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Nonprofiteer
← STATE EMPLOYEES CREDIT UNION OF MARYLAND INC

Form 990 for tax year 2023

Filed by STATE EMPLOYEES CREDIT UNION OF MARYLAND INC.

Totals

Total revenue
$285,494,724
Total expenses
$232,565,770
Contributions and grants received
$0
Grants paid
$58,600
Program service revenue
$250,593,577
Investment income
$34,562,074
Other revenue
$339,073
Total assets, end of year
$5,276,282,946
Total liabilities, end of year
$4,861,899,227
Net assets or fund balances, end of year
$414,383,719
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 $192,183,961 · related or exempt $192,183,961

  • 2b · Program service revenue: SERVICE CHARGES INCOME

    total $35,674,399 · related or exempt $35,354,752 · unrelated business $319,647

  • 2c · Program service revenue: OTHER FEE INCOME

    total $22,902,722 · related or exempt $22,867,912 · unrelated business $34,810

  • 2d · Program service revenue: EQUITY IN EARNINGS OF

    total -$167,505 · related or exempt -$167,505

  • 3 · Investment income

    total $25,837,359 · excluded $25,837,359

  • 6a · Gross rents

    real property $829,250

  • 6b · Less rental expenses

    real property $490,177

  • 6c · Rental income or loss

    real property $339,073

  • 6d · Net rental income or loss

    total $339,073 · excluded $339,073

  • 7a · Gross sales of assets other than inventory

    other assets $87,962,150

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

    other assets $79,237,435

  • 7c · Gain or loss

    other assets $8,724,715

  • 7d · Net gain or loss

    total $8,724,715 · excluded $8,724,715

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $58,600

  • 5 · Compensation of officers, directors and key employees

    total $11,709,152

  • 7 · Other salaries and wages

    total $27,065,486

  • 8 · Pension plan contributions

    total $2,106,850

  • 9 · Other employee benefits

    total $3,840,986

  • 10 · Payroll taxes

    total $2,666,245

  • 11b · Fees: legal

    total $138,807

  • 11g · Fees: other

    total $33,066,983

  • 12 · Advertising and promotion

    total $5,084,553

  • 13 · Office expenses

    total $5,651,604

  • 14 · Information technology

    total $27,440,991

  • 16 · Occupancy

    total $3,442,522

  • 17 · Travel

    total $114,949

  • 19 · Conferences, conventions and meetings

    total $432,004

  • 20 · Interest

    total $66,172,940

  • 22 · Depreciation, depletion and amortization

    total $5,807,399

  • 23 · Insurance

    total $1,504,107

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $16,157,451

  • 24b · Other expenses: CHECKING & LENDING SERV

    total $5,730,820

  • 24c · Other expenses: REWARDS/LOYALTY PROGRAM

    total $4,968,927

  • 24d · Other expenses: EQUIPMENT EXPENSE

    total $4,396,554

  • 24e · All other expenses

    total $5,007,840

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $186,666,835 · end of year $256,373,499

  • 7 · Other notes and loans receivable

    beginning of year $4,018,705,578 · end of year $3,988,703,344

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,916,315 · end of year $5,962,703

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

    $106,611,767

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

    $66,252,875

  • 10c · Land, buildings and equipment, net

    beginning of year $39,942,379 · end of year $40,358,892

  • 12 · Investments: other securities

    beginning of year $908,419,348 · end of year $840,908,444

  • 14 · Intangible assets

    beginning of year $16,406,764 · end of year $16,762,033

  • 15 · Other assets

    beginning of year $137,543,431 · end of year $127,214,031

  • 17 · Accounts payable and accrued expenses

    beginning of year $40,247,151 · end of year $77,257,114

  • 21 · Escrow or custodial account liability

    beginning of year $9,166,606 · end of year $7,917,645

  • 25 · Other liabilities

    beginning of year $4,896,062,263 · end of year $4,776,724,468

  • 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 $368,124,630 · end of year $414,383,719

