2025-11-11T17:23:17-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2024-01-01 141364933 SUNMARK CREDIT UNION SUNM 8667866275 1187 TROY SCHENECTADY ROAD LATHAM NY 12110 VIK MUKTAVARAM CFO 8667866275 2025-10-06 1 0 TANYA MEDGAARDEN P01717240 5074347000 2025-11-10 2024 2025-03-06 01:10:19Z JERILEE BEAUDOIN 1187 TROY SCHENECTADY ROAD LATHAM NY 12110 141012288 0 X WWW.SUNMARK.ORG X CREDIT UNION 1937 NY CREATING VALUE TO ENRICH THE LIVES OF OUR MEMBERS BY PROVIDING FINANCIAL PRODUCTS, EDUCATION AND SERVICES TAILORED TO MEET THEIR FINANCIAL GOALS. 9 9 320 17 85876 36398 0 0 71247885 74440799 1905772 4094058 -270879 -54351 72882778 78480506 72500 72500 12351896 17921193 24298926 24880843 0 0 0 30846567 29797252 67569889 72671788 5312889 5808718 1157564809 1145184782 1067888408 1048544640 89676401 96640142 CREATING VALUE TO ENRICH THE LIVES OF OUR MEMBERS BY PROVIDING FINANCIAL PRODUCTS, EDUCATION AND SERVICES TAILORED TO MEET THEIR FINANCIAL GOALS. 0 0 SUNMARK CREDIT UNION OFFERS A VARIETY OF LENDING PROGRAMS DESIGNED TO MEET THE FINANCING NEEDS OF OUR MEMBERS. THESE PRODUCTS INCLUDE: MORTGAGES, VEHICLES, COMMERCIAL, CREDIT CARDS AND PERSONAL LOANS. DURING 2024, THE CREDIT UNION GRANTED OVER 36,000 LOW INTEREST RATE LOANS TOTALING MORE THAN $217 MILLION. SUNMARK MAKES IT CONVENIENT FOR MEMBERS TO OBTAIN FINANCING BY APPLYING ONLINE, VISITING ONE OF OUR 16 BRANCH LOCATIONS, OR CALLING OUR MEMBER SERVICE CENTER. AS MEMBER ADVOCATES, SUNMARK OFFERS WORKSHOPS TO EDUCATE MEMBERS ON TOPICS SUCH AS: BUDGETING, MANAGING DEBT, AND HOME BUYING WORKSHOPS. SUNMARK CREDIT UNION OFFERS VARIOUS DEPOSIT PRODUCTS TO SUPPORT THE FINANCIAL HEALTH AND WELL-BEING OF EACH MEMBER. THESE PRODUCTS PROVIDE COMPETITIVE DIVIDEND RATES, 24/7 ACCESS TO FUNDS AND EASY TRANSFER OPTIONS. WE OFFER MOBILE BANKING, DEBIT CARDS, ACCESS TO NEARLY 30,000 ATMS AND 5,000 PLUS SHARED BRANCHING LOCATIONS ACROSS THE COUNTRY. SUNMARK SERVES OVER 89,000 MEMBERS IN 14 COUNTIES IN THE CAPITAL DISTRICT AND HUDSON VALLEY REGION OF NEW YORK. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 17199 0 1 320 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X VIK MUKTAVARAM 8667866275 1187 TROY SCHENECTADY ROAD LATHAM NY 12110 KRISTEN MYERS CHAIRPERSON 1.00 X X 3404 0 0 BRIAN HUGICK SECRETARY 1.00 X X 865 0 0 MATT CUSACK TREASURER 1.00 X X 0 0 0 MATT RHODES VICE CHAIR 1.00 X X 0 0 0 AMY JOHNSON DIRECTOR 1.00 X 50 0 0 DAN HEIM DIRECTOR 1.00 X 0 0 0 PARKER POWELL DIRECTOR 1.00 X 0 0 0 TONY CARDONA DIRECTOR 1.00 X 0 0 0 SETH STONE DIRECTOR 1.00 X 0 0 0 JENNIE GLIHA DIRECTOR 1.00 X 958 0 0 JERILEE BEAUDOIN PRESIDENT/CEO 40.00 X 442279 0 34864 VIKAS MUKTAVARAM EVP/CFO 40.00 X 332280 0 26991 FRANK DEGRAW FORMER PRESIDENT/CEO 40.00 X 302392 0 6161 JOHANNA ROBBINS CHIEF FINANCIAL OFFICER 40.00 X 95546 0 2126 PAUL KELLY CHIEF PEOPLE OFFICER 40.00 X 261162 0 48619 DARRYL ENFIELD CHIEF INFORMATION OFFICER 40.00 X 245165 0 72415 JOHN PRIVIDERA MEMBER EXPERIENCE OFFICER 40.00 X 217934 0 6421 AMBER COOLEEN VP OF MARKETING 40.00 X 191523 0 27766 MELISSA