2023-11-13T16:09:14-06:00 2022-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2022-01-01 060701899 MUTUAL SECURITY CREDIT UNION INC MUTU 2034027434 12 PROGRESS DRIVE SHELTON CT 06484 STEPHEN J OSOWIECKI CFO 2034027409 2023-11-13 1 STEPHEN OSOWIECKI 999009999 0 JENIFER L CHASE P01306883 5638884000 2023-11-13 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z HENRY T BAUM 12 PROGRESS DRIVE SHELTON CT 06484 16137581 0 X MSCU.NET X 2001 CT THE MISSION OF MUTUAL SECURITY CREDIT UNION (THE CREDIT UNION) IS TO BE THE BUILDERS OF FINANCIAL WELL-BEING WITHIN THE COMMUNITIES THAT WE SERVE. WE PROMOTE THE ECONOMIC WELL BEING OF OUR MEMBERS BY PROVIDING A BROAD RANGE OF INNOVATIVE FINANCIAL PRODUCTS. THESE PROGRAMS WILL BE ADMINISTERED IN A PERSONALIZED ENVIRONMENT BY A PROFESSIONAL STAFF AND DEDICATED VOLUNTEERS. THE CREDIT UNION OFFERS MEMBERS VARIOUS CONSUMER AND REAL ESTATE LOAN PRODUCTS (PERSONAL, AUTO, 1ST & 2ND MORTGAGES, HOME EQUITY LINES OF CREDIT, SMART ENERGY LOANS, VISA CREDIT CARDS). THE CREDIT UNION ALSO OFFERS MEMBERS VISA CHECK/DEBIT CARDS AS WELL AS VARIOUS SAVINGS, CERTIFICATES & CHECKING ACCOUNTS. 7 7 89 9 84708 0 0 0 14470329 15519321 198213 354845 1148 10985 14669690 15885151 8004 7370 0 0 5873164 6322418 0 0 0 6551999 7159332 12433167 13489120 2236523 2396031 354262560 390854151 327206899 363939211 27055661 26914940 WE ARE BUILDERS OF FINANCIAL WELL-BEING WITHIN THE COMMUNITIES WE SERVE. 0 0 MUTUAL SECURITY CREDIT UNION OFFERS MEMBERS VARIOUS CONSUMER LOAN PRODUCTS (PERSONAL LOANS, AUTO LOANS, MORTGAGES - 1ST, 2ND, AND HOME EQUITY LINES OF CREDIT, SMART ENERGY LOANS). NEW LOANS ISSUED IN 2022: PERSONAL LOANS = 459, NEW & USED AUTO LOANS = 2,761, 1ST, 2ND & HELOCS = 253, SMART ENERGY LOANS = 64. MUTUAL SECURITY CREDIT UNION OFFERS MEMBERS OUR VISA CREDIT CARDS AND VISA CHECK CARD (DEBIT CARD). NEW VISA ACCOUNTS ISSUED IN 2022 = 432. MUTUAL SECURITY CREDIT UNION OFFERS MEMBERS OUR VARIOUS CHECKING ACCOUNT PROGRAMS. NEW CHECKING ACCOUNTS OPENED IN 2022 = 370. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 7839 0 1 89 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 0 0 0 0 1 0 0 1 1 1 0 0 X STEPHEN J OSOWIECKI 2034027434 12 PROGRESS DRIVE SHELTON CT 06484 HENRY BAUM CEO 45.00 X 277280 0 35896 STEPHEN OSOWIECKI CFO 45.00 X 184768 0 37441 MICHAEL AUGUSTI VP OF SALES AND MARKETING 45.00 X 163406 0 17107 JEFFREY TRACEY VP OF LENDING 45.00 X 152261 0 27103 ANN NANKERVIS VP OF HR AND COMPLIANCE 45.00 X 151115 0 14452 MARIA LAZOR DIRECTOR OF OPERATIONS 45.00 X 116282 0 36350 CHRIS HORVATH IT MANAGER 45.00 X 113453 0 15185 ROBERT J BASTA DIRECTOR 5.00 X 0 0 0 ANN BUDZYNSKI DIRECTOR 5.00 X 0 0 0 KEN DECKER TREASURER 5.00 X X 0 0 0 BRUCE M LIKELY CHAIR 5.00 X X 0 0 0 ROBERT LUBUS SECRETARY 5.00 X X 0 0 0 ROBERT MARAGES VICE CHAIR 5.00 X X 0 0 0 EDWIN RODRIGUEZ DIRECTOR 5.00 X 0 0 0 1158565 0 183534 9 0 1 0 PRESIDIO PO BOX 677638 DALLAS TX 75267 HARDWARE & SOFTWARE SUPPORT 381188 JACK HENRY & ASSOC INC PO BOX 609 MONETT MO 65708 CORE COMPUTER SYSTEM & SUPPORT 320984 SYNERGI PARTNERS INC PO BOX 5599 FLORENCE SC 29502 CARES ACT EMPLOYEE RETENTION 253924 AT&T PO BOX 5019 CAROL STREAM IL 60197 PHONE/DATA LINES/EQUIP 234718 SWBC LENDING SOLUTIONS LLC 9311 SAN PEDRO AVENUE SUITE 600 SAN ANTONIO TX 78216 APPRAISALS & FLOOD INSPECTION 189625 9 INTEREST INCOME 522100 11242011 11242011 FEES AND CHARGES 522100 2683706 2667061 16645 VISA FEE INCOME 522100 760913 760913 MISC. OPERATING INCOME 522100 667158 599095 68063 MORTGAGE FEE INCOME 522100 165533 165533 15519321 601896 601896 5379 252430 0 -252430 5379 -247051 -247051 PROVISION FOR LOAN LOSSES 522100 10985 10985 10985 15885151 15434613 84708 365830 7370 535384 4539692 90721 749047 407574 