2025-11-14T08:57:10-06:00 2024-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2024-01-01 060701899 MUTUAL SECURITY CREDIT UNION INC MUTU 8007612400 1000 BRIDGEPORT AVENUE 503 SHELTON CT 06484 CHARLES OKYERE CFO 2034027409 2025-11-12 1 0 JENIFER L CHASE P01306883 5638884000 2025-11-12 2024 2025-03-06 01:10:19Z HENRY T BAUM 1000 BRIDGEPORT AVENUE 503 SHELTON CT 06484 20191856 0 X MSCU.NET X 2001 CT THE MISSION OF MUTUAL SECURITY CREDIT UNION (THE CREDIT UNION) IS TO BE THE BUILDERS OF FINANCIAL WELL-BEING WITHIN THE COMMUNITIES THAT WE SERVE. WE PROMOTE THE ECONOMIC WELL BEING OF OUR 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. THE CREDIT UNION OFFERS MEMBERS VARIOUS CONSUMER AND REAL ESTATE LOAN PRODUCTS (PERSONAL, AUTO, 1ST & 2ND MORTGAGES, HOME EQUITY LINES OF CREDIT, SMART ENERGY LOANS, VISA CREDIT CARDS). THE CREDIT UNION ALSO OFFERS MEMBERS VISA CHECK/DEBIT CARDS AS WELL AS VARIOUS SAVINGS, CERTIFICATES & CHECKING ACCOUNTS. 7 7 92 61 74966 0 9000 0 17917253 19340027 65102 847751 0 0 17991355 20187778 8000 6000 0 0 5477430 7161101 0 0 0 11141466 11753411 16626896 18920512 1364459 1267266 357474048 354958379 327237727 323462691 30236321 31495688 WE ARE BUILDERS OF FINANCIAL WELL-BEING WITHIN THE COMMUNITIES WE SERVE. 0 0 MUTUAL SECURITY CREDIT UNION 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 2024: PERSONAL LOANS = 598, NEW & USED AUTO LOANS = 894, 1ST, 2ND & HELOCS = 109, SMART ENERGY LOANS = 66. MUTUAL SECURITY CREDIT UNION OFFERS MEMBERS OUR VISA CREDIT CARDS AND VISA CHECK CARD (DEBIT CARD). NEW VISA ACCOUNTS ISSUED IN 2024 = 199. MUTUAL SECURITY CREDIT UNION OFFERS MEMBERS OUR VARIOUS CHECKING ACCOUNT PROGRAMS. NEW CHECKING ACCOUNTS OPENED IN 2024 = 88. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 9837 0 1 92 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 0 0 0 0 0 1 1 1 0 0 X CHARLES OKYERE 8007612400 1000 BRIDGEPORT AVENUE 503 SHELTON CT 06484 ROBERT J BASTA DIRECTOR 5.00 X 0 0 0 ANN BUDZYNSKI DIRECTOR 5.00 X 0 0 0 KEN DECKER TREASURER 5.00 X X 0 0 0 BRUCE M LIKELY CHAIR 5.00 X X 0 0 0 ROBERT LUBUS SECRETARY 5.00 X X 0 0 0 ROBERT MARAGES VICE CHAIR 5.00 X X 0 0 0 EDWIN RODRIGUEZ DIRECTOR 5.00 X 0 0 0 HENRY BAUM CEO 45.00 X 300620 0 40109 CHARLES OKYERE CFO 40.00 X 163037 0 10011 MICHAEL AUGUSTI VP, SALES AND SERVICE 45.00 X 170784 0 21178 JEFFREY TRACEY VP, LENDING 45.00 X 212530 0 16641 ANN NANKERVIS VP, HUMAN RESOURCES 45.00 X 169769 0 12586 MARIA LAZOR VP, RISK & STRATERGY MANAGEMENT 45.00 X 149347 0 47888 CHRIS HORVATH DIRECTOR OF IT 45.00 X 132377 0 17326 1298464 0 165739 7 0 1 0 PRESIDIO NETWORKED SOLUTIONS GROUP LLC PO BOX 822169 PHILADELPHIA PA 191822169 DATA PROCESSING EQUIPMENT & SUPPORT 635641 JACK HENRY & ASSOCIATESINC PO BOX 609 MONETT MO 65708 CORE COMPUTER SYSTEM & SUPPORT 455344 UPSTART NETWORK INC 2950 S DELAWARE ST SUITE 300 SAN MATEO CA 94403 PERSONAL LOAN REFERRALS AND SERVICING OF 251627 AT & T PO BOX 5019 CAROL STREAM IL 601975019 PHONE & DATA LINES 210671 DIEBOLD INC PO BOX 643543 PITTSBURGH PA 152643543 ATM MACHINE PURCHASES & SUPPORT 143718 7 INTEREST INCOME 522100 15543860 15543860 FEES AND CHARGES 522100 2532723 2516750 15973 VISA FEE INCOME 522100 756275 756275 MISC. OPERATING INCOME 522100 463512 404519 58993 MORTGAGE FEE INCOME 522100 43657 43657 19340027 846872 846872 4957 0 4078 4957 -4078 879 879 20187778 19265061 74966 847751 6000 513778 5322975 146051 739653 438644 151048 79912 62514 199814 