Listed in Part VII

  • JUANCHO BAINO

    CHAIR/DIRECTOR

    Total calculated
    $40,905
    From this org
    $40,905
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • SHARONNE BONARDI

    VICE CHAIR/DIRECTOR

    Total calculated
    $44,870
    From this org
    $44,870
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • TIMOTHY LA VALLE

    SECRETARY/DIRECTOR

    Total calculated
    $31,721
    From this org
    $31,721
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • ELLEN GARDNER

    TREASURER/DIRECTOR

    Total calculated
    $31,093
    From this org
    $31,093
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 1 related

  • GAYLE SEWARD

    DIRECTOR

    Total calculated
    $27,095
    From this org
    $27,095
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 1 related

  • JANET BACON

    DIRECTOR

    Total calculated
    $25,980
    From this org
    $25,980
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • JOHN KENNEY

    DIRECTOR

    Total calculated
    $25,656
    From this org
    $25,656
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • MARK REGER

    DIRECTOR

    Total calculated
    $25,293
    From this org
    $25,293
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • GINA MCKNIGHT-SMITH

    DIRECTOR

    Total calculated
    $19,900
    From this org
    $19,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • DAVID SWEIDERK

    CEO/PRESIDENT

    Total calculated
    $1,675,673
    From this org
    $1,118,880
    From related orgs
    $0
    Other
    $556,793
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $813,387
    Bonus
    $298,778
    Other
    $6,715
    Deferred
    $514,307
    Nontaxable benefits
    $42,486
    Filer's total
    $1,675,673

  • STEVEN ARBAUGH

    CFO/EVP

    Total calculated
    $902,626
    From this org
    $560,264
    From related orgs
    $0
    Other
    $342,362
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $407,820
    Bonus
    $137,457
    Other
    $14,987
    Deferred
    $299,412
    Nontaxable benefits
    $42,950
    Filer's total
    $902,626

  • REBECCA SMITH

    CHIEF REVENUE OFFICER/EVP

    Total calculated
    $850,911
    From this org
    $637,251
    From related orgs
    $0
    Other
    $213,660
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $426,557
    Bonus
    $200,270
    Other
    $10,424
    Deferred
    $179,537
    Nontaxable benefits
    $34,123
    Filer's total
    $850,911

  • KEVIN KESECKER

    CHIEF ADMINISTRATIVE OFFICER/EVP

    Total calculated
    $795,541
    From this org
    $607,440
    From related orgs
    $0
    Other
    $188,101
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $397,615
    Bonus
    $197,182
    Other
    $12,643
    Deferred
    $171,022
    Nontaxable benefits
    $17,079
    Filer's total
    $795,541

  • RODERIC FLOWERS

    CHIEF DEI & HR OFFICER/SVP

    Total calculated
    $625,929
    From this org
    $434,996
    From related orgs
    $0
    Other
    $190,933
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $324,326
    Bonus
    $96,659
    Other
    $14,011
    Deferred
    $142,006
    Nontaxable benefits
    $48,927
    Filer's total
    $625,929

  • JANELLE BURGOYNE

    CHIEF GOVERNANCE OFFICER & GC/SVP

    Total calculated
    $574,234
    From this org
    $398,335
    From related orgs
    $0
    Other
    $175,899
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $258,943
    Bonus
    $96,835
    Other
    $42,557
    Deferred
    $140,611
    Nontaxable benefits
    $35,288
    Filer's total
    $574,234

  • JAMES SMITH

    CHIEF LENDING OFFICER/SVP

    Total calculated
    $547,518
    From this org
    $425,025
    From related orgs
    $0
    Other
    $122,493
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $312,618
    Bonus
    $102,962
    Other
    $9,445
    Deferred
    $83,334
    Nontaxable benefits
    $39,159
    Filer's total
    $547,518

