MUNICIPAL CREDIT UNION: Form 990, tax year 2019
View the entire original 990 at ProPublica ↗
- Organization
- MUNICIPAL CREDIT UNION (EIN 13-5261470)
- Tax period
- 2019-01-01 to 2019-12-31
- Filed
- 2020-11-16
- IRS object ID
- 202013219349316246
- Schema version
- 2019v5.1
- 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 | 2020-11-16T15:21:54-06:00 | ReturnTs |
| Tax Period End | 2019-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BDO USA LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 330 N Wabash Suite 3200 | AddressLine1Txt |
| City | CHICAGO | CityNm |
| State Abbreviation | IL | StateAbbreviationCd |
| ZIP | 60611 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2019-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 135261470 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Municipal Credit Union | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| In Care Of | % JANE E DOBBS | InCareOfNm |
| Business Name Control | MUNI | BusinessNameControlTxt |
| Phone | 2122383334 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 22 Cortlandt St 26th Flr | AddressLine1Txt |
| City | New York | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10007 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | JANE E DOBBS | PersonNm |
| Person Title | CEO | PersonTitleTxt |
| Phone | 2122383334 | PhoneNum |
| Signature | 2020-11-15 | SignatureDt |
| Discuss With Paid Preparer | Yes (true) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | Jacob Cook | PreparerPersonNm |
| PTIN | P01240455 | PTIN |
| Phone | 3128569100 | PhoneNum |
Filing Security Information FilingSecurityInformation
IP Address IPAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| I Pv4 Address | 174.82.231.237 | IPv4AddressTxt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Federal Original Submission Id | 36189620203215000135 | FederalOriginalSubmissionId |
| Federal Original Submission Id | 2020-11-16 | FederalOriginalSubmissionIdDt |
| Filing License Type | P | FilingLicenseTypeCd |
| At Submission Creation Device Id | 5A87CDB628F42FEBEB468B67B291677CC8A0A888 | AtSubmissionCreationDeviceId |
| At Submission Filing Device Id | AAA3540577B3B617C177EF20D3BFFC53CE7B5F7A | AtSubmissionFilingDeviceId |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2019 | TaxYr |
| Build TS | 2022-01-07 14:23:13Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | JANE E DOBBS | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 22 Cortlandt St 26th Flr | AddressLine1Txt |
| City | New York | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10007 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $218,495,095 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | www.nymcu.org | WebsiteAddressTxt |
| Formation | 1916 | FormationYr |
| Legal Domicile State | NY | LegalDomicileStateCd |
| Activity Or Mission | TO BUILD LIFETIME FINANCIAL RELATIONSHIPS WITH EACH MEMBER, PROVIDING COMPETITIVE PRODUCTS AND EXCELLENT SERVICES. | ActivityOrMissionDesc |
| Voting Members Governing Body | 5 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 5 | VotingMembersIndependentCnt |
| Total Employee | 846 | TotalEmployeeCnt |
| Total Volunteers | 5 | TotalVolunteersCnt |
| Total Gross UBI | $5,160,217 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $1,162,536 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $185,345,642 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $207,994,673 | CYProgramServiceRevenueAmt |
| PY Investment Income | $12,871,423 | PYInvestmentIncomeAmt |
| CY Investment Income | $10,500,422 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $198,217,065 | PYTotalRevenueAmt |
| CY Total Revenue | $218,495,095 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $71,000 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $82,799,594 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $162,226,573 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $104,019,086 | PYOtherExpensesAmt |
| CY Other Expenses | $138,999,967 | CYOtherExpensesAmt |
| PY Total Expenses | $186,889,680 | PYTotalExpensesAmt |
| CY Total Expenses | $301,226,540 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $11,327,385 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | -$82,731,445 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $2,863,182,574 | TotalAssetsBOYAmt |
| Total Assets EOY | $3,052,270,675 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $2,753,495,301 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $2,907,293,046 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $109,687,273 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $144,977,629 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | To build lifetime financial relationships with each member, providing competitive products and excellent services. | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | false | SignificantChangeInd |
