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Nonprofiteer
← BHCU

Form 990 for tax year 2024

Filed by BHCU.

Totals

Total revenue
$13,163,742
Total expenses
$12,139,490
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$9,983,413
Investment income
$1,653,372
Other revenue
$1,526,957
Total assets, end of year
$249,400,197
Total liabilities, end of year
$222,520,483
Net assets or fund balances, end of year
$26,879,714
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$12,139,490

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

    total $9,983,413 · related or exempt $9,983,413

  • 3 · Investment income

    total $1,572,946 · related or exempt $1,572,946

  • 7a · Gross sales of assets other than inventory

    securities $964,969 · other assets $2,056,278

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

    securities $965,089 · other assets $1,975,732

  • 7c · Gain or loss

    securities -$120 · other assets $80,546

  • 7d · Net gain or loss

    total $80,426 · related or exempt $80,426

  • 11a · Other revenue: MISCELLANEOUS

    total $1,266,337 · related or exempt $1,266,337

  • 11b · Other revenue: FEES AND CHARGES

    total $260,620 · related or exempt $260,620

  • 11e · Other revenue, total

    $1,526,957

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,334,490

  • 7 · Other salaries and wages

    total $2,042,859

  • 8 · Pension plan contributions

    total $130,928

  • 9 · Other employee benefits

    total $218,187

  • 10 · Payroll taxes

    total $206,325

  • 11b · Fees: legal

    total $45,996

  • 11c · Fees: accounting

    total $84,153

  • 11f · Fees: investment management

    total $58,717

  • 11g · Fees: other

    total $252,068

  • 12 · Advertising and promotion

    total $142,238

  • 13 · Office expenses

    total $182,925

  • 14 · Information technology

    total $502,354

  • 16 · Occupancy

    total $403,861

  • 17 · Travel

    total $12,920

  • 19 · Conferences, conventions and meetings

    total $8,327

  • 20 · Interest

    total $28,385

  • 22 · Depreciation, depletion and amortization

    total $305,431

  • 23 · Insurance

    total $60,309

  • 24a · Other expenses: DIVIDENDS ON DEPOSIT

    total $5,293,411

  • 24b · Other expenses: LOAN FEES

    total $603,267

  • 24c · Other expenses: ATM FEES

    total $196,649

  • 24d · Other expenses: RESERVE ON LOANS AND SH

    total -$31,033

  • 24e · All other expenses

    total $56,723

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,162,466 · end of year $1,148,652

  • 2 · Savings and temporary cash investments

    beginning of year $2,486,729 · end of year $8,547,005

  • 4 · Accounts receivable

    beginning of year $1,394,165 · end of year $1,268,704

  • 7 · Other notes and loans receivable

    beginning of year $173,883,714 · end of year $182,227,434

  • 9 · Prepaid expenses and deferred charges

    beginning of year $192,453 · end of year $363,744

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

    $8,143,590

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

    $4,036,810

  • 10c · Land, buildings and equipment, net

    beginning of year $2,045,618 · end of year $4,106,780

  • 13 · Investments: program-related

    beginning of year $48,534,198 · end of year $43,549,314

  • 15 · Other assets

    beginning of year $7,728,660 · end of year $8,188,564

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,967,202 · end of year $3,983,440

  • 25 · Other liabilities

    beginning of year $208,319,064 · end of year $218,537,043

  • 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 $25,141,737 · end of year $26,879,714

Mission and programs · 2024

Mission

BHCU IS COMMITTED TO PROVIDING ITS MEMBERS A HAVEN OF FINANCIAL STABILITY AND PROTECTION WHILE PROVIDING AN ARRAY OF PRODUCTS THAT FIT THEIR NEEDS. THE CREDIT UNION INTENDS TO DO THIS BY MAKING SOUND, CALCULATED INVESTMENTS, OFFERING LOW INTEREST LOANS, AND HIGH YIELDING DIVIDENDS. AS OUR PRODUCT LINES OF SERVICE EXPAND, WE PLEDGE TO OUR MEMBERS, THAT OUR PERSONNEL WILL CONTINUE TO PROVIDE THE HIGHEST LEVEL OF EXPERIENCE AND COURTESY POSSIBLE.

