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Nonprofiteer
← SUNMARK CREDIT UNION

Form 990 for tax year 2022

Filed by SUNMARK CREDIT UNION.

Totals

Total revenue
$62,452,442
Total expenses
$58,231,926
Contributions and grants received
$0
Grants paid
$246,800
Program service revenue
$59,976,152
Investment income
$2,515,835
Other revenue
-$39,545
Total assets, end of year
$1,121,756,722
Total liabilities, end of year
$1,037,211,765
Net assets or fund balances, end of year
$84,544,957
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

    total $39,588,185 · related or exempt $39,588,185

  • 2b · Program service revenue: FEE INCOME

    total $12,257,462 · related or exempt $12,140,364 · unrelated business $117,098

  • 2c · Program service revenue: OTHER OPERATING INCOM

    total $8,130,505 · related or exempt $8,130,505

  • 3 · Investment income

    total $653,954 · excluded $653,954

  • 7a · Gross sales of assets other than inventory

    other assets $72,651,794

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

    securities $982,089 · other assets $69,807,824

  • 7c · Gain or loss

    securities -$982,089 · other assets $2,843,970

  • 7d · Net gain or loss

    total $1,861,881 · excluded $1,861,881

  • 11a · Other revenue: NON-OPERATING INCOME

    total -$39,545 · related or exempt -$39,545

  • 11e · Other revenue, total

    -$39,545

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $246,800

  • 4 · Benefits paid to or for members

    total $3,516,559

  • 5 · Compensation of officers, directors and key employees

    total $2,432,217

  • 7 · Other salaries and wages

    total $18,237,350

  • 8 · Pension plan contributions

    total $379,298

  • 9 · Other employee benefits

    total $2,739,139

  • 10 · Payroll taxes

    total $1,559,245

  • 11b · Fees: legal

    total $337,869

  • 11c · Fees: accounting

    total $107,365

  • 11g · Fees: other

    total $4,028,036

  • 12 · Advertising and promotion

    total $1,602,648

  • 13 · Office expenses

    total $8,207,944

  • 16 · Occupancy

    total $1,895,049

  • 17 · Travel

    total $582,939

  • 20 · Interest

    total $600,749

  • 22 · Depreciation, depletion and amortization

    total $2,785,925

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $4,413,000

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $4,405,518

  • 24c · Other expenses: MISC. OPERATING EXPENSE

    total $79,648

  • 24d · Other expenses: OPERATING FEES

    total $74,628

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,215,055 · end of year $10,772,625

  • 2 · Savings and temporary cash investments

    beginning of year $114,353,124 · end of year $20,692,868

  • 4 · Accounts receivable

    beginning of year $13,128,151 · end of year $13,106,710

  • 7 · Other notes and loans receivable

    beginning of year $797,803,777 · end of year $1,002,649,389

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,888,283 · end of year $4,458,491

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

    $44,427,655

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

    $18,665,167

  • 10c · Land, buildings and equipment, net

    beginning of year $25,551,157 · end of year $25,762,488

  • 12 · Investments: other securities

    beginning of year $9,554,411 · end of year $10,533,843

  • 13 · Investments: program-related

    beginning of year $3,569,256 · end of year $4,439,667

  • 14 · Intangible assets

    beginning of year $48,795 · end of year $21,367

  • 15 · Other assets

    beginning of year $32,674,358 · end of year $29,319,274

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,614,062 · end of year $11,142,052

  • 23 · Secured mortgages and notes payable

    beginning of year $9,498 · end of year $10,902,697

  • 24 · Unsecured notes and loans payable

    beginning of year $4,719,439

  • 25 · Other liabilities

    beginning of year $919,294,752 · end of year $1,015,167,016

  • 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 $81,148,616 · end of year $84,544,957

Mission and programs · 2022

Mission

CREATING VALUE TO ENRICH THE LIVES OF OUR MEMBERS BY PROVIDING FINANCIAL PRODUCTS, EDUCATION AND SERVICES TAILORED TO MEET THEIR FINANCIAL GOALS.

Activities or mission (Part I)

A TRUSTED PARTNER PROVIDING FINANCIAL SOLUTIONS TO ENRICH THE LIVES OF OUR MEMBERS.