| Desc | Founded in 1916 for New York City municipal workers, Municipal Credit Union (the Credit Union) is the oldest credit union in New York State and the largest Metro New York credit union offering a wide array of financial services to its members. MCU is chartered under New York State banking law. The Credit Union currently provides services to over 550,000 members and managers over $2.9 billion in member assets. Membership is available to employees of the City of New York and its agencies, employees of the federal and New York State governments in the five boroughs, employees of hospitals, nursing homes and similar facilities which are located within New York State, and others who are eligible as specified in the Credit Union's bylaws. | Desc |
| Described In Section501c3 | false | DescribedInSection501c3Ind |
| Schedule B Required | false | ScheduleBRequiredInd |
| Political Campaign Acty | false | PoliticalCampaignActyInd |
| Subject To Proxy Tax | false | SubjectToProxyTaxInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Conservation Easements | false | ConservationEasementsInd |
| Collections Of Art | false | CollectionsOfArtInd |
| Credit Counseling | false | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | false | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (true) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | Yes (true) | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | false | ReportProgramRelatedInvstInd |
| Report Other Assets | false | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (true) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | false | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | false | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | false | ConsolidatedAuditFinclStmtInd |
| School Operating | false | SchoolOperatingInd |
| Foreign Office | false | ForeignOfficeInd |
| Foreign Activities | false | ForeignActivitiesInd |
| More Than5000 K To Org | false | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividualsInd |
| Professional Fundraising | false | ProfessionalFundraisingInd |
| Fundraising Activities | false | FundraisingActivitiesInd |
| Gaming Activities | false | GamingActivitiesInd |
| Operate Hospital | false | OperateHospitalInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Grants To Individuals | false | GrantsToIndividualsInd |
| Schedule J Required | Yes (true) | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| Loan Outstanding | false | LoanOutstandingInd |
| Grant To Related Person | false | GrantToRelatedPersonInd |
| Business Rln With Org Mem | false | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | false | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | false | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | false | DeductibleNonCashContriInd |
| Deductible Art Contribution | false | DeductibleArtContributionInd |
| Terminate Operations | false | TerminateOperationsInd |
| Partial Liquidation | false | PartialLiquidationInd |
| Disregarded Entity | false | DisregardedEntityInd |
| Related Entity | false | RelatedEntityInd |
| Related Organization Ctrl Ent | false | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | false | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (true) | ScheduleORequiredInd |
| IRP Document | 67292 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (true) | BackupWthldComplianceInd |
| Employee | 846 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (true) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (true) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (true) | Form990TFiledInd |
| Foreign Financial Account | false | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | false | TaxablePartyNotificationInd |
| Nondeductible Contributions | false | NondeductibleContributionsInd |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | false | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | false | 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 | false | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | false | DelegationOfMgmtDutiesInd |
| Change To Org Documents | false | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (true) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (true) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (true) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (true) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (true) | MinutesOfCommitteesInd |
| Officer Mailing Address | Yes (true) | OfficerMailingAddressInd |
| Local Chapters | Yes (true) | LocalChaptersInd |
| Policies Reference Chapters | Yes (true) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | Yes (true) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (true) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (true) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (true) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (true) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (true) | DocumentRetentionPolicyInd |
| Compensation Process CEO | false | CompensationProcessCEOInd |
| Compensation Process Other | Yes (true) | CompensationProcessOtherInd |
| Investment In Joint Venture | false | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | NY | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | JANE E DOBBS | PersonNm |
| Phone | 2122383334 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 22 CORTLANDT ST | AddressLine1Txt |
