MUTUAL SECURITY CREDIT UNION INC: Form 990, tax year 2021
View the entire original 990 at ProPublica ↗
- Organization
- MUTUAL SECURITY CREDIT UNION INC (EIN 06-0701899)
- Tax period
- 2021-01-01 to 2021-12-31
- Filed
- 2022-11-15
- IRS object ID
- 202223199349314277
- Schema version
- 2021v4.2
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2022-11-15T13:08:25-06:00 | ReturnTs |
| Tax Period End | 2021-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 420714325 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RSM US LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4650 EAST 53RD STREET | AddressLine1Txt |
| City | DAVENPORT | CityNm |
| State Abbreviation | IA | StateAbbreviationCd |
| ZIP | 528073479 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2021-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 060701899 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MUTUAL SECURITY CREDIT UNION INC | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | MUTU | BusinessNameControlTxt |
| Phone | 2034027434 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 12 PROGRESS DRIVE | AddressLine1Txt |
| City | SHELTON | CityNm |
| State Abbreviation | CT | StateAbbreviationCd |
| ZIP | 06484 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | STEPHEN OSOWIECKI | PersonNm |
| Person Title | CFO | PersonTitleTxt |
| Phone | 2034027409 | PhoneNum |
| Signature | 2022-11-15 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | STEPHEN | PersonFirstNm |
| Person Last | OSOWIECKI | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | JENIFER L CHASE | PreparerPersonNm |
| PTIN | P01306883 | PTIN |
| Phone | 5638884000 | PhoneNum |
| Preparation | 2022-11-15 | PreparationDt |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 3 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2021 | TaxYr |
| Build TS | 2022-09-23 18:48:47Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | HENRY T BAUM | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 12 PROGRESS DRIVE | AddressLine1Txt |
| City | SHELTON | CityNm |
| State Abbreviation | CT | StateAbbreviationCd |
| ZIP | 06484 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $14,669,982 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | MSCU.NET | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 2001 | FormationYr |
| Legal Domicile State | CT | LegalDomicileStateCd |
| Activity Or Mission | THE MISSION OF MUTUAL SECURITY CREDIT UNION (MSCU) IS TO PROMOTE THE ECONOMIC WELL BEING OF ITS 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. MSCU OFFERS MEMBERS VARIOUS CONSUMER LOAN PRODUCTS (PERSONAL, AUTO, 1ST & 2ND MORTGAGES, HOME EQUITY LINES OF CREDIT, SMART ENERGY LOANS, VISA CREDIT CARDS).MSCU ALSO OFFERS MEMBERS VISA CHECK/DEBIT CARDS AS WELL AS VARIOUS SAVINGS, CERTIFICATES & CHECKING ACCOUNTS | ActivityOrMissionDesc |
| Voting Members Governing Body | 5 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 5 | VotingMembersIndependentCnt |
| Total Employee | 80 | TotalEmployeeCnt |
| Total Volunteers | 8 | TotalVolunteersCnt |
| Total Gross UBI | $85,724 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $15,034,862 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $14,470,329 | CYProgramServiceRevenueAmt |
| PY Investment Income | $157,625 | PYInvestmentIncomeAmt |
| CY Investment Income | $198,213 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $1,148 | CYOtherRevenueAmt |
| PY Total Revenue | $15,192,487 | PYTotalRevenueAmt |
| CY Total Revenue | $14,669,690 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $6,000 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $8,004 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $1,761,920 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $619,368 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $5,777,934 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $5,873,164 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $6,449,888 | PYOtherExpensesAmt |
| CY Other Expenses | $5,932,631 | CYOtherExpensesAmt |
| PY Total Expenses | $13,995,742 | PYTotalExpensesAmt |
| CY Total Expenses | $12,433,167 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $1,196,745 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $2,236,523 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $335,855,430 | TotalAssetsBOYAmt |
