2022-02-15T13:17:05-06:00 2020-12-31 232108173 RKL LLP 1330 BROADCASTING ROAD WYOMISSING PA 196106008 990 2020-01-01 231357086 TRUMARK FINANCIAL CREDIT UNION TRUM 2159535300 335 COMMERCE DRIVE FORT WASHINGTON PA 19034 VINCENT MARKET EVP/CFO 2159535300 2022-02-15 1 VINCENT MARKET 999009999 RUTHANN J WOLL CPA P00647342 6103761595 2022-02-15 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z RICHARD STIPA 335 COMMERCE DRIVE FORT WASHINGTON PA 19034 109196085 0 X WWW.TRUMARKONLINE.ORG X 1939 PA SEE SCHEDULE O FOR COMPLETE MISSION STATEMENT. 10 10 484 13 146882 0 0 0 92472794 82080462 13265195 10459850 10780522 16655773 116518511 109196085 0 0 0 0 34603624 36419110 0 0 0 60987239 55323075 95590863 91742185 20927648 17453900 2366485184 2595592512 2114127084 2319206155 252358100 276386357 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. 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 120952 0 1 484 1 1 1 0 0 0 0 0 1 0 X 10 10 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 HUGH T BRAY VICE PRESIDENT 4.00 X 23494 0 0 DAVID A RUFIBACH DIRECTOR 4.00 X 25397 0 0 JOSEPH J BILY DIRECTOR 4.00 X 25735 0 0 R TERENCE BRUNT SECRETARY 4.00 X 26921 0 85 WAYNE J GOODWIN TREASURER 4.00 X 32171 0 0 LEONARD V DOUGHTY III PRESIDENT 4.00 X 28954 0 85 DANIEL DILLARD DIRECTOR 4.00 X 25085 0 0 JAMES DEBOW DIRECTOR 4.00 X 27656 0 169 KATHLEEN L WELLS DIRECTOR 4.00 X 28037 0 0 JOSEPH CIARANCA DIRECTOR 4.00 X 22612 0 0 RICHARD F STIPA CEO 40.00 X 1130104 0 953390 VINCENT J MARKET EVP 40.00 X 378242 0 434860 ELIZABETH KASPERN SVP 40.00 X 267646 0 27657 STEVEN OLSON SVP 40.00 X 269365 0 24130 PATRICK O'HALLORAN SVP 40.00 X 294762 0 51125 KELLY M BOTTI SVP 40.00 X 262698 0 52820 KAREN SWEENEY SVP 40.00 X 238920 0 23653 GERARD DEVITA 1ST VP 40.00 X 277441 0 15271 TUAN LE AVP 40.00 X 196629 0 19418 CHRISTOPHER LOCKETT MTG. ORIGINATOR 40.00 X 190468 0 10329 MICHAEL RAPP MTG. ORIGINATOR 40.00 X 183543 0 16269 MATTHEW ROEDELL VP 40.00 X 175892 0 23907 4131772 0 1653168 64 0 1 0 PSCU FINANCIAL SERVICES PO BOX 31216 TAMPA FL 22521 CREDIT CARD NETWORK 1579905 FISERV INC PO BOX 934057 ATLANTA GA 31193 ONLINE BANKING SOFTWARE 1160365 PENNTEX CONSTRUCTION 640 SENTRY PARKWAY SUITE 101 BLUE BELL PA 19422 GENERAL CONTRACTOR 1145259 VISA USA PO BOX 742233 LOS ANGELES CA 90074 CREDIT CARD SERVICER 1022458 ARBIL ENTERPRISES INC 12285 MCNULTY ROAD-BAY 101 PHILADELPHIA PA 19154 MARKETING SERVICES 804956 48 INCOME ON LOANS 522100 64323797 64323797 FEES AND CHARGES 522100 17609783 17609783 UNRELATED BUSINESS INCOME 900099 146882 146882 82080462 9926201 9926201 533649 0 533649 533649 533649 MISCELLANEOUS REVENUE 522100 9107409 9107409 GAIN ON SALE OF LOANS 522100 7548364 7548364 16655773 109196085 109049203 146882 0 3034647 26735309 965675 3814495 1868984 630654 989362 1487215 1922843 2342960 2196855 5996233 599855 19916004 3932467 307300 VISA SERVICE FEES 4418383 COLLECTIONS AND LOAN SE 4413156 PROVISION FOR LOAN LOSS 2923000 NON OPERATING EXPENSE 901674 2345114 91742185 6365679 6710245 223180991 403925520 610042 1081678 1616403284 1544767446 3887458 4082457 65433185 28797786 35071916 36635399 403062271 505242809 6546908 10576465 2800657 2235326 68555978 80335167 2366485184 2595592512 25853360 27339951 11609781 11092161 