1215948 1622395 681444 12178 130112 249710 467203 86347 DIVIDENDS PAID TO MEMBE 4733694 LOAN SERVICING 1304044 PROVISION FOR LOAN LOSS 681561 DUES 38701 36786 18920512 8133798 16348045 2488867 3223000 1898558 967522 320595699 309736216 923847 1267937 11629647 7036925 4975507 4592722 3975275 4750993 14482497 14071944 357474048 354958379 1279253 940278 2241446 2390785 0 5000000 323717028 315131628 327237727 323462691 X 0 0 0 0 30236321 31495688 30236321 31495688 357474048 354958379 1267266 -7899 0 X X 0 0 0 0 1 X 2405307 2405307 2359250 1001032 1358218 1050088 772239 277849 5815002 5263654 551348 4592722 SHARES ON DEPOSIT 313635576 OTHER LIABILITIES 1496052 315131628 PART IV, LINE 2B: MUTUAL SECURITY CREDIT UNION (THE CREDIT UNION) HAS ESCROW ACCOUNTS FOR MEMBERS WITH FIRST MORTGAGE LOANS. THEIR FUNDS ACCUMULATE MONTHLY AND WHEN DUE, THE CREDIT UNION PAYS THEIR TOWN/CITY PROPERTY TAXES AND HOMEOWNER'S INSURANCE ON THEIR BEHALF. 1 0 0 SCHOLARSHIPS FOR COLLEGE 6 6000 PART I, LINE 2: SCHOLARSHIP CHECKS ARE MADE PAYABLE TO THE STUDENT AND COLLEGE THAT THEY ARE ATTENDING. X X X X 0 0 0 HENRY BAUM CEO 300620 0 0 0 0 0 9144 0 30965 0 340729 0 0 0 JEFFREY TRACEY VP, LENDING 212530 0 0 0 0 0 6464 0 10177 0 229171 0 0 0 MARIA LAZOR VP, RISK & STRATERGY MANAGEMENT 149347 0 0 0 0 0 4753 0 43135 0 197235 0 0 0 MICHAEL AUGUSTI VP, SALES AND SERVICE 170784 0 0 0 0 0 5172 0 16006 0 191962 0 0 0 ANN NANKERVIS VP, HUMAN RESOURCES 169769 0 0 0 0 0 5098 0 7488 0 182355 0 0 0 CHARLES OKYERE CFO 163037 0 0 0 0 0 1575 0 8436 0 173048 0 0 0 HENRY BAUM OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 1934016 967522 0 1 1 967522 FORM 990, PART VI, SECTION A, LINE 6 MUTUAL SECURITY CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A MUTUAL SECURITY CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B MUTUAL SECURITY CREDIT UNION MEMBERS HAVE THE POWER TO ELECT OR REMOVE THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B MUTUAL SECURITY CREDIT UNION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE CHIEF FINANCIAL OFFICER WILL REVIEW FORM 990 PRIOR TO ITS FILING WITH THE INTERNAL REVENUE SERVICE. ONCE FILED IT WILL BE PRESENTED TO THE BOARD OF DIRECTORS AT A SUBSEQUENT MONTHLY MEETING. FORM 990, PART VI, SECTION B, LINE 15A SALARY AND JOB DESCRIPTION DATA IS OBTAINED FROM THE INDEPENDENT THIRD-PARTY CONSULTANT GROUP HUMAN RESOURCES PERFORMANCE SOLUTIONS. THE CONSULTANT PROVIDES DATA INCLUDING SALARY RANGES USING THE SOFTWARE COMPEASE. THE CHIEF EXECUTIVE OFFICER'S SALARY IS REVIEWED BY THE COMPENSATION COMMITTEE ANNUALLY WITH SUPPORT FROM THE VICE PRESIDENT OF HUMAN RESOURCES. THE CHIEF EXECUTIVE OFFICER'S SALARY IS THEN APPROVED BY THE BOARD OF DIRECTORS AND HUMAN RESOURCES CONTEMPORANEOUSLY DOCUMENTS THIS APPROVAL. THIS PROCESS LAST OCCURRED IN APRIL 2025. FORM 990, PART VI, SECTION C, LINE 19 MUTUAL SECURITY CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104. FORM 990, PART IV, LINE 12A & PART XII, LINE 2B: MUTUAL SECURITY CREDIT UNION'S (THE CREDIT UNION) FINANCIAL STATEMENTS ARE AUDITED ON A SEPARATE BASIS BY AN INDEPENDENT ACCOUNTANT. HOWEVER, THE FINANCIAL STATEMENTS HAVE BEEN AUDITED ON THE PERIODS OF APRIL 2023 TO MARCH 2024 AND ON THE SHORT PERIOD OF APRIL 2024 TO DECEMBER 2024, WHILE THE CREDIT UNION'S TAX YEAR WAS THE CALENDAR YEAR 2024. THE CREDIT UNION WILL BE ON THE SAME PERIOD FOR BOTH THE AUDITED FINANCIAL STATEMENTS AND THE TAX RETURN IN FUTURE YEARS.