2022-11-15T15:14:32-06:00 2021-12-31 272562250 BAILEY SCARANO LLC 1224 MAIN STREET BRANFORD CT 06405 990 2021-01-01 060655039 NUTMEG STATE FINANCIAL CREDIT UNION NUTM 8605135000 500 ENTERPRISE DRIVE 4 ROCKY HILL CT 060670066 CRAIG KNELL DIRECTOR OF FINANCE 8605135000 2022-11-15 1 CRAIG KNELL 999009999 STEVEN M MOALLI CPA P01321875 2034811120 2022-11-15 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z CRAIG KNELL 500 ENTERPRISE DRIVE ROCKY HILL CT 06067 28973660 0 X WWW.NUTMEGSTATEFCU.ORG X CREDIT UNION 1936 CT TO PROVIDE MEMBERS WITH LOAN AND DEPOSIT PRODUCTS, AS WELL AS VARIOUS OTHER CREDIT UNION SERVICES. 5 5 128 0 3628509 0 0 0 25019679 28383201 603745 590459 0 0 25623424 28973660 0 0 0 0 11439723 11373402 0 0 0 15303553 13300970 26743276 24674372 -1119852 4299288 505677219 514015975 437749136 442459626 67928083 71556349 TO IMPLEMENT TECHNOLOGY TO PROVIDE AN EXCEPTIONAL MEMBER EXPERIENCE AND CREATE INNOVATIVE FINANCIAL SOLUTIONS WHILE ENSURING FINANCIAL INCLUSION. 0 0 TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERS WITH LOW INTEREST RATE LOANS AND HIGH DIVIDEND RATE SHARE ACCOUNTS 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 33 0 128 1 1 1 0 0 0 0 0 0 0 0 0 X 5 5 1 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 CT X THE ORGANIZATION 8605135000 500 ENTERPRISE DRIVE ROCKY HILL CT 06067 LUIS RAMOS BOARD CHAIRMAN 1.00 2.00 X 10677 0 0 MICHAEL PETTI BOARD VICE-CHAIRMAN 1.00 1.00 X 10616 0 0 MARYBETH BUNKO BOARD SECRETARY 1.00 1.00 X 1150 0 0 WALLACE ABRAMSON BOARD TREASURER 1.00 1.00 X 8057 0 0 RONALD BROUSSEAU BOARD MEMBER 1.00 1.00 X 2296 0 0 MICHAEL GODBOUT BOARD MEMBER 1.00 1.00 X 1782 0 0 CHARLES SABIA BOARD MEMBER 1.00 1.00 X 6036 0 0 VINCENT ANGELILLO EVP, CHIEF OF STAFF 1.00 40.00 X X 188125 0 0 JOHN HOLT PRESIDENT/CEO 1.00 40.00 X 1040100 0 0 DANA CLARK VP, CONSUMER LENDING 1.00 40.00 X 176967 0 0 AL FESTINI SVP, RISK & INFRASTRUCTURE 1.00 40.00 X 249815 0 0 CRAIG GINMAN SVP - ACCOUNTING & FINANCE 1.00 40.00 X 195500 0 0 JOHN KORBER SVP, STRATEGY & INNOVATION 1.00 40.00 X 192210 0 0 STACEY COLLINS VP, PEOPLE & CULTURE 1.00 40.00 X 157500 0 0 PHILLIP MUCHA FINANCE & ACCOUNTING PROJECT COORDINATOR 1.00 40.00 X 208000 0 0 2448831 0 0 26 0 1 0 SOURCE TECHNOLOGIES 4205B WESTINGHOUSE COMMONS CHARLOTTE NC 28273 HARDWARE 954133 HARVARD PILGRIM HEALTH CARE 93 WORCHESTER STREET WELLESLEY MA 02481 HEALTH CARE INSURANCE 951612 DALAND SOLUTIONS LLC 500 ENTERPRISE DRIVE ROCKY HILL CT 06067 IT CONSULTING 754532 PRESIDIO TECHNOLOGY CAPITAL PO BOX 74390 CHICAGO IL 606908390 IT EQUIPMENT 627729 MKS 500 ENTERPRISE 150 EAST 58TH STREET SUITE 2000 NEW YORK NY 01015 LEASED OFFICE SPACE 560236 5 INTEREST ON LOANS 522100 16450178 16450178 OTHER OPERATING INCOME 900099 8304514 8304514 UNRELATED BUSINESS INCOME 900099 3605792 3605792 UNRELATED BUSINESS INCOME 524298 22717 22717 28383201 590459 590459 28973660 24754692 3628509 590459 9328332 2045070 608455 3603289 2083503 2718502 1645096 LOAN SERVICING EXPENSES 1643586 PROFESSIONAL AND OUTSID 765861 INVESTMENT LOSSES 3445 PROVISION FOR LOAN & LE -35267 264500 24674372 2461417 3927676 1145687 1134609 355198579 366868587 21154188 10768634 11304938 10385554 127922239 120350166 1970000 1970000 5674359 9379383 505677219 514015975 7398291 8494033 430350845 433965593 437749136 442459626 X 0 0 0 0 67928083 71556349 67928083 71556349 505677219 514015975 4299288 -671022 0 X 0 1 X 1 0 1567900 1567900 7120235 3944551 3175684 1324675 733344 