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Nonprofiteer
← NAVIGANT CREDIT UNION

Form 990 for tax year 2023

Filed by NAVIGANT CREDIT UNION.

Totals

Total revenue
$175,197,292
Total expenses
$154,270,688
Contributions and grants received
$0
Grants paid
$1,225,898
Program service revenue
$160,900,265
Investment income
$13,278,196
Other revenue
$1,018,831
Total assets, end of year
$3,756,984,395
Total liabilities, end of year
$3,407,568,642
Net assets or fund balances, end of year
$349,415,753
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, INCLUDING FEES

    total $141,924,619 · related or exempt $141,924,619

  • 2b · Program service revenue: MISCELLANEOUS FEES

    total $11,102,326 · related or exempt $11,102,326

  • 2c · Program service revenue: MEMBER SERVICE FEE

    total $7,164,902 · related or exempt $6,930,352 · unrelated business $234,550

  • 2d · Program service revenue: NCU FINANCIAL

    total $708,418 · related or exempt $698,849 · unrelated business $9,569

  • 3 · Investment income

    total $11,447,358 · excluded $11,447,358

  • 7a · Gross sales of assets other than inventory

    other assets $2,013,009

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

    other assets $182,171

  • 7c · Gain or loss

    other assets $1,830,838

  • 7d · Net gain or loss

    total $1,830,838 · excluded $1,830,838

  • 11a · Other revenue: OTHER REVENUE

    total $1,018,831 · related or exempt $1,018,831

  • 11e · Other revenue, total

    $1,018,831

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,195,898

  • 2 · Grants to domestic individuals

    total $30,000

  • 5 · Compensation of officers, directors and key employees

    total $4,126,976

  • 7 · Other salaries and wages

    total $28,440,242

  • 8 · Pension plan contributions

    total $5,411,019

  • 9 · Other employee benefits

    total $6,068,926

  • 10 · Payroll taxes

    total $2,567,563

  • 11g · Fees: other

    total $1,806,320

  • 12 · Advertising and promotion

    total $3,458,055

  • 13 · Office expenses

    total $831,031

  • 14 · Information technology

    total $7,912,123

  • 16 · Occupancy

    total $5,276,115

  • 17 · Travel

    total $135,433

  • 19 · Conferences, conventions and meetings

    total $438,427

  • 20 · Interest

    total $66,123,528

  • 22 · Depreciation, depletion and amortization

    total $2,927,956

  • 24a · Other expenses: CORRESPONDENT SERVICES

    total $6,842,925

  • 24b · Other expenses: PROVISION FOR CREDIT LO

    total $4,234,116

  • 24c · Other expenses: COMMISSIONS AND LOAN SE

    total $1,919,352

  • 24d · Other expenses: STATE DEPOSIT TAX

    total $1,900,000

  • 24e · All other expenses

    total $2,624,683

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $36,275,677 · end of year $37,418,947

  • 2 · Savings and temporary cash investments

    beginning of year $120,209,403 · end of year $154,574,406

  • 5 · Loans and receivables from officers and key people

    beginning of year $401,170 · end of year $2,011,728

  • 7 · Other notes and loans receivable

    beginning of year $2,819,558,602 · end of year $3,128,089,657

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,390,774 · end of year $3,082,940

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

    $66,334,533

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

    $29,664,869

  • 10c · Land, buildings and equipment, net

    beginning of year $34,957,414 · end of year $36,669,664

  • 11 · Investments: publicly traded securities

    beginning of year $352,534,745 · end of year $328,991,303

  • 15 · Other assets

    beginning of year $57,446,923 · end of year $66,145,750

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,851,887 · end of year $17,191,737

  • 21 · Escrow or custodial account liability

    beginning of year $1,913,701 · end of year $1,546,384

  • 25 · Other liabilities

    beginning of year $3,092,359,798 · end of year $3,388,830,521

  • 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 $314,649,322 · end of year $349,415,753

Mission and programs · 2023

Mission

NAVIGANT CREDIT UNION IS MEMBER OWNED AND OPERATED. THE MISSION OF NAVIGANT CREDIT UNION IS TO IMPROVE THE FINANCIAL WELL-BEING OF ITS MEMBERS. IT DOES SO BY RESPONDING TO THE MEMBERS WITH THE VALUE THEY NEED AND THE CARING PERSONAL SERVICE THEY DESERVE. THIS IS ACCOMPLISHED BY PROVIDING COMPETITIVE LOAN AND DEPOSIT RATES AS WELL AS OTHER SERVICES TO OUR MEMBERS SEEK IN MANAGING THEIR FINANCES, DELIVERED BY A KNOWLEDGEABLE AND FRIENDLY STAFF.

