2023-11-06T14:17:45-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 141364933 SUNMARK CREDIT UNION SUNM 8667866275 1187 TROY SCHENECTADY ROAD LATHAM NY 12110 JOHANNA O ROBBINS CFO 8667866275 2022-11-15 1 JOHANNA ROBBINS 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2023-10-30 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z FRANK DEGRAW 1187 TROY SCHENECTADY ROAD LATHAM NY 12110 133242355 0 X WWW.SUNMARK.ORG X CREDIT UNION 1937 NY A TRUSTED PARTNER PROVIDING FINANCIAL SOLUTIONS TO ENRICH THE LIVES OF OUR MEMBERS. 11 11 352 17 117098 48381 0 0 63395140 59976152 -1743172 2515835 125556 -39545 61777524 62452442 80733 246800 3164151 3516559 25481439 25347249 0 0 0 26080310 29121318 54806633 58231926 6970891 4220516 1009786367 1121756722 928637751 1037211765 81148616 84544957 X CREATING VALUE TO ENRICH THE LIVES OF OUR MEMBERS BY PROVIDING FINANCIAL PRODUCTS, EDUCATION AND SERVICES TAILORED TO MEET THEIR FINANCIAL GOALS. 1 0 SUNMARK CREDIT UNION OFFERS A VARIETY OF LENDING PROGRAMS DESIGNED TO MEET THE FINANCING NEEDS OF OUR MEMBERS. THESE PRODUCTS INCLUDE: MORTGAGES, VEHICLES, COMMERCIAL, CREDIT CARDS AND PERSONAL LOANS. DURING 2022, THE CREDIT UNION GRANTED OVER 46,000 LOW INTEREST RATE LOANS TOTALING MORE THAN $530 MILLION. SUNMARK MAKES IT CONVENIENT FOR MEMBERS TO OBTAIN FINANCING BY APPLYING ONLINE, VISITING ONE OF OUR 16 BRANCH LOCATIONS, OR CALLING OUR MEMBER SERVICE CENTER. AS MEMBER ADVOCATES, SUNMARK OFFERS WORKSHOPS TO EDUCATE MEMBERS ON TOPICS SUCH AS: BUDGETING, MANAGING DEBT, AND HOME BUYING WORKSHOPS. SUNMARK CREDIT UNION OFFERS VARIOUS DEPOSIT PRODUCTS TO SUPPORT THE FINANCIAL HEALTH AND WELL-BEING OF EACH MEMBER. THESE PRODUCTS PROVIDE COMPETITIVE DIVIDEND RATES, 24/7 ACCESS TO FUNDS AND EASY TRANSFER OPTIONS. WE OFFER MOBILE BANKING, DEBIT CARDS, ACCESS TO NEARLY 30,000 ATMS AND 5,000 PLUS SHARED BRANCHING LOCATIONS ACROSS THE COUNTRY. SUNMARK SERVES OVER 88,000 MEMBERS IN 14 COUNTIES IN THE CAPITAL DISTRICT AND HUDSON VALLEY REGION OF NEW YORK. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 14574 0 1 352 1 1 1 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X JOHANNA O ROBBINS 8667866275 1187 TROY SCHENECTADY ROAD LATHAM NY 12110 DAWN DOHERTY CHAIRPERSON 1.00 X X 0 0 0 KRISTEN MYERS VICE CHAIRPERSON 1.00 X X 0 0 0 MATT CUSACK TREASURER 1.00 X X 0 0 0 BRIAN HUGICK SECRETARY 1.00 X X 0 0 0 ED AIDALA DIRECTOR 1.00 X 0 0 0 ANTHONY CARDONA DIRECTOR 1.00 X 0 0 0 DAN HEIM DIRECTOR 1.00 X 0 0 0 AMY JOHNSON DIRECTOR 1.00 X 0 0 0 PARKER POWELL DIRECTOR 1.00 X 0 0 0 MATT RHODES DIRECTOR 1.00 X 0 0 0 RALPH LEBARRON DIRECTOR 1.00 X 0 0 0 EDWARD OBENG ASSOCIATE DIRECTOR 1.00 X 0 0 0 FRANK DEGRAW PRESIDENT/CEO 40.00 X 544800 0 187355 ANTOINETTE LEBRON EVP/COO 40.00 X 254749 0 85945 JOHANNA ROBBINS CHIEF FINANCIAL OFFICER 40.00 X 210932 0 54465 BRYAN DELEHANTY EVP/CFO 40.00 X 53053 0 59247 JERILEE BEAUDOIN CHIEF LENDING OFFICER 40.00 X 203906 0 9804 PAUL KELLY CHIEF HUMAN RESOURCES OFFI 40.00 X 205832 0 7003 DARRYL ENFIELD CHIEF