| City | New York | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10007 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part VII | Yes (X) | InfoInScheduleOPartVIIInd |
Form990 Part VII Section A Form990PartVIISectionAGrp (16 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Highest Compensated EmployeeHighestCompensatedEmployeeInd | Key EmployeeKeyEmployeeInd | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd |
|---|---|---|---|---|---|---|---|---|---|
| Mark A Ricca End 517 | |||||||||
| President/CEO | 60.0 | 0.0 | Yes (X) | $302,885 | $0 | $0 | |||
| Norman Kohn End 228 | |||||||||
| EVP/Chief Credit Officer | 40.0 | 0.0 | Yes (X) | $264,229 | $0 | $0 | |||
| Carlo A D'Angelo | |||||||||
| AVP/IT | 40.0 | 0.0 | $190,748 | $0 | $19,000 | Yes (X) | |||
| Vishnu Kandhai | |||||||||
| AVP/IT | 40.0 | 0.0 | $188,230 | $0 | $5,647 | Yes (X) | |||
| Richard Casamassa END | |||||||||
| EVP/Chief Member Service | 40.0 | 0.0 | Yes (X) | $189,696 | $0 | $0 | |||
| Sreenivas Rayadurgam | |||||||||
| Programming Mgr | 40.0 | 0.0 | $185,482 | $0 | $0 | Yes (X) | |||
| Stacy K Riley | |||||||||
| AVP/Risk Mgmt (END 11/7/19) | 40.0 | 0.0 | $168,455 | $0 | $14,549 | Yes (X) | |||
| Ahmed Campbell | |||||||||
| VP Loan Ops (END 9/6/19) | 40.0 | 0.0 | $181,927 | $0 | $0 | Yes (X) | |||
| Shannon Mashburn End | |||||||||
| SVP, Chief HR Officer | 60.0 | 0.0 | Yes (X) | $175,048 | $0 | $0 | |||
| Carole Porter End 12 | |||||||||
| SVP/Chief Retail Banking | 40.0 | 0.0 | $169,175 | $0 | $400 | Yes (X) | |||
| Lisa M Mingoia End 5 | |||||||||
| SVP/CFO | 60.0 | 0.0 | Yes (X) | $110,769 | $0 | $0 | |||
| Gary Luvera NCUA DSA | |||||||||
| Board Administrator-See Sch O | 1.0 | 0.0 | $0 | $0 | $0 | Yes (X) | |||
| Joe Norton NCUA PCO | |||||||||
| Board Administrator-See Sch O | 1.0 | 0.0 | $0 | $0 | $0 | Yes (X) | |||
| John Kutchner Regiona | |||||||||
| Board Administrator-See Sch O | 1.0 | 0.0 | $0 | $0 | $0 | Yes (X) | |||
| Michael Ryan Regional | |||||||||
| Board Administrator-See Sch O | 1.0 | 0.0 | $0 | $0 | $0 | Yes (X) | |||
| Mara Kohn NCUA OGC | |||||||||
| Board Administrator-See Sch O | 1.0 | 0.0 | $0 | $0 | $0 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $2,126,644 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $39,596 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 60 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | false | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (true) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| KPMG LLP | |||||
| PO BOX | DALLAS | TX | 75312 | ACCOUNTING SERVICES | $4,837,887 |
| ARNOLD PORTER KAYE SCHOLER LLP | |||||
| PO BOX 759451 | BALTIMORE | MD | 21275 | Legal Services | $1,835,287 |
| EPSTEIN BECKER GREEN PC | |||||
| 250 PARK AVE | NEW YORK | NY | 10177 | LEGAL SERVICES | $1,519,579 |
| P KAY WOODS | |||||
| PO BOX 2800-183 | CAREFREE | AZ | 85377 | CONSULTING | $715,500 |
| DEBORAH ARNDELL DBA ARMOR ADVISORY | |||||
| 2154 COE HILL RD | ONEONTA | NY | 13820 | ARMOR SERVICES | $672,586 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 17 | CntrctRcvdGreaterThan100KCnt |
| Total Contributions | $0 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp (4 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| LOAN INTEREST | 900099 | $119,858,952 | $119,858,952 | |
| FEES & SERVICE CHARGES | 522100 | $77,225,613 | $76,369,299 | $856,314 |
| INSURANCE REIMBURSEMENT | 522100 | $8,884,162 | $4,580,259 | $4,303,903 |
| OTHER OPERATING INCOME | 900099 | $2,025,946 | $2,025,946 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $207,994,673 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $10,353,843 | TotalRevenueColumnAmt |
| Exclusion | $10,353,843 | ExclusionAmt |
Incm From Invest Bond Proceeds IncmFromInvestBondProceedsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Royalties Revenue RoyaltiesRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $0 | RealAmt |
| Personal | $0 | PersonalAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $100,004 | SecuritiesAmt |
| Other | $46,575 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $100,004 | SecuritiesAmt |
| Other | $46,575 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $146,579 | TotalRevenueColumnAmt |
| Exclusion | $146,579 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Fundraising Gross Income | $0 | FundraisingGrossIncomeAmt |
| Fundraising Direct Expenses | $0 | FundraisingDirectExpensesAmt |
Net Incm From Fundraising Evt NetIncmFromFundraisingEvtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gaming Gross Income | $0 | GamingGrossIncomeAmt |
| Gaming Direct Expenses | $0 | GamingDirectExpensesAmt |
Net Income From Gaming NetIncomeFromGamingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Sales Of Inventory | $0 | GrossSalesOfInventoryAmt |
| Cost Of Goods Sold | $0 | CostOfGoodsSoldAmt |
Net Income Or Loss NetIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $0 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $218,495,095 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $202,834,456 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $5,160,217 | UnrelatedBusinessRevenueAmt |
