NUTMEG STATE FINANCIAL CREDIT UNION: Form 990, tax year 2023
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- Organization
- NUTMEG STATE FINANCIAL CREDIT UNION (EIN 06-0655039)
- Tax period
- 2023-01-01 to 2023-12-31
- Filed
- 2024-11-15
- IRS object ID
- 202403209349317785
- Schema version
- 2023v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-11-15T14:26:46-06:00 | ReturnTs |
| Tax Period End | 2023-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 272562250 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BAILEY SCARANO LLC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1224 MAIN STREET | AddressLine1Txt |
| City | BRANFORD | CityNm |
| State Abbreviation | CT | StateAbbreviationCd |
| ZIP | 06405 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 060655039 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | NUTMEG STATE FINANCIAL CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | NUTM | BusinessNameControlTxt |
| Phone | 8605135000 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 500 ENTERPRISE DRIVE 4 | AddressLine1Txt |
| City | ROCKY HILL | CityNm |
| State Abbreviation | CT | StateAbbreviationCd |
| ZIP | 060670066 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | CRAIG KNELL | PersonNm |
| Person Title | CFO | PersonTitleTxt |
| Phone | 8605135000 | PhoneNum |
| Signature | 2024-11-15 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | STEVEN M MOALLI CPA | PreparerPersonNm |
| PTIN | P01321875 | PTIN |
| Phone | 2034811120 | PhoneNum |
| Preparation | 2024-11-15 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-10-15 13:58:12Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | CRAIG KNELL | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 500 ENTERPRISE DRIVE | AddressLine1Txt |
| City | ROCKY HILL | CityNm |
| State Abbreviation | CT | StateAbbreviationCd |
| ZIP | 06067 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $34,047,640 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.NUTMEGSTATEFCU.ORG | WebsiteAddressTxt |
| Type Of Organization Other | Yes (X) | TypeOfOrganizationOtherInd |
| Other Organization Dsc | CREDIT UNION | OtherOrganizationDsc |
| Formation | 1936 | FormationYr |
| Legal Domicile State | CT | LegalDomicileStateCd |
| Activity Or Mission | TO CREATE MULTI-GENERATIONAL PROSPERITY BY PROVIDING INCLUSIVE AND EQUITABLE ACCESS TO FINANCIAL PRODUCTS, SERVICES AND EDUCATION. | ActivityOrMissionDesc |
| Voting Members Governing Body | 8 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 8 | VotingMembersIndependentCnt |
| Total Employee | 153 | TotalEmployeeCnt |
| Total Volunteers | 10 | TotalVolunteersCnt |
| Total Gross UBI | $3,548,834 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $7,715 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $31,960,345 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $31,323,728 | CYProgramServiceRevenueAmt |
| PY Investment Income | $1,510,228 | PYInvestmentIncomeAmt |
| CY Investment Income | $2,723,912 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $33,470,573 | PYTotalRevenueAmt |
| CY Total Revenue | $34,047,640 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $12,072,355 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $13,057,249 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $15,643,258 | PYOtherExpensesAmt |
| CY Other Expenses | $18,847,376 | CYOtherExpensesAmt |
| PY Total Expenses | $27,715,613 | PYTotalExpensesAmt |
| CY Total Expenses | $31,904,625 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $5,754,960 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $2,143,015 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $554,794,800 | TotalAssetsBOYAmt |
| Total Assets EOY | $584,719,438 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $484,337,402 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $512,249,732 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $70,457,398 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $72,469,706 | NetAssetsOrFundBalancesEOYAmt |
| Mission | TO CREATE MULTI-GENERATIONAL PROSPERITY BY PROVIDING INCLUSIVE AND EQUITABLE ACCESS TO FINANCIAL PRODUCTS, SERVICES AND EDUCATION. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERS WITH LOW INTEREST RATE LOANS AND HIGH DIVIDEND RATE SHARE ACCOUNTS | Desc |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | Yes (1) | ReportProgramRelatedInvstInd |
