2023-08-03T15:34:55-05:00 2022-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2022-01-01 472559616 AMERICAN EAGLE FINANCIAL CREDIT UNION AMER 8008420145 333 EAST RIVER DRIVE EAST HARTFORD CT 06128 HOWARD BRADY PRESIDENT/CEO 8605695554 2023-08-01 1 HOWARD BRADY 999009999 0 JOHN J MURNANE JR P03021572 3052328272 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z HOWARD BRADY 333 EAST RIVER DRIVE EAST HARTFORD CT 06128 153658399 0 X WWW.AMERICANEAGLE.ORG X 1935 CT AMERICAN EAGLE FINANCIAL CREDIT UNION PROVIDES FINANCIAL SERVICES IN THE FORM OF LOANS AND DEPOSIT PRODUCTS THAT HELP ITS MEMBERSHIP ACHIEVE THEIR FINANCIAL GOALS. 11 11 435 15 65467 0 0 0 78580004 83917028 2001269 12823949 0 0 80581273 96740977 205285 255921 0 0 34721800 34545298 0 0 0 36466555 35410266 71393640 70211485 9187633 26529492 2355398570 2508286522 2156676316 2283108795 198722254 225177727 X 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. 0 0 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. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 28874 0 1 435 1 1 1 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 LARRY MICHAUD 8605695554 333 EAST RIVER DRIVE EAST HARTFORD CT 06128 A LISA BURGARELLA DIRECTOR 2.00 X 0 0 0 KENNETH D STEVENSON DIRECTOR 2.00 X 0 0 0 RAYMOND C GANDY CHAIRPERSON 2.00 X 0 0 0 MICHAEL P DEPASQUALE DIRECTOR 2.00 X 0 0 0 ANGELA BULL DIRECTOR 2.00 X 0 0 0 JOSEPH R CAMPOSEO DIRECTOR 2.00 X 0 0 0 MICHAEL W HAWMAN VICE CHAIRPERSON 2.00 X 0 0 0 MARK P ALLEN DIRECTOR 2.00 X 0 0 0 JOSEPH PLOSZAY SECRETARY 2.00 X 0 0 0 ALLISON W BURCH DIRECTOR 2.00 X 0 0 0 CATHERINE BANDURY DIRECTOR 2.00 X 0 0 0 HOWARD BRADY PRESIDENT/CEO 40.00 X 511482 0 60272 LARRY MICHAUD SVP FINANCE 40.00 X 246146 0 56947 TERESA KNOX SVP/COO 40.00 X 467144 0 45977 BRIAN KENNEDY SVP/CSO 40.00 X 334740 0 64334 DIANNA WILSON SVP/CLO 40.00 X 213663 0 16821 JAMES EVANS SVP/CIO 40.00 X 306428 0 51910 RYAN MCELENEY SVP/CPO 40.00 X 222679 0 37691 2302282 0 333952 47 0 1 0 FISERV INC PO BOX 99924 GRAPEVINE TX 76099 SOFTWARE SERVICES 3374433 FIS PO BOX 4535 CAROL STREAM IL 60197 CARD PROCESSING 2175473 SYNACKTEK LLC DBA 443 TECHNOLOGIES 4 RESEARCH DRIVE SUITE 402 SHELTON CT 06484 SOFTWARE SERVICES 776345 EVERSOURCE PO BOX 56002 BOSTON MA 02205 UTILITIES 722258 XACTUS LLC 370 REED ROAD SUITE 100 BROOMALL PA 19008 PROPERTY APPRAISALS 685463 47 INCOME ON LOANS 522100 61769741 61769741 FEES/CHARGES/OTHER 522100 22081820 22081820 FINANCE & INSURANCE 520000 65467 65467 83917028 5143626 5143626 64597745 56917422 7680323 7680323 7680323 96740977 96675510 65467 0 X 251921 4000 874847 26656773 5408915 1604763 932877 150580 164612 577238 978434 4920717 6712514 3259327 330687 5449102 3109543 234641 LOAN SERVICING EXPENSE 3888694 DEBIT CARD SERVICES 1887588 MISCELLANEOUS 1037500 FRAUD LOSSES 855506 920706 70211485 12797235 7619948 270759102 216012435 512947 599732 24429123 24865446 1669103187 1850335362 2584660 3858615 46393269 21993959 27079494 24399310 317416834 341730917 2078000 1497100 28637988 37367657 2355398570 2508286522 15422668 51549125 2141253648 2231559670 2156676316 2283108795 X 0 0 0 0 198722254 225177727 198722254 225177727 2355398570 2508286522 26529492 -74019 0 X X 0 1 X 1 0 2422544 2422544 25450934 10640384 14810550 4966390 1914400 3051990 11849127 8727539 3121588 1704274 711636 992638 24399310 SHARE DRAFTS 467789394 SHARES 752547987 MONEY MARKET 469612329 SHARE AND IRA CERTIFICATS 541609960 2231559670 X 99119918 0 99119918 -2378941 -2378941 96740977 72590426 2378941 2378941 70211485 0 70211485 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. 