| Exclusion | $10,500,422 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Foreign Grants ForeignGrantsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,212,202 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $0 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Comp Disqual Persons CompDisqualPersonsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $42,515,816 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $102,529,683 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $12,983,211 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,985,661 | TotalAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,749,719 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Lobbying FeesForServicesLobbyingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Prof Fundraising FeesForServicesProfFundraising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $16,148,374 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,264,881 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $14,754,424 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $6,147,103 | TotalAmt |
Royalties RoyaltiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $12,435,998 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $220,308 | TotalAmt |
Pymt Travel Entrtnmnt Pub Ofcl PymtTravelEntrtnmntPubOfclGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $14,464 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Payments To Affiliates PaymentsToAffiliatesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $12,686,910 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $999,360 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| PROVISION FOR LOAN LOSS | $32,659,470 |
| DEBIT AND CREDIT CARD EXP | $17,223,250 |
| DIVIDEND EXPENSES | $5,286,847 |
| COLLECTIONS EXPENSES | $3,106,359 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $9,302,500 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $301,226,540 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $0 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $97,076,867 | BOYAmt |
| EOY | $77,250,979 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $405,469,691 | BOYAmt |
| EOY | $689,854,784 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,417,067 | BOYAmt |
| EOY | $8,303,573 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rcvbl From Disqualified Prsn RcvblFromDisqualifiedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,940,319,994 | BOYAmt |
| EOY | $1,901,512,000 | EOYAmt |
Inventories For Sale Or Use InventoriesForSaleOrUseGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $50,856,437 | BOYAmt |
| EOY | $62,710,495 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $41,719,509 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $20,960,469 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $28,975,568 | BOYAmt |
| EOY | $20,759,040 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $265,447,839 | BOYAmt |
| EOY | $196,038,539 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,351,025 | BOYAmt |
| EOY | $6,984,221 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $58,268,086 | BOYAmt |
| EOY | $88,857,044 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,863,182,574 | BOYAmt |
| EOY | $3,052,270,675 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $65,086,210 | BOYAmt |
| EOY | $71,023,995 | EOYAmt |
Grants Payable GrantsPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $3,077,952 | EOYAmt |
Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Loans From Officers Directors LoansFromOfficersDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,688,409,091 | BOYAmt |
| EOY | $2,833,191,099 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,753,495,301 | BOYAmt |
| EOY | $2,907,293,046 | 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 | $109,687,273 | BOYAmt |
| EOY | $144,977,629 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $109,687,273 | BOYAmt |
| EOY | $144,977,629 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,863,182,574 | BOYAmt |
| EOY | $3,052,270,675 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | -$82,731,445 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $64,371 | NetUnrlzdGainsLossesInvstAmt |
| Prior Period Adjustments | $82,688 | PriorPeriodAdjustmentsAmt |
| Other Changes In Net Assets | $117,874,742 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | false | AccountantCompileOrReviewInd |
| FS Audited | false | FSAuditedInd |
| Federal Grant Audit Required | false | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Art Public Exhibition Amounts | ArtPublicExhibitionAmountsGrp | |
| Held Works Art | HeldWorksArtGrp | |
| CY Minus3 Yr Endwmt Fund | CYMinus3YrEndwmtFundGrp | |
| CY Minus4 Yr Endwmt Fund | CYMinus4YrEndwmtFundGrp | |
| Land | LandGrp | |
| Buildings | BuildingsGrp |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $15,171,300 | OtherCostOrOtherBasisAmt |
| Depreciation | $4,762,840 | DepreciationAmt |
| Book Value | $10,408,460 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $20,258,173 | OtherCostOrOtherBasisAmt |
| Depreciation | $11,493,608 | DepreciationAmt |
| Book Value | $8,764,565 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $6,290,036 | OtherCostOrOtherBasisAmt |
| Depreciation | $4,704,021 | DepreciationAmt |
