2024-10-07T13:13:30-05:00 2023-12-31 161148763 FIRLEY MORAN FREER & EASSA CPA PC 125 EAST JEFFERSON STREET SUITE 920 SYRACUSE NY 13202 990 2023-01-01 141407718 HUDSON RIVER COMMUNITY CREDIT UNION HUDS 5188863400 ONE THIRD STREET CORINTH NY 12822 SUSAN COMMANDA CEO 5188863400 2024-09-06 1 0 JAMES J CORCORAN CPA P00541593 3154727045 2024-09-25 2023 2024-10-15 13:58:12Z CHARLES PASQUARELL ONE THIRD STREET CORINTH NY 12822 20098639 0 X WWW.HRCCU.ORG X STATE CHARTERED CREDIT UNION 1954 NY HRCCU PROVIDES UNIQUE, QUALITY FINANCIAL SERVICES TO IMPROVE THE FINANCIAL WELL-BEING OF MEMBERS AND THEIR FAMILIES BY PROVIDING QUALITY FINANCIAL SERVICES WITH THE BEST OVERALL VALUE. 7 7 92 14 168768 7493 0 0 11893702 13223778 558480 882340 6643094 5992145 19095276 20098263 3000 3000 0 0 7092641 7471459 0 0 0 8297056 9610800 15392697 17085259 3702579 3013004 329430319 336049077 283069954 286615465 46360365 49433612 THE PURPOSE OF HUDSON RIVER COMMUNITY CREDIT UNION IS TO PROVIDE QUALITY SERVICES AND PROMOTE THE FINANCIAL WELL-BEING OF ITS MEMBERS AND THEIR FAMILIES. 0 0 THE CREDIT UNION PROVIDES LOW-COST FINANCIAL PRODUCTS AND SERVICES INCLUDING ONLINE-BANKING, ACCESS TO ATM'S AND AN AUDIO-RESPONSE SYSTEM. HRCCU OFFERS LOW INTEREST RATES ON LOANS AND CREDIT CARDS. THE WIDE RANGE OF LOAN PRODUCTS AND INTEREST RATES ENABLE THE CREDIT UNION TO ACCOMODATE AS MANY MEMBER LOANS AS POSSIBLE. COMPETITIVE DIVIDEND RATES ARE PAID ON SAVINGS AND INVESTMENT ACCOUNTS. HRCCU PROVIDES A VARIETY OF PRODUCTS TO MEMBERS TO ACCOMPLISH ITS MISSION. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 44 0 1 92 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 NY X KACIE KENYON CPA 5187414955 ONE THIRD STREET CORINTH NY 12822 CAROL ANN PACCO-LONG DIRECTOR & TREASURER 2.00 X X 0 0 0 CHARLES PASQUARELL DIRECTOR & PRESIDENT 2.00 X X 0 0 0 STUART FIELD DIRECTOR 2.00 X 0 0 0 DENISE WILLIAMS DIRECTOR 2.00 X 0 0 0 THOMAS UNCHER DIRECTOR & SECRETARY 2.00 X X 0 0 0 ALVEY HARRISON DIRECTOR 2.00 X 0 0 0 SUSAN COMMANDA CEO 40.00 X 394095 0 55543 LORRAINE MAROLA EVP 40.00 X 291618 0 67408 DINO ROSATI VICE PRESIDENT 2.00 X 0 0 0 PAULA SHEELY CRO 40.00 X 194381 0 42016 CATHY CARPENTER SVP LENDING 40.00 X 156110 0 15780 ROBERT GERBER CIO 40.00 X 163451 0 33045 JAMES HOLMES VP FINANCE & GROWTH 40.00 X 131563 0 12040 KACIE KENYON CONTROLLER 40.00 X 129614 0 9503 MELISSE ROBINSON AVP OF HR 40.00 X 108818 0 44723 1569650 0 280058 12 0 1 0 COCC INC 100 EXECUTIVE BLVD SOUTHINGTON CT 064891040 DATA PROCESSING 869440 FISERV INC PO BOX 934057 ATLANTA GA 311934057 DATA PROCESSING 733567 CONVERGINT 160 DWIGHT