AMERICAN EAGLE FINANCIAL CREDIT UNION INCORPORATED: Form 990, tax year 2022
View the entire original 990 at ProPublica ↗
- Organization
- AMERICAN EAGLE FINANCIAL CREDIT UNION INCORPORATED (EIN 47-2559616)
- Tax period
- 2022-01-01 to 2022-12-31
- Filed
- 2023-08-03
- IRS object ID
- 202342159349301329
- Schema version
- 2022v5.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2023-08-03T15:34:55-05:00 | ReturnTs |
| Tax Period End | 2022-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 382492570 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DOEREN MAYHEW | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 12060 S W 129TH COURT STE 201 | AddressLine1Txt |
| City | MIAMI | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 331864582 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2022-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 472559616 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | AMERICAN EAGLE FINANCIAL CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | AMER | BusinessNameControlTxt |
| Phone | 8008420145 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 333 EAST RIVER DRIVE | AddressLine1Txt |
| City | EAST HARTFORD | CityNm |
| State Abbreviation | CT | StateAbbreviationCd |
| ZIP | 06128 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | HOWARD BRADY | PersonNm |
| Person Title | PRESIDENT/CEO | PersonTitleTxt |
| Phone | 8605695554 | PhoneNum |
| Signature | 2023-08-01 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | HOWARD | PersonFirstNm |
| Person Last | BRADY | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | JOHN J MURNANE JR | PreparerPersonNm |
| PTIN | P03021572 | PTIN |
| Phone | 3052328272 | PhoneNum |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 2 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2022 | TaxYr |
| Build TS | 2023-04-26 12:10:37Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | HOWARD BRADY | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 333 EAST RIVER DRIVE | AddressLine1Txt |
| City | EAST HARTFORD | CityNm |
| State Abbreviation | CT | StateAbbreviationCd |
| ZIP | 06128 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $153,658,399 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.AMERICANEAGLE.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1935 | FormationYr |
| Legal Domicile State | CT | LegalDomicileStateCd |
| Activity Or Mission | AMERICAN EAGLE FINANCIAL CREDIT UNION PROVIDES FINANCIAL SERVICES IN THE FORM OF LOANS AND DEPOSIT PRODUCTS THAT HELP ITS MEMBERSHIP ACHIEVE THEIR FINANCIAL GOALS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 11 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 11 | VotingMembersIndependentCnt |
| Total Employee | 435 | TotalEmployeeCnt |
| Total Volunteers | 15 | TotalVolunteersCnt |
| Total Gross UBI | $65,467 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $78,580,004 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $83,917,028 | CYProgramServiceRevenueAmt |
| PY Investment Income | $2,001,269 | PYInvestmentIncomeAmt |
| CY Investment Income | $12,823,949 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $80,581,273 | PYTotalRevenueAmt |
| CY Total Revenue | $96,740,977 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $205,285 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $255,921 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $34,721,800 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $34,545,298 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $36,466,555 | PYOtherExpensesAmt |
| CY Other Expenses | $35,410,266 | CYOtherExpensesAmt |
| PY Total Expenses | $71,393,640 | PYTotalExpensesAmt |
| CY Total Expenses | $70,211,485 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $9,187,633 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $26,529,492 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $2,355,398,570 | TotalAssetsBOYAmt |