SAVAGE VP MORTGAGE LENDING 40.00 X 152905 0 27484 MICHAEL MATHUSA AVP OF SIS AND LSA 40.00 X 204051 0 28521 JOHN NOLAN AVP OF IT 40.00 X 163799 0 53136 ANTHONY LIGUORI SENIOR P & C PRODUCER 40.00 X 162984 0 39762 DAWN DONOVAN VP OF OPERATIONS 40.00 X 152973 0 36173 JAYANT SINGH VP BUSINESS SERVICES 40.00 X 152967 0 18690 3083237 0 429129 36 0 1 0 FISERV INC PO BOX 934057 ATLANTA GA 311934057 PROVIDES FINANCIAL TECHNOLOGY 3914741 DIGITAL FIRST HOLDINGS LLC PO BOX 740641 LOS ANGELES CA 900740641 PROVIDES FLEXIBLE BANKING CONNECTIONS 1798007 PNJ TECHNOLOGY PARTNERS 426 NEW KARNER RD ALBANY NY 12205 PROVIDES COMPUTER SOLUTIONS/IT SUPPORT 1161663 MASTERCARD 2000 PURCHASE ST PURCHASE NY 10577 CARD PAYMENT & ATM SERVICES 1136124 BRITE 7647 MAIN STREET FISHERS VICTOR NY 14564 PROVIDES TECHNOLOGY SUPPORT AND SUBSCRIP 587730 36 INTEREST ON LOANS 522100 55730548 55730548 FEE INCOME 522100 10732172 10646296 85876 OTHER OPERATING INCOME 522100 7978079 7978079 74440799 2745155 2745155 3019383 60861302 2880903 59650879 138480 1210423 1348903 1348903 NON-OPERATING INCOME 522100 -54351 -54351 -54351 78480506 74300572 85876 4094058 72500 17921193 2499310 16939954 745926 3271159 1424494 120594 204569 5035040 1478669 8238972 1961420 386923 639396 2633139 PROVISION FOR CREDIT LO 5584749 LOAN SERVICING EXPENSE 3401504 OPERATING FEES 80370 MISC. OPERATING EXPENSE 31907 72671788 11004458 11446615 20608873 57626606 14376577 11760520 1031421793 968280658 3378435 7715641 48876222 23597405 28183034 25278817 10513275 22434444 7159334 5734535 9151 30909879 34906946 1157564809 1145184782 15353530 8544958 46500000 7000000 1006034878 1032999682 1067888408 1048544640 X 0 0 0 0 89676401 96640142 89676401 96640142 1157564809 1145184782 X 5808718 1155023 X X 0 1 X 1 0 6385729 6385729 21280611 7336442 13944169 412113 385780 26333 18823298 15649129 3174169 1974471 226054 1748417 25278817 MEMBER SHARES OF ALL TYPES 1032999682 1032999682 X 78480510 0 78480510 -4 -4 78480506 72671792 0 72671792 -4 -4 72671788 PART X, LINE 2: SUNMARK IS A STATE-CHARTERED CREDIT UNION. STATE CHARTERED CREDIT UNIONS ARE EXEMPT FROM FEDERAL AND STATE INCOME TAX UNDER INTERNAL REVENUE SERVICE CODE SECTION 501(C)14. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE, INCLUDING UNRELATED BUISNESS INCOME TAXES (UBIT). THE CREDIT UNION EVALUATED ITS TAX POSITION AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2024 AND DECEMBER 31, 2023. THE CREDIT UNION'S 2021 THROUGH 2024 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITITIES. THE INCOME FROM THE CUSO, ORGANIZED AS AN LLC, FLOWS THROUGH TO THE CREDIT UNION AND, THEREFORE, IS NOT SUBJECT TO FEDERAL AND STATE INCOME TAXES. PART XI, LINE 4B - OTHER ADJUSTMENTS: ROUNDING -4. PART XII, LINE 4B - OTHER ADJUSTMENTS: ROUNDING -4. 