| Total Assets EOY | $354,262,560 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $310,955,926 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $327,206,899 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $24,899,504 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $27,055,661 | NetAssetsOrFundBalancesEOYAmt |
| Mission | WE ARE A FINANCIAL COOPERATIVE THAT ELEVATES AND SECURES THE STANDARDS OF WELL-BEING WITHIN THE COMMUNITIES THAT WE SERVE. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | MSCU 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 2021: PERSONAL LOANS = 313, NEW & USED AUTO LOANS = 1,494, 1ST, 2ND & HELOCS = 178, SMART ENERGY LOANS = 95. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MSCU OFFERS MEMBERS OUR VISA CREDIT CARDS AND VISA CHECK CARD (DEBIT CARD). NEW VISA ACCOUNTS ISSUED IN 2021 = 492. | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MSCU OFFERS MEMBERS OUR VARIOUS CHECKING ACCOUNT PROGRAMS. NEW CHECKING ACCOUNTS OPENED IN 2021 = 384. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | Yes (1) | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | Yes (1) | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | 0 | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | Yes (1) | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 7902 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 80 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 5 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 5 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | Yes (1) | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | 0 | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | STEPHEN J OSOWIECKI | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 2034027434 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 12 PROGRESS DRIVE | AddressLine1Txt |
| City | SHELTON | CityNm |
| State Abbreviation | CT | StateAbbreviationCd |
| ZIP | 06484 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (12 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|
| ROBERT J BASTA | |||||||
| DIRECTOR | 5.00 | Yes (X) | $0 | $0 | $0 | ||
| BRUCE M LIKELY | |||||||
| CHAIR | 5.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | |
| ROBERT MARAGES | |||||||
| VICE CHAIR | 5.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | |
| ROBERT LUBUS | |||||||
| SECRETARY | 5.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | |
| KEN DECKER | |||||||
| TREASURER | 5.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | |
| HENRY BAUM | |||||||
| CEO | 45.00 | $236,085 | $0 | $39,830 | Yes (X) | ||
| STEPHEN OSOWIECKI | |||||||
| CFO | 45.00 | $170,981 | $0 | $37,762 | Yes (X) | ||
| MICHAEL AUGUSTI | |||||||
| VP SALES AND MARKETING | 45.00 | $142,744 | $0 | $16,746 | Yes (X) | ||
| ANN NANKERVIS | |||||||
| VP HR AND COMPLIANCE | 45.00 | $138,244 | $0 | $14,255 | Yes (X) | ||
| MARIA LAZOR | |||||||
| DIRECTOR OF OPERATIONS | 45.00 | $109,196 | $0 | $33,989 | Yes (X) | ||
| JEFFREY TRACEY | |||||||
| VP LENDING | 45.00 | $127,333 | $0 | $21,458 | Yes (X) | ||
| CHRIS HORVATH | |||||||
| IT MANAGER | 45.00 | $106,671 | $0 | $6,787 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,031,254 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $170,827 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 8 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (4 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| JACK HENRY & ASSOC INC | |||||
| PO BOX 609 | MONETT | MO | 65708 | CORE COMPUTER SYSTEM & MAIN | $544,946 |
| PRESIDIO | |||||
| PO BOX 677638 | DALLAS | TX | 72567 | HARDWARE & SOFTWARE SUPPORT | $510,192 |
| AT&T | |||||
| PO BOX 5019 | CAROL STREAM | IL | 60197 | PHONE/DATA LINES/EQUIP | $229,696 |
| NXG STRATEGIES LLC | |||||
| 830 CRESCENT CENTRE DR STE 180 | FRANKLIN | TN | 37067 | CHECKING ACCOUNT IDENTITY THEFT & PERKS | $127,054 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 4 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (5 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| INTEREST INCOME | 522100 | $10,455,960 | $10,455,960 | |
| FEES AND CHARGES | 522100 | $2,654,782 | $2,637,816 | $16,966 |
| VISA FEE INCOME | 522100 | $679,003 | $679,003 | |
| MISC. OPERATING INCOME | 522100 | $466,722 | $397,964 | $68,758 |
| MORTGAGE FEE INCOME | 522100 | $213,862 | $213,862 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $14,470,329 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $169,080 | TotalRevenueColumnAmt |