Activities or mission (Part I)

THE MISSION OF NAVIGANT CREDIT UNION IS TO IMPROVE THE FINANCIAL WELL-BEING OF ITS MEMBERS.

  • THE CREDIT UNION IS A COOPERATIVE OWNED AND DIRECTED BY AND DEDICATED TO SERVING ITS MEMBERS. THE CREDIT UNION HAS 66,472 LOANS TOTALING $3,145,432,149 DUE FROM MEMBERS AND $3,247,635,562 IN 249,661 DEPOSIT ACCOUNTS FROM MEMBERS. ALSO $217,525 OF FEES WERE RECEIVED FROM MEMBERS RENTING 3,150 SAFE DEPOSIT BOXES.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Catherine Parente

    DIRECTOR

    Total calculated
    $18,375
    From this org
    $18,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Joseph Beretta

    DIRECTOR

    Total calculated
    $18,525
    From this org
    $18,525
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Robert Murray

    DIRECTOR/VICE CHAIRMAN

    Total calculated
    $12,750
    From this org
    $12,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Roland R Lachapelle

    DIRECTOR

    Total calculated
    $23,588
    From this org
    $23,588
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • James K Salome

    DIRECTOR/CHAIRMAN

    Total calculated
    $27,950
    From this org
    $27,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gary E Furtado

    CEO, EMERITUS/DIRECTOR

    Total calculated
    $489,169
    From this org
    $469,304
    From related orgs
    $0
    Other
    $19,865
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $42,240
    Bonus
    $427,064
    Other
    $0
    Deferred
    $19,865
    Nontaxable benefits
    $0
    Filer's total
    $489,169

  • Ann M Kashmanian

    DIRECTOR/SECRETARY

    Total calculated
    $18,600
    From this org
    $18,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Michael Ryan

    DIRECTOR

    Total calculated
    $18,300
    From this org
    $18,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Paul Beaudoin

    DIRECTOR

    Total calculated
    $23,500
    From this org
    $23,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Peter Baziotis

    DIRECTOR

    Total calculated
    $18,525
    From this org
    $18,525
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kathleen Orovitz

    PRESIDENT/CEO

    Total calculated
    $866,418
    From this org
    $687,712
    From related orgs
    $0
    Other
    $178,706
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $562,712
    Bonus
    $125,000
    Other
    $0
    Deferred
    $162,574
    Nontaxable benefits
    $16,132
    Filer's total
    $866,418

  • H Chris Der Vartanian

    SVP/CRO

    Total calculated
    $204,473
    From this org
    $193,059
    From related orgs
    $0
    Other
    $11,414
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $14,231
    Bonus
    $82,597
    Other
    $96,231
    Deferred
    $5,874
    Nontaxable benefits
    $5,540
    Filer's total
    $204,473

  • Lisa G Dandeneau

    SR EVP/CASO

    Total calculated
    $1,089,127
    From this org
    $974,677
    From related orgs
    $0
    Other
    $114,450
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $400,557
    Bonus
    $112,636
    Other
    $461,484
    Deferred
    $98,318
    Nontaxable benefits
    $16,132
    Filer's total
    $1,089,127

  • Jonathan Roberts

    SVP/CIO

    Total calculated
    $457,616
    From this org
    $379,700
    From related orgs
    $0
    Other
    $77,916
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $305,500
    Bonus
    $74,200
    Other
    $0
    Deferred
    $60,002
    Nontaxable benefits
    $17,914
    Filer's total
    $457,616

  • David Pellegrino

    VP-COMPLIANCE

    Total calculated
    $304,905
    From this org
    $252,774
    From related orgs
    $0
    Other
    $52,131
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $250,000
    Bonus
    $0
    Other
    $2,774
    Deferred
    $50,951
    Nontaxable benefits
    $1,180
    Filer's total
    $304,905

