Being part of a community where excellence is a way of life, we often find ourselves humbled by the brilliance and historical significance that has defined our community. On April 17, 2015 we commemorated an important day for MIT Federal Credit Union: 75 years of service to our members and the MIT community.
Have you ever wondered why we were created and how far we have come in 75 years? When Frank
Conant (Member # 1 ) and eleven like-minded people in the MIT community got together to establish the MIT Employees Federal Credit Union in the basement of Building 3 in 1940, they thought it was a good idea to offer savings, loans and thrift to people they worked with. Back in 1949, a member could have up to $2,000 in savings and up to $200 in loans. A few years later our Lincoln Laboratory branch opened in Building A, coincidentally also in a basement office. In 1964, our MIT Campus branch moved to Building E19, where we stayed until moving to Technology Square in 2007. Throughout the
1990s and 2000s, we expanded our products and services to truly become a full service credit union.
Additional highlights included our first mortgage program, the creation of the mitfcu.org website, and electronic services like online banking and bill pay.
This year, we celebrated the important milestone of our 75th Anniversary at our Annual Business
Meeting and dinner reception for members and volunteers, held at the MIT Media Lab. Throughout the year, we invited members to share their most memorable MIT FCU moments. Members recounted how the Credit Union made a difference in their lives by making the challenges we all face less difficult. We have shared some of these stories in the pages throughout this report.
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As we continue to improve our products and services in order to continue fulfilling dreams and enriching lives, everything we focus on reflects our commitment to being the most secure, accessible, and convenient option for you, our members. In 2015, we introduced a new website design that presents user-friendly information for every screen size and device. And now our credit cards include the security of an EMV chip and can be used with Apple Pay™.
As we look toward 2016, we look to make significant enhancements to how we serve you in person and online, by redesigning and updating our branch centers and ATM technology and deploying a state of the art account opening and consumer loan system for our mobile and web channels. These changes will make your experience second to none, and one that is worthy of the MIT community.
Keep an eye out for these as 2016 evolves.
We hold very close to our heart the stories and memories of how and why MIT Federal Credit Union was founded. From very humble beginnings, we looked to provide savings and thrift to those in need. Today, we continue these traditions by giving you better financial solutions and helping you make better financial choices throughout your life.
Thank you for being one of our 34,000 owners. It is our pleasure and honor to serve you.
Respectfully submitted,
John McDonald, Chairman of MIT FCU’s Board of Directors, and Brian Ducharme, President/CEO of MIT FCU.
John M. McDonald - Chairman
Brian W. Ducharme - President/CEO
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Board of Directors From left to right:
John M. McDonald
Chairman
David E. Markuson
Vice Chairman
Maureen A. McCaffrey
Secretary
Robert M. Dankese
Treasurer
Richard B. Flanagan
Director
Mai Luo
Director
Clinton Blackburn
Director
Sheelah Britt
Director Emeritus
Richard R. Fenner
Director Emeritus
Executive Management From left to right:
Brian W. Ducharme
President/Chief Executive Officer
Nancy J. Fales
Senior Vice President, Lending and Operations
Cynthia M. Hudson
Senior Vice President, Chief Financial Officer
Kim Mandola
Senior Vice President, Member Services
Kimberly A. Shooter
Vice President, Corporate Initiatives
Kathryn V. Carty
Vice President, Information Technology
Scott M. Hanna
Vice President, Marketing
The Supervisory Committee continues to perform its charter to ensure that the financial reporting requirements are properly completed and the credit union has effective procedures to safeguard members’ assets. The committee meets regularly to review the financial and internal control audits as well as other operational topics of interest. We are assisted in our efforts by outside firms that provide audit support of the credit union’s finances, policies, and procedures.
Internal audits continued to receive significant attention during 2015. Wolf & Company, P.C. performed six planned internal audits during the year to test credit union procedures and controls in various areas including funds availability and insider lending and overdrafts and lending compliance. They also assessed compliance with the Secure and Fair Enforcement Act
(SAFE) and the Truth in Savings Act (TISA). Focus on information technology continued this year due to increasing occurrences of company security breaches.
The committee reviewed the findings and management’s responses, and actively worked with Wolf & Company,
P.C. and MIT FCU management on the suggested areas for improving procedures, security, and controls.
