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Nonprofiteer
← NAVIGANT CREDIT UNION

Form 990 for tax year 2022

Filed by NAVIGANT CREDIT UNION.

Totals

Total revenue
$130,542,626
Total expenses
$96,880,404
Contributions and grants received
$0
Grants paid
$1,602,393
Program service revenue
$121,746,533
Investment income
$7,572,073
Other revenue
$1,224,020
Total assets, end of year
$3,423,774,708
Total liabilities, end of year
$3,109,125,386
Net assets or fund balances, end of year
$314,649,322
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: INTEREST ON LOANS, INCLUDING FEES

    total $104,811,398 · related or exempt $104,811,398

  • 2b · Program service revenue: MISCELLANEOUS FEES

    total $10,047,551 · related or exempt $10,047,551

  • 2c · Program service revenue: MEMBER SERVICE FEE

    total $6,432,508 · related or exempt $6,193,269 · unrelated business $239,239

  • 2d · Program service revenue: NCU FINANCIAL

    total $455,076 · related or exempt $453,998 · unrelated business $1,078

  • 3 · Investment income

    total $7,108,045 · excluded $7,108,045

  • 6a · Gross rents

    real property $1,800

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $1,800

  • 6d · Net rental income or loss

    total $1,800 · related or exempt $1,800

  • 7a · Gross sales of assets other than inventory

    other assets $511,330

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

    securities $47,302 · other assets $0

  • 7c · Gain or loss

    securities -$47,302 · other assets $511,330

  • 7d · Net gain or loss

    total $464,028 · excluded $464,028

  • 11a · Other revenue: OTHER REVENUE

    total $1,222,220 · related or exempt $1,222,220

  • 11e · Other revenue, total

    $1,222,220

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,570,893

  • 2 · Grants to domestic individuals

    total $31,500

  • 5 · Compensation of officers, directors and key employees

    total $4,362,536

  • 7 · Other salaries and wages

    total $24,524,674

  • 8 · Pension plan contributions

    total $3,298,826

  • 9 · Other employee benefits

    total $6,063,533

  • 10 · Payroll taxes

    total $2,374,201

  • 11g · Fees: other

    total $1,743,597

  • 12 · Advertising and promotion

    total $3,314,720

  • 13 · Office expenses

    total $788,643

  • 14 · Information technology

    total $6,448,229

  • 16 · Occupancy

    total $4,422,715

  • 17 · Travel

    total $110,004

  • 19 · Conferences, conventions and meetings

    total $293,397

  • 20 · Interest

    total $20,365,255

  • 22 · Depreciation, depletion and amortization

    total $2,637,978

  • 24a · Other expenses: CORRESPONDENT SERVICES

    total $6,205,074

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $2,659,523

  • 24c · Other expenses: COMMISSIONS AND LOAN SE

    total $1,972,003

  • 24d · Other expenses: STATE DEPOSIT TAX

    total $1,771,726

  • 24e · All other expenses

    total $1,921,377

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $23,064,560 · end of year $36,275,677

  • 2 · Savings and temporary cash investments

    beginning of year $130,268,408 · end of year $120,209,403

  • 5 · Loans and receivables from officers and key people

    beginning of year $401,170 · end of year $401,170

  • 7 · Other notes and loans receivable

    beginning of year $2,461,460,082 · end of year $2,819,558,602

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,993,213 · end of year $2,390,774

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

    $61,969,587

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

    $27,012,173

  • 10c · Land, buildings and equipment, net

    beginning of year $34,440,137 · end of year $34,957,414

  • 11 · Investments: publicly traded securities

    beginning of year $382,157,805 · end of year $352,534,745

  • 15 · Other assets

    beginning of year $47,870,136 · end of year $57,446,923

  • 17 · Accounts payable and accrued expenses

    beginning of year $22,310,890 · end of year $14,851,887

  • 21 · Escrow or custodial account liability

    beginning of year $1,488,958 · end of year $1,913,701

  • 25 · Other liabilities

    beginning of year $2,756,577,105 · end of year $3,092,359,798

  • 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 $301,278,558 · end of year $314,649,322

Mission and programs · 2022

Mission

NAVIGANT CREDIT UNION IS MEMBER OWNED AND OPERATED. THE MISSION OF NAVIGANT CREDIT UNION IS TO IMPROVE THE FINANCIAL WELL-BEING OF ITS MEMBERS. IT DOES SO BY RESPONDING TO THE MEMBERS WITH THE VALUE THEY NEED AND THE CARING PERSONAL SERVICE THEY DESERVE. THIS IS ACCOMPLISHED BY PROVIDING COMPETITIVE LOAN AND DEPOSIT RATES AS WELL AS OTHER SERVICES TO OUR MEMBERS SEEK IN MANAGING THEIR FINANCES, DELIVERED BY A KNOWLEDGEABLE AND FRIENDLY STAFF.