  • David Decubellis

    SVP/CRO

    Total calculated
    $437,614
    From this org
    $360,813
    From related orgs
    $0
    Other
    $76,801
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $290,000
    Bonus
    $70,813
    Other
    $0
    Deferred
    $59,157
    Nontaxable benefits
    $17,644
    Filer's total
    $437,614

  • Jason M Jolin

    EVP/CFO

    Total calculated
    $483,822
    From this org
    $398,250
    From related orgs
    $0
    Other
    $85,572
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $318,750
    Bonus
    $79,500
    Other
    $0
    Deferred
    $67,928
    Nontaxable benefits
    $17,644
    Filer's total
    $483,822

  • Michael J Mattone

    SVP/CRBEO

    Total calculated
    $242,421
    From this org
    $230,575
    From related orgs
    $0
    Other
    $11,846
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $198,846
    Bonus
    $31,729
    Other
    $0
    Deferred
    $11,846
    Nontaxable benefits
    $0
    Filer's total
    $242,421

  • Lori Jordan

    SVP DIRECTOR OF PEOPLE & TALENT MANAGEMENT

    Total calculated
    $242,080
    From this org
    $208,366
    From related orgs
    $0
    Other
    $33,714
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,366
    Bonus
    $30,000
    Other
    $0
    Deferred
    $16,669
    Nontaxable benefits
    $17,045
    Filer's total
    $242,080

  • Ross Silva

    AVP BUS DEV/REGIONAL LOAN OFFICER

    Total calculated
    $303,941
    From this org
    $264,727
    From related orgs
    $0
    Other
    $39,214
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $254,727
    Bonus
    $10,000
    Other
    $0
    Deferred
    $21,178
    Nontaxable benefits
    $18,036
    Filer's total
    $303,941

  • Jeffrey P Cascione

    SVP DIRECTOR OF COMMERCIAL BANKING

    Total calculated
    $331,102
    From this org
    $299,705
    From related orgs
    $0
    Other
    $31,397
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $296,636
    Bonus
    $0
    Other
    $3,069
    Deferred
    $16,990
    Nontaxable benefits
    $14,407
    Filer's total
    $331,102

  • Timothy Draper

    SVP PR & COMMUNITY ENGAGEMENT

    Total calculated
    $253,757
    From this org
    $220,025
    From related orgs
    $0
    Other
    $33,732
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $187,525
    Bonus
    $32,500
    Other
    $0
    Deferred
    $17,602
    Nontaxable benefits
    $16,130
    Filer's total
    $253,757

  • Freddie C Almeida

    VP RESIDENTIAL MORTGAGE ORIGINATIONS MANAGER

    Total calculated
    $281,533
    From this org
    $245,533
    From related orgs
    $0
    Other
    $36,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $224,533
    Bonus
    $21,000
    Other
    $0
    Deferred
    $18,763
    Nontaxable benefits
    $17,237
    Filer's total
    $281,533

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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 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 I, LINE 1A
TRAVEL FOR COMPANIONS THE CREDIT UNION DOES PERMIT SPOUSES TO TRAVEL WITH MEMBERS OF SENIOR MANAGEMENT FOR CERTAIN TRIPS. NO REIMBURSEMENT IS REQUIRED BY THE EMPLOYEE. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES - THE CREDIT UNION DOES MAINTAIN MEMBERSHIPS FOR THE CREDIT UNION'S OFFICERS AT LOCAL COUNTRY CLUBS.
PART I, LINE 4B
DURING 2023, SIX MEMBERS OF SENIOR MANAGEMENT PARTICIPATED IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN ADMINISTERED BY ANGELL PENSION GROUP AND RELIANCE TRUST COMPANY. LISA G. DANDENEAU - $73,918 KATHLEEN OROVITZ - $138,973 JONATHAN ROBERTS - $43,087 JASON JOLIN - $43,528 DAVID DECUBELLIS - $42,462 DAVID PELLEGRINO - $30,729
SCHEDULE J, PART II, COLUMN F:
ONE EMPLOYEE RECEIVED COMPENSATION IN CURRENT YEAR WHICH REPORTED AS DEFERRED ON PRIOR FORM 990. LISA DANDENEAU - $456,484

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

  • NCU WEALTH MANAGEMENT LLC

    FINANCIAL SVC · RI

    Directly controlled by NCU

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202423209349312357

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

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