2018-11-14T09:25:48-06:00 2017-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2017-01-01 231357086 TRUMARK FINANCIAL CREDIT UNION TRUM 2159535300 335 COMMERCE DRIVE FORT WASHINGTON PA 19034 GERARD DEVITA SVP/CFO 2159535300 2018-11-13 1 DOUGLAS J ORTH P01076394 3052328272 64.95.240.2 2018-11-13 09:21:53 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2017 2019-02-21 02:37:17Z RICHARD F STIPA 335 COMMERCE DRIVE FORT WASHINGTON PA 19034 163046706 0 X WWW.TRUMARKONLINE.ORG X 1939 PA SEE SCHEDULE O FOR COMPLETE MISSION STATEMENT.TRUMARK FINANCIAL CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE OWNED BY ITS MEMBERS IN ACCORDANCE WITH THE PROVISIONS OF TITLE 17, CREDIT UNION CODE UNDER THE GUIDELINES OF THE COMMONWEALTH OF PENNSYLVANIA, DEPARTMENT OF BANKING FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT AT REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. THE CREDIT UNION SERVES APPROXIMATELY 116,000 MEMBERS WITHIN ITS FIELD OF MEMBERSHIP AS DEFINED BY THE CREDIT UNION'S CHARTER AND BYLAWS. 9 9 490 12 217274 -935109 0 0 73631263 75725987 6895037 9855189 4848714 8632394 85375014 94213570 58551 0 0 0 26033995 28508576 0 0 0 48239398 51335296 74331944 79843872 11043070 14369698 1919217239 2061430498 1724791703 1853508323 194425536 207922175 X SEE SCHEDULE O FOR COMPLETE MISSION STATEMENT.TRUMARK FINANCIAL CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE OWNED BY ITS MEMBERS IN ACCORDANCE WITH THE PROVISIONS OF TITLE 17, CREDIT UNION CODE UNDER THE GUIDELINES OF THE COMMONWEALTH OF PENNSYLVANIA, DEPARTMENT OF BANKING FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT AT REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. THE CREDIT UNION SERVES APPROXIMATELY 116,000 MEMBERS WITHIN ITS FIELD OF MEMBERSHIP AS DEFINED BY THE CREDIT UNION'S CHARTER AND BYLAWS. 0 0 CREDIT UNIONS ARE COOPERATIVE SAVINGS AND CREDIT ASSOCIATIONS INCORPORATED FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR SUCH MEMBERS AT REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 X 108674 0 1 490 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X GERARD A DEVITA 2153966495 335 COMMERCE DRIVE FORT WASHINGTON PA 19034 HUGH T BRAY PRESIDENT 4.00 X 35753 0 0 DAVID A RUFIBACH DIRECTOR 4.00 X 36852 0 0 JOSEPH J BILY DIRECTOR 4.00 X 31514 0 0 R TERRANCE BRUNT SECRETARY 4.00 X 41155 0 0 RICHARD V LAWN DIRECTOR 4.00 X 29554 0 0 WILLIAM A TOLLOK DIRECTOR 4.00 X 32097 0 0 WAYNE J GOODWIN TREASURER 4.00 X 40314 0 0 LEONARD V DOUGHTY III DIRECTOR 4.00 X 33303 0 0 DANIEL DILLARD VICE PRESIDENT 4.00 X 36352 0 0 RICHARD F STIPA CEO 40.00 X 896694 0 889357 VINCENT J MARKET EVP 40.00 X 363845 0 49142 DAVID D OBAROWSKI EVP 40.00 X 160419 0 7011 ELIZABETH KASPERN SVP 40.00 X 230770 0 23951 STEVEN OLSON SVP 40.00 X 262240 0 24133 JOANN MCCAUSLAND SVP 40.00 X 261960 0 11124 PATRICK O'HALLORAN SVP 40.00 X 279198 0 45315 GERARD A DEVITA SVP 40.00 X 273159 0 11201 KELLY M BOTTI SVP 40.00 X 244907 0 13344 KAMAL RAHMAN VP 40.00 X 149552 0 19904 MATTHHEW ROEDELL VP 40.00 X 146087 0 21164 TIMOTHY RAWLINSON