2024-10-03T06:30:59-05:00 2023-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2023-01-01 042077206 BOSTON FIREFIGHTERS CREDIT UNION BOST 6172882420 60 HALLET STREET DORCHESTER MA 02124 CRISTINA PRENTIS SVP/CHIEF FINANCIAL OFFICER 6172882420 2024-10-02 1 1 KAREN S NG P01067482 6174399700 2024-10-02 2023 2024-10-15 13:58:12Z RICHARD HAYWARD JR 60 HALLET STREET DORCHESTER MA 02124 20477676 0 X WWW.BOSFIRECU.COM X 1947 MA PROVIDE FINANCIAL SERVICES TO OUR MEMBERS 12 11 56 13 0 0 0 0 14524260 18405205 1564773 1961749 0 38878 16089033 20405832 168625 175000 0 0 4798230 5272780 0 0 0 7466093 11222909 12432948 16670689 3656085 3735143 426852511 424274895 384912748 377979401 41939763 46295494 PROVIDE FINANCIAL SERVICES TO OUR MEMBERS 0 0 16670689 18444083 PROVIDE FINANCIAL SERVICES TO OUR MEMBERS 16670689 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 6155 0 1 56 1 0 0 0 0 0 0 0 0 X 12 11 1 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X CRISTINA PRENTIS 6172882420 60 HALLET ST DORCHESTER MA 02124 CHARLES BUCHANAN DIRECTOR 1.00 X 0 0 0 CHRISTOPHER BURKE DIRECTOR 1.00 X 0 0 0 DANIEL DOWLING DIRECTOR 1.00 X 0 0 0 DANIEL MAGOON CHAIRMAN 3.00 X X 12504 0 0 EDMUND STREET DIRECTOR 1.00 X 0 0 0 JOSEPH CASPER TREASURER/CLERK 3.00 X X 6252 0 0 KEVIN MEEHAN DIRECTOR 1.00 X 0 0 0 MARC SANDERS DIRECTOR 1.00 X 0 0 0 RALPH DOWLING DIRECTOR 1.00 X 0 0 0 SEAN COSTELLO VICE CHAIR 3.00 X X 0 0 0 SEAN O'BRIEN DIRECTOR 1.00 X 0 0 0 WILLIAM O'SULLIVAN DIRECTOR 1.00 X 0 0 0 ANDY PUGA SVP/CIO 35.00 X 161922 0 47858 CATHERINE GUERARD VP MEMBER SERVICES 35.00 X 126036 0 20456 CATHY BOUCHER EVP/COO 35.00 X 245116 0 44394 CRAIG MACKENZIE EVP/COO 35.00 X 91467 0 2812 CRISTINA PRENTIS SVP/CFO 35.00 X 196838 0 29485 KAITRYN THORNTON VP LENDING 35.00 X 139704 0 20461 KENNETH NASIFF SVP MBL 35.00 X 96084 0 11881 KRISTEN RUSSELL VP BUSINESS DEVELOPMENT 35.00 X 130601 0 42862 RICHARD HAYWARD JR PRESIDENT & CEO 35.00 X 375311 0 77605 ALEXA CAHILL AVP HR 35.00 X 105984 0 17184 JENNIFER COOK AVP ELEXTRONIC SERVICES 35.00 X 106715 0 32718 RAYMOND LAZCANO FINANCIAL ADVISOR 35.00 X 127497 0 27465 WENDY REITER CONTROLLER 35.00 X 129433 0 36248 2051464 0 411429 11 0 1 0 COCC 100 EXECUTIVE BLVD SOUTHINGTON CT 06489 DATA PROCESSOR 969864 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD SERVICER 333304 MASTERCARD 2200 MASTERCARD BLVD OFALLON MO 63368 CARD SERVICES 207048 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 CARD SERVICES 165693 MECHANICA LLC 75 WATER STREET NEWBURYPORT MA 01950 BRANDING SERVICES 160000 6 INTEREST EARNED ON LOANS TO MEMBE 522130 16645947 16645947 SERVICE CHARGES AND FEES 522130 1759258 1759258 18405205 1862652 1862652 170941 71844 0 -71844 170941 99097 99097 INTEREST INCOME ON SPLIT DOLLAR 522130 30080 30080 OTHER INCOME 522130 8798 8798 38878 20405832 18444083 0 1961749 149000 26000 1581834 2390652 500206 499077 301011 10859 144000 88979 211483 491291 344261 1476568 382410 67935 205000 5899131 