98652671 71165690 1978011272 2209608353 2114127084 2319206155 X 0 0 0 0 252358100 276386357 252358100 276386357 2366485184 2595592512 X 17453900 7123429 -549072 X X 0 1 X 1 0 0 1 X 2235000 2235000 20713660 1636215 19077445 21792984 13186293 8606691 17560570 13552785 4007785 3130971 422493 2708478 36635399 SHARE DRAFT 423335229 SHARES 717771960 MONEY MARKET ACCOUNTS 401406074 IRA SHARES 33858013 CERTIFICATES 633237077 2209608353 X 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 THE 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. PART X, LINE 2 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 128,000 MEMBERS WITHIN ITS FIELD OF MEMBERSHIP AS DEFINED BY THE CREDIT UNION'S CHARTER AND BYLAWS. 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 (UBI) 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 ACCOMOPANYING CONSOLIDATED FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2019, 2018, AND 2017 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE INTERNAL REVENUE SERVICE (IRS). THE FILING YEARS ARE 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. X X 1 1 X X X 0 1 0 RICHARD F STIPA CEO 751946 0 378158 0 0 0 900000 0 53390 0 2083494 0 0 0 VINCENT J MARKET EVP 357838 0 20404 0 0 0 384000 0 50860 0 813102 0 0 0 ELIZABETH KASPERN SVP 253474 0 14172 0 0 0 0 0 27657 0 295303 0 0 0 STEVEN OLSON SVP 254764 0 14601 0 0 0 0 0 24130 0 293495 0 0 0 PATRICK O'HALLORAN SVP 278589 0 16173 0 0 0 0 0 51125 0 345887 0 0 0 KELLY M BOTTI SVP 248140 0 14558 0 0 0 0 0 52820 0 315518 0 0 0 KAREN SWEENEY SVP 225920 0 13000 0 0 0 0 0 23653 0 262573 0 0 0 GERARD DEVITA 1ST VP 262683 0 14758 0 0 0 0 0 15271 0 292712 0 0 0 TUAN LE AVP 36000 0 160629 0 0 0 0 0 19418 0 216047 0 0 0 CHRISTOPHER LOCKETT MTG. ORIGINATOR 45457 0 145011 0 0 0 0 0 10329 0 200797 0 0 0 MICHAEL RAPP MTG. ORIGINATOR 43731 0 139812 0 0 0 0 0 16269 0 199812 0 0 0 MATTHEW ROEDELL VP 167334 0 8558 0 0 0 0 0 23907 0 199799 0 0 0 PART I, LINE 4B RICHARD F. STIPA, CEP AND VINCENT J. MARKET, EVP/CFO PARTICIPATE IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN, HOWEVER, NO PAYMENTS WERE MADE FROM THIS PLAN IN 2020. THE CREDIT UNION ACCRUED $900,000 AND 384,000 TOWARD THE BENEFIT LIABILITY TO THE CEO AND EVP/CEO, RESPECTIVELY 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. THE CREDIT UNION SERVES APPROXIMATELY 128,000 MEMBERS WITHIN ITS FIELD OF MEMBERSHIP AS DEFINED BY THE CREDIT UNION'S CHARTER AND BYLAWS. 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. THE CREDIT UNION SERVES APPROXIMATELY 128,000 MEMBERS WITHIN ITS FIELD OF MEMBERSHIP AS DEFINED BY THE CREDIT UNION'S CHARTER AND BYLAWS. 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 128,000 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 TEN 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: RECLASSIFICATION ADJUSTMENT FOR NET INVESTMENT LOSSES -533,649. AMORTIZATION OF UNREALIZED GAIN FROM TRANSFER OF AFS TO HTM -16,467. EQUITY AQUIRED THROUGH MERGER 1,044. 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 530976 2838420 TRUMARK FINANCIAL CREDIT UNION LSOP 3 PA 2 LLC 335 COMMERCE DR FORT WASHINGTON PA 19034 814647573 REAL ESTATE HOLDING COMPANY PA C 1955860 20170329 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0