VP 40.00 X 143268 0 19104 LUKE LUKASHUNAS VP 40.00 X 146349 0 14200 CHARLES MCCUE AVP 40.00 X 214404 0 19180 4089746 0 1168130 32 0 1 0 PSCU FINANCIAL SERVICES 560 CARILLON PKWY ST PETERSBURG FL 33716 CREDIT CARD NETWORK 3481045 JOE FRIEDMAN CONSTRUCTION CORP 7824 FRANKFORD AVE PHILADELPHIA PA 19136 GENERAL CONTRACTOR 1263351 FISERV INC 75 REMITTANCE DRIVE CHICAGO IL 60675 ONLINE BANKING SOFTWARE 1082958 SHIELDS BUSINESS SOLUTIONS INC 5 TWOSOME DR MOORESTOWN NJ 08057 CASH DELIVERY SERVICE PROVIDER 680372 JACK HENRY & ASSOCIATES INC 663 W HWY 60 MONETT MO 65708 CORE DATA PROCESSOR 605583 47 INCOME ON LOANS 522100 58232279 58232279 FEES AND CHARGES 522100 17276434 17276434 UNRELATED BUSINESS INCOME 900099 217274 217274 75725987 9906537 9906537 68781788 68833136 -51348 -51348 -51348 MISCELLANEOUS REVENUE 522100 7254898 7254898 GAIN ON SALE OF LOANS 522100 1377496 1377496 8632394 94213570 93996296 217274 0 X 4364664 18399391 746569 3295937 1702015 217243 161790 2295608 2212192 1868202 1007847 4888545 750844 168507 13117455 128852 3130615 227859 PROVISION FOR LOAN LOSS 9000000 VISA SERVICE FEES AND R 4532895 COLLECTIONS AND LOAN SE 3659750 EQUIPMENT RENTAL MAINTE 2397584 1569508 79843872 10824627 6376704 191908361 136822557 906904 2305138 1222220514 1356950616 3817233 3660138 68918310 28430773 42614243 40487537 369185580 428607298 30194834 28166261 889294 715304 46655649 57338945 1919217239 2061430498 35717481 20079225 9560123 10625456 82000000 100607201 1597514099 1722196441 1724791703 1853508323 X 0 0 0 0 194425536 207922175 194425536 207922175 1919217239 2061430498 X 14369698 -828865 -44194 X X 0 1 X 1 0 0 1 X 3905011 3905011 31936412 7731164 24205248 16845028 8593652 8251376 16231859 12105957 4125902 40487537 SHARE DRAFT 255544365 SHARES 507289080 MONEY MARKET ACCOUNTS 375540648 IRA SHARES 29482323 CERTIFICATES 554340025 1722196441 X PART IV, LINE 2B: THE CREDIT UNION RECEIVES PRINCIPAL PAYMENTS, INTEREST PAYMENTS, TAX PAYMENTS AND INSURANCE PAYMENTS, IN ITS ROLE AS LOAN SERVICER, AND THEN REMITS THESE FUNDS TO THE APPLICABLE THIRD PARTIES. PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE TAX LAWS. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE "MORE LIKELY THAN NOT" STANDARD FOR SUSTAINABILITY ON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANAGEMENT HAS ASSESSED THE CREDIT UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OF DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2016, 2015, AND 2014 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. X X 1 1 X X X 0 1 0 RICHARD F STIPA CEO 651719 0 241643 0 3332 0 853500 0 35857 0 1786051 0 0 0 VINCENT J MARKET EVP 317029 0 46816 0 0 0 13285 0 35857 0 412987 0 0 0 DAVID D OBAROWSKI EVP 160419 0 0 0 0 0 1227 0 5784 0 167430 0 0 0 ELIZABETH KASPERN SVP 199899 0 30871 0 0 0 11241 0 12710 0 254721 0 0 0 STEVEN OLSON SVP 236625 0 25615 0 0 0 11366 0 12767 0 286373 0 0 0 JOANN MCCAUSLAND SVP 228087 0 33873 0 0 0 10007 0 1117 0 273084 0 0 0 PATRICK O'HALLORAN SVP 245971 0 33227 0 0 0 10350 0 34965 0 324513 0 0 0 GERARD A DEVITA SVP 