Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $55,730,548 · related or exempt $55,730,548

• 2b · Program service revenue: FEE INCOME

  total $10,732,172 · related or exempt $10,646,296 · unrelated business $85,876

• 2c · Program service revenue: OTHER OPERATING INCOME

  total $7,978,079 · related or exempt $7,978,079

• 3 · Investment income

  total $2,745,155 · excluded $2,745,155

• 7a · Gross sales of assets other than inventory

  securities $3,019,383 · other assets $60,861,302

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

  securities $2,880,903 · other assets $59,650,879

• 7c · Gain or loss

  securities $138,480 · other assets $1,210,423

• 7d · Net gain or loss

  total $1,348,903 · excluded $1,348,903

• 11a · Other revenue: NON-OPERATING INCOME

  total -$54,351 · related or exempt -$54,351

• 11e · Other revenue, total

  -$54,351

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $72,500

• 4 · Benefits paid to or for members

  total $17,921,193

• 5 · Compensation of officers, directors and key employees

  total $2,499,310

• 7 · Other salaries and wages

  total $16,939,954

• 8 · Pension plan contributions

  total $745,926

• 9 · Other employee benefits

  total $3,271,159

• 10 · Payroll taxes

  total $1,424,494

• 11b · Fees: legal

  total $120,594

• 11c · Fees: accounting

  total $204,569

• 11g · Fees: other

  total $5,035,040

• 12 · Advertising and promotion

  total $1,478,669

• 13 · Office expenses

  total $8,238,972

• 16 · Occupancy

  total $1,961,420

• 17 · Travel

  total $386,923

• 20 · Interest

  total $639,396

• 22 · Depreciation, depletion and amortization

  total $2,633,139

• 24a · Other expenses: PROVISION FOR CREDIT LO

  total $5,584,749

• 24b · Other expenses: LOAN SERVICING EXPENSE

  total $3,401,504

• 24c · Other expenses: OPERATING FEES

  total $80,370

• 24d · Other expenses: MISC. OPERATING EXPENSE

  total $31,907

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $11,004,458 · end of year $11,446,615

• 2 · Savings and temporary cash investments

  beginning of year $20,608,873 · end of year $57,626,606

• 4 · Accounts receivable

  beginning of year $14,376,577 · end of year $11,760,520

• 7 · Other notes and loans receivable

  beginning of year $1,031,421,793 · end of year $968,280,658

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,378,435 · end of year $7,715,641

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

  $48,876,222

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

  $23,597,405

• 10c · Land, buildings and equipment, net

  beginning of year $28,183,034 · end of year $25,278,817

• 12 · Investments: other securities

  beginning of year $10,513,275 · end of year $22,434,444

• 13 · Investments: program-related

  beginning of year $7,159,334 · end of year $5,734,535

• 14 · Intangible assets

  beginning of year $9,151

• 15 · Other assets

  beginning of year $30,909,879 · end of year $34,906,946

• 17 · Accounts payable and accrued expenses

  beginning of year $15,353,530 · end of year $8,544,958

• 23 · Secured mortgages and notes payable

  beginning of year $46,500,000 · end of year $7,000,000

• 25 · Other liabilities

  beginning of year $1,006,034,878 · end of year $1,032,999,682

• 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 $89,676,401 · end of year $96,640,142

The filer's explanations (Part III)

PART I, LINE 1A

VP OF BUSINESS SERVICES HAS ANNUAL GOLF CLUB DUES IN THE AMOUNT OF $5,500 USED FOR BUSINESS RELATIONS. BOARD MEMBERS MAY ATTEND CONFERENCES. A COMPANION MAY TRAVEL WITH A BOARD MEMBER TO A CONFERENCE AND THIS IS INCLUDED IN THE BOARD MEMBER'S ANNUAL FORM 1099.

PART I, LINE 3

THE PRESIDENT/CEO'S COMPENSATION IS DETERMINED BY THE SUNMARK CREDIT UNION'S COMPENSATION COMMITTEE BY USING A CONSULTANT, INDUSTRY-SPECIFIC COMPENSATION STUDIES, AND/OR OTHER DATA AVAILABLE IN THE PUBLIC ARENA INCLUDING PROXY STATEMENTS & OTHER FORMS 990 FOR CREDIT UNIONS OF SIMILAR SIZE. THE COMPENSATION COMMITTEE MAKES A FORMAL RECOMMENDATION TO THE BOARD OF DIRECTORS FOR FINAL APPROVAL. THE COMPENSATION COMMITTEE PROVIDES A COMPENSATION PHILOSOPHY STATEMENT WHICH IS USED TO DETERMINE EXECUTIVE LEVEL POSITIONS BASED ON THE ABOVE MENTIONED SOURCES. THE CEO IS DELEGATED THE AUTHORITY TO SET EXECUTIVE SALARIES WITHIN THIS ESTABLISHED FRAMEWORK. COMPENSATION FOR ALL OTHER KEY EMPLOYEES IS DETERMINED BY THE PRESIDENT/CEO USING UPDATED SALARY RANGES AND BENCHMARKING DATA.

PART I, LINES 4A-B

NAME: FRANK DEGRAW, DESCRIPTION: SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN, CURRENT YEAR AMOUNT: $4,429. PLAN DESCRIPTION: 457B NAME: FRANK DEGRAW, DESCRIPTION: SEVERANCE PAYMENT, CURRENT YEAR AMOUNT: $178,809

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• HORIZON SERVICE ORGANIZATION LLC

  HOLDING COMPANY FOR SUNMARK INVESTMENT IN CUSO ENTITIES · NY · income $642,952 · assets $4,752,784

  Directly controlled by SUNMARK CREDIT UNION

• SIS INSURANCE & FINANCIAL LLC

  INSURANCE SERVICES · NY · income $1,712,670 · assets $3,827,365

  Directly controlled by HORIZON SERVICE ORGANIZATION LLC