64067 11686 31056 173715 1266727 1287450 668544 16429 127777 643656 686013 84395 LOAN SERVICING 1229142 DIVIDENDS PAID TO MEMBE 801521 DUES 39946 EXAM FEES 18240 8968 13489120 39240934 8153383 2483867 4980189 0 497085 270288039 331884676 783270 839691 12216074 6952767 5333800 5263307 25618643 27655914 10514007 11579906 354262560 390854151 511384 1057482 1911324 2129500 324784191 360752229 327206899 363939211 X 0 0 0 0 27055661 26914940 27055661 26914940 354262560 390854151 2396031 -2536752 0 X X 0 0 0 0 1 X 2405307 2405307 2359250 805147 1554103 1628215 1289503 338712 5823302 4858117 965185 5263307 LONG TERM INVESTMENTS 27655914 F 27655914 SHARES ON DEPOSIT 321474714 OTHER LIABILITIES 39277515 360752229 PART IV, LINE 2B: MUTUAL SECURITY CREDIT UNION (THE CREDIT UNION) HAS ESCROW ACCOUNTS FOR MEMBERS WITH FIRST MORTGAGE LOANS. THEIR FUNDS ACCUMULATE MONTHLY AND WHEN DUE, THE CREDIT UNION PAYS THEIR TOWN/CITY PROPERTY TAXES AND INSURANCE ON THEIR BEHALF. 1 0 0 SCHOLARSHIPS FOR COLLEGE 5 5000 PART I, LINE 2: SCHOLARSHIP CHECKS ARE MADE PAYABLE TO THE STUDENT AND COLLEGE THAT THEY ARE ATTENDING. X X 0 0 0 HENRY BAUM CEO 265030 0 12250 0 0 0 8704 0 27192 0 313176 0 0 0 STEPHEN OSOWIECKI CFO 175373 0 9395 0 0 0 5956 0 31485 0 222209 0 0 0 MICHAEL AUGUSTI VP OF SALES AND MARKETING 155891 0 7515 0 0 0 4773 0 12334 0 180513 0 0 0 JEFFREY TRACEY VP OF LENDING 144029 0 8232 0 0 0 4856 0 22247 0 179364 0 0 0 ANN NANKERVIS VP OF HR AND COMPLIANCE 144067 0 7048 0 0 0 4773 0 9679 0 165567 0 0 0 MARIA LAZOR DIRECTOR OF OPERATIONS 113660 0 2622 0 0 0 3931 0 32419 0 152632 0 0 0 HENRY BAUM OFFICER COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 1934016 248506 0 1 1 STEPHEN OSOWIECKI OFFICER COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 2107613 248579 0 1 1 497085 FORM 990, PART VI, SECTION A, LINE 6 MUTUAL SECURITY CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A MUTUAL SECURITY CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B MUTUAL SECURITY CREDIT UNION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE CHIEF FINANCIAL OFFICER WILL REVIEW FORM 990 PRIOR TO ITS FILING WITH THE INTERNAL REVENUE SERVICE. ONCE FILED IT WILL BE PRESENTED TO THE BOARD OF DIRECTORS AT A SUBSEQUENT MONTHLY MEETING. FORM 990, PART VI, SECTION B, LINE 15A SALARY AND JOB DESCRIPTION DATA IS OBTAINED FROM THE INDEPENDENT THIRD-PARTY CONSULTANT GROUP HUMAN RESOURCES PERFORMANCE SOLUTIONS. THE CONSULTANT PROVIDES DATA INCLUDING SALARAY RANGES USING THE SOFTWARE COMPEASE. THE CHIEF EXECUTIVE OFFICER'S SALARY IS REVIEWED BY THE COMPENSATION COMMITTEE ANNUALLY WITH SUPPORT FROM THE VICE PRESIDENT OF HUMAN RESOURCES. THE CHIEF EXECUTIVE OFFICER'S SALARY IS THEN APPROVED BY THE BOARD OF DIRECTORS AND HUMAN RESOURCES CONTEMPORANEOUSLY DOCUMENTS THIS APPROVAL. THIS PROCESS LAST OCCURRED IN MARCH 2023. FORM 990, PART VI, SECTION C, LINE 19 MUTUAL SECURITY CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND UNAUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104. FORM 990, PART IV, LINE 12A & PART XII, LINE 2B: THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AUDITED ON A SEPARATE BASIS BY AN INDEPENDENT ACCOUNTANT. HOWEVER, THE FINANCIAL STATEMENTS ARE AUDITED ON A FISCAL YEAR-END BASIS OF MARCH 31ST, WHILE THE ORGANIZATION'S TAX YEAR-END IS DECEMBER 31ST. FORM 990, PART I, LINES 14 & 17: IN 2022, MUTUAL SECURITY CREDIT UNION DETERMINED THAT IT WAS MORE APPROPRIATE TO INCLUDE IN THE PRIOR YEAR COLUMN FOR LINE 17 (OTHER EXPENSES) CERTAIN ITEMS INCLUDED IN PRIOR YEAR FORMS 990, PART IX, IN LINE 4 (BENEFITS PAID TO OR FOR MEMBERS). CONFORMING ADJUSTMENTS HAVE BEEN MADE TO THE CURRENT YEAR AMOUNTS LISTED IN THE CURRENT YEAR COLUMN OF PART I AND PART IX.