Skip to content
Nonprofiteer
← AMERICAN EAGLE FINANCIAL CREDIT UNION INCORPORATED

Form 990 for tax year 2023

Filed by AMERICAN EAGLE FINANCIAL CREDIT UNION INCORPORATED.

Totals

Total revenue
$111,975,380
Total expenses
$98,956,335
Contributions and grants received
$0
Grants paid
$125,661
Program service revenue
$89,988,829
Investment income
$21,986,551
Other revenue
$0
Total assets, end of year
$2,699,085,948
Total liabilities, end of year
$2,461,485,633
Net assets or fund balances, end of year
$237,600,315
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: INCOME ON LOANS

    total $68,684,813 · related or exempt $68,684,813

  • 2b · Program service revenue: FEES/CHARGES/OTHER

    total $21,242,121 · related or exempt $21,242,121

  • 2c · Program service revenue: FINANCE & INSURANCE

    total $61,895 · unrelated business $61,895

  • 3 · Investment income

    total $21,819,384 · related or exempt $21,819,384

  • 7a · Gross sales of assets other than inventory

    other assets $10,852,701

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

    other assets $10,685,534

  • 7c · Gain or loss

    other assets $167,167

  • 7d · Net gain or loss

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

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $122,661

  • 2 · Grants to domestic individuals

    total $3,000

  • 5 · Compensation of officers, directors and key employees

    total $1,318,382

  • 7 · Other salaries and wages

    total $27,227,646

  • 9 · Other employee benefits

    total $5,614,854

  • 10 · Payroll taxes

    total $1,960,672

  • 11a · Fees: management

    total $776,411

  • 11b · Fees: legal

    total $252,837

  • 11c · Fees: accounting

    total $175,374

  • 11g · Fees: other

    total $530,694

  • 12 · Advertising and promotion

    total $966,213

  • 13 · Office expenses

    total $5,258,929

  • 14 · Information technology

    total $7,488,040

  • 16 · Occupancy

    total $3,139,698

  • 17 · Travel

    total $592,809

  • 20 · Interest

    total $27,413,802

  • 22 · Depreciation, depletion and amortization

    total $2,974,139

  • 23 · Insurance

    total $265,909

  • 24a · Other expenses: LOAN SERVICING EXPENSE

    total $5,659,947

  • 24b · Other expenses: DEBIT CARD SERVICES

    total $1,967,711

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $1,700,975

  • 24d · Other expenses: MISCELLANEOUS

    total $1,252,844

  • 24e · All other expenses

    total $2,292,788

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,619,948 · end of year $11,783,881

  • 2 · Savings and temporary cash investments

    beginning of year $216,012,435 · end of year $632,951,524

  • 4 · Accounts receivable

    beginning of year $599,732 · end of year $519,734

  • 5 · Loans and receivables from officers and key people

    beginning of year $24,865,446 · end of year $25,295,784

  • 7 · Other notes and loans receivable

    beginning of year $1,850,335,362 · end of year $1,621,507,691

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,858,615 · end of year $3,135,846

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

    $47,758,364

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

    $24,461,975

  • 10c · Land, buildings and equipment, net

    beginning of year $24,399,310 · end of year $23,296,389

  • 11 · Investments: publicly traded securities

    beginning of year $341,730,917 · end of year $341,269,387

  • 12 · Investments: other securities

    beginning of year $1,497,100 · end of year $1,793,200

  • 15 · Other assets

    beginning of year $37,367,657 · end of year $37,532,512

  • 17 · Accounts payable and accrued expenses

    beginning of year $51,549,125 · end of year $52,599,110

  • 25 · Other liabilities

    beginning of year $2,231,559,670 · end of year $2,408,886,523

  • 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 $225,177,727 · end of year $237,600,315

Mission and programs · 2023

Mission

OUR MISSION IS TO ENRICH THE LIVES OF OUR MEMBERS AND COMMUNITIES TO CREATE A WORLD WHERE FINANCIAL FREEDOM IS A REALITY. OUR VALUES ARE CARING, TRUST AND DEPENDABILITY.

Activities or mission (Part I)

AMERICAN EAGLE FINANCIAL CREDIT UNION PROVIDES FINANCIAL SERVICES IN THE FORM OF LOANS AND DEPOSIT PRODUCTS THAT HELP ITS MEMBERSHIP ACHIEVE THEIR FINANCIAL GOALS.

  • DURING 2023, AMERICAN EAGLE FINANCIAL CREDIT UNION (AEFCU), A STATE-CHARTERED CREDIT UNION LOCATED IN THE STATE OF CONNECTICUT, PROVIDED FINANCIAL SERVICES TO MEMBERS WHO LIVE, WORK, WORSHIP, OR ATTEND SCHOOL IN THE HARTFORD, TOLLAND, NEW HAVEN, AND MIDDLESEX COUNTIES IN CONNECTICUT. AEFCU CONTINUED TO FULFILL ITS EXEMPT STATUS BY PROVIDING CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, OFFERING COMPETITIVE SHARE DEPOSIT PRODUCTS, AND PROVIDING MEMBERS WITH THE OPPORTUNITY TO IMPROVE THEIR ECONOMIC CONDITION. IN 2023, MEMBERSHIP GREW FROM 176,804 TO 183,386 MEMBERS. THERE WERE 6,895 LOANS GRANTED DURING THE YEAR TOTALING APPROXIMATELY $166,246,000. DEPOSITS GREW FROM 344,216 ACCOUNTS TO 367,429 ACCOUNTS FOR A TOTAL INCREASE IN DEPOSITS OF APPROXIMATELY $177,327,000. AEFCU ALSO CONDUCTED SEMINARS FOR ITS MEMBERSHIP THAT RANGED FROM FINANCIAL LITERACY TO FIRST TIME HOME BUYING.