PARK CIR SYRACUSE NY 13209 ITM HARDWARE AND SERVICING 486533 LEE & MASON FINANCIAL SERVICES PO BOX 270 NORTHVILLE NY 12134 LENDING 450365 ELEVATION TEN THOUSAND LLC 7A CENTURY HILL DR LATHAM NY 12110 MARKETING 219376 8 LOAN INTEREST RECEIVED 522100 13223778 13223778 13223778 882716 882716 376 -376 -376 -376 FEE INCOME 522100 5523076 5523076 OTHER OPERATING INCOME 522100 437690 300301 137389 NON-MEMBER ATM FEES 522100 31379 31379 5992145 20098263 19047155 168768 882340 3000 880094 5085030 400770 678972 426593 182221 356646 336558 1265993 601713 38362 33413 2112858 550699 62377 STATE TAXES 250 OFFICE OPERATIONS 2851742 PROVISION FOR LEASE/LOA 594344 LOAN SERVICING 387026 236598 17085259 4040051 4336224 14024706 15173368 3727706 3784867 281219817 286211940 14554337 5599590 8829170 8954747 1453845 1464744 16135024 16123187 329430319 336049077 5255684 17880200 1656781 1563409 276157489 267171856 283069954 286615465 X 46360365 49433612 46360365 49433612 329430319 336049077 X 3013004 60243 X X 0 1 X 1 0 0 1 X 1358800 1358800 9811521 3528568 6282953 185794 63002 122792 3123816 2008020 1115796 74406 74406 8954747 MEMBER SHARES & DEPOSITS LESS ESCROW 267171856 267171856 X 20098263 0 20098263 0 20098263 17085259 0 17085259 0 17085259 PART IV, LINE 2B: HRCCU SERVICES MORTGAGE ESCROW ACCOUNTS FOR MEMBERS AND HAS THE AUTHORITY TO MAKE PAYMENTS FOR PROPERTY TAXES, HOMEOWNERS INSURANCE AND OTHER EXPENSES FROM THOSE ACCOUNTS. PART X, LINE 2: THE CREDIT UNION FOLLOWS FASB ASC TOPIC 740-10, "ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES", WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THERE WAS NO IMPACT TO THE ACCOMPANYING FINANCIAL STATEMENTS ATTRIBUTABLE TO THIS FASB ASC FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022. X X X X 0 1 0 SUSAN COMMANDA CEO 327445 0 60000 0 6650 0 32301 0 23242 0 449638 0 0 0 LORRAINE MAROLA EVP 242286 0 46781 0 2551 0 30000 0 37408 0 359026 0 0 0 PAULA SHEELY CRO 168220 0 24783 0 1378 0 17183 0 24833 0 236397 0 0 0 ROBERT GERBER CIO 145903 0 16496 0 1052 0 7353 0 25692 0 196496 0 0 0 CATHY CARPENTER SVP LENDING 139439 0 15057 0 1614 0 13482 0 2298 0 171890 0 0 0 MELISSE ROBINSON AVP OF HR 98281 0 10087 0 450 0 10730 0 33993 0 153541 0 0 0 SCHEDULE J, PART I, 4B ON JUNE 1, 2020 HUDSON RIVER COMMUNITY CREDIT UNION ENTERED IN TO A SPLIT DOLLAR LOAN AGREEMENT WITH SUSAN COMMANDA, CEO. THE FUNDING AMOUNT WAS $2,100,000 AND THE INTEREST ACCRUES AT AN ANNUAL RATE OF 1.01%. DURING 2023 HUDSON RIVER COMMUNITY CREDIT UNION PAID $300,000 PREMIUM AND THE LOAN ACCRUED $21,759 IN INTEREST. ON APRIL 25, 2022 HUDSON