2024-11-15T07:57:43-06:00 2023-12-31 232108173 RKL LLP 1330 BROADCASTING ROAD WYOMISSING PA 196106008 990 2023-01-01 231357086 TRUMARK FINANCIAL CREDIT UNION TRUM 2159535300 335 COMMERCE DRIVE FORT WASHINGTON PA 19034 VINCENT MARKET EVP/CFO 2159535300 2024-11-14 1 0 RUTHANN J WOLL CPA P00647342 6103761595 2024-11-14 2023 2024-10-15 13:58:12Z KELLY BOTTI 335 COMMERCE DRIVE FORT WASHINGTON PA 19034 168291824 0 X WWW.TRUMARKONLINE.ORG X 1939 PA SEE SCHEDULE O FOR COMPLETE MISSION STATEMENT. 11 11 503 16 95002 0 0 0 88982909 136481549 15047939 19035819 12703696 12187257 116734544 167704625 0 0 0 0 37994242 40370592 0 0 0 58828222 95737548 96822464 136108140 19912080 31596485 2953253362 3197438569 2748489341 2957833947 204764021 239604622 X SEE SCHEDULE O FOR COMPLETE MISSION STATEMENT. 0 0 CREDIT UNIONS ARE COOPERATIVE SAVINGS AND CREDIT ASSOCIATIONS INCORPORATED FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR SUCH MEMBERS AT REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. THE CREDIT UNION SERVES APPROXIMATELY 143,000 MEMBERS WITHIN ITS FIELD OF MEMBERSHIP AS DEFINED BY THE CREDIT UNION'S CHARTER AND BYLAWS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 X 121854 0 1 503 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X GERARD A DEVITA 2153966495 335 COMMERCE DRIVE FORT WASHINGTON PA 19034 LEONARD V DOUGHTY III PRESIDENT 4.00 X 29955 0 80 JAMES P DEBOW VICE PRESIDENT 4.00 X 33517 0 159 WAYNE J GOODWIN TREASURER 4.00 X 36520 0 80 R TERENCE BRUNT SECRETARY 4.00 X 32766 0 80 SUZETTE E ADAMS DIRECTOR 4.00 X 35949 0 0 JOSEPH J BILY DIRECTOR 4.00 X 32969 0 0 HUGH T BRAY DIRECTOR 4.00 X 24780 0 0 JOSEPH J CIARANCA DIRECTOR 4.00 X 18703 0 0 DANIEL L DILLARD DIRECTOR 4.00 X 36260 0 0 DAVID A RUFIBACH DIRECTOR 4.00 X 40671 0 0 KATHLEEN L WELLS DIRECTOR 4.00 X 39795 0 0 RICHARD F STIPA ASSOCIATE DIRECTOR (NON-VOTING) 4.00 X 33397 0 0 KELLY M BOTTI CEO 40.00 X 755486 0 52936 VINCENT J MARKET EVP 40.00 X 960370 0 156990 STEVEN OLSON SVP 40.00 X 440423 0 32905 KAREN SWEENEY SVP 40.00 X 433821 0 29145 PATRICK O'HALLORAN SVP 40.00 X 382717 0 55160 DANIEL BREWIN SVP 40.00 X 364180 0 50998 MARIANNE E DRUMM SVP 40.00 X 346640 0 14210 GERRY DEVITA 1ST VP 40.00 X 312185 0 27707 TUAN LE AVP 40.00 X 290210 0 15583 SUZANNE TOMASSIAN 1ST VP 40.00 X 276403 0 25638 BENJAMIN FETTERMAN 1ST VP 40.00 X 219142 0 20501 STEVEN ROSS AVP 40.00 X 216502 0 27573 5393361 0 509745 81 0 1 0 PSCU FINANCIAL SERVICES PO BOX 31216 TAMPA FL 33631 CREDIT CARD NETWORK 3921610 NCR DIGITAL BANKING PO BOX 740641 LOS ANGELES CA 90074 ONLINE BANK SOFTWARE 2363648 JACK & HENRY ASSOCIATES INC PO BOX 609 MONETT MO 65708 BANK SOFTWARE 1701999 VISA USA INC PO BOX 742233 LOS ANGELES CA 90074 CREDIT CARD SERVICES 1648757 CDW DIRECT PO BOX 75723 CHICAGO IL 606755723 IT HARDWARE AND SOFTWARE 988895 70 INCOME ON LOANS 522100 116269603 116269603 FEES AND CHARGES 522100 20211946 20116944 95002 