| Exclusion | $169,080 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $29,425 | SecuritiesAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $0 | SecuritiesAmt |
| Other | $292 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $29,425 | SecuritiesAmt |
| Other | -$292 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $29,133 | TotalRevenueColumnAmt |
| Exclusion | $29,133 | ExclusionAmt |
Other Revenue Misc OtherRevenueMiscGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | OTHER REVENUE | Desc |
| Business | 522100 | BusinessCd |
| Total Revenue Column | $1,148 | TotalRevenueColumnAmt |
| Exclusion | $1,148 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $1,148 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $14,669,690 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $14,384,605 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $85,724 | UnrelatedBusinessRevenueAmt |
| Exclusion | $199,361 | ExclusionAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $8,004 | TotalAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $619,368 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $484,658 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,166,184 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $122,918 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $755,312 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $344,092 | TotalAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $54,045 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $10,720 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $59,100 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $153,168 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,218,586 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,184,640 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $639,570 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,525 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $59,519 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $278,820 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $691,491 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $84,496 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| LOAN SERVICING | $979,197 |
| PROVISION FOR LOAN LOSS | $458,330 |
| DUES | $35,004 |
| EXAM FEES | $18,420 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $12,433,167 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $21,417,058 | BOYAmt |
| EOY | $39,240,934 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,979,000 | BOYAmt |
| EOY | $2,483,867 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $285,866,080 | BOYAmt |
| EOY | $270,288,039 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $677,552 | BOYAmt |
| EOY | $783,270 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $11,568,988 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $6,235,188 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $5,704,648 | BOYAmt |
| EOY | $5,333,800 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,148,553 | BOYAmt |
| EOY | $25,618,643 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $9,062,539 | BOYAmt |
| EOY | $10,514,007 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $335,855,430 | BOYAmt |
| EOY | $354,262,560 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $161,826 | BOYAmt |
| EOY | $511,384 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,989,638 | BOYAmt |
| EOY | $1,911,324 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $308,804,462 | BOYAmt |
| EOY | $324,784,191 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $310,955,926 | BOYAmt |
| EOY | $327,206,899 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $24,899,504 | BOYAmt |
| EOY | $27,055,661 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $24,899,504 | BOYAmt |
| EOY | $27,055,661 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $335,855,430 | BOYAmt |
| EOY | $354,262,560 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $2,236,523 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$178,360 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $97,994 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | 0 | FSAuditedInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Agent Trustee Etc | 0 | AgentTrusteeEtcInd |
| Incl Escrow Custodial Acct Liab | Yes (1) | InclEscrowCustodialAcctLiabInd |
| Explanation Provided | Yes (X) | ExplanationProvidedInd |
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,405,307 | OtherCostOrOtherBasisAmt |