RIVER COMMUNITY CREDIT UNION ENTERED IN TO A SPLIT DOLLAR LOAN AGREEMENT WITH LORRAINE MAROLA, EVP. THE FUNDING AMOUNT WAS $1,550,000 AND THE INTEREST ACCRUES AT AN ANNUAL RATE OF 2.25%. DURING 2023 HUDSON RIVER COMMUNITY CREDIT UNION PAID $221,429 PREMIUM AND THE LOAN ACCRUED $35,404 IN INTEREST. SUSAN COMMANDA CEO SPLIT DOLLAR LIFE INSURANCE X 2100000 2176046 0 1 1 LORRAINE MAROLA EVP SPLIT DOLLAR LIFE INSURANCE X 1550000 1608821 0 1 1 3784867 FORM 990, PART VI, SECTION A, LINE 6 MEMBERS ARE THOSE WHO USE THE SERVICES OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE BOARD OF DIRECTORS AT THE ANNUAL MEETING WHEN VACANCIES OCCUR. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS ELECT THE BOARD OF DIRECTORS AT THE ANNUAL MEETING WHEN VACANCIES OCCUR AND MAY APPROVE OTHER BUSINESS AS THE BOARD OF DIRECTORS DEEMS APPROPRIATE. PROXY VOTES ARE PROHIBITED AND ALL PRESENT MEMBERS HAVE ONE VOTE. MEMBERS MAY CALL A SPECIAL MEETING WITH WRITTEN REQUEST OF 10% OF THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO FILING, THE 990 IS REVIEWED BY THE CONTROLLER AND EXECUTIVE VICE PRESIDENT (EVP). FORM 990, PART VI, SECTION B, LINE 12C THE OFFICERS, DIRECTORS AND KEY EMPLOYEES REVIEW THE CONFLICT OF INTEREST POLICY AT LEAST ANNUALLY AND WILL BRING ITEMS TO THE BOARD IF CIRCUMSTANCES WARRANT IT. RMS AND HRCCU INSURANCE AGENCY HAVE SIMILAR POLICIES. FORM 990, PART VI, SECTION B, LINE 15 HRN MANAGEMENT SALARY RANGES ARE USED WHICH ARE BASED ON A VARIETY OF SURVEY DATA AND ARE UPDATED ANNUALLY. THE BOARD REVIEWS SALARY DATA ANNUALLY AS PART OF THE BUDGET PROCESS. THE BOARD SETS THE CEO'S SALARY AS A SEPARATE ITEM OUTSIDE OF THE SOFTWARE. THEY ALSO SET THE SALARY MATRIX USED IN THE ANNUAL INCREMENT FOR ALL STAFF IN THE BUDGET PROCESS AS WELL. THE SALARY POLICY DICTATES THE SOFTWARE COMPEASE AND SALARY REVIEW IS PERFORMED ANNUALLY ON ALL STAFF POSITIONS. FORM 990, PART VI, SECTION C, LINE 18 HRCCU WILL MAKE ITS 990 AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 HRCCU WILL MAKE THESE DOCUMENTS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: ACCUMULATED UNREALIZED GAIN/(LOSS) ON AVAILABLE FOR SALE SECURITIES 10,230. EQUITY ACQUIRED IN MERGER 149,883. CUM. EFFECT OF CHANGE IN ACCTING PRINCIPLE -ADOPTION OF FASB ASU NO 2016-13 -99,870. FORM 990, PART XII, LINE 2C: NO CHANGES TO PROCESS RIVERSIDE MANAGED SERVICES LLC ONE THIRD STREET CORINTH NY 12822 831958517 CUSO NY 31535 113676 HUDSON RIVER COMMUNITY CREDIT UNION HRCCU INSURANCE AGENCY LLC ONE THIRD STREET CORINTH NY 12822 862305730 CUSO NY -28319 176237 HUDSON RIVER COMMUNITY CREDIT UNION