591331 10994906 6090739 4904167 146472 146472 10385554 NCUSIF DEPOSIT 4478484 C CERTIFICATES OF DEPOSIT 400000 C FEDERAL AGENCY SECURITIES 51102504 F FHLB INVESTMENTS 359700 C MORTGAGE BACKED SECURITIES 1709858 F FEDERAL RESERVE BANK 38703652 C EQUITY SECURITIES 18672164 F FHLB IDEAL WAY 3732665 C DEPOSITS AND CAPITAL IN CU'S 1191139 C 120350166 MEMBER SHARES 433965593 433965593 X 28973660 0 28973660 0 28973660 24674372 0 24674372 0 24674372 PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL TAXES UNDER THE PROVISIONS OR THE INTERNAL REVENUE CODE AND STATE TAX LAWS. HOWEVER, THE CREDIT UNION IS SUBJECT TO UNRELATED BUSINESS INCOME TAX. THE INCOME TAX TOPIC OF FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE 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 A "MORE LIKELY THAN NOT" STANDARD FOR SUSTAINABILITY ON EXAMINATION BY TAX AUTHORITIES. MANAGEMENT HAS DETERMINED THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. THE INCOME FROM THE CREDIT UNION'S WHOLLY OWNED CUSO(S), IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. X 1 1 X X X 0 1 0 JOHN HOLT PRESIDENT/CEO 710000 0 80100 0 250000 0 0 0 0 0 1040100 0 0 0 AL FESTINI SVP, RISK & INFRASTRUCTURE 203935 0 45880 0 0 0 0 0 0 0 249815 0 0 0 PHILLIP MUCHA FINANCE & ACCOUNTING PROJECT COORDIN 208000 0 0 0 0 0 0 0 0 0 208000 0 0 0 CRAIG GINMAN SVP - ACCOUNTING & FINANCE 180200 0 15300 0 0 0 0 0 0 0 195500 0 0 0 JOHN KORBER SVP, STRATEGY & INNOVATION 180600 0 11610 0 0 0 0 0 0 0 192210 0 0 0 VINCENT ANGELILLO EVP, CHIEF OF STAFF 180250 0 7875 0 0 0 0 0 0 0 188125 0 0 0 DANA CLARK VP, CONSUMER LENDING 167832 0 9135 0 0 0 0 0 0 0 176967 0 0 0 STACEY COLLINS VP, PEOPLE & CULTURE 157500 0 0 0 0 0 0 0 0 0 157500 0 0 0 PART I, LINE 3 CEO HAS EMPLOYMENT CONTRACT THAT IS APPROVED BY THE BOARD WORKING WITH OUTSIDE CONSULTANTS. PART I, LINE 4B JOHN HOLT, CEO - $250,000 FORM 990, PART VI, SECTION A, LINE 2 MARYBETH BUNKO (DAUGHTER AND SUPERVISORY COMMITTEE CHAIRPERSON) AND WALLY ABRAMSON (FATHER AND TREAURER/BOARD OF DIRECTOR) ARE RELATED FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OF THE CREDIT UNION CONSIST OF INIDIVIDUALS AND BUSINESSES MAINTAINING DEPOSIT REQUIREMENTS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS IN GOOD STANDING MAY VOTE FOR DIRECTORS AS THEIR TERMS EXPIRE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS APPROVE DECISIONS OF THE GOVERNING BOARD IN ACCORDANCE WITH THE CREDIT UNION BY-LAWS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED WITH THE CEO AND CHAIRMAN OF THE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT ON INTEREST POLICY IS REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS FORM 990, PART VI, SECTION B, LINE 15 OUTSIDE CONSULTANTS ANNUALLY REVIEW PRESIDENT'S/CEO'S COMPENSATION WITH THE BOARD OF DIRECTORS. CEO WORKS WITH A THIRD PARTY TO REVIEW ANNUAL COMPENSATION SURVEYS FOR SENIOR MANAGEMENT. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES ALL GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FINANCIAL STATEMENTS ARE POSTED FOR VIEWING IN ALL BRANCH LOCATIONS. DALAND LLC 520 CROMWELL AVE ROCKY HILL CT 06067 830753519 CU CONSULTING SERVICES CT 3373793 7222814 NUTMEG STATE FCU MOTOR VEHICLE EXPRESS LLC 520 CROMWELL AVE ROCKY HILL CT 06067 830772098 PROVIDE CT DMV SERVICES CT 231999 560047 NUTMEG STATE FCU NUTMEG STATE INSURANCE BENEFITS LLC 520 CROMWELL AVE ROCKY HILL CT 06067 203848012 SALE OF INSURANCE PRODUCTS CT 22717 258828 NUTMEG STATE FCU