  • SUNMARK CREDIT UNION OFFERS A VARIETY OF LENDING PROGRAMS DESIGNED TO MEET THE FINANCING NEEDS OF OUR MEMBERS. THESE PRODUCTS INCLUDE: MORTGAGES, VEHICLES, COMMERCIAL, CREDIT CARDS AND PERSONAL LOANS. DURING 2022, THE CREDIT UNION GRANTED OVER 46,000 LOW INTEREST RATE LOANS TOTALING MORE THAN $530 MILLION. SUNMARK MAKES IT CONVENIENT FOR MEMBERS TO OBTAIN FINANCING BY APPLYING ONLINE, VISITING ONE OF OUR 16 BRANCH LOCATIONS, OR CALLING OUR MEMBER SERVICE CENTER. AS MEMBER ADVOCATES, SUNMARK OFFERS WORKSHOPS TO EDUCATE MEMBERS ON TOPICS SUCH AS: BUDGETING, MANAGING DEBT, AND HOME BUYING WORKSHOPS.

  • SUNMARK CREDIT UNION OFFERS VARIOUS DEPOSIT PRODUCTS TO SUPPORT THE FINANCIAL HEALTH AND WELL-BEING OF EACH MEMBER. THESE PRODUCTS PROVIDE COMPETITIVE DIVIDEND RATES, 24/7 ACCESS TO FUNDS AND EASY TRANSFER OPTIONS. WE OFFER MOBILE BANKING, DEBIT CARDS, ACCESS TO NEARLY 30,000 ATMS AND 5,000 PLUS SHARED BRANCHING LOCATIONS ACROSS THE COUNTRY. SUNMARK SERVES OVER 88,000 MEMBERS IN 14 COUNTIES IN THE CAPITAL DISTRICT AND HUDSON VALLEY REGION OF NEW YORK.

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

Listed in Part VII

  • Dawn Doherty

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Kristen Myers

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Matt Cusack

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Brian Hugick

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Ed Aidala

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Anthony Cardona

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dan Heim

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Amy Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Parker Powell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Matt Rhodes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ralph Lebarron

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Edward Obeng

    ASSOCIATE DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Frank Degraw

    PRESIDENT/CEO

    Total calculated
    $732,155
    From this org
    $544,800
    From related orgs
    $0
    Other
    $187,355
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $435,648
    Bonus
    $85,000
    Other
    $24,152
    Deferred
    $187,355
    Nontaxable benefits
    $0
    Filer's total
    $732,155

  • Antoinette Lebron

    EVP/COO

    Total calculated
    $340,694
    From this org
    $254,749
    From related orgs
    $0
    Other
    $85,945
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $233,868
    Bonus
    $15,421
    Other
    $5,460
    Deferred
    $85,945
    Nontaxable benefits
    $0
    Filer's total
    $340,694

  • Johanna Robbins

    CHIEF FINANCIAL OFFICER

    Total calculated
    $265,397
    From this org
    $210,932
    From related orgs
    $0
    Other
    $54,465
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,032
    Bonus
    $0
    Other
    $19,900
    Deferred
    $54,465
    Nontaxable benefits
    $0
    Filer's total
    $265,397

  • Bryan Delehanty

    EVP/CFO

    Total calculated
    $112,300
    From this org
    $53,053
    From related orgs
    $0
    Other
    $59,247
    Hours/week
    40

  • Jerilee Beaudoin

    CHIEF LENDING OFFICER

    Total calculated
    $213,710
    From this org
    $203,906
    From related orgs
    $0
    Other
    $9,804
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $187,946
    Bonus
    $10,500
    Other
    $5,460
    Deferred
    $9,804
    Nontaxable benefits
    $0
    Filer's total
    $213,710

  • Paul Kelly

    CHIEF HUMAN RESOURCES OFFI

    Total calculated
    $212,835
    From this org
    $205,832
    From related orgs
    $0
    Other
    $7,003
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,142
    Bonus
    $10,230
    Other
    $5,460
    Deferred
    $7,003
    Nontaxable benefits
    $0
    Filer's total
    $212,835

  • Darryl Enfield

    CHIEF INFORMATION OFFICER

    Total calculated
    $203,561
    From this org
    $195,149
    From related orgs
    $0
    Other
    $8,412
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,909
    Bonus
    $9,780
    Other
    $5,460
    Deferred
    $8,412
    Nontaxable benefits
    $0
    Filer's total
    $203,561

  • Chris Tantakis

    VP MEMBER RELATIONS

    Total calculated
    $179,078
    From this org
    $167,295
    From related orgs
    $0
    Other
    $11,783
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,118
    Bonus
    $8,717
    Other
    $5,460
    Deferred
    $11,783
    Nontaxable benefits
    $0
    Filer's total
    $179,078