Activities or mission (Part I)

THE MISSION OF NAVIGANT CREDIT UNION IS TO IMPROVE THE FINANCIAL WELL-BEING OF ITS MEMBERS.

  • THE CREDIT UNION IS A COOPERATIVE OWNED AND DIRECTED BY AND DEDICATED TO SERVING ITS MEMBERS. THE CREDIT UNION HAS 57,321 LOANS TOTALING $2,832,151,238 DUE FROM MEMBERS AND $3,002,808,793 IN 258,443 DEPOSIT ACCOUNTS FROM MEMBERS. ALSO $206,967 OF FEES WERE RECEIVED FROM MEMBERS RENTING 7,420 SAFE DEPOSIT BOXES.

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

Listed in Part VII

  • CATHERINE PARENTE

    DIRECTOR (AS OF 05/22)

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • JOSEPH BERETTA

    DIRECTOR/CHAIRMAN

    Total calculated
    $18,375
    From this org
    $18,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • ROBERT MURRAY

    DIRECTOR

    Total calculated
    $23,875
    From this org
    $23,875
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • KAYLA GUARINO

    DIRECTOR (ENDED 02/22)

    Total calculated
    $3,150
    From this org
    $3,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • ROLAND R LACHAPELLE

    DIRECTOR/VICE CHAIRMAN

    Total calculated
    $43,012
    From this org
    $43,012
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • JAMES K SALOME

    DIRECTOR

    Total calculated
    $25,725
    From this org
    $25,725
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • GARY E FURTADO

    PRESIDENT/TREASURER

    Total calculated
    $1,312,118
    From this org
    $1,265,793
    From related orgs
    $0
    Other
    $46,325
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $569,150
    Bonus
    $201,362
    Other
    $495,281
    Deferred
    $24,400
    Nontaxable benefits
    $21,925
    Filer's total
    $1,312,118

  • CHARLES H DEBLOIS

    DIRECTOR

    Total calculated
    $38,587
    From this org
    $38,587
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • ANN M KASHMANIAN

    DIRECTOR/SECRETARY

    Total calculated
    $28,100
    From this org
    $28,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • MICHAEL RYAN

    DIRECTOR

    Total calculated
    $18,375
    From this org
    $18,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • PAUL BEAUDOIN

    DIRECTOR

    Total calculated
    $19,275
    From this org
    $19,275
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • PETER BAZIOTIS

    DIRECTOR

    Total calculated
    $18,375
    From this org
    $18,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • KATHLEEN OROVITZ

    PRESIDENT/CEO (AS OF 10/31/2022)

    Total calculated
    $785,381
    From this org
    $707,980
    From related orgs
    $0
    Other
    $77,401
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $317,404
    Bonus
    $67,893
    Other
    $322,683
    Deferred
    $59,609
    Nontaxable benefits
    $17,792
    Filer's total
    $785,381

  • H CHRIS DER VARTANIAN

    SVP/CRO

    Total calculated
    $386,803
    From this org
    $362,302
    From related orgs
    $0
    Other
    $24,501
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $197,125
    Bonus
    $48,775
    Other
    $116,402
    Deferred
    $17,782
    Nontaxable benefits
    $6,719
    Filer's total
    $386,803

  • LISA G DANDENEAU

    SR EVP/COO

    Total calculated
    $600,101
    From this org
    $492,271
    From related orgs
    $0
    Other
    $107,830
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $380,900
    Bonus
    $104,384
    Other
    $6,987
    Deferred
    $90,038
    Nontaxable benefits
    $17,792
    Filer's total
    $600,101

  • JONATHAN ROBERTS

    SVP/CIO

    Total calculated
    $417,189
    From this org
    $337,190
    From related orgs
    $0
    Other
    $79,999
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $272,500
    Bonus
    $64,690
    Other
    $0
    Deferred
    $61,451
    Nontaxable benefits
    $18,548
    Filer's total
    $417,189