| Book Value | $1,586,015 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $20,759,040 | TotalBookValueLandBuildingsAmt |
| Financial Derivatives | FinancialDerivativesGrp | |
| Closely Held Equity Interests | CloselyHeldEquityInterestsGrp |
Other Securities OtherSecuritiesGrp (4 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| GOVT SECURITIY - LT | $18,661,807 | F |
| CMO & MBS | $74,191,324 | F |
| SBAS | $103,121,037 | F |
| OTHER | $64,371 | F |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $196,038,539 | TotalBookValueSecuritiesAmt |
| Federal Income Tax Liability | $0 | FederalIncomeTaxLiabilityAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBERSHIP ACCOUNTS | Desc |
| Amt | $2,833,191,099 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $2,833,191,099 | TotalLiabilityAmt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Housing Allowance Or Residence | Yes (X) | HousingAllowanceOrResidenceInd |
| Written Policy Ref T And E Expnss | false | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | false | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | false | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | false | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | false | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (10 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ahmed Campbell | ||||||||||||||
| VP Loan Ops (END 9/6/19) | $159,509 | $0 | $0 | $0 | $22,418 | $0 | $0 | $0 | $0 | $0 | $181,927 | $0 | $0 | $0 |
| Richard Casamassa END 12319 | ||||||||||||||
| EVP/Chief Member Service | $33,696 | $0 | $0 | $0 | $156,000 | $0 | $0 | $0 | $0 | $0 | $189,696 | $0 | $0 | $0 |
| Carlo A D'Angelo | ||||||||||||||
| AVP/IT | $175,748 | $0 | $15,000 | $0 | $0 | $0 | $19,000 | $0 | $0 | $0 | $209,748 | $0 | $0 | $0 |
| Vishnu Kandhai | ||||||||||||||
| AVP/IT | $173,230 | $0 | $15,000 | $0 | $0 | $0 | $5,647 | $0 | $0 | $0 | $193,877 | $0 | $0 | $0 |
| Norman Kohn End 22819 | ||||||||||||||
| EVP/Chief Credit Officer | $79,553 | $0 | $0 | $0 | $184,676 | $0 | $0 | $0 | $0 | $0 | $264,229 | $0 | $0 | $0 |
| Shannon Mashburn End 72619 | ||||||||||||||
| SVP, Chief HR Officer | $163,942 | $0 | $0 | $0 | $11,106 | $0 | $0 | $0 | $0 | $0 | $175,048 | $0 | $0 | $0 |
| Carole Porter End 12319 | ||||||||||||||
| SVP/Chief Retail Banking | $30,552 | $0 | $0 | $0 | $138,623 | $0 | $400 | $0 | $0 | $0 | $169,575 | $0 | $0 | $0 |
| Sreenivas Rayadurgam | ||||||||||||||
| Programming Mgr | $185,482 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $185,482 | $0 | $0 | $0 |
| Mark A Ricca End 51719 | ||||||||||||||
| President/CEO | $302,885 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $302,885 | $0 | $0 | $0 |
| Stacy K Riley | ||||||||||||||
| AVP/Risk Mgmt (END 11/7/19) | $151,492 | $0 | $425 | $0 | $16,538 | $0 | $14,549 | $0 | $0 | $0 | $183,004 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Schedule J, Part I, Line 1A: | A Housing Allowance was received by Stacy K. Riley, AVP Risk Management, until her termination date. The amounts received were treated as taxable income to her. |
| SCHEDULE J, PART I, LINE 1B: | Written Reimbursement Policy The Credit Union did not have a written reimbursement policy in place for the expenses described in Part I, Line 1a. |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (12 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Form 990, Part IV, Line 12a: | The Credit Union obtained separate, independent audited financial statements for the 18-Months ended June 30, 2019. The Credit Union also obtained separate, independent audited financial statements for the 12-Months ended June 30, 2020. The Reporting tax year for this tax filing of December 31, 2019 falls within the two periods for the audited financial statements. The organization intends to change its tax year to June 30th going forward to better align with audited financial statements. |
| Form 990, Part VI, Section A, Line 1a/b: | The governing body is currently made up of five representatives from the NCUA. There are three examiners and two regional directors. See note for Form 990, Part VII, Section A for additional detail. |
| Form 990, Part VI, Section A, Line 5: | As disclosed on its Form 990, for FYE 2017, the Credit Union discovered a significant diversion of assets in 2018, prior to the time that Form 990 was filed. Through its ongoing investigations throughout the tax period being reported on, the Credit Union has become aware of additional financial accounting improprieties. Beginning in June 2018, The Credit Union has been placed under the conservatorship of the National Credit Union Association. The Credit Union also has carried out a comprehensive reorganization, including terminating all individuals identified as having been involved in the misconduct, if employed, engaging new senior executive management team, retaining a new accounting firm, implementing additional internal accounting controls, and adopting new governance policies and procedures. Additionally, state officials removed the Board of Directors and Supervisory Committee members in place during the time the misconduct occurred. As described below, federal prosecutors also have