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Nonprofiteer
← SUNMARK CREDIT UNION

Form 990 for tax year 2023

Filed by SUNMARK CREDIT UNION.

Totals

Total revenue
$72,882,778
Total expenses
$67,569,889
Contributions and grants received
$0
Grants paid
$72,500
Program service revenue
$71,247,885
Investment income
$1,905,772
Other revenue
-$270,879
Total assets, end of year
$1,157,564,809
Total liabilities, end of year
$1,067,888,408
Net assets or fund balances, end of year
$89,676,401
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 $51,275,783 · related or exempt $51,275,783

  • 2b · Program service revenue: FEE INCOME

    total $11,003,998 · related or exempt $10,904,504 · unrelated business $99,494

  • 2c · Program service revenue: OTHER OPERATING INCOM

    total $8,968,104 · related or exempt $8,968,104

  • 3 · Investment income

    total $1,103,690 · excluded $1,103,690

  • 7a · Gross sales of assets other than inventory

    securities $24,294,615 · other assets $44,267,912

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

    securities $24,427,884 · other assets $43,332,561

  • 7c · Gain or loss

    securities -$133,269 · other assets $935,351

  • 7d · Net gain or loss

    total $802,082 · excluded $802,082

  • 11a · Other revenue: NON-OPERATING INCOME

    total -$270,879 · related or exempt -$270,879

  • 11e · Other revenue, total

    -$270,879

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 $12,351,896

  • 5 · Compensation of officers, directors and key employees

    total $2,847,500

  • 7 · Other salaries and wages

    total $16,021,364

  • 8 · Pension plan contributions

    total $1,114,100

  • 9 · Other employee benefits

    total $2,829,271

  • 10 · Payroll taxes

    total $1,486,691

  • 11b · Fees: legal

    total $52,190

  • 11c · Fees: accounting

    total $155,795

  • 11g · Fees: other

    total $4,467,543

  • 12 · Advertising and promotion

    total $1,531,139

  • 13 · Office expenses

    total $9,464,966

  • 16 · Occupancy

    total $2,030,697

  • 17 · Travel

    total $503,778

  • 20 · Interest

    total $1,521,278

  • 22 · Depreciation, depletion and amortization

    total $2,817,933

  • 24a · Other expenses: PROVISION FOR CREDIT LO

    total $4,308,664

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $3,689,560

  • 24c · Other expenses: MISC. OPERATING EXPENSE

    total $220,977

  • 24d · Other expenses: OPERATING FEES

    total $82,047

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,772,625 · end of year $11,004,458

  • 2 · Savings and temporary cash investments

    beginning of year $20,692,868 · end of year $20,608,873

  • 4 · Accounts receivable

    beginning of year $13,106,710 · end of year $14,376,577

  • 7 · Other notes and loans receivable

    beginning of year $1,002,649,389 · end of year $1,031,421,793

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,458,491 · end of year $3,378,435

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

    $49,808,097

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

    $21,625,063

  • 10c · Land, buildings and equipment, net

    beginning of year $25,762,488 · end of year $28,183,034

  • 12 · Investments: other securities

    beginning of year $10,533,843 · end of year $10,513,275

  • 13 · Investments: program-related

    beginning of year $4,439,667 · end of year $7,159,334

  • 14 · Intangible assets

    beginning of year $21,367 · end of year $9,151

  • 15 · Other assets

    beginning of year $29,319,274 · end of year $30,909,879

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,142,052 · end of year $15,353,530

  • 23 · Secured mortgages and notes payable

    beginning of year $10,902,697 · end of year $46,500,000

  • 25 · Other liabilities

    beginning of year $1,015,167,016 · end of year $1,006,034,878

  • 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 $84,544,957 · end of year $89,676,401

Mission and programs · 2023

Mission

CREATING VALUE TO ENRICH THE LIVES OF OUR MEMBERS BY PROVIDING FINANCIAL PRODUCTS, EDUCATION AND SERVICES TAILORED TO MEET THEIR FINANCIAL GOALS.

  • SUNMARK CREDIT UNION OFFERS A VARIETY OF LENDING PROGRAMS DESIGNED TO MEET THE FINANCING NEEDS OF OUR MEMBERS. THESE PRODUCTS INCLUDE: MORTGAGES, VEHICLES, COMMERCIAL, CREDIT CARDS AND PERSONAL LOANS. DURING 2023, THE CREDIT UNION GRANTED OVER 40,000 LOW INTEREST RATE LOANS TOTALING MORE THAN $290 MILLION. SUNMARK MAKES IT CONVENIENT FOR MEMBERS TO OBTAIN FINANCING BY APPLYING ONLINE, VISITING ONE OF OUR 15 BRANCH LOCATIONS, OR CALLING OUR MEMBER SERVICE CENTER. AS MEMBER ADVOCATES, SUNMARK OFFERS WORKSHOPS TO EDUCATE MEMBERS ON TOPICS SUCH AS: BUDGETING, MANAGING DEBT, AND HOME BUYING WORKSHOPS.