  • MICHELE MOORE

    CHIEF BD OFFICER/SVP THRU 7/23

    Total calculated
    $514,189
    From this org
    $429,871
    From related orgs
    $0
    Other
    $84,318
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,193
    Bonus
    $102,212
    Other
    $132,466
    Deferred
    $79,099
    Nontaxable benefits
    $5,219
    Filer's total
    $514,189

  • KEVIN STEHL

    CHIEF S&E OFFICER/SVP

    Total calculated
    $489,461
    From this org
    $369,470
    From related orgs
    $0
    Other
    $119,991
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $277,000
    Bonus
    $82,665
    Other
    $9,805
    Deferred
    $78,193
    Nontaxable benefits
    $41,798
    Filer's total
    $489,461

  • STEVEN MCKONE

    CHIEF DEPOSIT OFFICER/SVP

    Total calculated
    $313,163
    From this org
    $271,229
    From related orgs
    $0
    Other
    $41,934
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $262,725
    Bonus
    $750
    Other
    $7,754
    Deferred
    $7,512
    Nontaxable benefits
    $34,422
    Filer's total
    $313,163

  • KELLEY HARWOOD

    VP, MORTGAGE PROG & STRAT LENDING

    Total calculated
    $502,675
    From this org
    $436,942
    From related orgs
    $0
    Other
    $65,733
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,868
    Bonus
    $179,963
    Other
    $3,111
    Deferred
    $26,022
    Nontaxable benefits
    $39,711
    Filer's total
    $502,675

  • MARK DEITZ

    MANAGING DIRECTOR, MORTGAGE LENDING

    Total calculated
    $438,198
    From this org
    $380,675
    From related orgs
    $0
    Other
    $57,523
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $217,462
    Bonus
    $157,692
    Other
    $5,521
    Deferred
    $17,772
    Nontaxable benefits
    $39,751
    Filer's total
    $438,198

  • JAMES MELLENDICK

    MANAGING DIRECTOR, WEALTH MANAGEMENT

    Total calculated
    $414,673
    From this org
    $352,669
    From related orgs
    $0
    Other
    $62,004
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $276,005
    Bonus
    $69,950
    Other
    $6,714
    Deferred
    $25,136
    Nontaxable benefits
    $36,868
    Filer's total
    $414,673

  • JOHN ENA JR

    SVP, FINANCE/CONTROLLER

    Total calculated
    $405,867
    From this org
    $373,923
    From related orgs
    $0
    Other
    $31,944
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $284,595
    Bonus
    $87,646
    Other
    $1,682
    Deferred
    $24,707
    Nontaxable benefits
    $7,237
    Filer's total
    $405,867

  • DALE SKINNER

    MANAGING DIRECTOR, BUSINESS SERVICES

    Total calculated
    $380,314
    From this org
    $316,805
    From related orgs
    $0
    Other
    $63,509
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,814
    Bonus
    $155,640
    Other
    $5,351
    Deferred
    $25,686
    Nontaxable benefits
    $37,823
    Filer's total
    $380,314

  • VICTOR HAZAN

    VP, COMMERCIAL LENDING

    Total calculated
    $363,502
    From this org
    $304,475
    From related orgs
    $0
    Other
    $59,027
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $238,183
    Bonus
    $63,270
    Other
    $3,022
    Deferred
    $24,886
    Nontaxable benefits
    $34,141
    Filer's total
    $363,502

  • TESHIA DAVIS

    VP, PEOPLE

    Total calculated
    $360,306
    From this org
    $301,207
    From related orgs
    $0
    Other
    $59,099
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $238,326
    Bonus
    $61,515
    Other
    $1,366
    Deferred
    $18,335
    Nontaxable benefits
    $40,764
    Filer's total
    $360,306

  • ADRIENNE ALLGIRE

    VP, OPERATIONS

    Total calculated
    $342,248
    From this org
    $293,536
    From related orgs
    $0
    Other
    $48,712
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $224,083
    Bonus
    $67,400
    Other
    $2,053
    Deferred
    $21,436
    Nontaxable benefits
    $27,276
    Filer's total
    $342,248