instituted criminal action against a number of Credit Union representatives, resulting in prison terms for certain individuals, as well as the indictment of the former Chair of the Credit Union's Board of Directors. With respect to the embezzlement schemes, the Credit Union became aware prior to the filing of the 2018 tax return that certain Credit Union executives and other employees and representatives diverted assets through improper claims for business expense reimbursements, car allowance, long term disability insurance, dental expense reimbursements, personal leave, gift card purchases, petty cash requests, tax liability payments, and by entering into unauthorized contracts. With respect to the financial accounting improprieties, the Credit Union became aware prior to the filing of the 2018 tax return that certain former Credit Union executives having responsibility for accounting functions had improperly reported the Credit Union's investment income by failing to expense the premium on bonds payable, had improperly reported the Credit Union's loan origination expenses in order to positively manipulate the Credit Union's performance metrics, had engaged in improper accounting practices with respect to MCU's fixed assets, including underreporting and/or minimizing MCU's expenses, had used inaccurate information to inflate MCU's pension performance, and had improperly made loan modifications and/or deferments under the guise of member services. In addition to the comprehensive reorganization of its operations described above, the Credit Union has cooperated fully with criminal proceedings brought by the U.S. Attorney's Office for the Southern District of New York. In connection with those proceedings the Credit Union's former Chief Executive Officer has plead guilty to embezzling from the Credit Union and is now serving a federal prison sentence of sixty-six (66) months. As part of his guilty plea, he also agreed to forfeit at least $9,890,375. The former Supervisory Committee Chair and Head of the Security and Fraud Department also recently has pleaded guilty to embezzling more than $400,000 from the Credit Union, and prosecutors have recommended a prison sentence of more than two years. In addition, federal prosecutors have indicted the former Chair of the Credit Union's Board of Directors for obstructing the criminal investigation of the former CEO's embezzlement scheme. Her trial is presently set to begin on October 19, 2020. The Credit Union has sought insurance coverage from its Fidelity Bond Insurer for the losses discussed above. A lawsuit against that insurer is now pending in state court in Wisconsin. |
| Form 990, Part VI, Section A, Line 6: | The Credit Union is comprised of approximately 550,000 member owners, each of which has equal rights. To become a member of Municipal Credit Union, a person must be elected to membership, paid for one or more shares, paid entrance fees as provided for in the by-laws and must be employed (a) in the city government of the City of New York, or (b) in the government of any of the counties within the territorial limits of the City of New York, or (c) in the Board of Education of the City of New York, or (d) in the Board of Higher Education, or (e) in the New York City Health and Hospitals Corporation, or (f) in the New York City Housing Authority, or (g) in any similar authority now or hereafter organized and existing pursuant to the Public Authorities Law, Laws 1939, Chapter 870, or acts amendatory thereof, where said authority has jurisdiction solely of functions within any or all of the five counties within the territorial limits of the City of New York, or (h) in any agency operating within in the Greater New York City Metropolitan Area and which is, at least in part, funded by the City of New York, the State of New York, or one of the agencies, subdivisions or departments thereof, or (i) by any individual, employer, agency, partnership, corporation, or other entity with which the Credit Union maintained a payroll deduction type relationship as of April 10, 1986, or (j) by or in any hospital, nursing home, health facility, and their affiliates, either private or public, located in the State of New York, or (k) by insurance companies who offer health related insurance in the State of New York, or (l) by the federal government provided such employee works within the territorial limits of the City of New York, or (m) by companies that produce and/or supply hospitals in the State of New York with medical and other type health care products, or (n) by private colleges located in the City of New York and private and public colleges in the counties of Nassau, Suffolk, Westchester, or (o) by Aramark Corporation at Nyack Hospital in Nyack, New York, or (p) employees of the City of Yonkers, New York, or (q) by the City of Mt. Vernon, New York, or (r) Kawasaki Rail Car, Inc., or (s) Municipal Credit Union, or (t) as cemetery workers working within the city of New York, or (u) as social workers and counselors at private centers and not-for-profit shelters located in the City of New York, or (v) by the Archdiocese of New York and Brooklyn, or (w) as taxi dispatchers for