2015 marked the third year of a 3-year contract with the audit firm, Nearman, Maynard and Vallez. The audit firm was engaged to perform our financial statements audit, which also included a review of internal controls. The committee met with the audit manager to review the scope, methods, and findings of their audit work. We were pleased to note that Nearman, Maynard and Vallez have concluded that the financial statements, in all material respects, fairly presented the financial position of MIT FCU as of December 31, 2015.
The Supervisory Committee is charged to investigate and respond to unresolved member complaints against credit union management, as well as whistleblower allegations.
All complaints and inquiries have been adequately investigated and resolved. MIT FCU is committed to the highest standards of ethical, moral, and legal business conduct.
To support this commitment, each employee, manager, officer, and volunteer must submit a Conflict of Interest and Code of Ethics affirmation each year. The Supervisory
Committee successfully completed this review and found no conflicts to report.
The committee had one membership change in the past year. Theresa Howell was elected as an Associate member to the Supervisory Committee.
We look forward to serving the MIT FCU community in
2016.
Stephen W. Boyer - Chairman, Supervisory Committee
Supervisory Committee Members
Stephen W. Boyer
Chairman
Karon S. McCollin
Secretary
Jordan B. Lewis
Committee Member
Theresa Howell
Associate Committee Member
J. Kendall Nowocin
Associate Committee Member
Richard B. Flanagan
Board of Directors Representative
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Your Board of Directors is pleased to report that the financial results of 2015 showed a year of change and growth for MIT Federal Credit Union.
The key financial points that demonstrate those changes include:
Total Assets $458,059,690
Net Loans $378,083,054
Net Income $2,606,007
Total Membership 33,093
The financial strength of MIT Federal Credit Union allows us to achieve goals. Thank you to the members, volunteers, and employees of MIT FCU - the achievements of
2015 were made possible through their support.
Respectfully submitted,
Robert M. Dankese - Treasurer, Board of Directors
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2013 2014 2015
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2013 2014 2015
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2013 2014 2015
Statement of Financial Condition
ASSETS
Cash & Cash Equivalents
Loans, Net
Investment Securities
All Other Assets
Total Assets
2015
$ 12,516,890
378,083,054
50,684,401
16,775,345
$ 458,059,690
LIABILITIES
Member Shares & Deposits
Accounts Payable & Other Liabilities
Total Liabilities
$ 419,560,508
3,475,778
$ 423,036,286
2014
$ 7,150,946
316,496,797
84,043,235
18,346,022
$ 426,037,000
2013
$ 16,647,911
284,288,558
77,766,519
15,767,606
$ 394,470,594
$ 390,557,170
3,244,563
$ 393,801,733
$ 363,411,182
2,806,788
$ 366,217,970
RETAINED EARNINGS
Regular & Undivided Earnings
Unrealized Gain (Loss)
on Investments
Total Retained Earnings
$ 35,714,001
(690,597)
$ 33,107,994
(872,727)
TOTAL LIABILITIES & RETAINED EARNINGS
$ 458,059,690 $ 426,037,000
$ 30,473,260
(2,220,636)
$ 35,023,404 $ 32,235,267 $ 28,252,624
$ 394,470,594
Statement of Income & Expense
INCOME
Interest on Loans & Investments
Fees & Other Income
Total Income
2015
$ 15,410,137
2,938,462
$ 18,348,599
EXPENSES
Operating Expenses
Dividend Expenses
Interest on Borrowings
Total Expenses
NET INCOME
$ 14,456,929
1,271,177
14,486
$ 15,742,592
$ 2,606,007
2014
$ 14,279,503
3,109,656
$ 17,389,159
$ 13,461,129
1,293,297
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$ 14,754,426
$ 2,634,733
2013
$ 13,111,920
3,079,020
$ 16,190,940
$ 11,974,396
1,347,127
4,732
$ 13,326,255
$ 2,864,685
Please note: These scheduled reflect audited financial statements.
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Brian Ducharme with the People Helping People Award winner, Barbara Johnson.
MIT FCU contact center and lending department representatives celebrating our 75th anniversary.
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Chester Kurys, former MIT FCU Board Member. MIT FCU’s 75th anniversary ice sculpture.

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