Form 990 for tax year 2022
Filed by NUTMEG STATE FINANCIAL CREDIT UNION.
Totals
- Total revenue
- $33,470,573
- Total expenses
- $27,715,613
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $31,960,345
- Investment income
- $1,510,228
- Other revenue
- $0
- Total assets, end of year
- $554,794,800
- Total liabilities, end of year
- $484,337,402
- Net assets or fund balances, end of year
- $70,457,398
- 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: INTEREST ON LOANS
total $17,893,896 · related or exempt $17,893,896
-
2b · Program service revenue: OTHER OPERATING INCOME
total $11,593,136 · related or exempt $11,593,136
-
2c · Program service revenue: UNRELATED BUSINESS INCOME
total $2,459,148 · unrelated business $2,459,148
-
2d · Program service revenue: UNRELATED BUSINESS INCOME
total $14,165 · unrelated business $14,165
-
3 · Investment income
total $1,510,228 · excluded $1,510,228
Functional expenses
Part IX, the statement of functional expenses.
-
7 · Other salaries and wages
total $9,899,331
-
8 · Pension plan contributions
total $2,173,024
-
12 · Advertising and promotion
total $613,434
-
13 · Office expenses
total $4,020,737
-
14 · Information technology
total $2,331,138
-
16 · Occupancy
total $3,129,950
-
20 · Interest
total $1,782,816
-
24a · Other expenses: LOAN SERVICING EXPENSES
total $1,542,608
-
24b · Other expenses: PROFESSIONAL AND OUTSID
total $1,439,635
-
24c · Other expenses: INVESTMENT LOSSES
total $823,136
-
24d · Other expenses: PROVISION FOR LOAN & LE
total -$302,838
-
24e · All other expenses
total $262,642
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,927,676 · end of year $4,833,511
-
4 · Accounts receivable
beginning of year $1,134,609 · end of year $1,387,598
-
7 · Other notes and loans receivable
beginning of year $366,868,587 · end of year $413,703,714
-
10a · Land, buildings and equipment: cost or other basis
$21,088,775
-
10b · Land, buildings and equipment: accumulated depreciation
$11,650,613
-
10c · Land, buildings and equipment, net
beginning of year $10,385,554 · end of year $9,438,162
-
13 · Investments: program-related
beginning of year $120,350,166 · end of year $107,159,911
-
14 · Intangible assets
beginning of year $1,970,000 · end of year $1,970,000
-
15 · Other assets
beginning of year $9,379,383 · end of year $16,301,904
-
17 · Accounts payable and accrued expenses
beginning of year $8,494,033 · end of year $14,373,870
-
25 · Other liabilities
beginning of year $433,965,593 · end of year $469,963,532
-
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 $71,556,349 · end of year $70,457,398
Mission and programs · 2022
Mission
TO IMPLEMENT TECHNOLOGY TO PROVIDE AN EXCEPTIONAL MEMBER EXPERIENCE AND CREATE INNOVATIVE FINANCIAL SOLUTIONS WHILE ENSURING FINANCIAL INCLUSION.
Activities or mission (Part I)
TO PROVIDE MEMBERS WITH LOAN AND DEPOSIT PRODUCTS, AS WELL AS VARIOUS OTHER CREDIT UNION SERVICES.
-
TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERS WITH LOW INTEREST RATE LOANS AND HIGH DIVIDEND RATE SHARE ACCOUNTS
As filed on the 2022 return.