INFORMATION OFFICER 40.00 X 195149 0 8412 CHRIS TANTAKIS VP MEMBER RELATIONS 40.00 X 167295 0 11783 AMBER COOLEEN CHIEF MARKETING OFFICER 40.00 X 163591 0 8896 MICHAEL MATHUSA AVP INSURANCE & INVESTMENTS 40.00 X 173056 0 21619 JAYANT SINGH BUSINESS LOAN OFFICER 40.00 X 141896 0 34867 JASON SOLGHAN BUSINESS DEVELOPMENT ORIGI 40.00 X 166434 0 8575 STEPHEN MCCORMICK BUSINESS LOAN OFFICER 40.00 X 162592 0 7528 ELOISA MARIA BEHNKE MORTGAGE ORIGINATOR 40.00 X 153355 0 7746 ANDREW J RUBINO MORTGAGE ORIGINATOR 40.00 X 152528 0 8101 2949168 0 521346 31 0 1 0 MASTERCARD 2000 PURCHASE ST PURCHASE NY 10577 CARD PAYMENT & ATM SERVICES 2100885 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 900740641 PROVIDES FLEXIBLE BANKING CONNECTIONS 1838260 ENGAGE FI LLC 5550 W EXECUTIVE DRIVE STE 540 TAMPA FL 33609 FINANCIAL INSTITUTION CONSULTING SERVICE 1259412 PNJ TECHNOLOGY PARTNERS 426 NEW KARNER RD ALBANY NY 12205 PROVIDES COMPUTER SOLUTIONS/IT SUPPORT 1012688 FISERV INC PO BOX 934057 ATLANTA GA 311934057 PROVIDES FINANCIAL TECHNOLOGY 785779 37 INTEREST ON LOANS 522100 39588185 39588185 FEE INCOME 522100 12257462 12140364 117098 OTHER OPERATING INCOM 522100 8130505 8130505 59976152 653954 653954 72651794 982089 69807824 -982089 2843970 1861881 1861881 NON-OPERATING INCOME 522100 -39545 -39545 -39545 62452442 59819509 117098 2515835 246800 3516559 2432217 18237350 379298 2739139 1559245 337869 107365 4028036 1602648 8207944 1895049 582939 600749 2785925 PROVISION FOR LOAN LOSS 4413000 LOAN SERVICING EXPENSE 4405518 MISC. OPERATING EXPENSE 79648 OPERATING FEES 74628 58231926 10215055 10772625 114353124 20692868 13128151 13106710 797803777 1002649389 2888283 4458491 44427655 18665167 25551157 25762488 9554411 10533843 3569256 4439667 48795 21367 32674358 29319274 1009786367 1121756722 4614062 11142052 9498 10902697 4719439 919294752 1015167016 928637751 1037211765 X 0 0 0 0 81148616 84544957 81148616 84544957 1009786367 1121756722 X 4220516 -824175 X X 0 1 X 1 0 5581233 5581233 18912153 5618974 13293179 856624 489710 366914 17432592 12438268 4994324 1645053 118215 1526838 25762488 NONMEMBER DEPOSITS 21507000 MEMBER SHARES OF ALL TYPES 993660016 1015167016 X 62452439 0 62452439 3 3 62452442 58231923 0 58231923 3 3 58231926 PART X, LINE 2: SUNMARK IS A STATE-CHARTERED CREDIT UNION. STATE CHARTERED CREDIT UNIONS ARE EXEMPT FROM FEDERAL AND STATE INCOME TAX UNDER INTERNAL REVENUE SERVICE CODE SECTION 501(C)14. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE, INCLUDING UNRELATED BUISNESS INCOME TAXES (UBIT). THE CREDIT UNION EVALUATED ITS TAX POSITION AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2022 AND DECEMBER 31, 2021. THE CREDIT UNION'S 2019 THROUGH 2021 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITITIES. THE INCOME FROM THE CUSO, ORGANIZED AS AN LLC, FLOWS THROUGH TO THE CREDIT UNION AND, THEREFORE, IS NOT SUBJECT TO FEDERAL AND STATE INCOME TAXES. PART XI, LINE 4B - OTHER ADJUSTMENTS: ROUNDING 3. PART XII, LINE 4B - OTHER ADJUSTMENTS: ROUNDING 3. 