| Report Other Assets | Yes (1) | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | Yes (1) | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 66 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Employee | 153 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 8 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 8 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | Yes (1) | LocalChaptersInd |
| Policies Reference Chapters | Yes (1) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | CT | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | THE ORGANIZATION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 8605135000 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 500 ENTERPRISE DRIVE SUITE 4A | AddressLine1Txt |
| City | ROCKY HILL | CityNm |
| State Abbreviation | CT | StateAbbreviationCd |
| ZIP | 06067 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (18 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Key EmployeeKeyEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| LUIS RAMOS | ||||||||
| BOARD CHAIRMAN | 1.00 | 2.00 | Yes (X) | $7,897 | $0 | $0 | ||
| MICHAEL PETTI | ||||||||
| BOARD VICE-CHAIRMAN | 1.00 | 1.00 | Yes (X) | $7,795 | $0 | $0 | ||
| MARYBETH BUNKO | ||||||||
| BOARD SECRETARY | 1.00 | 1.00 | Yes (X) | $1,150 | $0 | $0 | ||
| WALLACE ABRAMSON | ||||||||
| BOARD TREASURER | 1.00 | 1.00 | Yes (X) | $7,813 | $0 | $0 | ||
| MARIA DEMARCO | ||||||||
| SUPERVISORY COMMITTEE | 1.00 | 1.00 | Yes (X) | $3,913 | $0 | $0 | ||
| MICHAEL GODBOUT | ||||||||
| BOARD MEMBER | 1.00 | 1.00 | Yes (X) | $2,600 | $0 | $0 | ||
| PJ CIMINI ESQ | ||||||||
| BOARD MEMBER | 1.00 | 1.00 | Yes (X) | $7,800 | $0 | $0 | ||
| PATRICK AHERN | ||||||||
| PRESIDENT/COO | 1.00 | 40.00 | Yes (X) | $416,506 | $0 | $0 | Yes (X) | |
| VINCENT G ANGELILLO | ||||||||
| SVP SALES & MARKETING | 1.00 | 40.00 | $283,340 | $0 | $0 | Yes (X) | ||
| ROBIN DEL VECCHIO | ||||||||
| SVP - TECHNOLOGY AND OPERATIONS | 1.00 | 40.00 | $218,752 | $0 | $0 | Yes (X) | ||
| HEATHER GATES | ||||||||
| SVP - CHIEF LENDING OFFICER | 1.00 | 40.00 | $154,808 | $0 | $0 | Yes (X) | ||
| JOHN HOLT | ||||||||
| CHIEF EXECUTIVE OFFICER | 1.00 | 40.00 | $921,780 | $0 | $0 | Yes (X) | ||
| CRAIG KNELL | ||||||||
| SVP - CHIEF FINANCIAL OFFICER | 1.00 | 40.00 | $239,367 | $0 | $0 | Yes (X) | ||
| AL FESTNI | ||||||||
| SVP - STRATEGIC PARTNERSHIPS AND COMMUNITY DEV | 1.00 | 40.00 | $251,684 | $0 | $0 | Yes (X) | ||
| JOHN KORBER | ||||||||
| SVP - STRATEGY AND INNOVATION | 1.00 | 40.00 | $172,197 | $0 | $0 | Yes (X) | ||
| SHANE P DUGAN | ||||||||
| VICE PRESIDENT - COMMERCIAL & MORTGAGE LENDING | 1.00 | 40.00 | $175,524 | $0 | $0 | Yes (X) | ||
| JAVIER ROMAN | ||||||||
| DIRECTOR - MEMBER SUCCESS | 1.00 | 40.00 | $155,716 | $0 | $0 | Yes (X) | ||
| MARC RIETZE | ||||||||
| PRODUCT MARKETING MANAGER | 1.00 | 40.00 | $154,505 | $0 | $0 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $3,183,147 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $0 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 20 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| PRESIDIO TECHNOLOGY CAPITAL | |||||
| PO BOX 74390 | CHICAGO | IL | 606908390 | IT EQUIPMENT | $1,818,554 |
| DALAND SOLUTIONS LLC | |||||
| 500 ENTERPRISE DRIVE | ROCKY HILL | CT | 06067 | IT CONSULTING | $481,562 |
| BUSINESS DATA INC | |||||
| PO BOX 6081 | INGLEWOOD | CA | 903126081 | DIGITAL PRINTING SERVICE | $344,677 |
| BIRCH & FLAME | |||||
| 12 N MAIN STREET STE 120 | WEST HARTFORD | CT | 061071932 | ADVERTISING | $284,380 |
| ALOGENT | |||||
| 35 TECHNOLOGY PKWY S STE 200 | PEACHTREE CORNERS | GA | 300922945 | SOFTWARE | $279,861 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 18 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (4 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| INTEREST ON LOANS | 522100 | $21,514,798 | $21,514,798 | |
| OTHER OPERATING INCOME | 900099 | $6,260,096 | $6,260,096 | |
| UNRELATED BUSINESS INCOME | 900099 | $3,529,367 | $3,529,367 | |
| UNRELATED BUSINESS INCOME | 524298 | $19,467 | $19,467 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $31,323,728 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $2,723,912 | TotalRevenueColumnAmt |
| Exclusion | $2,723,912 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $34,047,640 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $27,774,894 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $3,548,834 | UnrelatedBusinessRevenueAmt |
| Exclusion | $2,723,912 | ExclusionAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,183,147 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,272,261 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,601,841 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $669,006 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,879,400 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,091,446 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,831,617 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,714,494 | TotalAmt |
