2022-11-15T13:08:25-06:00 2021-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2021-01-01 060701899 MUTUAL SECURITY CREDIT UNION INC MUTU 2034027434 12 PROGRESS DRIVE SHELTON CT 06484 STEPHEN OSOWIECKI CFO 2034027409 2022-11-15 1 STEPHEN OSOWIECKI 999009999 JENIFER L CHASE P01306883 5638884000 2022-11-15 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z HENRY T BAUM 12 PROGRESS DRIVE SHELTON CT 06484 14669982 0 X MSCU.NET X 2001 CT 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 5 5 80 8 85724 0 0 0 15034862 14470329 157625 198213 0 1148 15192487 14669690 6000 8004 1761920 619368 5777934 5873164 0 0 0 6449888 5932631 13995742 12433167 1196745 2236523 335855430 354262560 310955926 327206899 24899504 27055661 WE ARE A FINANCIAL COOPERATIVE THAT ELEVATES AND SECURES THE STANDARDS OF WELL-BEING WITHIN THE COMMUNITIES THAT WE SERVE. 0 0 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. MSCU OFFERS MEMBERS OUR VISA CREDIT CARDS AND VISA CHECK CARD (DEBIT CARD). NEW VISA ACCOUNTS ISSUED IN 2021 = 492. MSCU OFFERS MEMBERS OUR VARIOUS CHECKING ACCOUNT PROGRAMS. NEW CHECKING ACCOUNTS OPENED IN 2021 = 384. 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 0 0 0 0 0 0 0 0 0 0 0 0 0 1 7902 0 1 80 1 1 1 0 0 0 0 0 0 0 X 5 5 0 0 1 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 X STEPHEN J OSOWIECKI 2034027434 12 PROGRESS DRIVE SHELTON CT 06484 ROBERT J BASTA DIRECTOR 5.00 X 0 0 0 BRUCE M LIKELY CHAIR 5.00 X X 0 0 0 ROBERT MARAGES VICE CHAIR 5.00 X X 0 0 0 ROBERT LUBUS SECRETARY 5.00 X X 0 0 0 KEN DECKER TREASURER 5.00 X X 0 0 0 HENRY BAUM CEO 45.00 X 236085 0 39830 STEPHEN OSOWIECKI CFO 45.00 X 170981 0 37762 MICHAEL AUGUSTI VP SALES AND MARKETING 45.00 X 142744 0 16746 ANN NANKERVIS VP HR AND COMPLIANCE 45.00 X 138244 0 14255 MARIA LAZOR DIRECTOR OF OPERATIONS 45.00 X 109196 0 33989 JEFFREY TRACEY VP LENDING 45.00 X 127333 0 21458 CHRIS HORVATH IT MANAGER 45.00 X 106671 0 6787 1031254 0 170827 8 0 1 0 JACK HENRY & ASSOC INC PO BOX 609 MONETT MO 65708 CORE COMPUTER SYSTEM & MAIN 544946 PRESIDIO PO BOX 677638 DALLAS TX 72567 HARDWARE & SOFTWARE SUPPORT 510192 AT&T PO BOX 5019 CAROL STREAM IL 60197 PHONE/DATA LINES/EQUIP 229696 NXG STRATEGIES LLC 830 CRESCENT CENTRE DR STE 180 FRANKLIN TN 37067 CHECKING ACCOUNT IDENTITY THEFT & PERKS 127054 4 INTEREST INCOME 522100 10455960 10455960 FEES AND CHARGES 522100 2654782 2637816 16966 VISA FEE INCOME 522100 679003 679003 MISC. OPERATING INCOME 522100 466722 397964 68758 MORTGAGE FEE INCOME 522100 213862 213862 14470329 169080 169080 29425 0 292 29425 -292 29133 29133 OTHER REVENUE 522100 1148 1148 1148 14669690 14384605 85724 199361 8004 619368 484658 4166184 122918 755312 344092 54045 10720 59100 153168 1218586 1184640 639570 7525 59519 278820 691491 84496 LOAN SERVICING 979197 PROVISION FOR LOAN LOSS 458330 DUES 35004 EXAM FEES 18420 12433167 21417058 39240934 2979000 2483867 285866080 270288039 677552 783270 11568988 6235188 5704648 5333800 10148553 25618643 9062539 10514007 335855430 354262560 161826 511384 1989638 1911324 308804462 324784191 310955926 327206899 X 0 0 0 0 24899504 27055661 24899504 27055661 335855430 354262560 X 2236523 -178360 97994 X X 0 0 0 0 1 X 2405307 2405307 2359250 710549 1648701 1342685 1154059 188626 5461746 4370580 1091166 5333800 LONG TERM INVESTMENTS 25618643 F 25618643 SHARES ON DEPOSIT 307756686 OTHER LIABILITIES 17027505 324784191 PART IV, LINE 2B: 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. 1 SCHOLARSHIPS FOR COLLEGE 8 8004 0 APPLICANT SUBMITS ESSAY N/A PART I, LINE 2: CHECKS ARE MADE PAYABLE TO THE STUDENT AND COLLEGE THEY ARE ATTENDING. X X 0 0 0 HENRY BAUM CEO 236085 0 0 0 0 0 7933 0 31897 0 275915 0 0 0 STEPHEN OSOWIECKI CFO 170981 0 0 0 0 0 5865 0 31897 0 208743 0 0 0 MICHAEL AUGUSTI VP SALES AND MARKETING 142744 0 0 0 0 0 4713 0 12033 0 159490 0 0 0 ANN NANKERVIS VP HR AND COMPLIANCE 138244 0 0 0 0 0 4303 0 9953 0 152500 0 0 0 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.