189523 91685 ATM/NOW SERVICE 550486 PROVISION FOR LOAN LOSS 459000 LOAN SERVICING EXPENSE 287621 OTHER EXPENSES 158646 164031 16670689 1050330 1549915 6707137 5526997 2685748 3135329 337019421 344151175 297304 436258 6391758 3173895 3272808 3217863 68078564 57403907 500000 500000 281020 1326771 6960179 7026680 426852511 424274895 3050422 4563797 33000000 34000000 348862326 339415604 384912748 377979401 X 0 0 0 0 41939763 46295494 41939763 46295494 426852511 424274895 3735143 1278121 -657533 0 X X 0 0 0 765344 765344 4237337 2051230 2186107 12864 643 12221 1111340 928798 182542 264873 193224 71649 3217863 CMO FIXED AFS 11929987 F CMO VARIABLE AFS 4351332 F MBS AFS 7959593 F MUNICIPAL BONDS AFS 1444345 F TREASURIES AFS 21144739 F ANNUITY-ALLIANZ 2000000 F ANNUITY-MIDLAND 4000000 C BANK NOTES 2911911 F FHLB STOCK 1662000 C 57403907 MEMBER SHARE AND SAVINGS 339276248 MISCELLANEOUS 139356 339415604 X PART X, LINE 2: THE CREDIT UNION IS GENERALLY EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(14) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, THERE IS NO PROVISION FOR FEDERAL OR STATE INCOME TAXES IN THE FINANCIAL STATEMENTS. THE CREDIT UNION FILES INFORMATIONAL TAX RETURNS IN THE U.S. FEDERAL JURISDICTION (IRS FORM 990). 1 BOSTON POLICE DEPARTMENT (BOSTON POLICE DETECTIVES BENEVOLENT SOCIETY) 434 HYDE PARK AVE ROSLIDALE MA 02131 223010035 501(C)(5) 25000 0 DONATION BOSTON FIRE DEPT RELIEF FUND 115 SOUTHHAMPTON ST BOSTON MA 02118 041104325 501(C)(3) 25000 0 DONATION MASS FALLEN HEROES 88 BLACK FALCON AVE SUITE 202 BOSTON MA 02210 273495087 501(C)(3) 25000 0 DONATION PROFESSIONAL FIRE FIGHTERS OF MASSACHUSETTS 2 CENTER PLAZA SUITE 4M BOSTON MA 02108 473377095 501(C)(3) 15000 0 DONATION BOSTON BRUINS FOUNDATION 100 LEGENDS WAY BOSTON MA 021141303 200172439 501(C)(3) 10000 0 DONATION SPAM BENEVOLENT FUND INC 11 BEACON STREET SUITE 700 BOSTON MA 02108 264331647 501(C)(3) 17500 0 DONATION 7 1 SCHOLARSHIPS 6 26000 0 SCHEDULE I, PART I, LINE 2 SCHOLARSHIPS APPLICATIONS ARE REVIEWED FOR COMPLETION/INCLUSION OF ALL CATERGORIES SET FORTH BY THE CREDIT UNION X 1 1 X X X X X 0 1 0 RICHARD HAYWARD JR PRESIDENT & CEO 320811 0 23689 0 30811 0 54415 0 23190 0 452916 0 0 0 CATHY BOUCHER EVP/COO 214004 0 24139 0 6973 0 35670 0 8724 0 289510 0 0 0 CRISTINA PRENTIS SVP/CFO 172282 0 16632 0 7924 0 29355 0 130 0 226323 0 0 0 ANDY PUGA SVP/CIO 145890 0 15792 0 240 0 24831 0 23027 0 209780 0 0 0 KRISTEN RUSSELL VP BUSINESS DEVELOPMENT 115751 0 11540 0 3310 0 19685 0 23177 0 173463 0 0 0 WENDY REITER CONTROLLER 117082 0 9633 0 2718 0 19862 0 16386 0 165681 0 0 0 KAITRYN THORNTON VP LENDING 120697 0 11650 0 7357 0 20461 0 0 0 160165 0 0 0 RAYMOND LAZCANO FINANCIAL ADVISOR 88589 0 38237 0 671 0 19227 0 8238 0 154962 0 0 0 PART I, LINE 1A THE CEO IS CONTRACTUALLY ALLOWED TO HAVE A GUEST TRAVEL WITH HIM TO TWO CONFERENCES PER YEAR. PART I, LINE 1B THE CEOS SALARY IS REVIEWED ANNUALLY IN FEBRUARY BY THE EXECUTIVE