2018-09-04T13:08:20-05:00 2017-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2017-01-01 060634736 SIKORSKY FINANCIAL CREDIT UNION SIKO 2033772252 1000 ORONOQUE LANE STRATFORD CT 06614 VINCENT CIAMBRIELLO PRESIDENT/CEO 2033772252 2018-08-22 1 MARTY LIENAU P00001025 5074347000 2018-08-21 2017 2022-09-23 18:48:47Z VINCENT CIAMBRIELLO 1000 ORONOQUE LANE STRATFORD CT 06614 30216282 0 X WWW.SIKORSKYFCU.ORG X CU 1948 CT SIKORSKY FINANCIAL CREDIT UNION IS COMMITTED TO ACT IN THE BEST INTEREST OF ITS MEMBERSHIP. 11 11 187 14 81186 -909 0 0 21770825 24258683 4983620 4671498 130488 83351 26884933 29013532 5000 5000 1953973 1985002 10324890 10712166 0 0 0 10620950 10782306 22904813 23484474 3980120 5529058 720391148 731548480 640963207 646904210 79427941 84644270 X SIKORSKY FINANCIAL CREDIT UNION IS COMMITTED TO ACT IN THE BEST INTEREST OF ITS MEMBERSHIP. 1 0 SFCU OFFERS SAVINGS AND LOAN PROGRAMS. THE SHARE SAVINGS INCLUDES REGULAR SHARE SAVINGS ACCOUNTS, DAILY MONEY MARKET ACCOUNTS, EARLY ADVANTAGE ACCOUNTS, COVERDALE EDUCATION SAVINGS, SHARE DRAFT ACCOUNTS AND SHARE CERTIFICATES. THE LOAN PROGRAM INCLUDES MORTGAGE LOANS, NEW AND USED AUTO LOANS, MOTORCYCLE LOANS, RECREATIONAL VEHICLE LOANS, BOAT LOANS AND CREDIT CARDS. SFCU'S SUBSIDIARY, A CREDIT UNION SERVICE ORGANIZATION ("CUSO"), IS ENGAGED PRIMARILY IN FINANCIAL AND INSURANCE SERVICES. CUSO LIQUIDATED AND TRANSFERRED ALL ASSETS TO SFCU EFFECTIVE DECEMBER 31, 2017. 0 0 0 0 0 0 0 0 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 0 1 1 0 0 1 3200 0 1 187 1 1 1 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X BENJAMIN CITRIN CFO 2033857311 1000 ORONOQUE LANE STRATFORD CT 06614 WILLIAM F SCHLENK JR CHAIRMAN 2.60 X X 996 0 0 JAMES PRUSACZYK FIRST VICE CHAIR 1.70 X X 1048 0 0 GEOFFREY R HERALD SECOND VICE CHAIR 1.70 X X 0 0 0 CAROL NAVARRO SECRETARY 1.70 X X 877 0 0 JOSEPH KUBIC TREASURER 1.70 X X 1062 0 0 MAUREEN FINO DIRECTOR 1.30 X 1059 0 0 RICHARCH KOLLET DIRECTOR 1.30 X 0 0 0 JOHN PAWLOWSKI DIRECTOR 1.30 X 1003 0 0 ELIZABETH H DORNEY DIRECTOR 1.30 X 1266 0 0 WILLIAM W BOIAN DIRECTOR 1.30 X 2919 0 0 ROBERT J DAVID DIRECTOR 1.30 X 0 0 0 VINCENT CIAMBRIELLO JR PRESIDENT/CEO 37.50 X 571231 0 59360 BENJAMIN CITRIN CFO AND SVP FINANCE 37.50 X 203581 0 62800 CHARLES HODDINOTT EVP/COO 37.50 X 227975 0 47995 BRIAN T NESGODA SVP RISK MANAGER/CIO 37.50 X 146416 0 25796 DIANE Y FARRELL SVP MARKETING & STRATEGIC 37.50 X 149097 0 49706 KENNETH FERRARI SVP CHIEF RETAIL OFFICER 37.50 X 189927 0 57929 ALFRED SCOTT POSEY SVP IT/CIO 37.50 X 50725 0 18823 CARMEN C ALVARADO VP INTERNAL AUDIT 37.50 X 156997 0 45974 MICHAEL M DORLANDO VP OPERATIONS 37.50 X 128041 0 26959 LEE A STATER HOME LOAN CONSULTANT 37.50 X 115872 0 42487 DIANA PFEIFFER VP LOAN SERVICING & COLLECTIONS 37.50 X 120975 0 28757 HELEN C BARNABY CONTROLLER 37.50 X 108668 0 27163 TERRY BALLWEBER IT PROJECT MANAGER 37.50 X 108540 0 49203 2288275 0 542952 13 0 1 0 FISEFUNDS CO - CODE 917 601 RIVERSIDE AVE JACKSONVILLE FL 32204 ATM DEBIT CARD PROCESSING 519492 FIS 601 RIVERSIDE AVE