Other Expenses OtherExpensesGrp (3 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| LOAN SERVICING EXPENSES | $1,812,840 |
| PROFESSIONAL AND OUTSID | $995,450 |
| PROVISION FOR LOAN & LE | $853,123 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $31,904,625 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,833,511 | BOYAmt |
| EOY | $3,008,629 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,387,598 | BOYAmt |
| EOY | $1,739,071 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $413,703,714 | BOYAmt |
| EOY | $444,855,784 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $20,473,803 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $11,832,636 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $9,438,162 | BOYAmt |
| EOY | $8,641,167 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $107,159,911 | BOYAmt |
| EOY | $86,893,374 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,970,000 | BOYAmt |
| EOY | $1,970,000 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $16,301,904 | BOYAmt |
| EOY | $37,611,413 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $554,794,800 | BOYAmt |
| EOY | $584,719,438 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $14,373,870 | BOYAmt |
| EOY | $14,140,163 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $15,000,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $469,963,532 | BOYAmt |
| EOY | $483,109,569 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $484,337,402 | BOYAmt |
| EOY | $512,249,732 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $70,457,398 | BOYAmt |
| EOY | $72,469,706 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $70,457,398 | BOYAmt |
| EOY | $72,469,706 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $554,794,800 | BOYAmt |
| EOY | $584,719,438 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $2,143,015 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $924,056 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$1,054,763 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $1,567,900 | InvestmentCostOrOtherBasisAmt |
| Book Value | $1,567,900 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $5,010,439 | InvestmentCostOrOtherBasisAmt |
| Depreciation | $1,551,176 | DepreciationAmt |
| Book Value | $3,459,263 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $2,695,831 | InvestmentCostOrOtherBasisAmt |
| Depreciation | $1,657,170 | DepreciationAmt |
| Book Value | $1,038,661 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $11,199,633 | InvestmentCostOrOtherBasisAmt |
| Depreciation | $8,624,290 | DepreciationAmt |
| Book Value | $2,575,343 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $8,641,167 | TotalBookValueLandBuildingsAmt |
Invst Program Related Org InvstProgramRelatedOrgGrp (6 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| NCUSIF DEPOSIT | $4,463,228 | C |
| CERTIFICATES OF DEPOSIT | $650,473 | C |
| FEDERAL AGENCY SECURITIES | $38,207,467 | F |
| FHLB INVESTMENTS | $276,800 | C |
| FEDERAL RESERVE BANK | $42,145,139 | C |
| FHLB IDEAL WAY | $1,150,267 | C |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Program Rltd | $86,893,374 | TotalBookValueProgramRltdAmt |
Other Assets Org OtherAssetsOrgGrp (8 entries)
| DescDesc | Book ValueBookValueAmt |
|---|---|
| SERP INVESTMENT | $10,255,928 |
| KEYMAN LIFE INSURANCE | $8,497,558 |
| PREPAID EXPENSES | $3,161,199 |
| CHARITABLE DONATION INVESTMENT | $2,504,121 |
| OTHER INTANGIBLES | $1,020,357 |
| CONTRACT ASSETS | $1,777,340 |
| OTHER ASSETS | $3,973,598 |
| ROU ASSETS | $6,421,312 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Other Assets | $37,611,413 | TotalBookValueOtherAssetsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBER SHARES | Desc |
| Amt | $483,109,569 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $483,109,569 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $34,047,640 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Not Reported | $0 | RevenueNotReportedAmt |
| Revenue Subtotal | $34,047,640 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $34,047,640 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $31,904,625 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $31,904,625 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $31,904,625 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART X, LINE 2: | FormAndLineReferenceDesc |
