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Nonprofiteer
← SIKORSKY FINANCIAL CREDIT UNION INC

Form 990 for tax year 2023

Filed by SIKORSKY FINANCIAL CREDIT UNION INC.

Totals

Total revenue
$58,318,754
Total expenses
$40,152,934
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$39,566,709
Investment income
$13,276,181
Other revenue
$5,475,864
Total assets, end of year
$1,263,639,851
Total liabilities, end of year
$1,120,774,775
Net assets or fund balances, end of year
$142,865,076
Program services expenses (Part IX)
$40,152,934
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$40,152,934

Program services were 100.0% 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: INTEREST ON LOANS

    total $36,048,176 · related or exempt $36,048,176

  • 2b · Program service revenue: FEES AND CHARGES

    total $3,518,533 · related or exempt $3,339,335 · unrelated business $179,198

  • 3 · Investment income

    total $6,703,159 · related or exempt $6,703,159

  • 7a · Gross sales of assets other than inventory

    securities $6,573,437

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

    other assets $415

  • 7c · Gain or loss

    securities $6,573,437 · other assets -$415

  • 7d · Net gain or loss

    total $6,573,022 · related or exempt $6,573,022

  • 11a · Other revenue: MISC INCOME

    total $5,493,065 · related or exempt $5,493,065

  • 11b · Other revenue: MISC NON OPERATING INC

    total -$17,201 · related or exempt -$17,201

  • 11e · Other revenue, total

    $5,475,864

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $2,677,336 · program services $2,677,336

  • 7 · Other salaries and wages

    total $9,533,490 · program services $9,533,490

  • 8 · Pension plan contributions

    total $430,885 · program services $430,885

  • 9 · Other employee benefits

    total $1,792,766 · program services $1,792,766

  • 10 · Payroll taxes

    total $844,990 · program services $844,990

  • 11b · Fees: legal

    total $8,938 · program services $8,938

  • 11c · Fees: accounting

    total $228,000 · program services $228,000

  • 16 · Occupancy

    total $1,363,935 · program services $1,363,935

  • 20 · Interest

    total $769,610 · program services $769,610

  • 22 · Depreciation, depletion and amortization

    total $1,381,578 · program services $1,381,578

  • 24a · Other expenses: OTHER DEDUCTIONS

    total $21,121,406 · program services $21,121,406

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $89,754,497 · end of year $120,594,371

  • 4 · Accounts receivable

    beginning of year $1,823,353 · end of year $1,883,429

  • 7 · Other notes and loans receivable

    beginning of year $767,671,482 · end of year $884,634,939

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,169,860 · end of year $1,065,634

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

    $20,108,646

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

    $12,169,463

  • 10c · Land, buildings and equipment, net

    beginning of year $6,564,862 · end of year $7,939,183

  • 11 · Investments: publicly traded securities

    beginning of year $51,786,816 · end of year $39,378,246

  • 12 · Investments: other securities

    beginning of year $194,979,897 · end of year $178,398,911

  • 15 · Other assets

    beginning of year $15,126,041 · end of year $29,745,138

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,474,384 · end of year $45,011,850

  • 25 · Other liabilities

    beginning of year $1,001,004,028 · end of year $1,075,762,925

  • 31 · Retained earnings, endowment or other funds

    beginning of year $118,398,396 · end of year $142,865,076

Mission and programs · 2023

Mission

SIKORSKY FINANCIAL CREDIT UNION IS COMMITTED TO ACT IN THE BEST INTEREST OF ITS MEMBERSHIP

  • SFCU OFFERS SAVINGS AND LOAN PROGRAMS TO ITS MEMBERS. THE SHARE SAVINGS INCLUDE REGUALAR SHARES, DAILY MONEY MARKET ACCOUNTS, EARLY ADVANTAGE ACCOUNTS, COVERDALE ESA, SHARE DRAFT ACCOUNTS AND SHARE CERTIFICATES.

    Expenses $40,152,934

  • THE LOAN PROGRAM INCLUDES MORTGAGES, AUTO NEW AND USED, RECREATIONAL VEHICLES, CONSUMER AND CREDIT CARD LOANS

As filed on the 2023 return.

