Civic Intelligence

Harborone Credit Union

990 • Fiscal year 2013 • EIN 04-1123040

Jan 01, 2013 to Jun 30, 2013 • Filed on May 06, 2014

Organization Profileharboronecu.com

View Organization Page

770 Oak StreetSuite02303-0720

(508) 895-1000

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on this filing.

Source year 2013

Liabilities / Revenue

1st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Net Margin

48th percentile

7.7%

Higher net margin than 48% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Top Officer Pay

100th percentile

$1,419,461

Higher top officer pay than 100% of similar nonprofits.

Top officer pay equals 3.7% of source-year revenue.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Asset Growth

1st percentile

-100%

Faster asset growth than 1% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / AssetsScore unavailable

Assets

Down

$0

Down $1,871,336,114 (-100%) from 2012

Net Assets

Down

$0

Down $175,896,304 (-100%) from 2012

Liabilities

Down

$0

Down $1,695,439,810 (-100%) from 2012

Revenue And Expenses
Liabilities / Revenue1st percentileNet Margin48th percentile

Revenue

$38,323,594

No earlier filing loaded for comparison.

Expenses

Down

$35,360,508

Down $43,689,856 (-55%) from 2012

Net Income

$2,963,086

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth1st percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$2.0B$1.5B$1.0B$500M$0Assets 2010: $1,850,748,006Liabilities 2010: $1,690,965,315Net Assets 2010: $159,782,6912010Assets 2011: $1,869,920,543Liabilities 2011: $1,702,168,885Net Assets 2011: $167,751,6582011Assets 2012: $1,871,336,114Liabilities 2012: $1,695,439,810Net Assets 2012: $175,896,3042012Assets 2013: $0Liabilities 2013: $0Net Assets 2013: $02013

Highlighted filing

2013

Assets$0
Liabilities$0
Net Assets$0
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$100M$50M$0Expenses 2010: $87,667,4072010Expenses 2011: $79,729,6392011Expenses 2012: $79,050,3642012Revenue 2013: $38,323,594Expenses 2013: $35,360,508Net Income 2013: $2,963,0862013

Highlighted filing

2013

Revenue$38,323,594
Expenses$35,360,508
Net Income$2,963,086
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Jun 30, 2013
Signed
May 6, 2014
Return Version
2013v3.1
Gross Receipts
$73,065,077
Mission and Program Overview

Mission

The mission statement of harborone credit union is to continue to be recognized as a leading, efficiently operated and profitable financial institution, maintaining the confidence of and responding to the needs of its members, its employees, its markets and its communities.

The mission statement of harborone credit union is to continue to be recognized as a leading, efficiently operated and profitable financial institution.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,518,021,190$0▼ $1,518,021,190
Rtn Earn Endowment Incm Other Fnds$175,896,304$0▼ $175,896,304
Investments in Publicly Traded Securities$130,753,618$0▼ $130,753,618
Savings and Temporary Cash Investments$92,975,186$0▼ $92,975,186
Land, Buildings, and Equipment, Net$27,046,513--
Investments Other Securities$22,903,500$0▼ $22,903,500
Cash and Non-Interest-Bearing Accounts$15,220,605$0▼ $15,220,605
Prepaid Expenses and Deferred Charges$857,720$0▼ $857,720
Accounts Receivable$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$1,871,336,114$0▼ $1,871,336,114
Other Assets Total$63,557,782$0▼ $63,557,782
Liabilities
Other Liabilities$1,691,412,484$0▼ $1,691,412,484
Escrow Account Liability$3,274,147$0▼ $3,274,147
Accounts Payable and Accrued Expenses$753,179$0▼ $753,179
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$1,695,439,810$0▼ $1,695,439,810
Net Assets / Fund Balance
Total Net Assets Fund Balance$175,896,304$0▼ $175,896,304
Total Liabilities and Net Assets / Fund Balance$1,871,336,114$0▼ $1,871,336,114
Compensation and Service Providers
Top Officer Pay100th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
James BlakeCEOFT$538,208$881,253$1,419,461
Joseph CaseyCFOFT$319,850$237,846$557,696
Robert MulliganMort OriginatorFT$266,382$32,986$299,368
Christopher GibbonsSVP Consumer LendingFT$175,014$77,386$252,400
Friend WeilerSVP Commercial LendingFT$176,282$74,955$251,237
Wayne DunnSVP,CTOFT$171,704$74,417$246,121
Marcia DmitrukSVP, Mortgage LendingFT$171,909$72,266$244,175
Leo DonahueSVP RetailFT$175,254$67,779$243,033
David ReillySVP OperationsFT$163,856$64,640$228,496
Patricia WilliamsSVP HrFT$158,831$69,387$228,218
Benjamin GliddenMortgage OriginatorFT$191,812$30,448$222,260
James RiceSVP MarketingFT$146,299$67,533$213,832
Michael BuckleyMortgage OriginatorFT$186,508$24,583$211,091
David FrenetteDirector--$5,712$5,712
Barry KoretzDirector--$5,436$5,436
Lawrence SiskindDirector--$3,320$3,320
John SvagzdysDirector--$3,237$3,237
Edward KentDirector--$549$549
Gordon JezardDirector--$549$549
Wallace Peckham IiiDirector--$549$549
Timothy LynchDirector--$75$75
Joseph BarryDirector--$38$38