| Total Assets EOY | $2,508,286,522 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $2,156,676,316 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $2,283,108,795 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $198,722,254 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $225,177,727 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | OUR MISSION IS TO ENRICH THE LIVES OF OUR MEMBERS AND COMMUNITIES TO CREATE A WORLD WHERE FINANCIAL FREEDOM IS A REALITY. OUR VALUES ARE CARING, TRUST AND DEPENDABILITY. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | DURING 2022, AMERICAN EAGLE FINANCIAL CREDIT UNION (AEFCU), A STATE-CHARTERED CREDIT UNION LOCATED IN THE STATE OF CONNECTICUT, PROVIDED FINANCIAL SERVICES TO MEMBERS WHO LIVE, WORK, WORSHIP, OR ATTEND SCHOOL IN THE HARTFORD, TOLLAND, NEW HAVEN, AND MIDDLESEX COUNTIES IN CONNECTICUT. AEFCU CONTINUED TO FULFILL ITS EXEMPT STATUS BY PROVIDING CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, OFFERING COMPETITIVE SHARE DEPOSIT PRODUCTS, AND PROVIDING MEMBERS WITH THE OPPORTUNITY TO IMPROVE THEIR ECONOMIC CONDITION. IN 2022, MEMBERSHIP GREW FROM 167,545 TO 176,804 MEMBERS. THERE WERE 19,202 LOANS GRANTED TOTALING APPROXIMATELY $643,148,000. DEPOSITS GREW FROM 323,486 ACCOUNTS TO 344,216 ACCOUNTS FOR A TOTAL INCREASE IN DEPOSITS OF APPROXIMATELY $90,306,000. AEFCU ALSO CONDUCTED SEMINARS FOR ITS MEMBERSHIP THAT RANGED FROM FINANCIAL LITERACY TO FIRST TIME HOME BUYING. | Desc |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (1) | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | Yes (1) | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 28874 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 435 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 11 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 11 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | LARRY MICHAUD | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 8605695554 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 333 EAST RIVER DRIVE | AddressLine1Txt |
| City | EAST HARTFORD | CityNm |
| State Abbreviation | CT | StateAbbreviationCd |
| ZIP | 06128 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (18 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|
| A LISA BURGARELLA | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| KENNETH D STEVENSON | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| RAYMOND C GANDY | |||||||
| CHAIRPERSON | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| MICHAEL P DEPASQUALE | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| ANGELA BULL | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| JOSEPH R CAMPOSEO | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| MICHAEL W HAWMAN | |||||||
| VICE CHAIRPERSON | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| MARK P ALLEN | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| JOSEPH PLOSZAY | |||||||
| SECRETARY | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| ALLISON W BURCH | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| CATHERINE BANDURY | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| HOWARD BRADY | |||||||
| PRESIDENT/CEO | 40.00 | $511,482 | $0 | $60,272 | Yes (X) | ||
| LARRY MICHAUD | |||||||
| SVP FINANCE | 40.00 | $246,146 | $0 | $56,947 | Yes (X) | ||
| TERESA KNOX | |||||||
| SVP/COO | 40.00 | $467,144 | $0 | $45,977 | Yes (X) | ||
| BRIAN KENNEDY | |||||||
| SVP/CSO | 40.00 | $334,740 | $0 | $64,334 | Yes (X) | ||
| DIANNA WILSON | |||||||
| SVP/CLO | 40.00 | $213,663 | $0 | $16,821 | Yes (X) | ||
| JAMES EVANS | |||||||
| SVP/CIO | 40.00 | $306,428 | $0 | $51,910 | Yes (X) | ||
| RYAN MCELENEY | |||||||
| SVP/CPO | 40.00 | $222,679 | $0 | $37,691 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $2,302,282 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $333,952 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 47 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| FISERV INC | |||||