Listed in Part VII

  • Vincent Ciambriello Jr

    PRESIDENTCEO

    Total calculated
    $1,065,449
    From this org
    $1,008,015
    From related orgs
    $0
    Other
    $57,434
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $724,822
    Bonus
    $258,000
    Other
    $25,193
    Deferred
    not reported
    Nontaxable benefits
    $57,434
    Filer's total
    $1,065,449

  • Charles K Hoddinott

    EVPCOO

    Total calculated
    $448,906
    From this org
    $387,637
    From related orgs
    $0
    Other
    $61,269
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $284,288
    Bonus
    $100,500
    Other
    $2,849
    Deferred
    not reported
    Nontaxable benefits
    $61,269
    Filer's total
    $448,906

  • Benjamin W Citrin

    SVPCFO

    Total calculated
    $434,214
    From this org
    $368,230
    From related orgs
    $0
    Other
    $65,984
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $283,230
    Bonus
    $85,000
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $65,984
    Filer's total
    $434,214

  • Kenneth S Ferrari

    SVP CHIEF LENDING OFFICER

    Total calculated
    $390,578
    From this org
    $331,871
    From related orgs
    $0
    Other
    $58,707
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $251,121
    Bonus
    $80,750
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $58,707
    Filer's total
    $390,578

  • Alfred S Posey

    SVP CIO

    Total calculated
    $380,996
    From this org
    $327,417
    From related orgs
    $0
    Other
    $53,579
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $246,667
    Bonus
    $80,750
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $53,579
    Filer's total
    $380,996

  • Ann Marie Gillick

    SVPCHIEF HR OFFICER

    Total calculated
    $337,313
    From this org
    $282,508
    From related orgs
    $0
    Other
    $54,805
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $201,758
    Bonus
    $80,750
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $54,805
    Filer's total
    $337,313

  • Lee A Stater

    HOME LOAN SALES MGR

    Total calculated
    $230,845
    From this org
    $193,656
    From related orgs
    $0
    Other
    $37,189
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $92,140
    Bonus
    $101,516
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $37,189
    Filer's total
    $230,845

  • Joseph P Nuzzo

    VP BUS LENDING

    Total calculated
    $230,331
    From this org
    $196,276
    From related orgs
    $0
    Other
    $34,055
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $170,026
    Bonus
    $26,250
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $34,055
    Filer's total
    $230,331

  • Lucia Panico

    VP OF RETAIL BANKING

    Total calculated
    $171,342
    From this org
    $157,157
    From related orgs
    $0
    Other
    $14,185
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $136,407
    Bonus
    $20,750
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $14,185
    Filer's total
    $171,342

  • Ann Marie Marreiros

    VP DEPOSIT OPERATIONS

    Total calculated
    $168,235
    From this org
    $160,582
    From related orgs
    $0
    Other
    $7,653
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $130,582
    Bonus
    $30,000
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $7,653
    Filer's total
    $168,235

  • Diana E Pfeiffer

    VP LOAN SERVICING & COLLECTIO

    Total calculated
    $164,119
    From this org
    $158,565
    From related orgs
    $0
    Other
    $5,554
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $134,828
    Bonus
    $21,250
    Other
    $2,487
    Deferred
    not reported
    Nontaxable benefits
    $5,554
    Filer's total
    $164,119

  • Lydia Krohelski

    SUP COMM

    Total calculated
    $0
    Hours/week
    2.5

  • Fabienne Desravines

    SUP COMM

    Total calculated
    $0
    Hours/week
    2.5

  • Maureen M Fino

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2.5

  • Richard Kollet

    TREASURER

    Total calculated
    $0
    Hours/week
    2.5

  • Geoffrey R Herald

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2.5

  • William F Schlenk Jr

    CHAIRPERSON OF THE BOARD

    Total calculated
    $0
    Hours/week
    2.5

  • Robert J David

    CHAIRPERSON OF FINANCE & ENTE

    Total calculated
    $0
    Hours/week
    2.5

  • Elizabeth H Dorney

    CHAIRPERSON OF STRATEGIC PLAN

    Total calculated
    $0
    Hours/week
    2.5

  • Joseph A Kubic

    SECRETARY

    Total calculated
    $0
    Hours/week
    2.5

  • Jeffrey Laczkoski

    SEC SUP COMM

    Total calculated
    $0
    Hours/week
    2.5

  • Paul Aurelia

    SUP COMM

    Total calculated
    $0
    Hours/week
    2.5

  • Sandra L Posca

    CHAIRPERSON SUP COMM

    Total calculated
    $0
    Hours/week
    2.5

  • Carol E Navarro

    2ND VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2.5

  • John Pawlowski

    CHAIRPERSON OF TECH COMMITTEE

    Total calculated
    $0
    Hours/week
    2.5

  • James Prusaczyk

    1ST VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2.5

  • Timothy C Cahill

    HOME LOAN CONSULTANT

    Total calculated
    $0
    Hours/week
    37.5

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

None.

Answered no

None.

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
2023
Filed
11 May 2024
IRS schema version
2023v5.0
Source object
202441369349302529

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

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