Highest Paid Contractors

ContractorServicesLocationCompensation
Connecticut Online Computer CenterData Processing-$3,346,319
Hurley Chandler Chaffer IncMarketing-$786,126
Goodwin Proctor LLPlegal services-$569,103
Online Resources CorporationOnline Banking-$519,998
Fairway Landscaping Lawn CareLandscaping-$250,671
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$34,677,123
Investment Income
$3,646,471
Other Revenue
$0
Change in Net Assets
$2,963,086
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$21,730,657
Salaries, Compensation, and Employee Benefits$13,629,851
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$8,287,502
Interest---$8,104,268
Information Technology---$2,469,337
All Other Expenses---$1,952,221
Other Employee Benefits---$1,940,707
Occupancy---$1,784,424
Current Officers, Directors, Trustees, and Key Employees---$1,547,270
Depreciation Depletion---$1,290,984
Advertising---$1,024,953
Payroll Taxes---$936,903
Pension Plan Contributions---$917,469
Office Expenses---$857,983
Other Expenses---$763,972
Fees for Services Accounting---$319,831
Fees for Services Legal---$293,722
Fees for Services Other---$271,243
Insurance---$93,022
Travel---$86,111
Conferences and Meetings---$12,608
Total Functional Expenses$0$0$0$35,360,508
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Connecticut Online Computer CenterJames Blake, board memberComputer processingNo$3,346,319
Northeast Member Business ServicesJames Blake, board memberloan underwriting NEMSNo$157,761

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Page 6 Part VI Section A Line 6

“The credit union's members have rights to elect the members of the governing body.”

Page 6 Part VI Section A Line 7A

“Members of the credit union have the right to elect one or more members of the organization's governing body, whether periodically, or as vacancies arise, or otherwise.”

Page 6 Part VI Section A Line 7B

“Members of the credit union have the right to approve the governing body's election and removal of members of the governing body, as well as other matters that are subject to the approval of members of the credit union as they occur.”

Page 6 Part VI Section B Line 11

“Form 990 will be reviewed by the controller, cfo, ceo, and board of directors prior to filing.”

Page 6 Part VI Section B Line 12C

“All employees are annually required to sign the conflict of interest policy.”

Page 6 Part VI Section B Line 15

“The board of directors compensation committee utilizes comparable data to determine compensation.”

Page 6 Part VI Section C Line 19

“The organization governing documents, financial statements and form 990 are available upon request to the general public.”

Page 7 Part VII Section A & B

“2012 Calendar year information is reported on the tax return because 2013 information is not available at this time. Other changes in Net Assets Page 12 Part XI Line 9 Assets Transfered to HarborOne Bank $177,798,565”

Filing and Contact Details

Filer

EIN
04-1123040
In Care Of
% JOSEPH CASEY
Phone
5088951000

Signing Officer

Name
Joseph Casey
Title
Chief Financial Officer
Phone
5088951000
Signed
2014-05-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joseph Casey
Formed
1917
Legal Domicile
Ma
Voting Board Members
10
Independent Board Members
9
Employees
441

Preparer

Preparer
Charles J Frago CPA
Phone
6174399700
Supplemental Narrative

Financial Statement Notes

Schedule D page 2 Part IV line 2B

“As part of the mortgage agreement, 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.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm0JAMES BLAKE
IRS990/Form990PartVIISectionAGrp/PersonNm1WALLACE PECKHAM III
IRS990/Form990PartVIISectionAGrp/PersonNm2JOSEPH BARRY
IRS990/Form990PartVIISectionAGrp/PersonNm3DAVID FRENETTE
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IRS990/Form990PartVIISectionAGrp/PersonNm9Timothy Lynch
IRS990/Form990PartVIISectionAGrp/PersonNm10JOSEPH CASEY
IRS990/Form990PartVIISectionAGrp/PersonNm11WAYNE DUNN
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IRS990/Form990PartVIISectionAGrp/TitleTxt13SVP RETAIL
IRS990/Form990PartVIISectionAGrp/TitleTxt14SVP, MORTGAGE LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt15SVP HR
IRS990/Form990PartVIISectionAGrp/TitleTxt16SVP Operations
IRS990/Form990PartVIISectionAGrp/TitleTxt17SVP Marketing
IRS990/Form990PartVIISectionAGrp/TitleTxt18SVP Commercial Lending
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$0
Liabilities
$0
Net assets
$0
Revenue
$38,323,594
Expenses
$35,360,508
Net income
$2,963,086
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2013Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$38.3$35.4$2.96
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,871$1,695$176$79.1
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,870$1,702$168$79.7
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,851$1,691$160$87.7