JACKSONVILLE FL 32204 VISA PROCESSOR 434119 NCR DIGITAL INSIGHT PO BOX 740641 LOS ANGELES CA 900740641 ONLINE BANKING 433148 FISERV INC PO BOX 99924 GRAPEVINE TX 760999724 SOFTWARE/MAINTENANCE 289851 PCM SALES FILE 55327 LOS ANGELES CA 900745327 SOFTWARE/HARDWARE/MAINTENANCE 279525 6 LOAN INTEREST 522100 17766902 17766902 SERVICE CHARGES 522100 3266067 3184881 81186 ATM CARD FEES 522100 3225714 3225714 24258683 4649823 4649823 1224425 1202750 21675 21675 21675 OTHER MISC OPERATING INCOME 522100 83351 83351 83351 29013532 24260848 81186 4671498 5000 1985002 2074561 6723530 199496 1028085 686494 236718 5665 44794 178500 426866 926293 1760546 164519 1370380 10951 234405 82850 760978 153218 PROVISION FOR LOAN LOSS 1390000 DEBIT CARD EXPENSE 909885 LOAN SERVICING EXPENSE 588651 CARD PROCESSING EXP 477603 1059484 23484474 43446005 42035086 1393000 399000 517382 249662 402817824 467632169 665774 721169 12695312 10530162 2864751 2165150 257628823 206732900 3456072 3631056 7601517 7982288 720391148 731548480 2659778 2838250 638303429 644065960 640963207 646904210 X 0 0 0 0 79427941 84644270 79427941 84644270 720391148 731548480 X 5529058 -313233 504 X X 0 1 X 1 0 600000 600000 3878563 3392235 486328 1869960 1799752 70208 6309945 5338175 971770 36844 36844 2165150 MEMBERS' SHARES 643897247 ACCRUED DIVIDENDS PAYABLE 168713 644065960 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES DEEMED TAXABLE. THE CREDIT UNION'S WHOLLY OWNED SUBSIDIARY IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. OPERATIONS OF THE CUSO RESULTED IN AN IMMATERIAL AMOUNT OF INCOME TAXES FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2017 AND 2016. THE CREDIT UNION'S 2014 THROUGH 2016 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X 1 1 X X X X X 0 0 0 VINCENT CIAMBRIELLO JR PRESIDENT/CEO 342583 0 206750 0 21898 0 41820 0 17540 0 630591 0 0 0 BENJAMIN CITRIN CFO AND SVP FINANCE 177258 0 22000 0 4323 0 37677 0 25123 0 266381 0 0 0 CHARLES HODDINOTT EVP/COO 200801 0 23250 0 3924 0 24946 0 23049 0 275970 0 0 0 BRIAN T NESGODA SVP RISK MANAGER/CIO 112970 0 22000 0 11446 0 18077 0 7719 0 172212 0 0 0 DIANE Y FARRELL SVP MARKETING & STRATEGIC 124500 0 22000 0 2597 0 31253 0 18453 0 198803 0 0 0 KENNETH FERRARI SVP CHIEF RETAIL OFFICER 167589 0 19250 0 3088 0 35499 0 22430 0 247856 0 0 0 CARMEN C ALVARADO VP INTERNAL AUDIT 138042 0 11750 0 7205 0 36859 0 9115 0 202971 0 0 0 MICHAEL M DORLANDO VP OPERATIONS 116169 0 11750 0 122 0 25272 0 1687 0 155000 0 0 0 LEE A STATER HOME LOAN CONSULTANT 115872 0 0 0 0 0 19736 0 22751 0 158359 0 0 0 TERRY BALLWEBER IT PROJECT MANAGER 99746 0 6750 0 2044 0 22514 0 26689 0 157743 0 0 0 PART I, LINE 1A THE POLICY OF THE CREDIT UNION IS TO PROVIDE OPPORTUNITIES FOR THE BOARD, COMMITTEES, MANAGEMENT AND STAFF TO ATTEND MEETINGS, CONFERENCES AND OTHER EDUCATION SESSIONS THAT PROVIDE DESIRED TRAINING, DEPTH OF UNDERSTANDING IN TECHNICAL AREAS, AND IDEAS HELPFUL TO DEVELOPMENT OR OPERATION OF THE CREDIT UNION. THE CREDIT UNION WILL PAY FOR EACH BOARD AND COMMITTEE MEMBER TO BE