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Nonprofiteer
← TRUMARK CREDIT UNION

Form 990 for tax year 2022

Filed by TRUMARK CREDIT UNION.

Totals

Total revenue
$116,734,544
Total expenses
$96,822,464
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$88,982,909
Investment income
$15,047,939
Other revenue
$12,703,696
Total assets, end of year
$2,953,253,362
Total liabilities, end of year
$2,748,489,341
Net assets or fund balances, end of year
$204,764,021
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: INCOME ON LOANS

    total $76,098,658 · related or exempt $76,098,658

  • 2b · Program service revenue: FEES AND CHARGES

    total $12,884,251 · related or exempt $12,772,987 · unrelated business $111,264

  • 3 · Investment income

    total $14,939,558 · related or exempt $14,939,558

  • 7a · Gross sales of assets other than inventory

    securities $104,543,693 · other assets $290,267

  • 7b · Less cost or other basis and sales expenses

    securities $104,549,029 · other assets $176,550

  • 7c · Gain or loss

    securities -$5,336 · other assets $113,717

  • 7d · Net gain or loss

    total $108,381 · related or exempt -$5,336 · excluded $113,717

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $11,985,064 · related or exempt $11,985,064

  • 11b · Other revenue: GAIN ON SALE OF LOANS

    total $718,632 · related or exempt $718,632

  • 11e · Other revenue, total

    $12,703,696

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $4,713,225

  • 7 · Other salaries and wages

    total $27,925,753

  • 8 · Pension plan contributions

    total $1,046,136

  • 9 · Other employee benefits

    total $2,179,743

  • 10 · Payroll taxes

    total $2,129,385

  • 11b · Fees: legal

    total $794,111

  • 11c · Fees: accounting

    total $1,173,719

  • 11g · Fees: other

    total $2,392,682

  • 12 · Advertising and promotion

    total $2,197,013

  • 13 · Office expenses

    total $2,856,781

  • 14 · Information technology

    total $2,864,530

  • 16 · Occupancy

    total $6,817,532

  • 17 · Travel

    total $1,063,756

  • 19 · Conferences, conventions and meetings

    total $38,153

  • 20 · Interest

    total $15,691,387

  • 22 · Depreciation, depletion and amortization

    total $4,173,564

  • 23 · Insurance

    total $324,317

  • 24a · Other expenses: VISA SERVICE FEES

    total $6,081,735

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $4,885,500

  • 24c · Other expenses: COLLECTIONS AND LOAN SE

    total $3,515,846

  • 24d · Other expenses: NON OPERATING EXPENSE

    total $1,374,924

  • 24e · All other expenses

    total $2,582,672

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,814,892 · end of year $9,128,061

  • 2 · Savings and temporary cash investments

    beginning of year $242,113,588 · end of year $108,042,569

  • 4 · Accounts receivable

    beginning of year $447,776 · end of year $646,393

  • 7 · Other notes and loans receivable

    beginning of year $1,645,427,174 · end of year $2,070,142,020

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,766,555 · end of year $5,886,709

  • 10a · Land, buildings and equipment: cost or other basis

    $68,382,775

  • 10b · Land, buildings and equipment: accumulated depreciation

    $30,920,528

  • 10c · Land, buildings and equipment, net

    beginning of year $40,286,834 · end of year $37,462,247

  • 11 · Investments: publicly traded securities

    beginning of year $734,422,005 · end of year $607,308,918

  • 12 · Investments: other securities

    beginning of year $9,531,421 · end of year $17,544,768

  • 14 · Intangible assets

    beginning of year $1,474,396 · end of year $1,100,000

  • 15 · Other assets

    beginning of year $85,958,236 · end of year $95,991,677

  • 17 · Accounts payable and accrued expenses

    beginning of year $25,679,558 · end of year $24,756,963

  • 21 · Escrow or custodial account liability

    beginning of year $11,100,368 · end of year $11,321,454

  • 23 · Secured mortgages and notes payable

    beginning of year $43,359,740 · end of year $225,500,288

  • 25 · Other liabilities

    beginning of year $2,411,795,626 · end of year $2,486,910,636

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $279,307,585 · end of year $204,764,021

Mission and programs · 2022

Mission

SEE SCHEDULE O FOR COMPLETE MISSION STATEMENT.

  • CREDIT UNIONS ARE COOPERATIVE SAVINGS AND CREDIT ASSOCIATIONS INCORPORATED FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR SUCH MEMBERS AT REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. THE CREDIT UNION SERVES APPROXIMATELY 138,000 MEMBERS WITHIN ITS FIELD OF MEMBERSHIP AS DEFINED BY THE CREDIT UNION'S CHARTER AND BYLAWS.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • LEONARD V DOUGHTY III

    PRESIDENT

    Total calculated
    $36,874
    From this org
    $36,815
    From related orgs
    $0
    Other
    $59
    Hours/week
    4

  • HUGH T BRAY

    VICE PRESIDENT

    Total calculated
    $31,800
    From this org
    $31,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • WAYNE J GOODWIN

    TREASURER

    Total calculated
    $48,850
    From this org
    $48,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • R TERENCE BRUNT

    SECRETARY

    Total calculated
    $36,544
    From this org
    $36,485
    From related orgs
    $0
    Other
    $59
    Hours/week
    4

  • SUZETTE E ADAMS

    DIRECTOR

    Total calculated
    $35,949
    From this org
    $35,949
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • JOSEPH J BILY

    DIRECTOR

    Total calculated
    $31,493
    From this org
    $31,493
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • JOSEPH CIARANCA

    DIRECTOR

    Total calculated
    $30,633
    From this org
    $30,633
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • JAMES DEBOW

