Form 990 for tax year 2022
Filed by MUTUAL SECURITY CREDIT UNION INC.
Totals
- Total revenue
- $15,885,151
- Total expenses
- $13,489,120
- Contributions and grants received
- $0
- Grants paid
- $7,370
- Program service revenue
- $15,519,321
- Investment income
- $354,845
- Other revenue
- $10,985
- Total assets, end of year
- $390,854,151
- Total liabilities, end of year
- $363,939,211
- Net assets or fund balances, end of year
- $26,914,940
- 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 INCOME
total $11,242,011 · related or exempt $11,242,011
-
2b · Program service revenue: FEES AND CHARGES
total $2,683,706 · related or exempt $2,667,061 · unrelated business $16,645
-
2c · Program service revenue: VISA FEE INCOME
total $760,913 · related or exempt $760,913
-
2d · Program service revenue: MISC. OPERATING INCOME
total $667,158 · related or exempt $599,095 · unrelated business $68,063
-
2e · Program service revenue: MORTGAGE FEE INCOME
total $165,533 · related or exempt $165,533
-
3 · Investment income
total $601,896 · excluded $601,896
-
7a · Gross sales of assets other than inventory
other assets $5,379
-
7b · Less cost or other basis and sales expenses
securities $252,430 · other assets $0
-
7c · Gain or loss
securities -$252,430 · other assets $5,379
-
7d · Net gain or loss
total -$247,051 · excluded -$247,051
-
11a · Other revenue: PROVISION FOR LOAN LOSSES
total $10,985 · excluded $10,985
-
11e · Other revenue, total
$10,985
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $7,370
-
5 · Compensation of officers, directors and key employees
total $535,384
-
7 · Other salaries and wages
total $4,539,692
-
8 · Pension plan contributions
total $90,721
-
9 · Other employee benefits
total $749,047
-
10 · Payroll taxes
total $407,574
-
11a · Fees: management
total $64,067
-
11b · Fees: legal
total $11,686
-
11c · Fees: accounting
total $31,056
-
12 · Advertising and promotion
total $173,715
-
13 · Office expenses
total $1,266,727
-
14 · Information technology
total $1,287,450
-
16 · Occupancy
total $668,544
-
17 · Travel
total $16,429
-
19 · Conferences, conventions and meetings
total $127,777
-
20 · Interest
total $643,656
-
22 · Depreciation, depletion and amortization
total $686,013
-
23 · Insurance
total $84,395
-
24a · Other expenses: LOAN SERVICING
total $1,229,142
-
24b · Other expenses: DIVIDENDS PAID TO MEMBE
total $801,521
-
24c · Other expenses: DUES
total $39,946
-
24d · Other expenses: EXAM FEES
total $18,240
-
24e · All other expenses
total $8,968
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $39,240,934 · end of year $8,153,383
-
2 · Savings and temporary cash investments
beginning of year $2,483,867 · end of year $4,980,189
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $497,085
-
7 · Other notes and loans receivable
beginning of year $270,288,039 · end of year $331,884,676
-
9 · Prepaid expenses and deferred charges
beginning of year $783,270 · end of year $839,691
-
10a · Land, buildings and equipment: cost or other basis
$12,216,074
-
10b · Land, buildings and equipment: accumulated depreciation
$6,952,767
-
10c · Land, buildings and equipment, net
beginning of year $5,333,800 · end of year $5,263,307
-
12 · Investments: other securities
beginning of year $25,618,643 · end of year $27,655,914
-
15 · Other assets
beginning of year $10,514,007 · end of year $11,579,906
-
17 · Accounts payable and accrued expenses
beginning of year $511,384 · end of year $1,057,482
-
21 · Escrow or custodial account liability
beginning of year $1,911,324 · end of year $2,129,500
-
25 · Other liabilities
beginning of year $324,784,191 · end of year $360,752,229
-
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 $27,055,661 · end of year $26,914,940
Mission and programs · 2022
Mission
WE ARE BUILDERS OF FINANCIAL WELL-BEING WITHIN THE COMMUNITIES WE SERVE.
Activities or mission (Part I)
THE MISSION OF MUTUAL SECURITY CREDIT UNION (THE CREDIT UNION) IS TO BE THE BUILDERS OF FINANCIAL WELL-BEING WITHIN THE COMMUNITIES THAT WE SERVE. WE PROMOTE THE ECONOMIC WELL BEING OF OUR MEMBERS BY PROVIDING A BROAD RANGE OF INNOVATIVE FINANCIAL PRODUCTS. THESE PROGRAMS WILL BE ADMINISTERED IN A PERSONALIZED ENVIRONMENT BY A PROFESSIONAL STAFF AND DEDICATED VOLUNTEERS. THE CREDIT UNION OFFERS MEMBERS VARIOUS CONSUMER AND REAL ESTATE LOAN PRODUCTS (PERSONAL, AUTO, 1ST & 2ND MORTGAGES, HOME EQUITY LINES OF CREDIT, SMART ENERGY LOANS, VISA CREDIT CARDS). THE CREDIT UNION ALSO OFFERS MEMBERS VISA CHECK/DEBIT CARDS AS WELL AS VARIOUS SAVINGS, CERTIFICATES & CHECKING ACCOUNTS.