| PO BOX 99924 | GRAPEVINE | TX | 76099 | SOFTWARE SERVICES | $3,374,433 |
| FIS | |||||
| PO BOX 4535 | CAROL STREAM | IL | 60197 | CARD PROCESSING | $2,175,473 |
| SYNACKTEK LLC DBA 443 TECHNOLOGIES | |||||
| 4 RESEARCH DRIVE SUITE 402 | SHELTON | CT | 06484 | SOFTWARE SERVICES | $776,345 |
| EVERSOURCE | |||||
| PO BOX 56002 | BOSTON | MA | 02205 | UTILITIES | $722,258 |
| XACTUS LLC | |||||
| 370 REED ROAD SUITE 100 | BROOMALL | PA | 19008 | PROPERTY APPRAISALS | $685,463 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 47 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| INCOME ON LOANS | 522100 | $61,769,741 | $61,769,741 | |
| FEES/CHARGES/OTHER | 522100 | $22,081,820 | $22,081,820 | |
| FINANCE & INSURANCE | 520000 | $65,467 | $65,467 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $83,917,028 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $5,143,626 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $5,143,626 | RelatedOrExemptFuncIncomeAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $64,597,745 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $56,917,422 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $7,680,323 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $7,680,323 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $7,680,323 | RelatedOrExemptFuncIncomeAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $96,740,977 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $96,675,510 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $65,467 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $251,921 | TotalAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,000 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $874,847 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $26,656,773 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,408,915 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,604,763 | TotalAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $932,877 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $150,580 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $164,612 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $577,238 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $978,434 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,920,717 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $6,712,514 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,259,327 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $330,687 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,449,102 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,109,543 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $234,641 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| LOAN SERVICING EXPENSE | $3,888,694 |
| DEBIT CARD SERVICES | $1,887,588 |
| MISCELLANEOUS | $1,037,500 |
| FRAUD LOSSES | $855,506 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $920,706 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $70,211,485 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $12,797,235 | BOYAmt |
| EOY | $7,619,948 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $270,759,102 | BOYAmt |
| EOY | $216,012,435 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $512,947 | BOYAmt |
| EOY | $599,732 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $24,429,123 | BOYAmt |
| EOY | $24,865,446 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,669,103,187 | BOYAmt |
| EOY | $1,850,335,362 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,584,660 | BOYAmt |
| EOY | $3,858,615 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $46,393,269 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $21,993,959 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $27,079,494 | BOYAmt |
| EOY | $24,399,310 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $317,416,834 | BOYAmt |