ACCOMPANIED BY ONE GUEST TO A CREDIT UNION RELATED CONFERENCE AS APPROVED BY THE BOARD OF DIRECTORS. THE CREDIT UNION WILL ALSO PAY FOR CHAIRMEN OF COMMITTEES TO ATTEND ONE EDUCATIONAL SEMINAR IN THE COMMITTEE'S AREA OF RESPONSIBILITY. IN ACCORDANCE WITH IRS TAX LIABILITIES, IF THE SPOUSE OR GUEST ATTENDANCE AT THE MEETING IS NOT REQUIRED BECAUSE HE OR SHE WILL NOT ACTIVELY ENGAGE IN THE ADMINISTRATION OF THE MEETING AND IF THE TRAVEL EXPENSE REIMBURSEMENT FOR THE SPOUSE OR GUEST EXCEEDS $600 IN ANY ONE CALENDAR YEAR, THEN A 1099 IS ISSUED TO THE VOLUNTEER OF THE CREDIT UNION AS COMPENSATION FOR THE AMOUNT OF THE SPOUSE OR GUEST TRAVEL EXPENSE REIMBURSEMENT. FORM 990, PART III, LINE 2 SFCU HAD AN ONLINE ACCOUNT OPENING. 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 VP OF INTERNAL AUDIT, CEO AND SFCU BOARD WILL REVIEW FORM 990 PRIOR TO ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES ARE REQUIRED ANNUALLY TO READ AND ACKNOWLEDGE POLICIES THROUGH ADP PORTAL. ALL NEWLY HIRED EMPLOYEES ARE ALSO REQUIRED TO READ AND ACKNOWLEDGE POLICIES THROUGH ADP PORTAL. EMPLOYEES AND THEIR MANAGERS AND PRACTITIONERS OF THE SYSTEM WILL HAVE ACCESS TO VIEW EMPLOYEES' ACKNOWLEDGEMENTS AT ANY GIVEN TIME. THERE IS A PAGE FROM THE EMPLOYEE HANDBOOK ENTITLED, "RECEIPT OF HARASSMENT POLICY", WHICH IS PRINTED AND FILED IN PERSONNEL FILE. THE POLICY IS INCLUDED IN THE SFCU EMPLOYEE HANDBOOK, ALSO AVAILABLE ELECTRONICALLY. THE VP OF INTERNAL AUDIT, THE PRESIDENT/CEO OR DESIGNATED EXECUTIVE MANAGEMENT OFFICIAL, VP OF HUMAN RESOURCES/SECURITY OFFICER ARE NOTIFIED OF ANY FRAUD DISCOVERED UNDER CODE OF PERSONAL AND PROFESSIONAL ETHICS. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE SETS COMPENSATION FOR THE CEO/PRESIDENT OF SFCU. THE CEO/PRESIDENT SETS COMPENSATION FOR SFCU OFFICERS AND KEY EMPLOYEES WITHIN THE CREDIT UNION APPROVED BUDGET. THE BOARD OF DIRECTORS USES DATA FROM ESTABLISHED SURVEY DATA PROVIDERS TO SET EXECUTIVE COMPENSATION. HUMAN RESOURCES COMMITTEE ANNUAL MEETING MINUTES PREPARED BY VP OF HR AND CEO ARE APPROVED BY THE BOARD AND MAINTAINED BY HR. A COPY IS PROVIDED TO VP OF INTERNAL AUDIT. THIS PROCESS WAS RECENTLY COMPLETED BY VENDOR AND APPROVED BY THE BOARD IN DECEMBER OF 2017. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION HAS ADOPTED GUIDELINES WHICH CONFORM TO THE BANK BRIBERY ACT OF 1985. GUIDELINES ARE INCORPORATED INTO THE CODE OF ETHICS AND CONFLICT OF INTEREST POLICIES, INCLUDED IN THE SFCU HANDBOOK, ALSO AVAILABLE ELECTRONICALLY TO EMPLOYEES. GOVERNING DOCUMENTS ARE MADE AVAILABLE UPON WRITTEN REQUEST. INSTRUCTIONS FOR OBTAINING COPIES OF GOVERNING DOCUMENTS ARE POSTED IN THE CREDIT UNION LOBBY. FORM 990, PART XI, LINE 9: GL NON POST 500. ROUNDING 4. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR. 980 FINANCIAL SERVICES CORP 1000 ORONOQUE LANE STRATFORD CT 06614 061498475 INSURANCE SERVICES CT SIKORSKY FINANCIAL CREDIT UNION C 204356 2102530 1.00000 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 980 FINANCIAL SERVICES CORP A 9000 FAIR MARKET VALUE