| Book Value | $2,405,307 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,359,250 | OtherCostOrOtherBasisAmt |
| Depreciation | $710,549 | DepreciationAmt |
| Book Value | $1,648,701 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,342,685 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,154,059 | DepreciationAmt |
| Book Value | $188,626 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $5,461,746 | OtherCostOrOtherBasisAmt |
| Depreciation | $4,370,580 | DepreciationAmt |
| Book Value | $1,091,166 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $5,333,800 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | LONG TERM INVESTMENTS | Desc |
| Book Value | $25,618,643 | BookValueAmt |
| Method Valuation | F | MethodValuationCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $25,618,643 | TotalBookValueSecuritiesAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| SHARES ON DEPOSIT | $307,756,686 |
| OTHER LIABILITIES | $17,027,505 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $324,784,191 | TotalLiabilityAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART IV, LINE 2B: | FormAndLineReferenceDesc |
| Explanation | MSCU HAS ESCROW ACCOUNTS FOR MEMBERS WITH FIRST MORTGAGE LOANS. THEIR FUNDS ACCUMULATE MONTHLY AND WHEN DUE, MSCU PAYS THEIR TOWN/CITY PROPERTY TAXES AND INSURANCE ON THEIR BEHALF. | ExplanationTxt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Type | SCHOLARSHIPS FOR COLLEGE | GrantTypeTxt |
| Recipient | 8 | RecipientCnt |
| Cash Grant | $8,004 | CashGrantAmt |
| Non Cash Assistance | $0 | NonCashAssistanceAmt |
| Valuation Method Used | APPLICANT SUBMITS ESSAY | ValuationMethodUsedDesc |
| Non Cash Assistance | N/A | NonCashAssistanceDesc |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | CHECKS ARE MADE PAYABLE TO THE STUDENT AND COLLEGE THEY ARE ATTENDING. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (4 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HENRY BAUM | ||||||||||||||
| CEO | $236,085 | $0 | $0 | $0 | $0 | $0 | $7,933 | $0 | $31,897 | $0 | $275,915 | $0 | $0 | $0 |
| STEPHEN OSOWIECKI | ||||||||||||||
| CFO | $170,981 | $0 | $0 | $0 | $0 | $0 | $5,865 | $0 | $31,897 | $0 | $208,743 | $0 | $0 | $0 |
| MICHAEL AUGUSTI | ||||||||||||||
| VP SALES AND MARKETING | $142,744 | $0 | $0 | $0 | $0 | $0 | $4,713 | $0 | $12,033 | $0 | $159,490 | $0 | $0 | $0 |
| ANN NANKERVIS | ||||||||||||||
| VP HR AND COMPLIANCE | $138,244 | $0 | $0 | $0 | $0 | $0 | $4,303 | $0 | $9,953 | $0 | $152,500 | $0 | $0 | $0 |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (11 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI | THE CFO WILL REVIEW FORM 990 PRIOR TO ITS FILING. ONCE FILED IT WILL BE PRESENTED TO THE BOARD OF DIRECTORS AT A SUBSEQUENT MONTHLY MEETING. |
| FORM 990, PART VI, SECTION A, LINE 4 | THE BYLAWS THAT WERE IN PLACE WERE OVER 50 YEARS OLD. MANAGEMENT TOOK THE TIME TO UPDATE AND MODERNIZE THE BYLAWS TO REMAIN IN COMPLIANCE WITH CURRENT BANKING LAWS AND REGULATIONS. |
| FORM 990, PART VI, SECTION A, LINE 6 | THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. |
| FORM 990, PART VI, SECTION A, LINE 7A | MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. |
| 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. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE CHAIRMAN, AND VICE-CHAIRMAN OR TREASURER OF THE BOARD OF DIRECTORS WILL REVIEW FORM 990 PRIOR TO ITS FILING. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE CREDIT UNION POLICY HAS GUIDELINES FOR VARIOUS TRANSACTIONS TO ENSURE THAT OUR BUSINESS ACTIVITIES ARE PERFORMED IN COMPLIANCE WITH THE SATE OF CT STATUTES. SEGREGATION OF DUTIES IS MANAGED TO ENSURE THAT SYSTEM TRANSACTIONS ARE IN COMPLIANCE WITH THE POLICY. OUTSIDE OF OUR CORE SYSTEM, OTHER AUTHORIZATIONS TO PERFORM HIGH LEVEL FUNCTIONS ARE ASSIGNED UNDER DUAL APPROVAL WITHIN POLICY LIMITS. BOARD APPROVAL IS RECEIVED WHEN NECESSARY FOR THOSE TRANSACTIONS AS STATED IN THE POLICY. |
| FORM 990, PART VI, SECTION B, LINE 15A | SALARY AND JOB DESCRIPTION DATA IS OBTAINED FROM A CONSULTANT GROUP HR PERFORMANCE SOLUTIONS' SOFTWARE COMPEASE, WHOSE DATA INCLUDES SALARY RANGES. CEO SALARY IS APPROVED BY THE BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION C, LINE 19 | FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). |
| FORM 990, PART XI, LINE 9: | EQUITY ACQUIRED IN MERGER 97,994. |
| 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. |