| EOY | $341,730,917 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,078,000 | BOYAmt |
| EOY | $1,497,100 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $28,637,988 | BOYAmt |
| EOY | $37,367,657 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,355,398,570 | BOYAmt |
| EOY | $2,508,286,522 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $15,422,668 | BOYAmt |
| EOY | $51,549,125 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,141,253,648 | BOYAmt |
| EOY | $2,231,559,670 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,156,676,316 | BOYAmt |
| EOY | $2,283,108,795 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $198,722,254 | BOYAmt |
| EOY | $225,177,727 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $198,722,254 | BOYAmt |
| EOY | $225,177,727 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,355,398,570 | BOYAmt |
| EOY | $2,508,286,522 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $26,529,492 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$74,019 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,422,544 | OtherCostOrOtherBasisAmt |
| Book Value | $2,422,544 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $25,450,934 | OtherCostOrOtherBasisAmt |
| Depreciation | $10,640,384 | DepreciationAmt |
| Book Value | $14,810,550 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $4,966,390 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,914,400 | DepreciationAmt |
| Book Value | $3,051,990 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $11,849,127 | OtherCostOrOtherBasisAmt |
| Depreciation | $8,727,539 | DepreciationAmt |
| Book Value | $3,121,588 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,704,274 | OtherCostOrOtherBasisAmt |
| Depreciation | $711,636 | DepreciationAmt |
| Book Value | $992,638 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $24,399,310 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (4 entries)
| DescDesc | AmtAmt |
|---|---|
| SHARE DRAFTS | $467,789,394 |
| SHARES | $752,547,987 |
| MONEY MARKET | $469,612,329 |
| SHARE AND IRA CERTIFICATS | $541,609,960 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $2,231,559,670 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $99,119,918 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Not Reported | $0 | RevenueNotReportedAmt |
| Revenue Subtotal | $99,119,918 | RevenueSubtotalAmt |
| Other Revenues Not Included | -$2,378,941 | OtherRevenuesNotIncludedAmt |
| Revenue Not Reported Fincl Stmt | -$2,378,941 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $96,740,977 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $72,590,426 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | $2,378,941 | OtherExpensesIncludedAmt |
| Expenses Not Reported | $2,378,941 | ExpensesNotReportedAmt |
| Expenses Subtotal | $70,211,485 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $70,211,485 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (3 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART X, LINE 2: | INCOME TAXES THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. |
| PART XI, LINE 4B - OTHER ADJUSTMENTS: | LOSS ON SALE OF MORTGAGE LOANS REPORTED AS EXPENSE WITHIN AUDITED FINANCIAL STATEMENTS BUT REPORTED AS A REDUCTION OF REVENUE WITHIN THE STATEMENT OF REVENUE ON FORM 990. -2,378,941. |
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | LOSS ON SALE OF MORTGAGE LOANS REPORTED AS EXPENSE WITHIN AUDITED FINANCIAL STATEMENTS BUT REPORTED AS A REDUCTION OF REVENUE WITHIN THE STATEMENT OF REVENUE ON FORM 990. 2,378,941. |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (14 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceAmt | Purpose Of GrantPurposeOfGrantTxt |
|---|---|---|---|---|---|---|---|---|
| BOXES TO BOOTS | ||||||||
| 28 CHAMBERLAIN HWY | BERLIN | CT | 06037 | 824502518 | 501(C)(3) | $8,376 | $0 | CASH BACK TO THE COMMUNITY |
| LOVE MOM XOXO FOUNDATION | ||||||||