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

Listed in Part VII

  • A Lisa Burgarella

    DIRECTOR

    Total calculated
    $9,300
    From this org
    $9,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Kenneth D Stevenson

    DIRECTOR

    Total calculated
    $7,448
    From this org
    $7,448
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Raymond C Gandy

    CHAIRPERSON

    Total calculated
    $9,390
    From this org
    $9,390
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Michael P Depasquale

    DIRECTOR

    Total calculated
    $17,199
    From this org
    $17,199
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Angela Bull

    DIRECTOR

    Total calculated
    $4,267
    From this org
    $4,267
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Joseph R Camposeo

    DIRECTOR

    Total calculated
    $7,434
    From this org
    $7,434
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Michael W Hawman

    1ST VICE CHAIRPERSON

    Total calculated
    $16,973
    From this org
    $16,973
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Mark P Allen

    DIRECTOR

    Total calculated
    $15,813
    From this org
    $15,813
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Joseph Ploszay

    SECRETARY

    Total calculated
    $1,026
    From this org
    $1,026
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Allison W Burch

    2ND VICE CHAIRPERSON

    Total calculated
    $2,612
    From this org
    $2,612
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Michael Rogers

    DIRECTOR

    Total calculated
    $4,455
    From this org
    $4,455
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Howard Brady

    PRESIDENT/CEO

    Total calculated
    $880,383
    From this org
    $817,021
    From related orgs
    $0
    Other
    $63,362
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $581,422
    Bonus
    $235,599
    Other
    $0
    Deferred
    $29,700
    Nontaxable benefits
    $33,662
    Filer's total
    $880,383

  • Larry Michaud

    SVP/CFO

    Total calculated
    $342,082
    From this org
    $278,650
    From related orgs
    $0
    Other
    $63,432
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $226,261
    Bonus
    $52,389
    Other
    $0
    Deferred
    $34,543
    Nontaxable benefits
    $28,889
    Filer's total
    $342,082

  • Teresa Knox

    EVP/COO

    Total calculated
    $578,603
    From this org
    $528,552
    From related orgs
    $0
    Other
    $50,051
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $308,539
    Bonus
    $119,147
    Other
    $100,866
    Deferred
    $35,733
    Nontaxable benefits
    $14,318
    Filer's total
    $578,603

  • Brian Kennedy

    EVP/CS&RO

    Total calculated
    $462,904
    From this org
    $392,341
    From related orgs
    $0
    Other
    $70,563
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $291,847
    Bonus
    $100,494
    Other
    $0
    Deferred
    $35,401
    Nontaxable benefits
    $35,162
    Filer's total
    $462,904

  • Dianna Wilson

    SVP/CX&LO

    Total calculated
    $395,181
    From this org
    $338,358
    From related orgs
    $0
    Other
    $56,823
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $279,606
    Bonus
    $58,752
    Other
    $0
    Deferred
    $21,371
    Nontaxable benefits
    $35,452
    Filer's total
    $395,181

  • James Evans

    SVP/CIO

    Total calculated
    $393,510
    From this org
    $336,598
    From related orgs
    $0
    Other
    $56,912
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $257,816
    Bonus
    $78,782
    Other
    $0
    Deferred
    $28,023
    Nontaxable benefits
    $28,889
    Filer's total
    $393,510

  • Ryan McEleney

    SVP/CP&CO

    Total calculated
    $346,607
    From this org
    $295,015
    From related orgs
    $0
    Other
    $51,592
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $226,792
    Bonus
    $68,223
    Other
    $0
    Deferred
    $26,631
    Nontaxable benefits
    $24,961
    Filer's total
    $346,607

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 · First-class or charter travel
  • 1a · Travel for companions
  • 1a · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 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 4B
THE FOLLOWING EXECUTIVES PARTICIPATED IN A NON-QUALIFIED RETIREMENT PLAN IN 2023: HOWARD BRADY BRIAN KENNEDY JAMES EVAN HOWARD BRADY, JAMES EVANS, AND BRIAN KENNEDY PARTICIPATE IN A SUPPLEMENTAL RETIREMENT BENEFITS ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS.

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.

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.

  • AMERICAN EAGLE FINANCIAL SERVICES LLC

    FINANCIAL CONSULTING SERVICES · CT · income -$1,082 · assets $10,828

    Directly controlled by AMERICAN EAGLE FINANCIAL CU

  • AEF REALTY LLC

    PROPERTY MANAGEMENT SERVICES · CT · income $46,654 · assets $13,615,637

    Directly controlled by AMERICAN EAGLE FINANCIAL CU

Provenance

Return type
form_990
Tax year
2023
Filed
9 September 2024
IRS schema version
2023v5.1
Source object
202412619349300626

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

The source document this was parsed from is served over the API, which is where bulk and document access live.