Activities or mission (Part I)

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 MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS.

  • 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 THEIR MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS.

    Expenses $12,139,490 · Revenue $13,163,742

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Joseph Conte

    PRESIDENT & CHAIRMAN OF BO

    Total calculated
    $11,400
    From this org
    $11,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Guy Ferranti

    BOARD OF DIRECTOR

    Total calculated
    $10,000
    From this org
    $10,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Richard Ranalli

    VICE PRESIDENT OF THE BOAR

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kenneth Knoll

    TREASURER OF THE BOARD

    Total calculated
    $8,600
    From this org
    $8,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Michael Mudrick

    BOARD OF DIRECTOR

    Total calculated
    $8,600
    From this org
    $8,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Joseph Kelleher

    SECRETARY OF THE BOARD

    Total calculated
    $7,600
    From this org
    $7,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Michael Barbacano

    BOARD OF DIRECTOR

    Total calculated
    $7,400
    From this org
    $7,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Joseph Fortunato

    BOARD OF DIRECTOR

    Total calculated
    $4,800
    From this org
    $4,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jennifer Rinella

    BOARD OF DIRECTOR

    Total calculated
    $4,400
    From this org
    $4,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gary Golden

    CEO

    Total calculated
    $1,317,234
    From this org
    $825,272
    From related orgs
    $0
    Other
    $491,962
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $268,376
    Bonus
    $548,000
    Other
    $8,896
    Deferred
    $455,090
    Nontaxable benefits
    $36,872
    Filer's total
    $1,317,234

  • Edward Biernacki

    CFO

    Total calculated
    $268,868
    From this org
    $193,630
    From related orgs
    $0
    Other
    $75,238
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,665
    Bonus
    $28,803
    Other
    $162
    Deferred
    $66,372
    Nontaxable benefits
    $8,866
    Filer's total
    $268,868

  • Kevin Pyle

    COO

    Total calculated
    $257,937
    From this org
    $186,660
    From related orgs
    $0
    Other
    $71,277
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,160
    Bonus
    $23,970
    Other
    $530
    Deferred
    $51,841
    Nontaxable benefits
    $19,436
    Filer's total
    $257,937

  • Cheryl Altieri

    EVP

    Total calculated
    $27,706
    From this org
    $15,525
    From related orgs
    $0
    Other
    $12,181
    Hours/week
    35

  • Gerald Dorn

    CCO

    Total calculated
    $181,510
    From this org
    $149,933
    From related orgs
    $0
    Other
    $31,577
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,460
    Bonus
    $21,018
    Other
    $455
    Deferred
    $30,281
    Nontaxable benefits
    $1,296
    Filer's total
    $181,510

  • Ryan Conte

    VICE PRESIDENT, CHIEF REVENUE OFFICER

    Total calculated
    $159,098
    From this org
    $113,841
    From related orgs
    $0
    Other
    $45,257
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $95,631
    Bonus
    $13,397
    Other
    $4,813
    Deferred
    $23,864
    Nontaxable benefits
    $21,393
    Filer's total
    $159,098

  • James Pace

    BUSINESS DEVELOPMENT OFFICER

    Total calculated
    $148,543
    From this org
    $109,642
    From related orgs
    $0
    Other
    $38,901
    Hours/week
    40

  • Maged Basha

    SENIOR ACCOUNTANT

    Total calculated
    $136,572
    From this org
    $106,488
    From related orgs
    $0
    Other
    $30,084
    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

  • 3 · Compensation committee
  • 3 · Written employment contract
  • 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 1, LINE 4B
GARY GOLDEN PARTICIPATES IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN. GARY GOLDEN RECEIVED A $500,000 PAYMENT FROM THE NON-QUALIFIED RETIREMENT PLAN IN 2024.

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.

Provenance

Return type
form_990
Tax year
2024
Filed
13 November 2025
IRS schema version
2024v5.2
Source object
202523219349301572

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