| 206 WOODLAWN DRIVE | SEYMOUR | CT | 06483 | 881634869 | 501(C)(3) | $8,810 | $0 | CASH BACK TO THE COMMUNITY |
| MERIDEN HUMANE SOCIETY | ||||||||
| 311 MURLOCK AVE | MERIDEN | CT | 06450 | 061026129 | 501(C)(3) | $8,975 | $0 | CASH BACK TO THE COMMUNITY |
| OPEN DOORS OUTDOORS | ||||||||
| 326 DUG ROAD SOUTH | GLASTONBURY | CT | 06073 | 832178854 | 501(C)(3) | $8,975 | $0 | CASH BACK TO THE COMMUNITY |
| SOUTHINGTON NORTH LITTLE LEAGUE | ||||||||
| 2645 BOSTON TPKE | COVENTRY | CT | 06238 | 061155922 | 501(C)(3) | $9,201 | $0 | CASH BACK TO THE COMMUNITY |
| THE ARC OF CT | ||||||||
| 200 RESEARCH PARKWAY | MERIDEN | CT | 06450 | 060735882 | 501(C)(3) | $8,810 | $0 | CASH BACK TO THE COMMUNITY |
| CONNECTICUT CHILDREN'S FOUNDATION | ||||||||
| 282 WASHINGTON ST | HARTFORD | CT | 06106 | 222619869 | 501(C)(3) | $8,810 | $0 | CASH BACK TO THE COMMUNITY |
| FOR ALL AGES INC | ||||||||
| PO BOX 61 | SIMSBURY | CT | 06070 | 834624076 | 501(C)(3) | $9,201 | $0 | CASH BACK TO THE COMMUNITY |
| FREE CENTER MIDDLETOWN | ||||||||
| 53 NORTH MAIN ST | MIDDLETOWN | CT | 06457 | 841783149 | 501(C)(3) | $8,376 | $0 | CASH BACK TO THE COMMUNITY |
| GIRLS SCOUTS OF CT | ||||||||
| 340 WASHINGTON ST | HARTFORD | CT | 06106 | 060662134 | 501(C)(3) | $9,201 | $0 | CASH BACK TO THE COMMUNITY |
| HARTFORD PERFORMS | ||||||||
| 75 CHARTER OAK AVE | HARTFORD | CT | 06106 | 461484114 | 501(C)(3) | $8,975 | $0 | CASH BACK TO THE COMMUNITY |
| HARTFORD YARD GOATS | ||||||||
| PO BOX 23147 | HARTFORD | CT | 06123 | 161638341 | 501(C)(3) | $35,000 | $0 | CONTRIBUTION AT DUNKIN' DONUTS PARK JR PA AND PRODUCTION BOOTH |
| SPIRIT OF SPRINGFIELD | ||||||||
| 1350 MAIN STREET SUITE 1004 | SPRINGFIELD | CT | 01103 | 223036584 | 501(C)(3) | $10,000 | $0 | CONTRIBUTION OF BRIGHT NIGHTS AT FOREST PARK, SPRINGFIELD |
| HARTFORD COUNTY 4H CAMP | ||||||||
| 247 S ROAD | MARLBOROUGH | CT | 06447 | 066071412 | 501(C)(3) | $8,376 | $0 | CASH BACK TO THE COMMUNITY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 14 | Total501c3OrgCnt |
| Total Other Org | 0 | TotalOtherOrgCnt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | THESE ARE CHARITABLE CONTRIBUTIONS, NOT GRANTS. THEREFORE, THERE IS NO SUBSEQUENT MONITORING BY THE CREDIT UNION. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| First Class Or Charter Travel | Yes (X) | FirstClassOrCharterTravelInd |
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Idemnification Gross Up Pmts | Yes (X) | IdemnificationGrossUpPmtsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (7 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HOWARD BRADY | ||||||||||||||
| PRESIDENT/CEO | $437,730 | $0 | $73,752 | $0 | $0 | $0 | $27,450 | $0 | $32,822 | $0 | $571,754 | $0 | $0 | $0 |
| TERESA KNOX | ||||||||||||||
| SVP/COO | $299,393 | $0 | $73,482 | $0 | $94,269 | $0 | $32,895 | $0 | $13,082 | $0 | $513,121 | $0 | $0 | $0 |
| BRIAN KENNEDY | ||||||||||||||
| SVP/CSO | $269,622 | $0 | $65,118 | $0 | $0 | $0 | $32,580 | $0 | $31,754 | $0 | $399,074 | $0 | $0 | $0 |
| JAMES EVANS | ||||||||||||||
| SVP/CIO | $239,972 | $0 | $66,456 | $0 | $0 | $0 | $25,688 | $0 | $26,222 | $0 | $358,338 | $0 | $0 | $0 |
| LARRY MICHAUD | ||||||||||||||
| SVP FINANCE | $209,885 | $0 | $36,261 | $0 | $0 | $0 | $29,257 | $0 | $27,690 | $0 | $303,093 | $0 | $0 | $0 |
| RYAN MCELENEY | ||||||||||||||
| SVP/CPO | $200,741 | $0 | $21,938 | $0 | $0 | $0 | $11,559 | $0 | $26,132 | $0 | $260,370 | $0 | $0 | $0 |
| DIANNA WILSON | ||||||||||||||
| SVP/CLO | $192,663 | $0 | $21,000 | $0 | $0 | $0 | $3,457 | $0 | $13,364 | $0 | $230,484 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 4B | FormAndLineReferenceDesc |
| Explanation | THE FOLLOWING EXECUTIVES PARTICIPATED IN A NON-QUALIFIED RETIREMENT PLAN IN 2022: HOWARD BRADY TERESA KNOX BRIAN KENNEDY JAMES EVAN HOWARD BRADY, JAMES EVANS, AND BRIAN KENNEDY PARTICIPATE IN A SUPPLEMENTAL RETIREMENT BENEFITS ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. | ExplanationTxt |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp (8 entries)
