Boston Firefighters Credit Union

“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.”

“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.”

“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.”

“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. The credit union provides a full copy of form 990 to its board members prior to filing.”

“The conflict of interst policy is reviewed by the full board on an annual basis.”

“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 2024. 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.”

“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.”

“Audited financial statements are prepared for the credit union as of march 31 of each year”