1 SUNMARK CHARITABLE COMMUNITY FOUNDATION 1187 TROY SCHENECTADY RD LATHAM NY 12110 473713204 501(C)(3) 55000 0 CHARITABLE DONATION CAPITAL REGION CHAMBER FOUNDATION 5 COMPUTER DRIVE SOUTH ALBANY NY 12205 141736856 501(C)(3) 17500 0 SPONSORSHIP OF 2024 ENTREPRENEURIAL BOOT CAMP 2 PART I, LINE 2: ALL GRANTS ARE TRACKED WITHIN INTERNAL SYSTEMS AND REVIEWED THROUGH THE ANNUAL BUDGET PROCESS AND ROUTINE DEPARTMENT MONITORING. SUNMARK HAS A STANDARD PROCESS AND ESTABLISHED CRITERIA FOR GRANTS. FIRST, GRANT RECIPIENTS MUST SERVE A POPULATION WITHIN OUR 14-COUNTY CHARTER AREA. NEXT, FUNDS MUST BE USED TO SUPPORT FINANCIAL LITERACY/EDUCATION AND/OR IMPROVE THE QUALITY OF LIFE FOR THOSE IN NEED. ALL ORGANIZATIONS ARE REQUIRED TO PROVIDE FORM W-9. NON-PROFIT STATUS OF ORGANIZATIONS IS VALIDATED THROUGH PUBLICLY AVAILABLE RESOURCES SUCH AS THE NY STATE CHARITIES BUREAU, CANDID/GUIDESTAR, OR IRS PUBLICATION 78. X X 1 1 X X X X X 1 1 0 JERILEE BEAUDOIN PRESIDENT/CEO 339944 0 96875 0 5460 0 33778 0 1086 0 477143 0 0 0 VIKAS MUKTAVARAM EVP/CFO 258022 0 68798 0 5460 0 17759 0 9232 0 359271 0 0 0 DARRYL ENFIELD CHIEF INFORMATION OFFICER 220476 0 19229 0 5460 0 56091 0 16324 0 317580 0 0 0 PAUL KELLY CHIEF PEOPLE OFFICER 235397 0 20305 0 5460 0 25164 0 23455 0 309781 0 0 0 FRANK DEGRAW FORMER PRESIDENT/CEO 69478 0 0 0 232914 0 3641 0 2520 0 308553 0 0 0 MICHAEL MATHUSA AVP OF SIS AND LSA 204051 0 0 0 0 0 5924 0 22597 0 232572 0 0 0 JOHN PRIVIDERA MEMBER EXPERIENCE OFFICER 192474 0 20000 0 5460 0 5700 0 721 0 224355 0 0 0 AMBER COOLEEN VP OF MARKETING 170775 0 15288 0 5460 0 26762 0 1004 0 219289 0 0 0 JOHN NOLAN AVP OF IT 153818 0 9981 0 0 0 29686 0 23450 0 216935 0 0 0 ANTHONY LIGUORI SENIOR P & C PRODUCER 162984 0 0 0 0 0 31794 0 7968 0 202746 0 0 0 DAWN DONOVAN VP OF OPERATIONS 136763 0 10750 0 5460 0 26864 0 9309 0 189146 0 0 0 MELISSA SAVAGE VP MORTGAGE LENDING 136946 0 10499 0 5460 0 4308 0 23176 0 180389 0 0 0 JAYANT SINGH VP BUSINESS SERVICES 136254 0 11253 0 5460 0 2656 0 16034 0 171657 0 0 0 PART I, LINE 1A VP OF BUSINESS SERVICES HAS ANNUAL GOLF CLUB DUES IN THE AMOUNT OF $5,500 USED FOR BUSINESS RELATIONS. BOARD MEMBERS MAY ATTEND CONFERENCES. A COMPANION MAY TRAVEL WITH A BOARD MEMBER TO A CONFERENCE AND THIS IS INCLUDED IN THE BOARD MEMBER'S ANNUAL FORM 1099. PART I, LINE 3 THE PRESIDENT/CEO'S COMPENSATION IS DETERMINED BY THE SUNMARK CREDIT UNION'S COMPENSATION COMMITTEE BY USING A CONSULTANT, INDUSTRY-SPECIFIC COMPENSATION STUDIES, AND/OR OTHER DATA AVAILABLE IN THE PUBLIC ARENA INCLUDING PROXY STATEMENTS & OTHER FORMS 990 FOR CREDIT UNIONS OF SIMILAR SIZE. THE COMPENSATION COMMITTEE MAKES A FORMAL RECOMMENDATION TO THE BOARD OF DIRECTORS FOR FINAL APPROVAL. THE COMPENSATION COMMITTEE PROVIDES A COMPENSATION PHILOSOPHY STATEMENT WHICH IS USED TO DETERMINE EXECUTIVE LEVEL POSITIONS BASED ON THE ABOVE MENTIONED SOURCES. THE CEO IS DELEGATED THE AUTHORITY TO SET EXECUTIVE SALARIES WITHIN THIS ESTABLISHED FRAMEWORK. COMPENSATION FOR ALL OTHER KEY EMPLOYEES IS DETERMINED BY THE PRESIDENT/CEO USING UPDATED SALARY RANGES AND BENCHMARKING DATA. PART I, LINES 4A-B NAME: FRANK DEGRAW, DESCRIPTION: SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN, CURRENT YEAR AMOUNT: $4,429. PLAN DESCRIPTION: 457B NAME: FRANK DEGRAW, DESCRIPTION: SEVERANCE PAYMENT, CURRENT YEAR AMOUNT: $178,809 FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OF THE CREDIT UNION LIVE, WORK, GO TO SCHOOL OR WORSHIP IN THE 14 COUNTY AREA THE CREDIT UNION SERVES. THIS INCLUDES EMPLOYEES OF SELECT EMPLOYER GROUP MEMBERS AND FAMILY MEMBERS OF ELIGIBLE INDIVIDUALS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT MEMBERS OF THE ORGANIZATION'S GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B A MEMBER VOTE IS REQUIRED TO APPOINT DIRECTORS AND A SPECIAL MEETING CAN BE CALLED FOR MEMBERS TO VOTE. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WHO HAVE AUTHORITY TO ACT ON THE BEHALF OF THE GOVERNING BODY. THE SUPERVISORY COMMITTEE, HOWEVER, IS APPOINTED BY THE CREDIT UNION BOARD OF DIRECTORS. THE FUNCTION OF THE COMMITTEE IS TO CONDUCT AUDITS OF THE CREDIT UNION'S FINANCIAL RECORDS AT LEAST ONCE A YEAR. THE COMMITTEE MAY ALSO PERIODICALLY REVIEW THE POLICIES, PROCEDURES AND OPERATIONS OF THE CREDIT UNION, AND MAKE RECOMMENDATIONS TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE ENTIRE BOARD BEFORE BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY THE BOARD MUST ACKNOWLEDGE AND DISCLOSE ANY CONFLICT OF INTEREST PER THE CODE OF ETHICAL CONDUCT. ALL EMPLOYEES ARE REQUIRED TO READ THE ORGANIZATION'S CONFLICT OF INTEREST POLICY AND AGREE THAT THEY WILL COMPLY WITH THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT/CEO'S COMPENSATION IS DETERMINED BY THE SUNMARK CREDIT UNION'S COMPENSATION COMMITTEE BY USING A CONSULTANT, INDUSTRY-SPECIFIC COMPENSATION STUDIES, AND/OR OTHER DATA AVAILABLE IN THE PUBLIC ARENA INCLUDING PROXY STATEMENTS & OTHER FORMS 990 FOR CREDIT UNIONS OF SIMILAR SIZE. THE COMPENSATION COMMITTEE MAKES A FORMAL RECOMMENDATION TO THE BOARD OF DIRECTORS FOR FINAL APPROVAL. THE COMPENSATION COMMITTEE PROVIDES A COMPENSATION PHILOSOPHY STATEMENT WHICH IS USED TO DETERMINE EXECUTIVE LEVEL POSITIONS BASED ON THE ABOVE MENTIONED SOURCES. THE CEO IS DELEGATED THE AUTHORITY TO SET EXECUTIVE SALARIES WITHIN THIS ESTABLISHED FRAMEWORK. COMPENSATION FOR ALL OTHER KEY EMPLOYEES IS DETERMINED BY THE PRESIDENT/CEO USING UPDATED SALARY RANGES AND BENCHMARKING DATA. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES THEIR GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN OTHER COMPREHENSIVE INCOME 1,155,023. PART XII, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. HORIZON SERVICE ORGANIZATION LLC 1187 TROY SCHENECTADY ROAD LATHAM NY 12110 272298670 HOLDING COMPANY FOR SUNMARK INVESTMENT IN CUSO ENTITIES NY 642952 4752784 SUNMARK CREDIT UNION SIS INSURANCE & FINANCIAL LLC 1187 TROY SCHENECTADY ROAD LATHAM NY 12110 274601397 INSURANCE SERVICES NY 1712670 3827365 HORIZON SERVICE ORGANIZATION LLC SUNMARK CHARITABLE COMMUNITY FOUNDATION 1187 TROY SCHENECTADY ROAD LATHAM NY 12110 473713204 FINANCIAL CONTRIBUTIONS, IN-KIND SERVICES AND VOLUNTEER SUPPORT NY 501(C)(3) PF SUNMARK CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0 SUNMARK CHARITABLE COMMUNITY FOUNDATION B 39160 CHECK PAYMENTS SUNMARK CHARITABLE COMMUNITY FOUNDATION O 81271 PAYROLL RECORDS