136481549 18635866 18635866 987152 587199 399953 399953 399953 MISCELLANEOUS REVENUE 522100 11956617 11956617 GAIN ON SALE OF LOANS 522100 230640 230640 12187257 167704625 167209670 95002 399953 4366792 29305887 1186849 3113923 2397141 786419 1309419 2861284 2188063 3416009 4127126 6625730 1067829 81893 49063584 4193067 364256 PROVISION FOR LOAN LOSS 8792000 VISA SERVICE FEES 5045937 COLLECTIONS AND LOAN SE 2534274 EQUIPMENT RENTAL MAINTE 944980 2335678 136108140 9128061 4760731 108042569 178208098 646393 1868511 2070142020 2292738076 5886709 5136546 68515523 34074151 37462247 34441372 607308918 558042195 17544768 21937335 1100000 800000 95991677 99505705 2953253362 3197438569 24756963 24608283 11321454 11429762 225500288 363227761 2486910636 2558568141 2748489341 2957833947 X 0 0 0 0 204764021 239604622 204764021 239604622 2953253362 3197438569 X 31596485 6375868 -3131752 X X 0 1 X 1 0 0 1 X 1810963 1810963 19652817 3214099 16438718 29974956 18514233 11460723 16697621 12345819 4351802 379166 379166 34441372 SHARE DRAFT 434030218 SHARES 671165536 MONEY MARKET ACCOUNTS 428516975 IRA SHARES 25513452 CERTIFICATES 983758009 LEASE LIABILITY 15583951 2558568141 X 167304672 -399953 -399953 167704625 0 167704625 135708187 -399953 -399953 136108140 0 136108140 PART IV, LINE 2B: THE CREDIT UNION RECEIVES PRINCIPAL PAYMENTS, INTEREST PAYMENTS, TAX PAYMENTS AND INSURANCE PAYMENTS, IN ITS ROLE AS A LOAN SERVICER, AND THEN REMITS THESE FUNDS TO THE APPLICABLE THIRD PARTIES. PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. THE INCOME TAXES TOPIC OF FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE "MORE LIKELY THAN NOT" STANDARD FOR SUSTAINABILITY ON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN IRC SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANAGEMENT HAS ASSESSED THE CREDIT UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OF DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2022, 2021, AND 2020 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE INTERNAL REVENUE SERVICE (IRS). THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN, OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN ON SALE OF ASSETS -399,953. PART XII, LINE 2D - OTHER ADJUSTMENTS: GAIN ON SALE OF ASSETS -399,953. X X 1 1 X X X 0 1 0 VINCENT J MARKET EVP 402178 0 558192 0 0 0 130594 0 26396 0 1117360 0 450000 0 KELLY M BOTTI CEO 755486 0 0 0 0 0 15250 0 37686 0 808422 0 0 0 STEVEN OLSON SVP 367707 0 72716 0 0 0 20260 0 12645 0 473328 0 0 0 KAREN SWEENEY SVP 364497 0 69324 0 0 0 16500 0 12645 0 462966 0 0 0 PATRICK O'HALLORAN SVP 311681 0 71036 0 0 0 17474 0 37686 0 437877 0 0 0 DANIEL BREWIN SVP 364180 0 0 0 0 0 16422 0 34576 0 415178 0 0 0 MARIANNE E DRUMM SVP 310460 0 36180 0 0 0 14210 0 0 0 360850 0 0 0 GERRY DEVITA 1ST VP 270231 0 41954 0 0 0 14931 0 12776 0 339892 0 0 0 TUAN LE AVP 36000 0 254210 0 0 0 15583 0 0 0 305793 0 0 0 SUZANNE TOMASSIAN 1ST VP 