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Nonprofiteer
← CONNECTICUT STATE EMPLOYEES CREDIT UNION INC

Form 990 for tax year 2022

Filed by CONNECTICUT STATE EMPLOYEES CREDIT UNION INC.

Totals

Total revenue
$49,632,833
Total expenses
$34,754,840
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$13,085,342
Investment income
$32,830,960
Other revenue
$3,716,531
Total assets, end of year
$2,477,578,978
Total liabilities, end of year
$2,283,512,066
Net assets or fund balances, end of year
$194,066,912
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: MEMBER LOAN INTEREST

    total $13,085,342 · related or exempt $0 · unrelated business $0 · excluded $13,085,342

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $32,830,960 · related or exempt $0 · unrelated business $0 · excluded $32,830,960

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 11a · Other revenue: MEMBER SERVICE FEES

    total $3,716,531 · related or exempt $3,716,531 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $3,716,531

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $587,172

  • 7 · Other salaries and wages

    total $4,148,091

  • 8 · Pension plan contributions

    total $717,328

  • 9 · Other employee benefits

    total $1,409,599

  • 10 · Payroll taxes

    total $354,012

  • 11b · Fees: legal

    total $9,197

  • 11c · Fees: accounting

    total $79,405

  • 12 · Advertising and promotion

    total $84,994

  • 13 · Office expenses

    total $2,956,587

  • 16 · Occupancy

    total $774,398

  • 19 · Conferences, conventions and meetings

    total $28,102

  • 20 · Interest

    total $23,189,744

  • 22 · Depreciation, depletion and amortization

    total $62,329

  • 24a · Other expenses: BANKING EXAM

    total $126,448

  • 24b · Other expenses: MEMBER LOAN INSURANCE

    total $115,910

  • 24c · Other expenses: PROVISION FOR LOAN LOSSES

    total -$19,493

  • 24e · All other expenses

    total $131,017

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,606,682 · end of year $1,587,286

  • 2 · Savings and temporary cash investments

    beginning of year $760,765,320 · end of year $567,918,993

  • 7 · Other notes and loans receivable

    beginning of year $379,381,894 · end of year $405,562,778

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,302,670 · end of year $4,761,234

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

    $2,724,212

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

    $2,188,969

  • 10c · Land, buildings and equipment, net

    beginning of year $316,061 · end of year $535,243

  • 11 · Investments: publicly traded securities

    beginning of year $1,308,709,239 · end of year $1,468,330,078

  • 12 · Investments: other securities

    beginning of year $692,558 · end of year $692,558

  • 15 · Other assets

    beginning of year $26,529,056 · end of year $28,190,808

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,571,588 · end of year $1,744,651

  • 25 · Other liabilities

    beginning of year $2,301,649,960 · end of year $2,281,767,415

  • 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 $178,081,932 · end of year $194,066,912

Mission and programs · 2022

Mission

Provide Credit Union Financial Services to Members

Activities or mission (Part I)

Provide loan and deposit products to our members that assist them in meeting their financial needs.

  • Provide Credit Union Financial Services to Members

  • Provide Savings and Checking accounts to Credit Union members

  • Granting of credit for consumer and mortgage loans to Credit Union members

As filed on the 2022 return.

Listed in Part VII

  • Daniel Daigle

    CEO

    Total calculated
    $507,629
    From this org
    $354,169
    From related orgs
    $0
    Other
    $153,460
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $321,547
    Bonus
    $0
    Other
    $32,622
    Deferred
    $114,557
    Nontaxable benefits
    $38,903
    Filer's total
    $507,629

  • Scott Cormier

    Collection&Risk Manager

    Total calculated
    $287,880
    From this org
    $184,786
    From related orgs
    $0
    Other
    $103,094
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $172,308
    Bonus
    $0
    Other
    $12,478
    Deferred
    $66,095
    Nontaxable benefits
    $38,903
    Filer's total
    $289,784

  • William Senack

    Loan Manager

    Total calculated
    $268,823
    From this org
    $165,303
    From related orgs
    $0
    Other
    $103,520
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $153,978
    Bonus
    $0
    Other
    $11,325
    Deferred
    $72,608
    Nontaxable benefits
    $30,912
    Filer's total
    $268,823

  • John Frenett

    Treasurer/CFO

    Total calculated
    $265,642
    From this org
    $228,330
    From related orgs
    $0
    Other
    $37,312
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $209,627
    Bonus
    $0
    Other
    $18,703
    Deferred
    $7,925
    Nontaxable benefits
    $29,387
    Filer's total
    $265,642

  • Allison Liggett

    Operations Manager

    Total calculated
    $257,772
    From this org
    $172,954
    From related orgs
    $0
    Other
    $84,818
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $167,117
    Bonus
    $0
    Other
    $5,837
    Deferred
    $45,915
    Nontaxable benefits
    $38,903
    Filer's total
    $257,772

  • Vincent Filippa

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Constantinos Skevas

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • George Dombroski

    Director

    Total calculated
    $0
    Hours/week
    0.75

  • Greg Slupecki

    Vice President

    Total calculated
    $0
    Hours/week
    0.5

  • Stacey Franklin

    Secretary

    Total calculated
    $0
    Hours/week
    0.5

  • Ken Post

    President

    Total calculated
    $0
    Hours/week
    1

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.

Provenance

Return type
form_990
Tax year
2022
Filed
29 June 2023
IRS schema version
2022v5.0
Source object
202332939349300413

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