1 BOXES TO BOOTS 28 CHAMBERLAIN HWY BERLIN CT 06037 824502518 501(C)(3) 8376 0 CASH BACK TO THE COMMUNITY LOVE MOM XOXO FOUNDATION 206 WOODLAWN DRIVE SEYMOUR CT 06483 881634869 501(C)(3) 8810 0 CASH BACK TO THE COMMUNITY MERIDEN HUMANE SOCIETY 311 MURLOCK AVE MERIDEN CT 06450 061026129 501(C)(3) 8975 0 CASH BACK TO THE COMMUNITY OPEN DOORS OUTDOORS 326 DUG ROAD SOUTH GLASTONBURY CT 06073 832178854 501(C)(3) 8975 0 CASH BACK TO THE COMMUNITY SOUTHINGTON NORTH LITTLE LEAGUE 2645 BOSTON TPKE COVENTRY CT 06238 061155922 501(C)(3) 9201 0 CASH BACK TO THE COMMUNITY THE ARC OF CT 200 RESEARCH PARKWAY MERIDEN CT 06450 060735882 501(C)(3) 8810 0 CASH BACK TO THE COMMUNITY CONNECTICUT CHILDREN'S FOUNDATION 282 WASHINGTON ST HARTFORD CT 06106 222619869 501(C)(3) 8810 0 CASH BACK TO THE COMMUNITY FOR ALL AGES INC PO BOX 61 SIMSBURY CT 06070 834624076 501(C)(3) 9201 0 CASH BACK TO THE COMMUNITY FREE CENTER MIDDLETOWN 53 NORTH MAIN ST MIDDLETOWN CT 06457 841783149 501(C)(3) 8376 0 CASH BACK TO THE COMMUNITY GIRLS SCOUTS OF CT 340 WASHINGTON ST HARTFORD CT 06106 060662134 501(C)(3) 9201 0 CASH BACK TO THE COMMUNITY HARTFORD PERFORMS 75 CHARTER OAK AVE HARTFORD CT 06106 461484114 501(C)(3) 8975 0 CASH BACK TO THE COMMUNITY HARTFORD YARD GOATS PO BOX 23147 HARTFORD CT 06123 161638341 501(C)(3) 35000 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) 10000 0 CONTRIBUTION OF BRIGHT NIGHTS AT FOREST PARK, SPRINGFIELD HARTFORD COUNTY 4H CAMP 247 S ROAD MARLBOROUGH CT 06447 066071412 501(C)(3) 8376 0 CASH BACK TO THE COMMUNITY 14 0 PART I, LINE 2: THESE ARE CHARITABLE CONTRIBUTIONS, NOT GRANTS. THEREFORE, THERE IS NO SUBSEQUENT MONITORING BY THE CREDIT UNION. X X X 1 1 X X X X X 0 1 0 HOWARD BRADY PRESIDENT/CEO 437730 0 73752 0 0 0 27450 0 32822 0 571754 0 0 0 TERESA KNOX SVP/COO 299393 0 73482 0 94269 0 32895 0 13082 0 513121 0 0 0 BRIAN KENNEDY SVP/CSO 269622 0 65118 0 0 0 32580 0 31754 0 399074 0 0 0 JAMES EVANS SVP/CIO 239972 0 66456 0 0 0 25688 0 26222 0 358338 0 0 0 LARRY MICHAUD SVP FINANCE 209885 0 36261 0 0 0 29257 0 27690 0 303093 0 0 0 RYAN MCELENEY SVP/CPO 200741 0 21938 0 0 0 11559 0 26132 0 260370 0 0 0 DIANNA WILSON SVP/CLO 192663 0 21000 0 0 0 3457 0 13364 0 230484 0 0 0 PART I, LINE 4B 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. BRIAN KENNEDY SVP/CSO SPLIT DOLLAR X 475000 488619 0 1 1 BRIAN KENNEDY SVP/CSO SPLIT DOLLAR X 1800000 2045095 0 1 1 DEAN MARCHESSAULT FORMER CEO SPLIT DOLLAR X 5133128 5826929 0 1 1 DEAN MARCHESSAULT FORMER CEO SPLIT DOLLAR X 2900000 3012897 0 1 1 HOWARD BRADY PRESIDENT/CEO SPLIT DOLLAR X 2200000 2499560 0 1 1 JAMES EVANS SVP/CIO SPLIT DOLLAR X 2700000 3067642 0 1 1 JOHN CONANT FORMER EVP/CFO SPLIT DOLLAR X 3329640 3774704 0 1 1 WILLIAM J DOKAS FORMER CEO SPLIT DOLLAR X 8400000 4150000 0 1 1 24865446 FORM 990, SCH L, PART II 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. 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. AMERICAN EAGLE FINANCIAL SERVICES LLC 333 EAST RIVER DRIVE EAST HARTFORD CT 06108 061552551 FINANCIAL CONSULTING SERVICES CT -98 11133 AMERICAN EAGLE FINANCIAL CU AEF REALTY LLC 333 EAST RIVER DRIVE EAST HARTFORD CT 06108 371864912 PROPERTY MANAGEMENT SERVICES CT -96060 13282222 AMERICAN EAGLE FINANCIAL CU