Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $21,514,798 · related or exempt $21,514,798

• 2b · Program service revenue: OTHER OPERATING INCOME

  total $6,260,096 · related or exempt $6,260,096

• 2c · Program service revenue: UNRELATED BUSINESS INCOME

  total $3,529,367 · unrelated business $3,529,367

• 2d · Program service revenue: UNRELATED BUSINESS INCOME

  total $19,467 · unrelated business $19,467

• 3 · Investment income

  total $2,723,912 · excluded $2,723,912

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $3,183,147

• 7 · Other salaries and wages

  total $7,272,261

• 9 · Other employee benefits

  total $2,601,841

• 12 · Advertising and promotion

  total $669,006

• 13 · Office expenses

  total $3,879,400

• 14 · Information technology

  total $2,091,446

• 16 · Occupancy

  total $2,831,617

• 20 · Interest

  total $5,714,494

• 24a · Other expenses: LOAN SERVICING EXPENSES

  total $1,812,840

• 24b · Other expenses: PROFESSIONAL AND OUTSID

  total $995,450

• 24c · Other expenses: PROVISION FOR LOAN & LE

  total $853,123

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,833,511 · end of year $3,008,629

• 4 · Accounts receivable

  beginning of year $1,387,598 · end of year $1,739,071

• 7 · Other notes and loans receivable

  beginning of year $413,703,714 · end of year $444,855,784

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

  $20,473,803

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

  $11,832,636

• 10c · Land, buildings and equipment, net

  beginning of year $9,438,162 · end of year $8,641,167

• 13 · Investments: program-related

  beginning of year $107,159,911 · end of year $86,893,374

• 14 · Intangible assets

  beginning of year $1,970,000 · end of year $1,970,000

• 15 · Other assets

  beginning of year $16,301,904 · end of year $37,611,413

• 17 · Accounts payable and accrued expenses

  beginning of year $14,373,870 · end of year $14,140,163

• 23 · Secured mortgages and notes payable

  end of year $15,000,000

• 25 · Other liabilities

  beginning of year $469,963,532 · end of year $483,109,569

• 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 $70,457,398 · end of year $72,469,706

The filer's explanations (Part III)

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

Disregarded entities

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

• DALAND LLC

  CU CONSULTING SERVICES · CT · income $3,396,258 · assets $6,691,388

  Directly controlled by NUTMEG STATE FCU

• MOTOR VEHICLE EXPRESS LLC

  PROVIDE CT DMV SERVICES · CT · income $133,109 · assets $230,496

  Directly controlled by NUTMEG STATE FCU

• NUTMEG STATE INSURANCE BENEFITS LLC

  SALE OF INSURANCE PRODUCTS · CT · income $19,467 · assets $309,776

  Directly controlled by NUTMEG STATE FCU