  • SUNMARK CREDIT UNION OFFERS VARIOUS DEPOSIT PRODUCTS TO SUPPORT THE FINANCIAL HEALTH AND WELL-BEING OF EACH MEMBER. THESE PRODUCTS PROVIDE COMPETITIVE DIVIDEND RATES, 24/7 ACCESS TO FUNDS AND EASY TRANSFER OPTIONS. WE OFFER MOBILE BANKING, DEBIT CARDS, ACCESS TO NEARLY 30,000 ATMS AND 5,000 PLUS SHARED BRANCHING LOCATIONS ACROSS THE COUNTRY. SUNMARK SERVES OVER 89,000 MEMBERS IN 14 COUNTIES IN THE CAPITAL DISTRICT AND HUDSON VALLEY REGION OF NEW YORK.

As filed on the 2023 return.

Listed in Part VII

  • Dawn Doherty

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Kristen Myers

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Matt Cusack

    SECRETARY

    Total calculated
    $1,683
    From this org
    $1,683
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Ed Aidala

    TREASURER

    Total calculated
    $3,215
    From this org
    $3,215
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Amy Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dan Heim

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ralph Lebarron

    DIRECTOR

    Total calculated
    $1,495
    From this org
    $1,495
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Parker Powell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Matt Rhodes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brian Hugick

    ASSOCIATE MEMBER

    Total calculated
    $1,553
    From this org
    $1,553
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Frank Degraw

    PRESIDENT/CEO

    Total calculated
    $544,949
    From this org
    $536,457
    From related orgs
    $0
    Other
    $8,492
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $434,164
    Bonus
    $74,333
    Other
    $27,960
    Deferred
    $8,492
    Nontaxable benefits
    $0
    Filer's total
    $544,949

  • Johanna Robbins

    CHIEF FINANCIAL OFFICER

    Total calculated
    $286,428
    From this org
    $282,576
    From related orgs
    $0
    Other
    $3,852
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $240,554
    Bonus
    $14,062
    Other
    $27,960
    Deferred
    $3,852
    Nontaxable benefits
    $0
    Filer's total
    $286,428

  • Jerilee Beaudoin

    CHIEF LENDING OFFICER

    Total calculated
    $242,866
    From this org
    $237,348
    From related orgs
    $0
    Other
    $5,518
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $218,900
    Bonus
    $12,988
    Other
    $5,460
    Deferred
    $5,518
    Nontaxable benefits
    $0
    Filer's total
    $242,866

  • Antoinette Lebron

    EVP/COO

    Total calculated
    $221,830
    From this org
    $220,152
    From related orgs
    $0
    Other
    $1,678
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $55,159
    Bonus
    $19,124
    Other
    $145,869
    Deferred
    $1,678
    Nontaxable benefits
    $0
    Filer's total
    $221,830

  • Vikas Muktavaram

    CRO

    Total calculated
    $259,244
    From this org
    $259,244
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $248,159
    Bonus
    $5,625
    Other
    $5,460
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $259,244

  • Paul Kelly

    CHIEF HUMAN RESOURCES OFFI

    Total calculated
    $232,207
    From this org
    $229,424
    From related orgs
    $0
    Other
    $2,783
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $210,300
    Bonus
    $13,664
    Other
    $5,460
    Deferred
    $2,783
    Nontaxable benefits
    $0
    Filer's total
    $232,207

  • Darryl Enfield

    CHIEF INFORMATION OFFICER

    Total calculated
    $222,930
    From this org
    $220,881
    From related orgs
    $0
    Other
    $2,049
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $202,308
    Bonus
    $13,113
    Other
    $5,460
    Deferred
    $2,049
    Nontaxable benefits
    $0
    Filer's total
    $222,930

  • Amber Cooleen

    CHIEF MARKETING OFFICER

    Total calculated
    $179,643
    From this org
    $174,798
    From related orgs
    $0
    Other
    $4,845
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,538
    Bonus
    $10,800
    Other
    $5,460
    Deferred
    $4,845
    Nontaxable benefits
    $0
    Filer's total
    $179,643