-
MUTUAL SECURITY CREDIT UNION OFFERS MEMBERS VARIOUS CONSUMER LOAN PRODUCTS (PERSONAL LOANS, AUTO LOANS, MORTGAGES - 1ST, 2ND, AND HOME EQUITY LINES OF CREDIT, SMART ENERGY LOANS). NEW LOANS ISSUED IN 2022: PERSONAL LOANS = 459, NEW & USED AUTO LOANS = 2,761, 1ST, 2ND & HELOCS = 253, SMART ENERGY LOANS = 64.
-
MUTUAL SECURITY CREDIT UNION OFFERS MEMBERS OUR VISA CREDIT CARDS AND VISA CHECK CARD (DEBIT CARD). NEW VISA ACCOUNTS ISSUED IN 2022 = 432.
-
MUTUAL SECURITY CREDIT UNION OFFERS MEMBERS OUR VARIOUS CHECKING ACCOUNT PROGRAMS. NEW CHECKING ACCOUNTS OPENED IN 2022 = 370.
As filed on the 2022 return.
Listed in Part VII
-
Henry BaumHENRY BAUM
CEO
- Total calculated
- $313,176
- From this org
- $277,280
- From related orgs
- $0
- Other
- $35,896
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $265,030
- Bonus
- $12,250
- Other
- $0
- Deferred
- $8,704
- Nontaxable benefits
- $27,192
- Filer's total
- $313,176
-
Stephen OsowieckiSTEPHEN OSOWIECKI
CFO
- Total calculated
- $222,209
- From this org
- $184,768
- From related orgs
- $0
- Other
- $37,441
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $175,373
- Bonus
- $9,395
- Other
- $0
- Deferred
- $5,956
- Nontaxable benefits
- $31,485
- Filer's total
- $222,209
-
Michael AugustiMICHAEL AUGUSTI
VP OF SALES AND MARKETING
- Total calculated
- $180,513
- From this org
- $163,406
- From related orgs
- $0
- Other
- $17,107
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $155,891
- Bonus
- $7,515
- Other
- $0
- Deferred
- $4,773
- Nontaxable benefits
- $12,334
- Filer's total
- $180,513
-
Jeffrey TraceyJEFFREY TRACEY
VP OF LENDING
- Total calculated
- $179,364
- From this org
- $152,261
- From related orgs
- $0
- Other
- $27,103
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $144,029
- Bonus
- $8,232
- Other
- $0
- Deferred
- $4,856
- Nontaxable benefits
- $22,247
- Filer's total
- $179,364
-
Ann NankervisANN NANKERVIS
VP OF HR AND COMPLIANCE
- Total calculated
- $165,567
- From this org
- $151,115
- From related orgs
- $0
- Other
- $14,452
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $144,067
- Bonus
- $7,048
- Other
- $0
- Deferred
- $4,773
- Nontaxable benefits
- $9,679
- Filer's total
- $165,567
-
Maria LazorMARIA LAZOR
DIRECTOR OF OPERATIONS
- Total calculated
- $152,632
- From this org
- $116,282
- From related orgs
- $0
- Other
- $36,350
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $113,660
- Bonus
- $2,622
- Other
- $0
- Deferred
- $3,931
- Nontaxable benefits
- $32,419
- Filer's total
- $152,632
-
Chris HorvathCHRIS HORVATH
IT MANAGER
- Total calculated
- $128,638
- From this org
- $113,453
- From related orgs
- $0
- Other
- $15,185
- Hours/week
- 45
-
Robert J BastaROBERT J BASTA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Ann BudzynskiANN BUDZYNSKI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Ken DeckerKEN DECKER
TREASURER
- Total calculated
- $0
- Hours/week
- 5
-
Bruce M LikelyBRUCE M LIKELY
CHAIR
- Total calculated
- $0
- Hours/week
- 5
-
Robert LubusROBERT LUBUS
SECRETARY
- Total calculated
- $0
- Hours/week
- 5
-
Robert MaragesROBERT MARAGES
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 5
-
Edwin RodriguezEDWIN RODRIGUEZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
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 survey or study
- 3 · Approval by the board or compensation committee
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.
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 13 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202313179349310121
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