| Explanation | THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL TAXES UNDER THE PROVISIONS OR THE INTERNAL REVENUE CODE AND STATE TAX LAWS. HOWEVER, THE CREDIT UNION IS SUBJECT TO UNRELATED BUSINESS INCOME TAX. THE INCOME TAX TOPIC OF FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET A "MORE LIKELY THAN NOT" STANDARD FOR SUSTAINABILITY ON EXAMINATION BY TAX AUTHORITIES. MANAGEMENT HAS DETERMINED THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. THE INCOME FROM THE CREDIT UNION'S WHOLLY OWNED CUSO(S), IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (11 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JOHN HOLT | ||||||||||||||
| CHIEF EXECUTIVE OFFICER | $473,863 | $0 | $175,319 | $0 | $272,598 | $0 | $0 | $0 | $0 | $0 | $921,780 | $0 | $0 | $0 |
| PATRICK AHERN | ||||||||||||||
| PRESIDENT/COO | $416,506 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $416,506 | $0 | $0 | $0 |
| VINCENT G ANGELILLO | ||||||||||||||
| SVP SALES & MARKETING | $231,508 | $0 | $51,832 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $283,340 | $0 | $0 | $0 |
| AL FESTNI | ||||||||||||||
| SVP - STRATEGIC PARTNERSHIPS AND COM | $214,820 | $0 | $36,864 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $251,684 | $0 | $0 | $0 |
| CRAIG KNELL | ||||||||||||||
| SVP - CHIEF FINANCIAL OFFICER | $210,462 | $0 | $28,905 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $239,367 | $0 | $0 | $0 |
| ROBIN DEL VECCHIO | ||||||||||||||
| SVP - TECHNOLOGY AND OPERATIONS | $198,077 | $0 | $20,675 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $218,752 | $0 | $0 | $0 |
| SHANE P DUGAN | ||||||||||||||
| VICE PRESIDENT - COMMERCIAL & MORTGA | $157,457 | $0 | $18,067 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $175,524 | $0 | $0 | $0 |
| JOHN KORBER | ||||||||||||||
| SVP - STRATEGY AND INNOVATION | $27,596 | $0 | $0 | $0 | $144,601 | $0 | $0 | $0 | $0 | $0 | $172,197 | $0 | $0 | $0 |
| JAVIER ROMAN | ||||||||||||||
| DIRECTOR - MEMBER SUCCESS | $134,421 | $0 | $21,295 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $155,716 | $0 | $0 | $0 |
| HEATHER GATES | ||||||||||||||
| SVP - CHIEF LENDING OFFICER | $154,808 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $154,808 | $0 | $0 | $0 |
| MARC RIETZE | ||||||||||||||
| PRODUCT MARKETING MANAGER | $137,013 | $0 | $17,492 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $154,505 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 3 | CEO HAS EMPLOYMENT CONTRACT THAT IS APPROVED BY THE BOARD WORKING WITH OUTSIDE CONSULTANTS. |
| PART I, LINE 4B | JOHN HOLT, CEO - $250,000 |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | MEMBERS OF THE CREDIT UNION CONSIST OF INIDIVIDUALS AND BUSINESSES MAINTAINING DEPOSIT REQUIREMENTS. |
| FORM 990, PART VI, SECTION A, LINE 7A | MEMBERS IN GOOD STANDING MAY VOTE FOR DIRECTORS AS THEIR TERMS EXPIRE. |
| FORM 990, PART VI, SECTION A, LINE 7B | MEMBERS APPROVE DECISIONS OF THE GOVERNING BOARD IN ACCORDANCE WITH THE CREDIT UNION BY-LAWS. |
| FORM 990, PART VI, SECTION B, LINE 11B | FORM 990 IS REVIEWED WITH THE CEO AND CHAIRMAN OF THE BOARD PRIOR TO FILING. |
| FORM 990, PART VI, SECTION B, LINE 12C | CONFLICT ON INTEREST POLICY IS REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS |
| FORM 990, PART VI, SECTION B, LINE 15 | OUTSIDE CONSULTANTS ANNUALLY REVIEW PRESIDENT'S/CEO'S COMPENSATION WITH THE BOARD OF DIRECTORS. CEO WORKS WITH A THIRD PARTY TO REVIEW ANNUAL COMPENSATION SURVEYS FOR SENIOR MANAGEMENT. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE CREDIT UNION MAKES ALL GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FINANCIAL STATEMENTS ARE POSTED FOR VIEWING IN ALL BRANCH LOCATIONS. |
| FORM 990, PART XI, LINE 9: | ADJUSTMENT FOR ADOPTION OF ASC 326 -1,054,763. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp (3 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Total IncomeTotalIncomeAmt | End Of Year AssetsEndOfYearAssetsAmt | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt |
|---|---|---|---|---|---|---|---|---|---|
| DALAND LLC | |||||||||
| 520 CROMWELL AVE | ROCKY HILL | CT | 06067 | 830753519 | CU CONSULTING SERVICES | CT | $3,396,258 | $6,691,388 | NUTMEG STATE FCU |
| MOTOR VEHICLE EXPRESS LLC | |||||||||
| 520 CROMWELL AVE | ROCKY HILL | CT | 06067 | 830772098 | PROVIDE CT DMV SERVICES | CT | $133,109 | $230,496 | NUTMEG STATE FCU |
| NUTMEG STATE INSURANCE BENEFITS LLC | |||||||||
| 520 CROMWELL AVE | ROCKY HILL | CT | 06067 | 203848012 | SALE OF INSURANCE PRODUCTS | CT | $19,467 | $309,776 | NUTMEG STATE FCU |
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