| Relationship With OrgRelationshipWithOrgTxt | Loan PurposeLoanPurposeTxt | Loan From OrganizationLoanFromOrganizationInd | Original PrincipalOriginalPrincipalAmt | Balance DueBalanceDueAmt | DefaultDefaultInd | Board Or Committee ApprovalBoardOrCommitteeApprovalInd | Written AgreementWrittenAgreementInd |
|---|---|---|---|---|---|---|---|
| BRIAN KENNEDY | |||||||
| SVP/CSO | SPLIT DOLLAR | Yes (X) | $475,000 | $488,619 | 0 | Yes (1) | Yes (1) |
| BRIAN KENNEDY | |||||||
| SVP/CSO | SPLIT DOLLAR | Yes (X) | $1,800,000 | $2,045,095 | 0 | Yes (1) | Yes (1) |
| DEAN MARCHESSAULT | |||||||
| FORMER CEO | SPLIT DOLLAR | Yes (X) | $5,133,128 | $5,826,929 | 0 | Yes (1) | Yes (1) |
| DEAN MARCHESSAULT | |||||||
| FORMER CEO | SPLIT DOLLAR | Yes (X) | $2,900,000 | $3,012,897 | 0 | Yes (1) | Yes (1) |
| HOWARD BRADY | |||||||
| PRESIDENT/CEO | SPLIT DOLLAR | Yes (X) | $2,200,000 | $2,499,560 | 0 | Yes (1) | Yes (1) |
| JAMES EVANS | |||||||
| SVP/CIO | SPLIT DOLLAR | Yes (X) | $2,700,000 | $3,067,642 | 0 | Yes (1) | Yes (1) |
| JOHN CONANT | |||||||
| FORMER EVP/CFO | SPLIT DOLLAR | Yes (X) | $3,329,640 | $3,774,704 | 0 | Yes (1) | Yes (1) |
| WILLIAM J DOKAS | |||||||
| FORMER CEO | SPLIT DOLLAR | Yes (X) | $8,400,000 | $4,150,000 | 0 | Yes (1) | Yes (1) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $24,865,446 | TotalBalanceDueAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | FORM 990, SCH L, PART II | FormAndLineReferenceDesc |
| Explanation | THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD, THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | THE ORGANIZATION HAS MEMBERS. |
| FORM 990, PART VI, SECTION A, LINE 7A | MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. THE MEMBERSHIP VOTES AT AN ANNUAL MEETING TO SELECT THREE BOARD MEMBERS EACH YEAR. |
| FORM 990, PART VI, SECTION A, LINE 7B | MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. THE MEMBERSHIP VOTES AT AN ANNUAL MEETING TO SELECT THREE BOARD MEMBERS EACH YEAR. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE 990 WILL BE GIVEN TO THE BOARD OF DIRECTORS AS AN AGENDA ITEM AND REVIEWED AT THE BOARD MEETING. |
| FORM 990, PART VI, SECTION B, LINE 12C | EMPLOYEES, OFFICERS AND DIRECTORS OF THE CREDIT UNION ARE ASKED TO DISCLOSE ALL SHARE AND LOAN ACCOUNTS AT THE CREDIT UNION THAT THEY HAVE AN INTEREST IN ON AN ANNUAL BASIS. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE CREDIT UNION UTILIZES AN OUTSIDE CONSULTANT TO PERFORM AN INDEPENDENT COMPENSATION SURVEY FOR ALL OFFICER LEVEL POSITIONS EVERY TWO YEARS. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON WWW.NCUA.GOV VIA THE QUARTERLY 5300 FILING. |
| FORM 990, PART IX, LINE 11G | PROFESSIONAL FEES- ARMORED CAR 179,662. PROFESSIONAL FEES- OTHER 116,125. PROFESSIONAL FEES- PAYROLL 116,880. PROFESSIONAL FEES- SECURITY GUARD 7,340. PROFESSIONAL FEES- TEMPORARY EMPLOYEES 157,231. |
| FORM 990, PART IX, LINE 24E | OVERDRAFT LOSSES 830,741. PERSONAL PROPERTY TAX EXPENSE 259,955. REPAIRS AND MAINTENANCE 231,621. DUES/SUBSCRIPTIONS 177,407. OPERATING FEES 120,982. PROVISION FOR LOAN LOSSES -700,000. |
| FORM 990, PART XII, 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. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp (2 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Total IncomeTotalIncomeAmt | End Of Year AssetsEndOfYearAssetsAmt | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt |
|---|---|---|---|---|---|---|---|---|---|
| AMERICAN EAGLE FINANCIAL SERVICES LLC | |||||||||
| 333 EAST RIVER DRIVE | EAST HARTFORD | CT | 06108 | 061552551 | FINANCIAL CONSULTING SERVICES | CT | -$98 | $11,133 | AMERICAN EAGLE FINANCIAL CU |
| AEF REALTY LLC | |||||||||
| 333 EAST RIVER DRIVE | EAST HARTFORD | CT | 06108 | 371864912 | PROPERTY MANAGEMENT SERVICES | CT | -$96,060 | $13,282,222 | AMERICAN EAGLE FINANCIAL CU |