  • Amber Cooleen

    CHIEF MARKETING OFFICER

    Total calculated
    $172,487
    From this org
    $163,591
    From related orgs
    $0
    Other
    $8,896
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,791
    Bonus
    $8,340
    Other
    $5,460
    Deferred
    $8,896
    Nontaxable benefits
    $0
    Filer's total
    $172,487

  • Michael Mathusa

    AVP INSURANCE & INVESTMENTS

    Total calculated
    $194,675
    From this org
    $173,056
    From related orgs
    $0
    Other
    $21,619
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $57,992
    Bonus
    $115,064
    Other
    $0
    Deferred
    $21,619
    Nontaxable benefits
    $0
    Filer's total
    $194,675

  • Jayant Singh

    BUSINESS LOAN OFFICER

    Total calculated
    $176,763
    From this org
    $141,896
    From related orgs
    $0
    Other
    $34,867
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,881
    Bonus
    $7,555
    Other
    $5,460
    Deferred
    $34,867
    Nontaxable benefits
    $0
    Filer's total
    $176,763

  • Jason Solghan

    BUSINESS DEVELOPMENT ORIGI

    Total calculated
    $175,009
    From this org
    $166,434
    From related orgs
    $0
    Other
    $8,575
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $52,814
    Bonus
    $113,620
    Other
    $0
    Deferred
    $8,575
    Nontaxable benefits
    $0
    Filer's total
    $175,009

  • Stephen McCormick

    BUSINESS LOAN OFFICER

    Total calculated
    $170,120
    From this org
    $162,592
    From related orgs
    $0
    Other
    $7,528
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $87,500
    Bonus
    $75,092
    Other
    $0
    Deferred
    $7,528
    Nontaxable benefits
    $0
    Filer's total
    $170,120

  • Eloisa Maria Behnke

    MORTGAGE ORIGINATOR

    Total calculated
    $161,101
    From this org
    $153,355
    From related orgs
    $0
    Other
    $7,746
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $41,500
    Bonus
    $111,855
    Other
    $0
    Deferred
    $7,746
    Nontaxable benefits
    $0
    Filer's total
    $161,101

  • Andrew J Rubino

    MORTGAGE ORIGINATOR

    Total calculated
    $160,629
    From this org
    $152,528
    From related orgs
    $0
    Other
    $8,101
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $41,590
    Bonus
    $110,938
    Other
    $0
    Deferred
    $8,101
    Nontaxable benefits
    $0
    Filer's total
    $160,629

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
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 1b · Written policy on the line-1a expenses
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
VP OF BUSINESS SERVICES HAS ANNUAL GOLF CLUB DUES USED FOR BUSINESS RELATIONS. BOARD MEMBERS ARE NOT COMPENSATED. BOARD MEMBERS MAY ATTEND CONFERENCES. A COMPANION MAY TRAVEL WITH A BOARD MEMBER TO A CONFERENCE AND THIS IS INCLUDED IN THE BOARD MEMBER'S ANNUAL FORM 1099.
PART I, LINE 1B
VP OF BUSINESS SERVICES GOLF MEMBERSHIP DUES $6500. A FORM 1099-NEC WAS FILED FOR THE BOARD MEMBERS THAT HAD SUNMARK CU PAID TRAVEL FOR A COMPANION.
PART I, LINES 4A-B
NAME: SARAH HAMMOND, DESCRIPTION: SEVERENCE, CURRENT YEAR AMOUNT: $22,481. PLAN DESCRIPTION: SEVERENCE NAME: FRANK DEGRAW, DESCRIPTION: 457 (B) PLAN, CURRENT YEAR AMOUNT: $18,692. PLAN DESCRIPTION: 457 (B) NAME: JOHANNA ROBBINS, DESCRIPTION: 457 (B) PLAN, CURRENT YEAR AMOUNT: $15,385. PLAN DESCRIPTION: 457 (B)

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

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.

  • HORIZON SERVICE ORGANIZATION LLC

    HOLDING COMPANY FOR SUNMARK INVESTMENT IN CUSO ENTITIES · NY · income $460,830 · assets $3,537,705

    Directly controlled by SUNMARK CREDIT UNION

  • SIS INSURANCE & FINANCIAL LLC

    INSURANCE SERVICES · NY · income $1,265,669 · assets $2,607,497

    Directly controlled by HORIZON SERVICE ORGANIZATION LLC

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2022
IRS schema version
2022v5.0
Source object
202343109349303004

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