COMMITTEE OF THE CREDIT UNION. THE COMMITTEE IS COMPRISED OF THE THREE CHAIR OFFICERS OF THE BOARD OF DIRECTORS (BOD). THE COMMITTEE USES A COMPREHENSIVE COMPENSATION PROGRAM DEVELOPED BY AN INDEPENDENT 3RD PARTY WHICH INCLUDES ADMINISTRATION OF THE ANNUAL REVIEW AND USES INDUSTRY BENCHMARKS AS WELL AS CPI INDICES TO MAKE THEIR RECOMMENDATIONS. THE COMMITTEE REVIEWS THE CEOS PERFORMANCE EVALUATION THAT IS COMPILED BY THE INDEPENDENT 3RD PARTY WHICH INCLUDES A BOARD ASSESSMENT, PERFORMANCE ASSESSMENT AND SPECIAL PROJECTS ASSESSMENT. BASED ON METRICS ESTABLISHED BY THE EXECUTIVE COMMITTEE, THE PERFORMANCE EVALUATION CALCULATES A RECOMMENDED MERIT ADJUSTMENT TO THE CEOS BASE PAY AND AN ANNUAL BONUS. THE EXECUTIVE COMMITTEE WILL DISCUSS THE RESULTS OF THE EVALUATION AND RECOMMEND AN AMOUNT FOR THE MERIT ADJUSTMENT AND THE ANNUAL BONUS FOR THE CEO TO THE FULL BOD. THE FULL BOD VOTES ON THE INCREASE AND BONUS AND THIS IS DOCUMENTED IN THE MEETING MINUTES OF THE CREDIT UNION. THIS WAS LAST DONE IN FEBRUARY 2023. PART I, LINE 4B THE RETIRED AND CURRENT CEOS PARTICIPATE IN A SERP FUNDED BY SPLIT DOLLAR LIFE INSURANCE. ONE EVP HAS A DEFERRED COMP AGREEMENT IN PLACE. JOHN B WINNE FORMER CEO SERP X 2320000 2715829 0 1 1 RICHARD R HAYWARD JR CEO SERP X 419500 419500 0 1 1 3135329 MASS FALLEN HEROES THE CHARIMAN OF THE BOARD AT BFCU IS THE EXECUTIVE DIRECTOR AT MASS FALLEN 25000 DONATIONS 0 FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBER DANIEL DOWLING IS BOARD MEMBER RALPH DOWLING'S SON. FORM 990, PART VI, SECTION A, LINE 4 THE CREDIT UNION HAS MADE THE FOLLOWING AMENDMENTS TO THEIR BY-LAWS; ARTICLE XI NOMINATING COMMITTEE SECTION 2 - THE NOMINATING COMMITTEE SHALL PROVIDE NOTICE TO THE MEMBERS OF UPCOMING VACANCIES ON THE BOARD OF DIRECTORS AND SHALL DESCRIBE THE PROCESS FOR A MEMBER TO BECOME A POTENTIAL CANDIDATE FOR NOMINATION BY THE FIRST TUESDAY IN NOVEMBER. SECTION 3 - ANY MEMBER SEEKING ELECTION TO THE BOSTON FIREFIGHTERS CREDIT UNION'S BOARD OF DIRECTORS MUST MEET THE FOLLOWING CRITERIA: 1. MUST NOT BE A DIRECTOR OF ANOTHER DEPOSITORY INSTITUTION 2. MUST BE OF LEGAL AGE (18 YEARS OR OLDER) 3. MUST BE A MEMBER OF BFCU FOR MORE THAN THREE (3) MONTHS 4. MUST BE A MEMBER IN GOOD STANDING, DEFINED AS A MEMBER WHO: A. IS NOT DELINQUENT AS TO ANY OBLIGATION(S) TO THE CREDIT UNION B. HAS NO CAUSED THE CREDIT UNION ANY LOSS C. HAS NO VIOLATED ANY PROVISION OF THE BY-LAWS THE NOMINATING COMMITTEE SHALL BE THE SOLE JUDGE OF WHETHER A MEMBER IS IN GOOD STANDING AND ITS DETERMINATION SHALL BE FINAL. SECTION 4 INTERESTED CANDIDATES MUST COMPLETE AND SUBMIT A WRITTEN APPLICATION TO THE NOMINATING COMMITTEE. THE APPLICATION SHALL INCLUDE, BUT IS NOT LIMITED TO, BIOGRAPHICAL INFORMATION, A BRIEF STATEMENT OF QUALIFICATION, BACKGROUND CHECK AND A CREDIT REPORT CHECK. ALL POTENTIAL NOMINEES MUST BE INTERVIEWED BY THE NOMINATING COMMITTEE BY A DATE TO BE DETERMINED BY THE NOMINATING COMMITTEE. THE SLATE OF QUALIFIED