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Nonprofiteer
← CONNEX CREDIT UNION INC

Form 990 for tax year 2022

Filed by CONNEX CREDIT UNION INC.

Totals

Total revenue
$35,206,220
Total expenses
$27,282,343
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$33,494,118
Investment income
$1,712,102
Other revenue
$0
Total assets, end of year
$957,477,676
Total liabilities, end of year
$874,572,978
Net assets or fund balances, end of year
$82,904,698
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$27,282,343

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 $26,621,336 · related or exempt $26,621,336

  • 2b · Program service revenue: OPERATING FEES

    total $6,576,661 · related or exempt $6,576,661

  • 2c · Program service revenue: INSURANCE SALES

    total $171,488 · unrelated business $171,488

  • 2d · Program service revenue: INVESTMENT SERVICES

    total $75,380 · unrelated business $75,380

  • 2e · Program service revenue: ATM NONMEMBERS

    total $49,253 · unrelated business $49,253

  • 3 · Investment income

    total $1,712,102 · excluded $1,712,102

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,841,170

  • 5 · Compensation of officers, directors and key employees

    total $1,695,035

  • 6 · Compensation of disqualified persons

    total $252,034

  • 7 · Other salaries and wages

    total $8,027,046

  • 8 · Pension plan contributions

    total $331,185

  • 9 · Other employee benefits

    total $1,819,958

  • 11g · Fees: other

    total $538,017

  • 12 · Advertising and promotion

    total $1,249,951

  • 13 · Office expenses

    total $2,671,348

  • 14 · Information technology

    total $2,046,407

  • 16 · Occupancy

    total $1,278,158

  • 19 · Conferences, conventions and meetings

    total $82,998

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $1,085,159

  • 24b · Other expenses: LOAN INTEREST EXPENSE

    total $854,214

  • 24c · Other expenses: LOAN SERVICING

    total $777,967

  • 24d · Other expenses: COGS

    total $271,833

  • 24e · All other expenses

    total $459,863

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,572,424 · end of year $7,115,146

  • 4 · Accounts receivable

    beginning of year $200,236 · end of year $2,075,765

  • 5 · Loans and receivables from officers and key people

    beginning of year $1,351,314 · end of year $1,257,719

  • 7 · Other notes and loans receivable

    beginning of year $694,257,672 · end of year $833,188,078

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

    $13,623,156

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

    $4,177,711

  • 10c · Land, buildings and equipment, net

    beginning of year $8,842,331 · end of year $9,445,445

  • 11 · Investments: publicly traded securities

    beginning of year $53,479,962 · end of year $53,927,179

  • 12 · Investments: other securities

    beginning of year $83,831,940 · end of year $30,336,060

  • 15 · Other assets

    beginning of year $18,034,385 · end of year $20,132,284

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,080,400 · end of year $1,658,949

  • 21 · Escrow or custodial account liability

    beginning of year $4,583,034 · end of year $4,981,963

  • 23 · Secured mortgages and notes payable

    beginning of year $20,004,736 · end of year $49,787,394

  • 25 · Other liabilities

    beginning of year $762,902,748 · end of year $818,144,672

  • 31 · Retained earnings, endowment or other funds

    beginning of year $79,999,346 · end of year $82,904,698

Mission and programs · 2022

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 $27,282,343

As filed on the 2022 return.

Listed in Part VII

  • Janice Bryden

    CHAIRPERSON

    Total calculated
    $3,488
    From this org
    $3,488
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Corey Stone

    VICE CHAIRPE

    Total calculated
    $8,483
    From this org
    $8,483
    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
    $3,096
    From this org
    $3,096
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Annie Harper

    DIRECTOR

    Total calculated
    $1,916
    From this org
    $1,916
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Edward Rosenthal

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Matthew Turner

    DIRECTOR

    Total calculated
    $3,109
    From this org
    $3,109
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Henry Fernandez

    DIRECTOR

    Total calculated
    $1,795
    From this org
    $1,795
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Wendy Clarke

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Francesco Mancini

    CEO

    Total calculated
    $697,090
    From this org
    $684,890
    From related orgs
    $0
    Other
    $12,200
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $684,890
    Bonus
    not reported
    Other
    not reported
    Deferred
    $12,200
    Nontaxable benefits
    not reported
    Filer's total
    $697,090

  • David Birkins

    VP FINANCE A

    Total calculated
    $164,461
    From this org
    $162,038
    From related orgs
    $0
    Other
    $2,423
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,038
    Bonus
    not reported
    Other
    not reported
    Deferred
    $2,423
    Nontaxable benefits
    not reported
    Filer's total
    $164,461

  • Carl Casper

    EVP & COO

    Total calculated
    $326,473
    From this org
    $315,916
    From related orgs
    $0
    Other
    $10,557
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $315,916
    Bonus
    not reported
    Other
    not reported
    Deferred
    $10,557
    Nontaxable benefits
    not reported
    Filer's total
    $326,473

  • Dennis Klemenz

    VP AND CIO

    Total calculated
    $262,317
    From this org
    $252,034
    From related orgs
    $0
    Other
    $10,283
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $252,034
    Bonus
    not reported
    Other
    not reported
    Deferred
    $10,283
    Nontaxable benefits
    not reported
    Filer's total
    $262,317

  • Barbara Bafumi

    VP CONTROLLE

    Total calculated
    $187,255
    From this org
    $180,078
    From related orgs
    $0
    Other
    $7,177
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,078
    Bonus
    not reported
    Other
    not reported
    Deferred
    $7,177
    Nontaxable benefits
    not reported
    Filer's total
    $187,255

  • Amy Moquet

    DIR HR

    Total calculated
    $172,621
    From this org
    $167,005
    From related orgs
    $0
    Other
    $5,616
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,005
    Bonus
    not reported
    Other
    not reported
    Deferred
    $5,616
    Nontaxable benefits
    not reported
    Filer's total
    $172,621

  • Michael Taylor

    ASST. VP

    Total calculated
    $158,818
    From this org
    $153,221
    From related orgs
    $0
    Other
    $5,597
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,221
    Bonus
    not reported
    Other
    not reported
    Deferred
    $5,597
    Nontaxable benefits
    not reported
    Filer's total
    $158,818

  • Jason Rochefort

    ASST. VP

    Total calculated
    $144,469
    From this org
    $139,011
    From related orgs
    $0
    Other
    $5,458
    Hours/week
    40

  • Suzanne Mink

    ASST. VP

    Total calculated
    $133,557
    From this org
    $128,983
    From related orgs
    $0
    Other
    $4,574
    Hours/week
    40

  • James Luurtsema

    DIRECTOR IT

    Total calculated
    $131,926
    From this org
    $128,522
    From related orgs
    $0
    Other
    $3,404
    Hours/week
    40

  • Michael O'Brien

    BUS. DEV. OF

    Total calculated
    $121,157
    From this org
    $116,245
    From related orgs
    $0
    Other
    $4,912
    Hours/week
    40

  • Craig Sutter

    SR. PROJ. MG

    Total calculated
    $132,643
    From this org
    $128,711
    From related orgs
    $0
    Other
    $3,932
    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
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202333199349305368

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

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