Form 990 for tax year 2023
Filed by CONNECTICUT STATE EMPLOYEES CREDIT UNION INC.
Totals
- Total revenue
- $74,277,559
- Total expenses
- $68,492,690
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $14,928,230
- Investment income
- $55,910,688
- Other revenue
- $3,438,641
- Total assets, end of year
- $2,379,746,388
- Total liabilities, end of year
- $2,179,046,777
- Net assets or fund balances, end of year
- $200,699,611
- 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.
-
2a · Program service revenue: MEMBER LOAN INTEREST
total $14,928,230 · related or exempt $0 · unrelated business $0 · excluded $14,928,230
-
2f · All other program service revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
3 · Investment income
total $55,910,688 · related or exempt $0 · unrelated business $0 · excluded $55,910,688
-
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
-
11a · Other revenue: MEMBER SERVICE FEES
total $3,438,641 · related or exempt $3,438,641 · unrelated business $0 · excluded $0
-
11d · All other revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$3,438,641
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $612,984
-
7 · Other salaries and wages
total $4,309,054
-
8 · Pension plan contributions
total $699,942
-
9 · Other employee benefits
total $1,387,728
-
10 · Payroll taxes
total $365,053
-
11b · Fees: legal
total $4,950
-
11c · Fees: accounting
total $82,178
-
12 · Advertising and promotion
total $20,864
-
13 · Office expenses
total $3,343,552
-
16 · Occupancy
total $824,615
-
19 · Conferences, conventions and meetings
total $17,090
-
20 · Interest
total $56,323,525
-
22 · Depreciation, depletion and amortization
total $67,412
-
24a · Other expenses: BANKING EXAM
total $119,195
-
24b · Other expenses: MEMBER LOAN INSURANCE
total $120,302
-
24c · Other expenses: PROVISION FOR LOAN LOSSES
total $65,357
-
24e · All other expenses
total $128,889
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,587,286 · end of year $1,662,167
-
2 · Savings and temporary cash investments
beginning of year $567,918,993 · end of year $581,896,632
-
7 · Other notes and loans receivable
beginning of year $405,562,778 · end of year $440,057,680
-
9 · Prepaid expenses and deferred charges
beginning of year $4,761,234 · end of year $5,729,905
-
10a · Land, buildings and equipment: cost or other basis
$3,208,235
-
10b · Land, buildings and equipment: accumulated depreciation
$2,206,572
-
10c · Land, buildings and equipment, net
beginning of year $535,243 · end of year $1,001,663
-
11 · Investments: publicly traded securities
beginning of year $1,468,330,078 · end of year $1,321,910,977
-
12 · Investments: other securities
beginning of year $692,558 · end of year $692,558
-
15 · Other assets
beginning of year $28,190,808 · end of year $26,794,806
-
17 · Accounts payable and accrued expenses
beginning of year $1,744,651 · end of year $2,508,633
-
25 · Other liabilities
beginning of year $2,281,767,415 · end of year $2,176,538,144
-
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 $194,066,912 · end of year $200,699,611
Mission and programs · 2023
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 2023 return.
Listed in Part VII
-
Daniel Daigle
CEO
- Total calculated
- $525,241
- From this org
- $370,056
- From related orgs
- $0
- Other
- $155,185
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $335,581
- Bonus
- $0
- Other
- $34,475
- Deferred
- $114,433
- Nontaxable benefits
- $40,752
- Filer's total
- $525,241
-
Scott Cormier
Collection&Risk Manager
- Total calculated
- $290,176
- From this org
- $192,500
- From related orgs
- $0
- Other
- $97,676
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $179,643
- Bonus
- $0
- Other
- $12,857
- Deferred
- $58,827
- Nontaxable benefits
- $38,849
- Filer's total
- $290,176
-
John Frenett
Treasurer/CFO
- Total calculated
- $275,668
- From this org
- $236,348
- From related orgs
- $0
- Other
- $39,320
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $218,160
- Bonus
- $0
- Other
- $18,188
- Deferred
- $8,251
- Nontaxable benefits
- $31,069
- Filer's total
- $275,668
-
Allison Liggett
Operations Manager
- Total calculated
- $264,775
- From this org
- $182,314
- From related orgs
- $0
- Other
- $82,461
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $174,757
- Bonus
- $0
- Other
- $7,558
- Deferred
- $41,708
- Nontaxable benefits
- $40,752
- Filer's total
- $264,775
-
William Senack
Loan Manager
- Total calculated
- $258,344
- From this org
- $174,144
- From related orgs
- $0
- Other
- $84,200
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $162,307
- Bonus
- $0
- Other
- $11,837
- Deferred
- $68,428
- Nontaxable benefits
- $15,771
- Filer's total
- $258,343
-
Jennifer Tuccitto-Inglis
Branch Coordinator
- Total calculated
- $193,832
- From this org
- $119,506
- From related orgs
- $0
- Other
- $74,326
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $112,214
- Bonus
- $0
- Other
- $7,292
- Deferred
- $33,573
- Nontaxable benefits
- $40,752
- Filer's total
- $193,831
-
Vincent Filippa
President
- Total calculated
- $0
- Hours/week
- 1
-
Constantinos Skevas
Secretary
- 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
-
P Martha Carlson
Director
- Total calculated
- $0
- Hours/week
- 0.5
-
Ken Post
Director
- Total calculated
- $0
- Hours/week
- 0.5
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
- 3 · Independent compensation consultant
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- Schedule J, Part I, Line 3
- Independent compensation consultant used for all employees.
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
- 21 August 2024
- IRS schema version
- 2023v5.0
- Source object
- 202442709349301764
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