Totals
- Total revenue
- $10,167,569
- Total expenses
- $12,010,475
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $9,528,459
- Investment income
- $439,832
- Other revenue
- $199,278
- Total assets, end of year
- $148,562,385
- Total liabilities, end of year
- $135,633,924
- Net assets or fund balances, end of year
- $12,928,461
- 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 INCOME ON LOANS
total $6,398,211 · related or exempt $6,398,211
-
2b · Program service revenue: MEMBER SERVICE FEES
total $2,040,104 · related or exempt $2,008,371 · unrelated business $31,733
-
2c · Program service revenue: GAIN ON SALE OF MORTGAGES
total $703,704 · related or exempt $703,704
-
2d · Program service revenue: LOAN SERVICING FEES
total $386,440 · related or exempt $386,440
-
3 · Investment income
total $439,832 · excluded $439,832
-
11a · Other revenue: OTHER REVENUE
total $199,278 · related or exempt $199,278
-
11e · Other revenue, total
$199,278
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $1,235,004
-
7 · Other salaries and wages
total $1,981,149
-
9 · Other employee benefits
total $769,642
-
10 · Payroll taxes
total $245,211
-
11a · Fees: management
total $134,775
-
11b · Fees: legal
total $35,109
-
11c · Fees: accounting
total $82,045
-
11g · Fees: other
total $462,103
-
12 · Advertising and promotion
total $291,225
-
13 · Office expenses
total $857,220
-
14 · Information technology
total $1,092,173
-
16 · Occupancy
total $1,006,109
-
17 · Travel
total $64,320
-
20 · Interest
total $1,208,309
-
22 · Depreciation, depletion and amortization
total $238,056
-
23 · Insurance
total $31,005
-
24a · Other expenses: PROVISION FOR CREDIT LO
total $1,264,094
-
24b · Other expenses: LOAN SERVICING EXPENSE
total $660,256
-
24c · Other expenses: DUES
total $181,132
-
24d · Other expenses: OTHER EXPENSES
total $151,206
-
24e · All other expenses
total $20,332
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $6,956,899 · end of year $5,233,033
-
2 · Savings and temporary cash investments
beginning of year $15,430,643 · end of year $12,314,081
-
4 · Accounts receivable
beginning of year $2,178,769 · end of year $4,724,545
-
7 · Other notes and loans receivable
beginning of year $76,308,805 · end of year $112,504,783
-
9 · Prepaid expenses and deferred charges
beginning of year $528,602 · end of year $652,799
-
10a · Land, buildings and equipment: cost or other basis
$6,663,882
-
10b · Land, buildings and equipment: accumulated depreciation
$3,001,197
-
10c · Land, buildings and equipment, net
beginning of year $2,509,796 · end of year $3,662,685
-
12 · Investments: other securities
beginning of year $1,474,463 · end of year $2,046,290
-
15 · Other assets
beginning of year $7,221,897 · end of year $7,424,169
-
17 · Accounts payable and accrued expenses
beginning of year $2,075,677 · end of year $3,609,119
-
19 · Deferred revenue
beginning of year $135,000 · end of year $95,000
-
23 · Secured mortgages and notes payable
beginning of year $5,500,000 · end of year $5,750,000
-
25 · Other liabilities
beginning of year $94,746,171 · end of year $126,179,805
-
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 $10,153,026 · end of year $12,928,461
Mission and programs · 2023
Mission
TO PROVIDE LOW COST FINANCIAL SERVICES TO THE CREDIT UNION OWNER DEPOSITORS.
Activities or mission (Part I)
FINANCIAL SERVICES
-
MAINTENANCE OF MEMBERS' DEPOSIT ACCOUNTS, AND PAYMENT OF INTEREST AND DIVIDENDS.
As filed on the 2023 return.
Listed in Part VII
-
Anthony HomickiANTHONY HOMICKI
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Peter LupiPETER LUPI
VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Steven BafundoSTEVEN BAFUNDO
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Gina DoranGINA DORAN
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Joyce ReynoldsJOYCE REYNOLDS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Guy LabellaGUY LABELLA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
David FlanaganDAVID FLANAGAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Shawna WoodberrySHAWNA WOODBERRY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Francis Michael Guerrera IIIFRANCIS MICHAEL GUERRERA III
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Paul FalconePAUL FALCONE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Michael FerraroMICHAEL FERRARO
COO
- Total calculated
- $373,407
- From this org
- $362,269
- From related orgs
- $0
- Other
- $11,138
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $362,269
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $11,138
- Filer's total
- $373,407
-
Michael PalladinoMICHAEL PALLADINO
PRESIDENT/CEO
- Total calculated
- $344,778
- From this org
- $342,403
- From related orgs
- $0
- Other
- $2,375
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $342,403
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $2,375
- Filer's total
- $344,778
-
Kristina ZieglerKRISTINA ZIEGLER
VP OF LENDING AND SALES
- Total calculated
- $209,691
- From this org
- $193,709
- From related orgs
- $0
- Other
- $15,982
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $193,709
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $15,982
- Filer's total
- $209,691
-
Elaine OrsiniELAINE ORSINI
FORMER VP, LENDING & RISK MANAGEMENT
- Total calculated
- $213,093
- From this org
- $211,830
- From related orgs
- $0
- Other
- $1,263
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $211,830
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $1,263
- Filer's total
- $213,093
-
Sunny NariyaniSUNNY NARIYANI
AVP MARKETING
- Total calculated
- $138,138
- From this org
- $124,793
- From related orgs
- $0
- Other
- $13,345
- 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
- 2 · Substantiation required before reimbursing expenses
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
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.
-
MORTGAGE MARKETS CUSO LLC
MORTGAGE LENDING · CT · income $1,213,793 · assets $4,453,288
Directly controlled by FINEX CREDIT UNION
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 19 August 2024
- IRS schema version
- 2023v5.1
- Source object
- 202442329349300789
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