  • Chris Tantakis

    VP MEMBER RELATIONS

    Total calculated
    $174,745
    From this org
    $170,838
    From related orgs
    $0
    Other
    $3,907
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $123,897
    Bonus
    $10,830
    Other
    $36,111
    Deferred
    $3,907
    Nontaxable benefits
    $0
    Filer's total
    $174,745

  • Karen Rodick

    CHIEF AUDIT EXECUTIVE

    Total calculated
    $161,937
    From this org
    $157,701
    From related orgs
    $0
    Other
    $4,236
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,682
    Bonus
    $9,079
    Other
    $14,940
    Deferred
    $4,236
    Nontaxable benefits
    $0
    Filer's total
    $161,937

  • Dawn Donovan

    VP OF OPERATIONS

    Total calculated
    $157,438
    From this org
    $152,984
    From related orgs
    $0
    Other
    $4,454
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,564
    Bonus
    $8,960
    Other
    $5,460
    Deferred
    $4,454
    Nontaxable benefits
    $0
    Filer's total
    $157,438

  • Jayant Singh

    VP BUSINESS SERVICES

    Total calculated
    $155,337
    From this org
    $152,859
    From related orgs
    $0
    Other
    $2,478
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,034
    Bonus
    $9,365
    Other
    $5,460
    Deferred
    $2,478
    Nontaxable benefits
    $0
    Filer's total
    $155,337

  • Michael Mathusa

    AVP OF SIS AND LSA

    Total calculated
    $202,132
    From this org
    $196,010
    From related orgs
    $0
    Other
    $6,122
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $59,976
    Bonus
    $136,034
    Other
    $0
    Deferred
    $6,122
    Nontaxable benefits
    $0
    Filer's total
    $202,132

  • John Nolan

    AVP OF IT

    Total calculated
    $156,922
    From this org
    $152,238
    From related orgs
    $0
    Other
    $4,684
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,952
    Bonus
    $8,286
    Other
    $0
    Deferred
    $4,684
    Nontaxable benefits
    $0
    Filer's total
    $156,922

  • Anthony Liguori

    SENIOR PROPERTY AND CASUALTY INS PRODUCER

    Total calculated
    $153,234
    From this org
    $150,841
    From related orgs
    $0
    Other
    $2,393
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $46,560
    Bonus
    $104,281
    Other
    $0
    Deferred
    $2,393
    Nontaxable benefits
    $0
    Filer's total
    $153,234

  • Melissa Savage

    VP MORTGAGE LENDING

    Total calculated
    $150,864
    From this org
    $146,468
    From related orgs
    $0
    Other
    $4,396
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,279
    Bonus
    $8,729
    Other
    $5,460
    Deferred
    $4,396
    Nontaxable benefits
    $0
    Filer's total
    $150,864

  • Andrew J Rubino

    MORTGAGE ORIGINATOR

    Total calculated
    $149,895
    From this org
    $146,801
    From related orgs
    $0
    Other
    $3,094
    Hours/week
    40

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
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
VP OF BUSINESS SERVICES HAS ANNUAL GOLF CLUB DUES IN THE AMOUNT OF $4930 USED FOR BUSINESS RELATIONS. BOARD MEMBERS ARE NOT COMPENSATED. 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, LINES 4A-B
NAME: FRANK DEGRAW, DESCRIPTION: 457 B PLAN, CURRENT YEAR AMOUNT: $22,500. PLAN DESCRIPTION: 457 PLAN NAME: JOHANNA ROBBINS, DESCRIPTION: 457 B PLAN, CURRENT YEAR AMOUNT: $22,500. PLAN DESCRIPTION: 457 PLAN NAME: ANTOINETTE LEBRON, DESCRIPTION: SEVERENCE, CURRENT YEAR AMOUNT: $144,609. PLAN DESCRIPTION: SEVERENCE NAME: CHRIS TANTAKIS, DESCRIPTION: SEVERENCE, CURRENT YEAR AMOUNT: $31,806. PLAN DESCRIPTION: SEVERENCE

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

  • HORIZON SERVICE ORGANIZATION LLC

    HOLDING COMPANY FOR SUNMARK INVESTMENT IN CUSO ENTITIES · NY · income $620,643 · assets $4,135,645

    Directly controlled by SUNMARK CREDIT UNION

  • SIS INSURANCE & FINANCIAL LLC

    INSURANCE SERVICES · NY · income $1,551,522 · assets $3,201,428

    Directly controlled by HORIZON SERVICE ORGANIZATION LLC

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202403209349302295

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