CANDIDATES FOR THE GENERAL BOARD ELECTION OF THE MEMBERS, WILL BE PRESENTED AND VOTED ON AT THE JANUARY BOARD MEETING. OF THE BOARD OF DIRECTORS. IF A MEMBER WHO HAS PARTICIPATED IN THE NOMINATION PROCESS DOES NOT RECEIVE A NOMINATION FROM THE NOMINATING COMMITTEE AT THE JANUARY BOARD MEETING, THEY MAY STILL BE ELIGIBLE TO RUN FOR ELECTION BY WAY OF PETITION BY OBTAINING THE SIGNATURES OF 100 BFCU MEMBERS WHO ARE IN GOOD STANDING. EACH MEMBER SIGNING THE PETITION MUST BE THE PRIMARY ACCOUNT HOLDER. SIGNATURES MUST BE SUBMITTED TO THE NOMINATING COMMITTEE NO LATER THAN FOURTEEN (14) CALENDAR DAYS FROM THE WRITTEN NOTICE OF THE NOMINATING COMMITTEE'S DECISION. UPON RECEIPT AND CERTIFICATION OF THE REQUIRED SIGNATURES, AN ELECTION WILL BE SCHEDULED IN ACCORDANCE WITH THE BY-LAWS. THE NAMES OF MEMBERS NOMINATED BY THE NOMINATING COMMITTEE AS WELL AS THE NAMES OF MEMBERS NOMINATED BY VALID PETITIONS SHALL BE POSTED IN A CONSPICUOUS PLACE IN EACH CREDIT UNION OFFICE AND ON THE CREDIT UNION'S WEBSITE FOR AT LEASE SEVEN (7) DAYS BEFORE THE ANNUAL MEETING. THERE SHALL BE NO NOMINATION FROM THE FLOOR AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IN THIS CREDIT UNION IS LIMITED TO: -THE MEMBERS OF THE FIRST RESPONDER COMMUNITY IN MASSACHUSETTS (EMPLOYEES AND RETIREES OF THE FIRE DEPARTMENTS, POLICE DEPARTMENTS AND MUNICIPALLY OPERATED EMS DEPARTMENTS) -EMPLOYEES AND RETIREES OF BOSTON FIREFIGHTERS CREDIT UNION -LABOR UNION EMPLOYEES AND RETIREES THEREOF SERVING THE FIRST RESPONDER COMMUNITY IN MASSACHUSETTS, -EMPLOYEES AND RETIREES OF THE SUFFOLK COUNTY SHERIFF'S DEPARTMENT -THE FAMILY MEMBERS OF THOSE PERSONS LISTED ABOVE -THE PROFESSIONAL FIREFIGHTERS OF MASSACHUSETTS -THE INTERNATIONAL ASSOCIATION OF FIREFIGHTERS, -THE STATE POLICE ASSOCIATION OF MASSACHUSETTS FOR THE PURPOSES OF THIS SECTION, THE TERM "FAMILY MEMBER" SHALL BE DEFINED TO INCLUDE SPOUSES, DOMESTIC PARTNERS, SHARING A PRINCIPAL RESIDENCE IN THE SAME HOUSEHOLD AS THE MEMBER, AND CHILDREN AS WELL AS PARENTS, GRANDPARENTS, GRANDCHILDREN, SIBLINGS, NIECES, AND NEPHEWS WHETHER RELATED BY BLOOD OR MARRIAGE. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS (BOD) SHALL CONSIST OF 9-13 MEMBERS AND UP TO THREE ASSOCIATE DIRECTORS DIVIDED INTO 3 GROUPS, EACH GROUP CONSISTING OF A MAXIMUM OF FIVE MEMBERS. THE TERM OF EACH GROUP WILL EXPIRE IN SUCCESSIVE YEARS. AT EACH ANNUAL MEETING OF THE MEMBERS, SUCCESSORS TO THE RETIRING GROUP SHALL BE ELECTED BY PLURALITY FOR A TERM OF THREE YEARS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS AT EACH ANNUAL MEETING SHALL: (A) FIX SUBJECT TO THE PROVISIONS OF THE EXISTING STATUTES THE MAXIMUM AMOUNT OF CREDIT THAT MAY BE EXTENDED TO ANY ONE MEMBER, EITHER AS BORROWER, ENDORSER, OR BOTH, (B) ELECT THE DIRECTORS, (C) VOTE ON THE PROPOSED AMENDMENTS TO THE BY-LAWS, (D) APPROVE THE EXPENSES OF THE BOARD OF DIRECTORS AND (E) ACT ON ANY OTHER MATTERS THAT MAY COME BEFORE THEM IN ACCORDANCE WITH THESE BY-LAWS AND/OR AS REQUIRED BY LAW. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE CREDIT UNION'S CPA FIRM USING INFORMATION PROVIDED BY MANAGEMENT. THE FORM 990 IS THEN REVIEWED AND ACCEPTED BY THE SVP/CFO AND PRESIDENT & CEO. THE FINANCIAL INFORMATION CONTAINED IN THE FORM 990 IS DERIVED FROM THE BALANCE SHEET AND INCOME STATEMENT OF THE CREDIT UNION WHICH ARE REGULARLY PRESENTED TO AND ACCEPTED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE CREDIT UNION PROVIDES A FULL COPY OF FORM 990 TO ITS BOARD MEMBERS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTERST POLICY IS REVIEWED BY THE FULL BOARD ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 THE CEOS SALARY IS REVIEWED ANNUALLY IN FEBRUARY BY THE EXECUTIVE COMMITTEE OF THE CREDIT UNION. THE COMMITTEE IS COMPRISED OF THE THREE DIFFERENT CHAIR OFFICERS OF THE BOARD OF DIRECTORS (BOD). THE COMMITTEE USES A COMPREHENSIVE COMPENSATION PROGRAM DEVELOPED BY AN INDEPENDENT 3RD PARTY WHICH INCLUDES ADMINISTRATION OF THE ANNUAL REVIEW AND USES INDUSTRY BENCHMARKS AS WELL AS CPI INDICES TO MAKE THEIR RECOMMENDATIONS. THE COMMITTEE REVIEWS THE CEOS PERFORMANCE EVALUATION THAT IS COMPILED BY THE INDEPENDENT 3RD PARTY WHICH INCLUDES A BOARD ASSESSMENT, PERFORMANCE ASSESSMENT AND SPECIAL PROJECTS ASSESSMENT. BASED ON METRICS ESTABLISHED BY THE EXECUTIVE COMMITTEE, THE PERFORMANCE EVALUATION CALCULATES A RECOMMENDED MERIT ADJUSTMENT TO THE CEOS BASE PAY AND AN ANNUAL BONUS. THE EXECUTIVE COMMITTEE WILL DISCUSS THE RESULTS OF THE EVALUATION AND RECOMMEND AN AMOUNT FOR THE MERIT ADJUSTMENT AND THE ANNUAL BONUS FOR THE CEO TO THE FULL BOD. THE FULL BOD VOTES ON THE INCREASE AND BONUS AND THIS IS DOCUMENTED IN THE MEETING MINUTES OF THE CREDIT UNION. THIS WAS LAST DONE IN MARCH 2023. THE SENIOR OFFICER SALARIES ARE APPROVED ANNUALLY IN JANUARY BY THE FULL BOD. THE EXECUTIVE COMMITTEE REVIEWS AND ACCEPTS THE RECOMMENDATIONS OF THE CEO AND FORWARDS ALL SALARY ADJUSTMENTS TO THE FULL BOD FOR APPROVAL. RECOMMENDATIONS ARE BASED ON PERFORMANCE REVIEWS PROVIDED BY THE CEO, COST OF LIVING INDICES, CPI FOR NORTHEAST URBAN CONSUMERS AND A COMPREHENSIVE COMPENSATION PROGRAM DEVELOPED BY AN INDEPENDENT 3RD PARTY WHICH INCLUDES ADMINISTRATION OF THE ANNUAL REVIEW AND BENCHMARKING ACROSS INDUSTRY STANDARDS. THE RECOMMENDATIONS OF THE EXECUTIVE COMMITTEE GO TO THE FULL BOD FOR FINAL APPROVAL AND ARE DOCUMENTED IN THE MEETING MINUTES OF THE CREDIT UNION. FORM 990, PART VI, SECTION C, LINE 19 QUARTERLY FINANCIAL STATEMENTS ARE AVAILABLE ON THE CREDIT UNION'S WEBSITE, AND THE PRIOR MONTH END BALANCE SHEET IS POSTED IN THE LOBBY OF THE MAIN BRANCH. AN ANNUAL REPORT IS ALSO PUBLISHED AND IS AVAILABLE TO OUR MEMBERS AT THE ANNUAL MEETING AND IN OUR MAIN BRANCH. AUDITED FINANCIAL STATEMENTS ARE ALSO AVAILABLE UPON REQUEST. FORM 990, PART IV, LINE 12 AND PART XII, LINE 2C AUDITED FINANCIAL STATEMENTS ARE PREPARED FOR THE CREDIT UNION AS OF MARCH 31 OF EACH YEAR