    DIRECTOR

    Total calculated
    $39,861
    From this org
    $39,792
    From related orgs
    $0
    Other
    $69
    Hours/week
    4

  • DANIEL DILLARD

    DIRECTOR

    Total calculated
    $36,232
    From this org
    $36,232
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • DAVID A RUFIBACH

    DIRECTOR

    Total calculated
    $37,936
    From this org
    $37,936
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • KATHLEEN L WELLS

    DIRECTOR

    Total calculated
    $36,968
    From this org
    $36,968
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • RICHARD F STIPA

    ASSOCIATE DIRECTOR (BEGINNING 8/1/2022)

    Total calculated
    $16,329
    From this org
    $16,329
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • RICHARD F STIPA

    CEO (ENDING 7/31/2022)

    Total calculated
    $1,238,787
    From this org
    $1,198,693
    From related orgs
    $0
    Other
    $40,094
    Hours/week
    40

  • VINCENT J MARKET

    EVP

    Total calculated
    $1,053,803
    From this org
    $783,532
    From related orgs
    $0
    Other
    $270,271
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $678,310
    Bonus
    $105,222
    Other
    $0
    Deferred
    $243,250
    Nontaxable benefits
    $27,021
    Filer's total
    $1,053,803

  • KELLY M BOTTI

    CEO (BEGINNING 8/1/2022)

    Total calculated
    $607,604
    From this org
    $553,753
    From related orgs
    $0
    Other
    $53,851
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $484,445
    Bonus
    $69,308
    Other
    $0
    Deferred
    $15,250
    Nontaxable benefits
    $38,601
    Filer's total
    $607,604

  • STEVEN OLSON

    SVP

    Total calculated
    $403,812
    From this org
    $375,616
    From related orgs
    $0
    Other
    $28,196
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $307,431
    Bonus
    $68,185
    Other
    $0
    Deferred
    $15,250
    Nontaxable benefits
    $12,946
    Filer's total
    $403,812

  • PATRICK O'HALLORAN

    SVP

    Total calculated
    $420,062
    From this org
    $366,211
    From related orgs
    $0
    Other
    $53,851
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $296,594
    Bonus
    $69,617
    Other
    $0
    Deferred
    $15,250
    Nontaxable benefits
    $38,601
    Filer's total
    $420,062

  • KAREN SWEENEY

    SVP

    Total calculated
    $380,644
    From this org
    $352,448
    From related orgs
    $0
    Other
    $28,196
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $293,795
    Bonus
    $58,653
    Other
    $0
    Deferred
    $15,250
    Nontaxable benefits
    $12,946
    Filer's total
    $380,644

  • MARIANNE DRUMM

    SVP

    Total calculated
    $241,874
    From this org
    $230,435
    From related orgs
    $0
    Other
    $11,439
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $202,738
    Bonus
    $27,697
    Other
    $0
    Deferred
    $11,439
    Nontaxable benefits
    $0
    Filer's total
    $241,874

  • ELIZABETH KASPERN

    SVP

    Total calculated
    $379,955
    From this org
    $353,106
    From related orgs
    $0
    Other
    $26,849
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $290,035
    Bonus
    $63,071
    Other
    $0
    Deferred
    $13,903
    Nontaxable benefits
    $12,946
    Filer's total
    $379,955

  • GERARD DEVITA

    1ST VP

    Total calculated
    $324,676
    From this org
    $297,933
    From related orgs
    $0
    Other
    $26,743
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $257,614
    Bonus
    $40,319
    Other
    $0
    Deferred
    $15,232
    Nontaxable benefits
    $11,511
    Filer's total
    $324,676

  • TUAN LE

    AVP

    Total calculated
    $254,731
    From this org
    $242,607
    From related orgs
    $0
    Other
    $12,124
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $36,000
    Bonus
    $206,607
    Other
    $0
    Deferred
    $12,124
    Nontaxable benefits
    $0
    Filer's total
    $254,731

  • STEVEN ROSS

    AVP

    Total calculated
    $255,571
    From this org
    $229,364
    From related orgs
    $0
    Other
    $26,207
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $36,000
    Bonus
    $193,364
    Other
    $0
    Deferred
    $12,133
    Nontaxable benefits
    $14,074
    Filer's total
    $255,571

  • BENJAMIN FETTERMAN

    1ST VP

    Total calculated
    $225,614
    From this org
    $207,781
    From related orgs
    $0
    Other
    $17,833
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,249
    Bonus
    $29,532
    Other
    $0
    Deferred
    $10,599
    Nontaxable benefits
    $7,234
    Filer's total
    $225,614

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Itemized on Schedule J with no Part VII listing of the same name on this return:

  • RICHARD F STIPA

    CEO (ENDING 7/31/2022)

    Schedule J breakdown

    Base
    $733,758
    Bonus
    $464,935
    Other
    $0
    Deferred
    $15,250
    Nontaxable benefits
    $24,844
    Filer's total
    $1,238,787

Answered yes

  • 1a · First-class or charter travel
  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4B
VINCENT J. MARKET, PARTICIPATED IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN. THE CREDIT UNION ACCURED $228,000 TOWARD THE BENEFIT LIABILITY. RICHARD F. STIPA RECEIVED $165,226 IN PAYMENTS FROM THIS PLAN IN 2022 AND VINCENT J. MARKET RECEIVED $300,000 IN PAYMENTS FROM THIS PLAN IN 2022.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • LSOP 3 PA 2 LLC

    C · REAL ESTATE HOLDING COMPANY · PA · 100% owned · share of income $2,010,856 · share of assets $21,807,278

Provenance

Return type
form_990
Tax year
2022
Filed
10 November 2023
IRS schema version
2022v5.0
Source object
202313179349308641

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