1 SUNMARK CHARITABLE COMMUNITY FOUNDATION 1187 TROY SCHENECTADY RD LATHAM NY 12110 473713204 501(C)(3) 50000 0 CHARITABLE DONATION 1 PART I, LINE 2: ALL GRANTS ARE TRACKED WITHIN INTERNAL SYSTEMS AND REVIEWED THROUGH THE ANNUAL BUDGET PROCESS AND ROUTINE DEPARTMENT MONITORING. SUNMARK HAS A STANDARD PROCESS AND ESTABLISHED CRITERIA FOR GRANTS. FIRST, GRANT RECIPIENTS MUST SERVE A POPULATION WITHIN OUR 14-COUNTY CHARTER AREA. NEXT, FUNDS MUST BE USED TO SUPPORT FINANCIAL LITERACY/EDUCATION AND/OR IMPROVE THE QUALITY OF LIFE FOR THOSE IN NEED. ALL ORGANIZATIONS ARE REQUIRED TO PROVIDE FORM W-9. NON-PROFIT STATUS OF ORGANIZATIONS IS VALIDATED THROUGH PUBLICLY AVAILABLE RESOURCES SUCH AS THE NY STATE CHARITIES BUREAU, CANDID/GUIDESTAR, OR IRS PUBLICATION 78. X X 0 1 X X X X X 1 1 0 FRANK DEGRAW PRESIDENT/CEO 435648 0 85000 0 24152 0 187355 0 0 0 732155 0 0 0 ANTOINETTE LEBRON EVP/COO 233868 0 15421 0 5460 0 85945 0 0 0 340694 0 0 0 JOHANNA ROBBINS CHIEF FINANCIAL OFFICER 191032 0 0 0 19900 0 54465 0 0 0 265397 0 0 0 JERILEE BEAUDOIN CHIEF LENDING OFFICER 187946 0 10500 0 5460 0 9804 0 0 0 213710 0 0 0 PAUL KELLY CHIEF HUMAN RESOURCES OFFI 190142 0 10230 0 5460 0 7003 0 0 0 212835 0 0 0 DARRYL ENFIELD CHIEF INFORMATION OFFICER 179909 0 9780 0 5460 0 8412 0 0 0 203561 0 0 0 MICHAEL MATHUSA AVP INSURANCE & INVESTMENTS 57992 0 115064 0 0 0 21619 0 0 0 194675 0 0 0 CHRIS TANTAKIS VP MEMBER RELATIONS 153118 0 8717 0 5460 0 11783 0 0 0 179078 0 0 0 JAYANT SINGH BUSINESS LOAN OFFICER 128881 0 7555 0 5460 0 34867 0 0 0 176763 0 0 0 JASON SOLGHAN BUSINESS DEVELOPMENT ORIGI 52814 0 113620 0 0 0 8575 0 0 0 175009 0 0 0 AMBER COOLEEN CHIEF MARKETING OFFICER 149791 0 8340 0 5460 0 8896 0 0 0 172487 0 0 0 STEPHEN MCCORMICK BUSINESS LOAN OFFICER 87500 0 75092 0 0 0 7528 0 0 0 170120 0 0 0 ELOISA MARIA BEHNKE MORTGAGE ORIGINATOR 41500 0 111855 0 0 0 7746 0 0 0 161101 0 0 0 ANDREW J RUBINO MORTGAGE ORIGINATOR 41590 0 110938 0 0 0 8101 0 0 0 160629 0 0 0 PART I, LINE 1A VP OF BUSINESS SERVICES HAS ANNUAL GOLF CLUB DUES USED FOR BUSINESS RELATIONS. BOARD MEMBERS ARE NOT COMPENSATED. BOARD MEMBERS MAY ATTEND CONFERENCES. A COMPANION MAY TRAVEL WITH A BOARD MEMBER TO A CONFERENCE AND THIS IS INCLUDED IN THE BOARD MEMBER'S ANNUAL FORM 1099. PART I, LINE 1B VP OF BUSINESS SERVICES GOLF MEMBERSHIP DUES $6500. A FORM 1099-NEC WAS FILED FOR THE BOARD MEMBERS THAT HAD SUNMARK CU PAID TRAVEL FOR A COMPANION. PART I, LINES 4A-B NAME: SARAH HAMMOND, DESCRIPTION: SEVERENCE, CURRENT YEAR AMOUNT: $22,481. PLAN DESCRIPTION: SEVERENCE NAME: FRANK DEGRAW, DESCRIPTION: 457 (B) PLAN, CURRENT YEAR AMOUNT: $18,692. PLAN DESCRIPTION: 457 (B) NAME: JOHANNA ROBBINS, DESCRIPTION: 457 (B) PLAN, CURRENT YEAR AMOUNT: $15,385. PLAN DESCRIPTION: 457 (B) FORM 990, PART III, LINE 2 CANNABIS BANKING PROGRAM LAUNCHED IN 2022 PROVIDING EDUCATION AND DEPOSIT SOLUTIONS TO THESE UNDERSERVED INDIVIDUALS AND BUSINESSES WITHIN SUNMARK' S FIELD OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OF THE CREDIT UNION LIVE, WORK, GO TO SCHOOL OR WORSHIP IN THE 14 COUNTY AREA THE CREDIT UNION SERVES. THIS INCLUDES EMPLOYEES OF SELECT EMPLOYER GROUP MEMBERS AND FAMILY MEMBERS OF ELIGIBLE INDIVIDUALS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT MEMBERS OF THE ORGANIZATION'S GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B A MEMBER VOTE IS REQUIRED TO APPOINT DIRECTORS AND A SPECIAL MEETING CAN BE CALLED FOR MEMBERS TO VOTE. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WHO HAVE AUTHORITY TO ACT ON THE BEHALF OF THE GOVERNING BODY. THE SUPERVISORY COMMITTEE, HOWEVER, IS MADE UP OF FIVE (5) INDIVIDUALS APPOINTED BY THE CREDIT UNION BOARD OF DIRECTORS. THE FUNCTION OF THE COMMITTEE IS TO CONDUCT AUDITS OF THE CREDIT UNION'S FINANCIAL RECORDS AT LEAST ONCE A YEAR. THE COMMITTEE MAY ALSO PERIODICALLY REVIEW THE POLICIES, PROCEDURES AND OPERATIONS OF THE CREDIT UNION, AND MAKE RECOMMENDATIONS TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE CFO AND THE BOARD CHAIRPERSON. THEN PRESENTED TO ALL BOARD MEMBERS BEFORE BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY THE BOARD MUST ACKNOWLEDGE AND DISCLOSE ANY CONFLICT OF INTEREST PER THE CODE OF ETHICAL CONDUCT. ALL EMPLOYEES ARE REQUIRED TO READ THE ORGANIZATION'S CONFLICT OF INTEREST POLICY AND AGREE THAT THEY WILL COMPLY WITH THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT/CEO'S COMPENSATION IS DETERMINED BY THE SUNMARK CREDIT UNION'S COMPENSATION COMMITTEE BY USING A CONSULTANT, INDUSTRY-SPECIFIC COMPENSATION STUDIES, AND/OR OTHER DATA AVAILABLE IN THE PUBLIC ARENA INCLUDING PROXY STATEMENTS & OTHER FORMS 990 FOR CREDIT UNIONS OF SIMILAR SIZE. THE COMPENSATION COMMITTEE MAKES A FORMAL RECOMMENDATION TO THE BOARD OF DIRECTORS FOR FINAL APPROVAL. THE COMPENSATION COMMITTEE PROVIDES A COMPENSATION PHILOSOPHY STATEMENT WHICH IS USED TO DETERMINE EXECUTIVE LEVEL POSITIONS BASED ON THE ABOVE MENTIONED SOURCES. THE CEO IS DELEGATED THE AUTHORITY TO SET EXECUTIVE SALARIES WITHIN THIS ESTABLISHED FRAMEWORK. COMPENSATION FOR ALL OTHER KEY EMPLOYEES IS DETERMINED BY THE PRESIDENT/CEO USING UPDATED SALARY RANGES AND BENCHMARKING DATA. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES THEIR GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN OTHER COMPREHENSIVE INCOME -824,175. FORM 990, PART XII, LINE 2C: NO CHANGES FROM PRIOR YEAR HORIZON SERVICE ORGANIZATION LLC 1187 TROY SCHENECTADY ROAD LATHAM NY 12110 272298670 HOLDING COMPANY FOR SUNMARK INVESTMENT IN CUSO ENTITIES NY 460830 3537705 SUNMARK CREDIT UNION SIS INSURANCE & FINANCIAL LLC 1187 TROY SCHENECTADY ROAD LATHAM NY 12110 274601397 INSURANCE SERVICES NY 1265669 2607497 HORIZON SERVICE ORGANIZATION LLC SUNMARK CHARITABLE COMMUNITY FOUNDATION 1187 TROY SCHENECTADY ROAD LATHAM NY 12110 473713204 FINANCIAL CONTRIBUTIONS, IN-KIND SERVICES AND VOLUNTEER SUPPORT NY 501(C)(3) PF SUNMARK CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0 SUNMARK CHARITABLE COMMUNITY FOUNDATION B 50000 CHECK PAYMENT SUNMARK CHARITABLE COMMUNITY FOUNDATION O 67730 PAYROLL RECORDS