airports in the City of New York, or (x) as aircraft fuelers and maintenance workers in the City of New York, or (y) by St. Peter's Church in Yonkers, New York, or (z) any association of such employees. The following additional persons may become members: (1) All students enrolled in: (a) a college, university, school, or institution, in the City University of New York (CUNY) education system; or (b) St. John's University (attending campuses located in New York State); (2) all members of St. Peter's Church in Yonkers, New York; (3) any association of employees which are principally comprised of individuals who are eligible for membership; (4) an officer or employee of the State of New York employed in the City of New York; (5) any other credit union organized under the laws of the State of New York. Membership is not terminated by cessation of employment. All members must maintain at least one share on deposit. Membership is also permitted for the following people pursuant to N.Y. Banking Law 451-A: (1) the family members of persons within the field of membership. "Family member" means a person related by blood, marriage or living in the same household with a person within the field of membership and their lineal ancestors and descendants including persons so related by adoption, siblings, stepparents, stepchildren and stepsiblings; and "household" means persons living in the same residence and maintaining a single economic unit; or (2) any employee of the Credit Union; or (3) any member who leaves the field of membership and who has not withdrawn or been expelled may retain membership; or (4) any incorporated or unincorporated organizations composed principally of persons eligible to membership in the Credit Union and that organization's employees; or (5) any person who is eligible for membership by reason of the fact that he or she is an employee of a common employer or of a credit union shall not become ineligible, after the termination of such employment, as long as he or she receives a pension or annuity from, or under, a plan or other arrangement established by such common employer or credit union. |
| Form 990, Part VI, Section A, Line 7a/b: | Election of members to the Board of Directors and the Supervisory Committee takes place at the annual meeting. Members become eligible for election to the Board of Directors or the Supervisory Committee after completing one year of membership. The Credit Union informs the membership not less than 10 days and not more than 45 days prior to the annual meeting of the names of all the candidates and the office for which they are nominated. Elections are held by closed ballot. |
| Form 990, Part VI, Section A, Line 9: | The following individuals listed in Part VII, Section A cannot be reached at the Credit Union's mailing address. Their addresses are available upon request. - MARK A RICCA - NORMAN KOHN - RICHARD CASAMASSA - AHMED CAMPBELL - STACY K RILEY - SHANNON MASHBURN - CAROLE PORTER - JANET E PERKINS - LISA M MINGOIA - THOMAS SICILIANO - ROBERT SOLOWAY |
| Form 990, Part VI, Section B, Line 11a: | The Form 990 is prepared by an outside accounting firm and reviewed by the EVP. Once the Form 990 is reviewed by the EVP, the Board reviews and approves. A complete copy of the final Form 990 (including all required schedules) as ultimately filed with the IRS is provided to the full Board. |
| Form 990, Part VI, Section B, Line 12c: | All employees are covered by the conflict of interest policy, as well as the acting Board. Conflicts of interest are reviewed by the Chairman of the Board and transactions or requests are either approved or denied. Persons with conflicts recuse themselves from participating in the governing body's deliberations and decisions in the transaction. |
| Form 990, Part VI, Section B, Line 15a/b: | As of December 31, 2019, the organization employed no officers or key employees. The Credit Union revised its compensation review process in 2019 to include an independent compensation evaluator to review all positions and compensation going forward, this includes reviewing comparable data for reasonableness. The review and decisions will be contemporaneously substantiated. |
| Form 990, Part VI, Section B, Line 19: | Financial Statements are available on the website. Other documents are available upon request. |
| Part VII, Section A: | On June 22, 2018, the Superintendent of New York State Department of Financial Services removed the then-members of the MCU's Board of Directors pursuant to Sections 41 and 14(1)(p) of the New York Banking Law and Sections 301 and 303 of the New York Financial Services Law due to severe deficiencies and weakness in MCU's internal controls and the Board of Directors' oversight of the management of the affairs, funds, and records of MCU, in a manner that raised significant concerns regarding the oversight of MCU's operations and protection of its membership and for violations of Sections 470 and 471 of the Banking Law. The governing body is currently made up of representatives of the NCUA. There are three examiners and two regional directors. |
| Form 990, Part XI, Line 9: | Change in Pension Benefit Assets: $117,874,742 |