Listed in Part VII
-
Luis RamosLUIS RAMOS
BOARD CHAIRMAN
- Total calculated
- $10,105
- From this org
- $10,105
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1 + 2 related
-
Michael PettiMICHAEL PETTI
BOARD VICE-CHAIRMAN
- Total calculated
- $8,763
- From this org
- $8,763
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1 + 1 related
-
Marybeth BunkoMARYBETH BUNKO
BOARD SECRETARY
- Total calculated
- $1,511
- From this org
- $1,511
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1 + 1 related
-
Wallace AbramsonWALLACE ABRAMSON
BOARD TREASURER
- Total calculated
- $7,955
- From this org
- $7,955
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1 + 1 related
-
Ronald BrousseauRONALD BROUSSEAU
BOARD MEMBER
- Total calculated
- $573
- From this org
- $573
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1 + 1 related
-
Michael GodboutMICHAEL GODBOUT
BOARD MEMBER
- Total calculated
- $2,041
- From this org
- $2,041
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1 + 1 related
-
Charles SabiaCHARLES SABIA
BOARD MEMBER
- Total calculated
- $1,150
- From this org
- $1,150
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1 + 1 related
-
Vincent AngelilloVINCENT ANGELILLO
SVP, CHIEF OF STAFF
- Total calculated
- $258,518
- From this org
- $258,518
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $213,125
- Bonus
- $45,393
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $258,518
-
John HoltJOHN HOLT
PRESIDENT/CEO
- Total calculated
- $963,485
- From this org
- $963,485
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $489,355
- Bonus
- $224,130
- Other
- $250,000
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $963,485
-
Maria DemarcoMARIA DEMARCO
SUPERVISORY COMMITTEE
- Total calculated
- $5,966
- From this org
- $5,966
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1 + 1 related
-
Pj Cimini EsqPJ CIMINI ESQ
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0 + 1 related
-
Steven Hernandez EsqSTEVEN HERNANDEZ ESQ
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0 + 1 related
-
Al FestiniAL FESTINI
SVP, STRAEGIC PARTNERSHIPS & COMMUNITY DEV
- Total calculated
- $264,273
- From this org
- $264,273
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $212,916
- Bonus
- $51,357
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $264,273
-
Shane DuganSHANE DUGAN
VP, COMMERCIAL LENDING
- Total calculated
- $156,131
- From this org
- $156,131
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $144,433
- Bonus
- $11,698
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $156,131
-
Marc RietzeMARC RIETZE
PRODUCT MARKETING MANAGER
- Total calculated
- $156,823
- From this org
- $156,823
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $135,503
- Bonus
- $21,320
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $156,823
-
Javier RomanJAVIER ROMAN
MEMBER SUCCESS DIRECTOR
- Total calculated
- $150,505
- From this org
- $150,505
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $130,505
- Bonus
- $20,000
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $150,505
-
Mark EdlundMARK EDLUND
DIRECTOR INFRASTRUCTURE AVAILABILITY
- Total calculated
- $171,525
- From this org
- $171,525
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $163,077
- Bonus
- $8,448
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $171,525
-
Dana ClarkDANA CLARK
VP, CONSUMER LENDING
- Total calculated
- $187,898
- From this org
- $187,898
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0 + 40 related
Schedule J breakdown matched by us
- Base
- $162,929
- Bonus
- $24,969
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $187,898
-
Craig GinmanCRAIG GINMAN
SVP - ACCOUNTING & FINANCE
- Total calculated
- $262,691
- From this org
- $262,691
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0 + 40 related
Schedule J breakdown matched by us
- Base
- $217,311
- Bonus
- $45,380
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $262,691
-
John KorberJOHN KORBER
SVP, STRATEGY & INNOVATION
- Total calculated
- $249,731
- From this org
- $249,731
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0 + 40 related
Schedule J breakdown matched by us
- Base
- $204,250
- Bonus
- $45,481
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $249,731
-
Stacey CollinsSTACEY COLLINS
VP, PEOPLE & CULTURE
- Total calculated
- $223,840
- From this org
- $223,840
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0 + 40 related
Schedule J breakdown matched by us
- Base
- $200,656
- Bonus
- $23,184
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $223,840
-
Phillip MuchaPHILLIP MUCHA
FINANCE & ACCOUNTING PROJE
- Total calculated
- $161,925
- From this org
- $161,925
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0 + 40 related
Schedule J breakdown matched by us
- Base
- $161,925
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $161,925
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 · Travel for companions
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Independent compensation consultant
- 3 · Written employment contract
- 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 3
- CEO HAS EMPLOYMENT CONTRACT THAT IS APPROVED BY THE BOARD WORKING WITH OUTSIDE CONSULTANTS.
- PART I, LINE 4B
- JOHN HOLT, CEO - $250,000
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.
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.
-
DALAND LLC
CU CONSULTING SERVICES · CT · income $2,250,159 · assets $6,404,461
Directly controlled by NUTMEG STATE FCU
-
MOTOR VEHICLE EXPRESS LLC
PROVIDE CT DMV SERVICES · CT · income $208,989 · assets $1,485,518
Directly controlled by NUTMEG STATE FCU
-
NUTMEG STATE INSURANCE BENEFITS LLC
SALE OF INSURANCE PRODUCTS · CT · income $14,165 · assets $308,448
Directly controlled by NUTMEG STATE FCU
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 14 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202323199349305627
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