240349 0 32810 0 0 0 10068 0 1133 0 284360 0 0 0 KELLY M BOTTI SVP 217458 0 27449 0 0 0 12233 0 1111 0 258251 0 0 0 KAMAL RAHMAN VP 136737 0 12815 0 0 0 7786 0 12118 0 169456 0 0 0 MATTHHEW ROEDELL VP 133974 0 12113 0 0 0 6620 0 14544 0 167251 0 0 0 TIMOTHY RAWLINSON VP 131610 0 11658 0 0 0 4600 0 14504 0 162372 0 0 0 LUKE LUKASHUNAS VP 135367 0 10982 0 0 0 6816 0 7384 0 160549 0 0 0 CHARLES MCCUE AVP 24000 0 190404 0 0 0 6114 0 13066 0 233584 0 0 0 PART I, LINE 4B RICHARD F. STIPA, CEO PARTICIPATES IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN, HOWEVER, NO PAYMENTS WERE MADE FROM THIS PLAN IN 2017. THE CREDIT UNION ACCRUED $840,000 TOWARD THE BENEFIT LIABILITY DURING 2017. FORM 990 PART V, LINE 1C THE ORGANIZATION DID NOT HAVE ANY INSTANCES WHERE BACKUP WITHHOLDING WAS REQUIRED, HOWEVER IF THE SITUATION WOULD ARISE, THE ORGANIZATION IS AWARE OF THE REPORTING REQUIREMENTS AND WOULD HANDLE THAT ACCORDINGLY. FORM 990, PART VI, SECTION A, LINE 6 TRUMARK FINANCIAL CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE OWNED BY ITS MEMBERS IN ACCORDANCE WITH THE PROVISIONS OF TITLE 17, CREDIT UNION CODE UNDER THE GUIDELINES OF THE COMMONWEALTH OF PENNSYLVANIA, DEPARTMENT OF BANKING FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT AT REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. THE CREDIT UNION SERVES APPROXIMATELY 116,000 MEMBERS WITHIN ITS FIELD OF MEMBERSHIP AS DEFINED BY THE CREDIT UNION'S CHARTER AND BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION'S GOVERNING BODY IS COMPRISED OF NINE MEMBERS WHO ARE ELECTED BY THE GENERAL MEMBERSHIP TO TERMS OF THREE YEARS. FORM 990, PART VI, SECTION A, LINE 7B ANY MAJOR CHARTER RELATED DECISIONS (MERGERS, CONVERSIONS, ETC) WOULD REQUIRE APPROVAL FROM THE GENERAL MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE CREDIT UNION'S CONTROLLER WORKS WITH A CPA FIRM TO COMPLETE THE FORM 990. THE CREDIT UNION'S CFO REVIEWS THE FORM 990 FOR ACCURACY. ALSO, THE ORGANIZATION'S BOARD OF DIRECTORS IS PROVIDED THE FORM 990 IN ADVANCE OF FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CODE OF ETHICS/CONFLICTS OF INTEREST POLICY IS REVIEWED ANNUALLY BY HUMAN RESOURCES, SENIOR MANAGEMENT AND LEGAL COUNSEL. APPROPRIATE CHANGES/UPDATES ARE MADE AS NEEDED. THE POLICY IS PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND APPROVAL ANNUALLY AND A COPY IS GIVEN TO ALL MANAGERS/SUPERVISORS FOR REVIEW WITH THE EMPLOYEES AT THEIR MONTHLY DEPARTMENT/BRANCH MEETING. THE EMPLOYEE HANDBOOK IS POSTED ON THE CREDIT UNION'S INTRANET. ALSO, EMPLOYEES ARE REQUIRED TO SIGN AN ANNUAL "EMPLOYEE ACKNOWLEDGEMENT FORM" ACKNOWLEDGING THEY HAVE ON-LINE ACCESS TO THIS HANDBOOK AND UNDERSTAND THEIR RESPONSIBILITY TO READ AND COMPLY WITH THE POLICIES CONTAINED IN THE HANDBOOK AND ANY REVISIONS MADE TO IT. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION ENGAGED D HILTON ASSOCIATES, INC WHO PROVIDES THE BOARD OF DIRECTORS WITH AN ANNUAL EXECUTIVE COMPENSATION UPDATE THAT ALLOWS THE BOARD TO MONITOR COMPENSATION TRENDS IN THE CREDIT UNION INDUSTRY AND TO ENSURE THAT THE CURRENT CEO COMPENSATION PROGRAM REMAINS FAITHFUL TO THE ORGANIZATION'S STATED EXECUTIVE COMPENSATION PHILOSOPHY. THIS ANNUAL REVIEW ENSURES THAT ITS CEO'S SALARY, TARGET INCENTIVE PAY, AND BENEFITS REMAIN IN AN APPROPRIATE RELATIONSHIP TO THE MARKET. IN ADDITION, THE CEO'S SUPPLEMENTAL RETIREMENT ACCOUNT IS REVIEWED WITH THE BOARD TO EVALUATE INVESTMENT PERFORMANCE AND TO CONSIDER ANY PROGRAM ADJUSTMENTS THAT NEED TO BE MADE TO ENSURE THE PROGRAM REMAINS ON TRACK. AN EXECUTIVE EMPLOYMENT AGREEMENT FOR THE CEO IS REVIEWED BY THE BOARD OF DIRECTORS ANNUALLY, ANY RECOMMENDED CHANGES ARE REVIEWED AND IMPLEMENTED WITH LEGAL COUNSEL. THE CREDIT UNION ENGAGES D. HILTON ASSOCIATES, INC TO CONDUCT SALARY ADMINISTRATION UPDATE OF ALL STAFF POSITIONS EVERY THREE YEARS AND PROVIDES ONGOING SUPPORT BY THE MARKET PRICING RESULTS TO COMPARE THE COMPETITIVENESS OF THE CREDIT UNION'S SALARY STRUCTURE AND AVERAGE SALARIES TO THE MARKET. D HILTON ANNUALLY PROVIDES RECOMMENDED SALARY RANGE STRUCTURE CHANGES, A MERIT INCREASE MATRIX AND MARKET PRICES NEW POSITIONS. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION POSTS MONTHLY INTERNAL FINANCIAL STATEMENTS IN EACH LOCATION FOR REVIEW BY THE PUBLIC. IN ADDITION, AN ANNUAL REPORT WITH AUDITED FINANCIAL STATEMENTS IS PREPARED AND DISTRIBUTED AT THE CREDIT UNION'S ANNUAL MEETING IN MARCH. FORM 990, PART IX, LINE 24E NON OPERATING EXPENSE 1,138,477. STAR SERVICE FEES AND NETWORK CHARGES 193,345. MISCELLANEOUS EXPENSE 113,565. ATM EXPENSES 91,397. EDUCATION 32,724. FORM 990, PART XI, LINE 9: AMORTIZATION OF UNREALIZED GAIN FROM TRANSFER OF AFS TO HTM -94,354. RECLASSIFICATION ADJUSTMENT FOR NET INVESTMENT GAINS 50,160. EQUITY ACQUIRED THROUGH MERGER FORM 990 PART V, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMMES RESPONSIBILTY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPDENT AUDITOR. FORM 990 - REQUIRED SECTION 332 DISCLOSURE STATEMENT PURSUANT TO SECTION 332 BY TRUMARK FINANCIAL CREDIT UNION (EIN: 23-1357086), A CORPORATION RECEIVING A LIQUIDATING DISTRIBUTION: (1) NAME AND IDENTIFYING NUMBER OF LIQUIDATING CORPORATION: LSOP 3 PA 2, LLC (EIN: 81-4647573) (2) DATE OF DISTRIBUTION BY THE LIQUIDATING CORPORATION DURING THE CURRENT TAX YEAR: DECEMBER 31, 2017 (3) THE AGGREGATE FAIR MARKET VALUE AND BASIS OF ALL OF THE ASSETS OF THE LIQUIDATING CORPORATION THAT HAVE BEEN TRANSFERRED TO THE RECIPIENT CORPORATION: AGGREGATE FAIR MARKET VALUE: $18,600,000 BASIS: $9,973,990 (4) DATE AND CONTROL NUMBER OF PRIVATE LETTER RULINGS ISSUED BY THE IRS IN CONNECTION WITH THE LIQUIDATION: NOT APPLICABLE (5) THE PLAN OF COMPLETE LIQUIDATION WAS ADOPTED ON: DECEMBER 21, 2017. (6) THE LIQUIDATION WAS COMPLETED ON: DECEMBER 31, 2017. INSURANCE SERVICES AT TRUMARK FINANCIAL LLC 335 COMMERCE DR FORT WASHINGTON PA 19034 202371311 INSURANCE SALES PA 137657 2084987 TRUMARK FINANCIAL CREDIT UNION LSOP 3 PA 2 LLC 335 COMMERCE DR FORT WASHINGTON PA 19034 814647573 REAL ESTATE HOLDING COMPANY PA C 483060 17435963 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0