000 0 0 405290185 437176673 0 0 8288398 9348687 21840024 8634731 11934029 13205293 234202024 208186546 879300 879300 0 0 0 0 0 0 710026576 712234801 4617369 6913805 0 0 0 0 0 0 0 0 0 0 0 0 0 0 647461912 642726618 652079281 649640423 X 57947295 62594378 0 0 57947295 62594378 710026576 712234801 X 6681294 -478156 0 0 0 -1556055 X 1 X 1 X 1 0 3133215 0 3133215 15318142 0 6233252 9084890 0 0 0 0 3388667 0 2401479 987188 0 0 0 0 13205293 0 Member Deposits 642726618 642726618 X 1 1 X X X 0 1 0 John Miller CEO 394209 0 59755 0 12500 0 32924 0 0 0 499388 0 486274 0 Denise Fillis CFO / Treasurer 181310 0 22663 0 0 0 13599 0 0 0 217572 0 213990 0 Matthew Lindblom Chief Technology Officer 152331 0 21319 0 0 0 27482 0 0 0 201132 0 203179 0 Sean Dunn CLO 171175 0 20645 0 0 0 5319 0 0 0 197139 0 166576 0 Steven Kunkel Chief Operations Officer 150351 0 0 0 0 0 4553 0 0 0 154904 0 0 0 Schedule J, Part I, Line 1a The Board of Directors may vote to allow a conference attendee to bring companion with them to the event. The credit union will reimburse the costs after the expense is approved by the audit committee. Schedule J, Part I, Line 4 John Miller, Denise Fillis, Matthew Lindblom, and Jamie Faverty contributed to a 457(b) retirement plan during the year. No funds were withdrawn during the year. Former CEO Stewart Steele withdrew $118,572.34 from his 457(b) plan. Former COO, Elizabeth Burke, withdrew $75,000.00 from her 457(b) plan. Stewart and Elizabeth did not make contributions during the year. QCU deposited funds into a life insurance policy on John Miller's life. During life, and subject to the policy generating sufficient values, John Miller can borrow from the policy. At death, QCU recovers its premiums plus interest plus additional key-person insurance proceeds. John Miller CEO Fund purchase X 3800000 3800000 0 1 1 3800000 Schedule L, Part II QCU provides supplemental retirement benefit through an arrangement the IRS refers to as "collateral assignment split dollar" (CASD). Although the IRS requires reporting in Part II above for loans to interested persons, CASD is not an actual loan. There is neither a transfer of funds to the participant nor an obligation for the participant to repay those funds. Instead, QCU recovers its outlays plus interest from the underlying policy. The recovery right is a key advantage of CASD. With traditional deferred compensation, QCU pays the benefit from corporate assets, never to recover those dollars. With CASD, QCU recovers not only its outlays, but also interest that takes into account the time value of money. In CASD, QCU deposits dollars into a life insurance policy, with QCU holding a lien on the policy to ensure repayment. At specified times and subject to vesting requirements, the participant may borrow from the cash value of the policy to supplement retirement income (provided there are sufficient policy values). Borrowing is carefully monitored and limited to assure that the policy will remain in effect until the participant's death and will pay a death benefit at least sufficient to repay QCU's outlays plus interest. Any remaining death proceeds are divided between QCU and the executive's beneficiary as specified in the agreement. Form 990, Part VI, Section A, Line 2 Two directors have a business relationship in the form of a joint real estate venture. Form 990, Part VI, Section A, Line 6 The Credit Union is member owned. Form 990, Part VI, Section A, Line 7a The members have the power to elect or appoint the governing body. Form 990, Part VI, Section B, Line 11b Before filing, the 990 is provided to the directors at the monthly board meeting and the Board is required to approve it for filing. Form 990, Part VI, Section B, Line 12c Accounts & Transactions are reviewed regularly for compliance. All reports/claims are investigated. Policy is received and signed by all employees on an annual basis to ensure they will conduct their business affairs with high standards of honesty and integrity. Violations of the policy are subject to disciplinary action up to and including termination. Form 990, Part VI, Section B, Line 15 Officers' compensation is approved by the Board of Directors and is derived by industry standards. Form 990, Part VI, Section C, Line 19 Financial statements are posted in the Main Office lobby and on NCUA Website. Bylaws are available to members upon request. Form 990 is available upon request. Form 990, Part XI, Line 9 One-time adjustment to implement regulation change for CECL. Extension granted