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Nonprofiteer
← CONNEX CREDIT UNION INC

Form 990 for tax year 2023

Filed by CONNEX CREDIT UNION INC.

Totals

Total revenue
$43,567,121
Total expenses
$39,242,351
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$41,142,814
Investment income
$2,424,307
Other revenue
$0
Total assets, end of year
$1,012,806,214
Total liabilities, end of year
$924,140,935
Net assets or fund balances, end of year
$88,665,279
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$39,242,351

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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: LOAN INTEREST

    total $34,755,816 · related or exempt $34,755,816

  • 2b · Program service revenue: OPERATING FEES

    total $6,095,518 · related or exempt $6,095,518

  • 2c · Program service revenue: INSURANCE SALES

    total $151,222 · unrelated business $151,222

  • 2d · Program service revenue: INVESTMENT SERVICES

    total $92,479 · unrelated business $92,479

  • 2e · Program service revenue: ATM NONMEMBERS

    total $47,779 · unrelated business $47,779

  • 3 · Investment income

    total $2,424,307 · excluded $2,424,307

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $13,385,351

  • 5 · Compensation of officers, directors and key employees

    total $2,117,764

  • 7 · Other salaries and wages

    total $7,951,095

  • 8 · Pension plan contributions

    total $206,635

  • 9 · Other employee benefits

    total $2,032,246

  • 11g · Fees: other

    total $562,892

  • 12 · Advertising and promotion

    total $1,113,040

  • 13 · Office expenses

    total $2,724,744

  • 14 · Information technology

    total $2,199,420

  • 16 · Occupancy

    total $1,284,526

  • 19 · Conferences, conventions and meetings

    total $59,651

  • 24a · Other expenses: LOAN INTEREST EXPENSE

    total $2,973,847

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $1,330,767

  • 24c · Other expenses: LOAN SERVICING

    total $731,127

  • 24d · Other expenses: COGS

    total $274,728

  • 24e · All other expenses

    total $294,518

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,115,146 · end of year $5,337,159

  • 4 · Accounts receivable

    beginning of year $2,075,765 · end of year $501,255

  • 5 · Loans and receivables from officers and key people

    beginning of year $1,257,719 · end of year $902,069

  • 7 · Other notes and loans receivable

    beginning of year $833,188,078 · end of year $874,748,300

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

    $17,987,184

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

    $4,919,026

  • 10c · Land, buildings and equipment, net

    beginning of year $9,445,445 · end of year $13,068,158

  • 11 · Investments: publicly traded securities

    beginning of year $53,927,179 · end of year $47,325,000

  • 12 · Investments: other securities

    beginning of year $30,336,060 · end of year $42,777,263

  • 15 · Other assets

    beginning of year $20,132,284 · end of year $28,147,010

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,658,949 · end of year $2,803,832

  • 21 · Escrow or custodial account liability

    beginning of year $4,981,963 · end of year $5,326,010

  • 23 · Secured mortgages and notes payable

    beginning of year $49,787,394 · end of year $40,696,933

  • 25 · Other liabilities

    beginning of year $818,144,672 · end of year $875,314,160

  • 31 · Retained earnings, endowment or other funds

    beginning of year $82,904,698 · end of year $88,665,279

Mission and programs · 2023

Mission

TO PROVIDE MEMBERS WITH CREDIT UNION SERVICES.

Activities or mission (Part I)

TO PROVIDE MEMBERS WITH DEPOSITORY, LENDING AND OTHER CREDIT UNION SERVICES.

  • TO PROVIDE MEMBERS WITH DEPOSIT AND LENDING SERVICES

    Expenses $39,242,351

As filed on the 2023 return.

Listed in Part VII

  • Corey Stone

    CHAIRPERSON

    Total calculated
    $8,746
    From this org
    $8,746
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Matthew Turner

    VICE CHAIR

    Total calculated
    $3,612
    From this org
    $3,612
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Malcolm Ellis

    SECRETARY

    Total calculated
    $10,000
    From this org
    $10,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Wesley Johnson

    TREASURER

    Total calculated
    $8,991
    From this org
    $8,991
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Janice Bryden

    DIRECTOR

    Total calculated
    $5,158
    From this org
    $5,158
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Wendy Clarke

    DIRECTOR

    Total calculated
    $8,991
    From this org
    $8,991
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Henry Fernandez

    DIRECTOR

    Total calculated
    $1,798
    From this org
    $1,798
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Annie Harper

    DIRECTOR

    Total calculated
    $2,460
    From this org
    $2,460
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Edward Rosenthal

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Francesco Mancini

    CEO

    Total calculated
    $780,112
    From this org
    $766,912
    From related orgs
    $0
    Other
    $13,200
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $766,912
    Bonus
    not reported
    Other
    not reported
    Deferred
    $13,200
    Nontaxable benefits
    not reported
    Filer's total
    $780,112

  • David Birkins

    VP FINANCE A

    Total calculated
    $320,211
    From this org
    $307,468
    From related orgs
    $0
    Other
    $12,743
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $307,468
    Bonus
    not reported
    Other
    not reported
    Deferred
    $12,743
    Nontaxable benefits
    not reported
    Filer's total
    $320,211

  • Carl Casper

    EVP & COO

    Total calculated
    $432,368
    From this org
    $419,200
    From related orgs
    $0
    Other
    $13,168
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $419,200
    Bonus
    not reported
    Other
    not reported
    Deferred
    $13,168
    Nontaxable benefits
    not reported
    Filer's total
    $432,368

  • Barbara Bafumi

    VP CONTROLLE

    Total calculated
    $182,972
    From this org
    $175,541
    From related orgs
    $0
    Other
    $7,431
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,541
    Bonus
    not reported
    Other
    not reported
    Deferred
    $7,431
    Nontaxable benefits
    not reported
    Filer's total
    $182,972

  • Amy Moquet

    DIR HR

    Total calculated
    $189,153
    From this org
    $181,743
    From related orgs
    $0
    Other
    $7,410
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,743
    Bonus
    not reported
    Other
    not reported
    Deferred
    $7,410
    Nontaxable benefits
    not reported
    Filer's total
    $189,153

  • Michael Taylor

    ASST. VP

    Total calculated
    $163,192
    From this org
    $156,367
    From related orgs
    $0
    Other
    $6,825
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,367
    Bonus
    not reported
    Other
    not reported
    Deferred
    $6,825
    Nontaxable benefits
    not reported
    Filer's total
    $163,192

  • Jason Rochefort

    ASST. VP

    Total calculated
    $148,282
    From this org
    $142,505
    From related orgs
    $0
    Other
    $5,777
    Hours/week
    40

  • Suzanne Mink

    ASST. VP

    Total calculated
    $144,338
    From this org
    $138,460
    From related orgs
    $0
    Other
    $5,878
    Hours/week
    40

  • Louise Nestor

    ASST. VP MAR

    Total calculated
    $121,649
    From this org
    $116,761
    From related orgs
    $0
    Other
    $4,888
    Hours/week
    40

  • Michael O'Brien

    BUS. DEV. OF

    Total calculated
    $123,944
    From this org
    $118,809
    From related orgs
    $0
    Other
    $5,135
    Hours/week
    40

  • Craig Sutter

    SR. PROJ. MG

    Total calculated
    $139,273
    From this org
    $134,136
    From related orgs
    $0
    Other
    $5,137
    Hours/week
    40

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

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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.

  • CIS LLC

    HOLDING CO · CT

    Directly controlled by CONNEX CR

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.0
Source object
202443199349314234

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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