Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: Interest on loans

  total $44,569,409 · related or exempt $44,569,409

• 2b · Program service revenue: Customer service fees

  total $3,532,590 · related or exempt $3,532,590

• 2c · Program service revenue: Loan fees

  total $667,291 · related or exempt $667,291

• 2d · Program service revenue: Life insurance plans

  total $113,457 · related or exempt $113,457

• 3 · Investment income

  total $6,061,068 · excluded $6,061,068

• 7a · Gross sales of assets other than inventory

  other assets $2,331,000

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

  other assets $2,297,512

• 7c · Gain or loss

  other assets $33,488

• 7d · Net gain or loss

  total $33,488 · excluded $33,488

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $155,253

• 2 · Grants to domestic individuals

  total $24,000

• 5 · Compensation of officers, directors and key employees

  total $1,867,233

• 7 · Other salaries and wages

  total $8,265,596

• 8 · Pension plan contributions

  total $448,898

• 9 · Other employee benefits

  total $1,631,863

• 10 · Payroll taxes

  total $758,936

• 11b · Fees: legal

  total $340,511

• 11c · Fees: accounting

  total $182,338

• 11g · Fees: other

  total $622,873

• 12 · Advertising and promotion

  total $798,415

• 13 · Office expenses

  total $1,789,938

• 14 · Information technology

  total $3,048,990

• 16 · Occupancy

  total $1,729,980

• 17 · Travel

  total $38,045

• 19 · Conferences, conventions and meetings

  total $178,114

• 20 · Interest

  total $22,892,742

• 22 · Depreciation, depletion and amortization

  total $2,205,746

• 23 · Insurance

  total $286,228

• 24a · Other expenses: Bank, loan, ATM Fees

  total $2,397,831

• 24b · Other expenses: Provision for bad debts

  total $1,353,774

• 24c · Other expenses: Banking/credit services

  total $811,212

• 24d · Other expenses: Credit reward programs

  total $275,848

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,210,452 · end of year $9,445,530

• 2 · Savings and temporary cash investments

  beginning of year $56,565,717 · end of year $58,708,589

• 4 · Accounts receivable

  end of year $9,425,344

• 7 · Other notes and loans receivable

  beginning of year $837,749,249 · end of year $1,024,891,873

• 9 · Prepaid expenses and deferred charges

  beginning of year $844,181 · end of year $1,652,383

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

  $45,430,486

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

  $25,046,454

• 10c · Land, buildings and equipment, net

  beginning of year $19,145,311 · end of year $20,384,032

• 11 · Investments: publicly traded securities

  beginning of year $257,977,782 · end of year $205,929,686

• 15 · Other assets

  beginning of year $22,481,977 · end of year $18,995,709

• 17 · Accounts payable and accrued expenses

  beginning of year $2,754,311 · end of year $6,485,377

• 21 · Escrow or custodial account liability

  beginning of year $2,020,095 · end of year $2,142,518

• 25 · Other liabilities

  beginning of year $1,084,705,698 · end of year $1,227,087,731

• 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 $110,494,565 · end of year $113,717,520

The filer's explanations (Part III)

Part I, Line 1a

A Director may be reimbursed for actual expenses incurred in the performance of their responsibilities as a Director or as a Member of any Committee. Request for reimbursement must be submitted in writing along with the appropriate receipts attached and proper reimbursement form. Out of pocket expenses for incidentals, such as gratuities for porters and other luggage assistance personnel, bellboys, valets, room tips, food vendors, and airport assistance personnel, and other reasonable expenses in which receipts could not be obtained will be limited to $125 per conference. All expense forms submitted must be done so within 45 days of incurring the expense and will then be reviewed and approved by the Controller/Finance and reported to the Board of Directors monthly. The annual budget of the credit union shall contain a line item to address Directors' expenses. The Director may bring his or her spouse or other companion. The credit union will pay for travel, lodging, meals and related expenses of both the Director and the other person. It is very common and not unreasonable in any industry for conference and seminar attendees to bring a travel guest or companion. This policy therefore allows a Director to bring a spouse, relative, friend, employee, business associate, or caregiver. Having the Director attendee bring a guest further allows for comfortable participation, assistance in the travel process as well as having an opportunity to better inform and educate the guest about the credit union and the financial services industry. It also will give the guest an appreciation for the time and effort that the volunteer Directors give in discharging their responsibility as a Director. Attending such events affords Directors the opportunity to be exposed to additional information, knowledge, and ideas and to interact with other individuals performing similar responsibilities so they may better represent their members in their position. Directors and their spouse or companion will be limited to three such educational conferences, seminars, or conventions a year, unless otherwise recognized and voted by the Board of Directors. The three conference limit does not include expenses incurred in participation in any strategic planning sessions. Any expenditure associated with performance of their responsibility as a Director or member of a committee or in acting for or on behalf of the credit union shall include the conference, sponsor group, dates, location, amount to be approved, Directors name, and accompany guest for approval by the Board of Directors. During the period covered by this Form 990 tax return, the following individuals received reimbursements for companion travel costs: - Bill Bouchard: $1,291 - Bruce Fernandes: $2,087 - Claire Entel: $2,198 - John Ledwidge: $1,776 - Yoni Sunshine: $1,201 - Colleen Brady: $1,082

Part I, Line 4b

The Credit Union maintains 457(f) supplemental executive retirement plans ("SERPs") with various key officers and top executives of the Organization. The SERP agreements allow for employer-paid contributions only. Under the SERP agreements, the Credit Union is to make contributions to a participants' accounts over a series of five years, which then cumulatively vest as of the last day of the fifth year. Subsequent employer-paid contributions to the participants' SERPs after the initial five years opening the agreement are subject to the review and approval of the Board of Directors and are based upon budgetary constraints and approved compensation and benefit arrangements. For the period covered by this Form 990 tax return, certain executives and officers of the Credit received credits into their SERP accounts. These credits are expected to be vested and payable in future years, along with other accumulative credits to the SERP accounts through the applicable vesting period. Accordingly, such amounts have been reported on this Form 990, Schedule J, Part II, Column C as deferred compensation. Individuals reported on this Form 990 who received such SERP credits are as follows: - Eileen Migliozzi: $50,000 - Peter Panaggio: $35,000 Additionally, during this tax year, Eileen Migliozzi, Credit Union President/CEO, received taxable distributions from her SERP of $392,951. This payment relates to amounts credited to her SERP during the years 2019 through 2023, and which vested to her as of December 31, 2023. As these distributions are considered taxable income to her and relate to amounts deferred to her SERP account in previous years, these distributions have included within amounts reported on this Form 990, Schedule J, Part II, Column B(iii), Other Income; as well as within amounts reported on Column F, Compensation Reported as Deferred on Prior Forms 990.