246970 0 29433 0 0 0 12769 0 12869 0 302041 0 0 0 STEVEN ROSS AVP 36000 0 180502 0 0 0 11460 0 16113 0 244075 0 0 0 BENJAMIN FETTERMAN 1ST VP 189950 0 29192 0 0 0 12860 0 7641 0 239643 0 0 0 PART I, LINE 4B VINCENT J. MARKET PARTICIPATED IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN. THE CREDIT UNION ACCRUED $120,000 TOWARD BENEFIT LIABILITY. VINCENT J. MARKET RECEIVED $450,000 IN PAYMENTS FROM THIS PLAN IN 2023. FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: TRUMARK FINANCIAL CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE OWNED BY ITS MEMBERS IN ACCORDANCE WITH THE PROVISIONS OF TITLE 17, CREDIT UNION CODE UNDER THE GUIDELINES OF THE COMMONWEALTH OF PENNSYLVANIA, DEPARTMENT OF BANKING FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT AT REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: TRUMARK FINANCIAL CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE OWNED BY ITS MEMBERS IN ACCORDANCE WITH THE PROVISIONS OF TITLE 17, CREDIT UNION CODE UNDER THE GUIDELINES OF THE COMMONWEALTH OF PENNSYLVANIA, DEPARTMENT OF BANKING FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT AT REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. FORM 990, PART V, LINE 1C: THE ORGANIZATION DID NOT HAVE ANY INSTANCES WHERE BACKUP WITHHOLDING WAS REQUIRED, HOWEVER IF THE SITUATION WOULD ARISE, THE ORGANIZATION IS AWARE OF THE REPORTING REQUIREMENTS AND WOULD HANDLE THAT ACCORDINGLY. FORM 990, PART V, LINE 2C: THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. FORM 990, PART VI, SECTION A, LINE 6 TRUMARK FINANCIAL CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE OWNED BY ITS MEMBERS IN ACCORDANCE WITH THE PROVISIONS OF TITLE 17, CREDIT UNION CODE UNDER THE GUIDELINES OF THE COMMONWEALTH OF PENNSYLVANIA, DEPARTMENT OF BANKING FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT AT REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. THE CREDIT UNION SERVES APPROXIMATELY 143,000 MEMBERS WITHIN ITS FIELD OF MEMBERSHIP AS DEFINED BY THE CREDIT UNION'S CHARTER AND BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION'S GOVERNING BODY IS COMPRISED OF TWELVE MEMBERS WHO ARE ELECTED BY THE GENERAL MEMBERSHIP TO TERMS OF THREE YEARS. FORM 990, PART VI, SECTION A, LINE 7B ANY MAJOR CHARTER RELATED DECISIONS (MERGERS, CONVERSIONS, ETC) WOULD REQUIRE APPROVAL FROM THE GENERAL MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE CREDIT UNION'S CFO WORKS WITH A CPA FIRM TO COMPLETE THE FORM 990. THE CREDIT UNION'S CFO REVIEWS THE FORM 990 FOR ACCURACY. ALSO, THE ORGANIZATION'S BOARD OF DIRECTORS IS PROVIDED THE FORM 990 IN ADVANCE OF FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CODE OF ETHICS/CONFLICTS OF INTEREST POLICY IS REVIEWED ANNUALLY BY HUMAN RESOURCES, SENIOR MANAGEMENT AND LEGAL COUNSEL. APPROPRIATE CHANGES/UPDATES ARE MADE AS NEEDED. THE POLICY IS PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND APPROVAL ANNUALLY AND A COPY IS GIVEN TO ALL MANAGERS/SUPERVISORS FOR REVIEW WITH THE EMPLOYEES AT THEIR MONTHLY DEPARTMENT/BRANCH MEETING. THE EMPLOYEE HANDBOOK IS POSTED ON THE CREDIT UNION'S INTRANET. ALSO, EMPLOYEES ARE REQUIRED TO SIGN AN ANNUAL "EMPLOYEE ACKNOWLEDGEMENT FORM" ACKNOWLEDGING THEY HAVE ON-LINE ACCESS TO THIS HANDBOOK AND UNDERSTAND THEIR RESPONSIBILITY TO READ AND COMPLY WITH THE POLICIES CONTAINED IN THE HANDBOOK AND ANY REVISIONS MADE TO IT. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION ENGAGED D HILTON ASSOCIATES, INC WHO PROVIDES THE BOARD OF DIRECTORS WITH AN ANNUAL EXECUTIVE COMPENSATION UPDATE THAT ALLOWS THE BOARD TO MONITOR COMPENSATION TRENDS IN THE CREDIT UNION INDUSTRY AND TO ENSURE THAT THE CURRENT CEO COMPENSATION PROGRAM REMAINS FAITHFUL TO THE ORGANIZATION'S STATED EXECUTIVE COMPENSATION PHILOSOPHY. THIS ANNUAL REVIEW ENSURES THAT ITS CEO'S SALARY, TARGET INCENTIVE PAY, AND BENEFITS REMAIN IN AN APPROPRIATE RELATIONSHIP TO THE MARKET. IN ADDITION, THE CEO'S SUPPLEMENTAL RETIREMENT ACCOUNT IS REVIEWED WITH THE BOARD TO EVALUATE INVESTMENT PERFORMANCE AND TO CONSIDER ANY PROGRAM ADJUSTMENTS THAT NEED TO BE MADE TO ENSURE THE PROGRAM REMAINS ON TRACK. AN EXECUTIVE EMPLOYMENT AGREEMENT FOR THE CEO IS REVIEWED BY THE BOARD OF DIRECTORS ANNUALLY, ANY RECOMMENDED CHANGES ARE REVIEWED AND IMPLEMENTED WITH LEGAL COUNSEL. THE CREDIT UNION ENGAGES D. HILTON ASSOCIATES, INC TO CONDUCT SALARY ADMINISTRATION UPDATE OF ALL STAFF POSITIONS EVERY THREE YEARS AND PROVIDES ONGOING SUPPORT BY THE MARKET PRICING RESULTS TO COMPARE THE COMPETITIVENESS OF THE CREDIT UNION'S SALARY STRUCTURE AND AVERAGE SALARIES TO THE MARKET. D HILTON ANNUALLY PROVIDES RECOMMENDED SALARY RANGE STRUCTURE CHANGES, A MERIT INCREASE MATRIX AND MARKET PRICES NEW POSITIONS. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION POSTS MONTHLY INTERNAL FINANCIAL STATEMENTS IN EACH LOCATION FOR REVIEW BY THE PUBLIC. IN ADDITION, AN ANNUAL REPORT WITH AUDITED FINANCIAL STATEMENTS IS PREPARED AND DISTRIBUTED AT THE CREDIT UNION'S ANNUAL MEETING IN MARCH. FORM 990, PART XI, LINE 9: AMORTIZATION OF UNREALIZED GAIN FROM TRANSFER OF AFS TO HTM -294. CUMULATIVE EFFECT ADJUSTMENT -3,131,458. FORM 990, PART XII, LINE 2C: THERE WERE NO CHANGES IN THE PROCESS OF THE COMITTEE THAT ASSUMES RESPONSIBILTY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. INSURANCE SERVICES AT TRUMARK FINANCIAL LLC 335 COMMERCE DR FORT WASHINGTON PA 19034 202371311 INSURANCE SALES PA 62092 3496958 TRUMARK FINANCIAL CREDIT UNION TRUMARK FINANCIAL CARES FOUNDATION 335 COMMERCE DR FORT WASHINGTON PA 19034 820761028 FINANCIAL LITERACY AND COMMUNITY DEVELOPMENT PA 501(C)(3) 170(B)(1)(A)(VI) TRUMARK FINANCIAL CREDIT UNION 1 LSOP 3 PA 2 LLC 335 COMMERCE DR FORT WASHINGTON PA 19034 814647573 REAL ESTATE HOLDING COMPANY PA C 1955860 22580683 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0