  • DAVID PELLEGRINO

    VP-COMPLIANCE

    Total calculated
    $297,174
    From this org
    $247,741
    From related orgs
    $0
    Other
    $49,433
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $212,467
    Bonus
    $32,500
    Other
    $2,774
    Deferred
    $47,895
    Nontaxable benefits
    $1,538
    Filer's total
    $297,174

  • DAVID DECUBELLIS

    SVP/CRO

    Total calculated
    $404,577
    From this org
    $333,440
    From related orgs
    $0
    Other
    $71,137
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $268,750
    Bonus
    $64,690
    Other
    $0
    Deferred
    $52,913
    Nontaxable benefits
    $18,224
    Filer's total
    $404,577

  • JASON M JOLIN

    EVP/CFO

    Total calculated
    $450,774
    From this org
    $366,970
    From related orgs
    $0
    Other
    $83,804
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $293,750
    Bonus
    $73,220
    Other
    $0
    Deferred
    $65,580
    Nontaxable benefits
    $18,224
    Filer's total
    $450,774

  • LEONARDA CONTI

    AVP - MORTGAGE LOAN OFFICE

    Total calculated
    $238,043
    From this org
    $216,565
    From related orgs
    $0
    Other
    $21,478
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $206,565
    Bonus
    $10,000
    Other
    $0
    Deferred
    $13,355
    Nontaxable benefits
    $8,123
    Filer's total
    $238,043

  • ROSS SILVA

    AVP-BUS. DEV/REGIONAL LOAN

    Total calculated
    $358,260
    From this org
    $315,820
    From related orgs
    $0
    Other
    $42,440
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $305,820
    Bonus
    $10,000
    Other
    $0
    Deferred
    $24,400
    Nontaxable benefits
    $18,040
    Filer's total
    $358,260

  • JEFFREY P CASCIONE

    VP-COMMERCIAL LENDING

    Total calculated
    $364,064
    From this org
    $297,294
    From related orgs
    $0
    Other
    $66,770
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $244,629
    Bonus
    $49,406
    Other
    $3,259
    Deferred
    $51,698
    Nontaxable benefits
    $15,072
    Filer's total
    $364,064

  • TIMOTHY

    SVP - PR & COMMUNITY ENGAGEMENT

    Total calculated
    $245,336
    From this org
    $191,460
    From related orgs
    $0
    Other
    $53,876
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,460
    Bonus
    $30,000
    Other
    $0
    Deferred
    $36,911
    Nontaxable benefits
    $16,965
    Filer's total
    $245,336

  • FREDDIE C ALMEIDA

    AVP - MORTGAGE LOAN OFFICE

    Total calculated
    $309,336
    From this org
    $272,893
    From related orgs
    $0
    Other
    $36,443
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $252,893
    Bonus
    $20,000
    Other
    $0
    Deferred
    $18,491
    Nontaxable benefits
    $17,952
    Filer's total
    $309,336

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

  • 1a · Travel for companions
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 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 1A
TRAVEL FOR COMPANIONS THE CREDIT UNION DOES PERMIT SPOUSES TO TRAVEL WITH MEMBERS OF SENIOR MANAGEMENT FOR CERTAIN TRIPS. NO REIMBURSEMENT IS REQUIRED BY THE EMPLOYEE. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES - THE CREDIT UNION DOES MAINTAIN MEMBERSHIPS FOR THE CREDIT UNION'S OFFICERS AT LOCAL COUNTRY CLUBS.
PART I, LINE 4B
DURING 2021, SIX MEMBERS OF SENIOR MANAGEMENT PARTICIPATED IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN ADMINISTERED BY ANGELL PENSION GROUP AND RELIANCE TRUST COMPANY. LISA G. DANDENEAU - $65,638 KATHY OROVITZ - $38,021 JONATHAN ROBERTS - $37,051 JASON JOLIN - $41,180 DAVID DECUBELLIS - $36,875 DAVID PELLEGRINO - $28,125 JEFFREY P. CASECIONE - $35,625 TIMOTHY DRAPER - $22,625
SCHEDULE J, PART II, COLUMN F:
TWO EMPLOYEES RECEIVED COMPENSATION IN CURRENT YEAR WHICH REPORTED AS DEFERRED ON PRIOR FORM 990. KATHLEEN OROVITZ - $322,683 H CHRIS DER VARTANIAN - $88,010

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

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202323189349302327

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