  • AMY BASTA

    SVP, MARKETING

    Total calculated
    $322,291
    From this org
    $287,935
    From related orgs
    $0
    Other
    $34,356
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $221,620
    Bonus
    $65,310
    Other
    $1,005
    Deferred
    $19,344
    Nontaxable benefits
    $15,012
    Filer's total
    $322,291

  • HARRY FLORIO JR

    VP, ORGANIZATIONAL DEVELOPMENT

    Total calculated
    $321,823
    From this org
    $267,034
    From related orgs
    $0
    Other
    $54,789
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $211,051
    Bonus
    $54,323
    Other
    $1,660
    Deferred
    $22,684
    Nontaxable benefits
    $32,105
    Filer's total
    $321,823

  • KELLY MAKAREHCHI

    VP, PMO

    Total calculated
    $295,497
    From this org
    $238,152
    From related orgs
    $0
    Other
    $57,345
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $188,783
    Bonus
    $48,049
    Other
    $1,320
    Deferred
    $19,303
    Nontaxable benefits
    $38,042
    Filer's total
    $295,497

  • GEORGE GIRLING

    MANAGING DIRECTOR/EOP

    Total calculated
    $309,412
    From this org
    $257,200
    From related orgs
    $0
    Other
    $52,212
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,229
    Bonus
    $73,585
    Other
    $386
    Deferred
    $16,949
    Nontaxable benefits
    $35,263
    Filer's total
    $309,412

  • JONATHAN WASEY

    FINANCIAL ADVISOR

    Total calculated
    $311,356
    From this org
    $288,335
    From related orgs
    $0
    Other
    $23,021
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $100,000
    Bonus
    $187,894
    Other
    $441
    Deferred
    $21,798
    Nontaxable benefits
    $1,223
    Filer's total
    $311,356

  • RAFAEL OLAZAGASTI

    VP, CHANNEL OPTIMIZATION

    Total calculated
    $299,967
    From this org
    $249,987
    From related orgs
    $0
    Other
    $49,980
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $197,987
    Bonus
    $51,092
    Other
    $908
    Deferred
    $13,222
    Nontaxable benefits
    $36,758
    Filer's total
    $299,967

  • JOHN TODD

    VP, DIGITAL

    Total calculated
    $286,148
    From this org
    $230,605
    From related orgs
    $0
    Other
    $55,543
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,733
    Bonus
    $49,085
    Other
    $787
    Deferred
    $17,536
    Nontaxable benefits
    $38,007
    Filer's total
    $286,148

  • WILLIAM HARPER

    MORTGAGE LOAN OFFICER

    Total calculated
    $277,255
    From this org
    $251,691
    From related orgs
    $0
    Other
    $25,564
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $28,611
    Bonus
    $218,008
    Other
    $5,072
    Deferred
    $17,066
    Nontaxable benefits
    $8,498
    Filer's total
    $277,255

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 · Independent compensation consultant
  • 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

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINES 4A-B
MICHELE MOORE, SVP/CHIEF BUSINESS DEVELOPMENT OFFICER, RECEIVED SEVERANCE PAY OF $126,923. DAVID SWEIDERK, PRESIDENT/CEO, PARTICIPATES IN A NON-QUALIFIED RETIREMENT PLAN. THERE WERE NO DISTRIBUTIONS FROM THE PLAN IN 2023. THE AMOUNT ACCRUED IN 2023 WAS $488,285.

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.

  • SECU MD FOUNDATION INC

    501(C)(3) · SCHOLARSHIPS · MD · controlled entity

    Directly controlled by STATE EMPLOYEES CREDIT UNION OF MARYLAND INC

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.

  • SECU TITLE SERVICES LLC

    TITLE SERVICES · MD · income -$167,505 · assets $418,207

    Directly controlled by STATE EMPLOYEES CREDIT UNION OF MARYLAND INC

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202423199349315092

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