2025-11-13T10:12:54-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2024-01-01 141471439 HUDSON VALLEY CREDIT UNION HUDS 8004683011 137 BOARDMAN ROAD POUGHKEEPSIE NY 12603 SCOTT VAN ZANDT EVP/CHIEF FINANCIAL OFFICER 8454633011 2025-10-15 1 0 TANYA MEDGAARDEN P01717240 5074347000 2025-11-10 2024 2025-03-06 01:10:19Z SCOTT VAN ZANDT 137 BOARDMAN ROAD POUGHKEEPSIE NY 12603 424748800 0 X WWW.HVFCU.ORG X 1963 NY STATE CHARTERED CU THAT PROVIDES FINANCIAL, INSURANCE AND BANKING SERVICES TO ITS MEMBERS. 9 9 1195 20 1149098 0 0 0 267908667 325489261 46762290 98611173 -9987 1756 314660970 424102190 0 0 93310522 142173195 92525766 109072739 0 0 0 126031853 150773360 311868141 402019294 2792829 22082896 7062798226 7450776209 6630386858 7017779789 432411368 432996420 TO PARTNER IN BUILDING SUCCESSFUL FUTURES FOR INDIVIDUAL MEMBERS, EMPLOYEES, AND OUR ENTIRE COMMUNITY. 0 0 HVCU PROVIDES CONSUMER AND BUSINESS DEPOSIT AND LOAN PRODUCTS, A VARIETY OF PERSONAL AND BUSINESS INSURANCE PRODUCTS AND WEALTH MANAGEMENT SERVICES. 0 0 1 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 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 75269 0 1195 1 1 1 0 0 0 0 0 0 0 0 0 1 0 X 9 9 0 0 1 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X SCOTT VAN ZANDT 8004683011 137 BOARDMAN ROAD POUGHKEEPSIE NY 12603 JAY PANTALEO CHAIRMAN OF THE BOARD 1.00 X X 0 0 0 KEITH BASKETT VICE CHAIRMAN 1.00 X X 0 0 0 NANCY KAPPLER-FOSTER DIRECTOR EMERITUS 1.00 X X 0 0 0 BENJAMIN SMITH SECRETARY 1.00 X X 0 0 0 HENRIETTA AKPATA DIRECTOR 1.00 X 0 0 0 JANINE S DAUGHTRY TREASURER 1.00 X X 0 0 0 NANCY K BOEHM DIRECTOR 1.00 X 0 0 0 KAREN MCFARLANE DIRECTOR 1.00 X 0 0 0 ALISA SWIRE DIRECTOR 1.00 X 0 0 0 WESLEY J LEE DIRECTOR 1.00 X 0 0 0 JUHI SAHA ASSOCIATE BOARD MEMBER 1.00 X 0 0 0 JONATHAN ROBERTS PRESIDENT CHIEF EXECUTIVE 40.00 X 1971939 0 1881622 DIANE ALLENBAUGH FORMER EVP/CPO 40.00 X 1176390 0 10246 ANTON ROHRMEIER FORMER EVP/COO 40.00 X 532141 0 20239 SCOTT VAN ZANDT EVP/CHIEF FINANCIAL OFFICER 40.00 X 799948 0 427348 MARK TIMMERMAN EVP/CRO 40.00 X 666004 0 606817 RICHARD LIONHOOD EVP/CBO 40.00 X 737394 0 458372 CHRISTOPHER KIEFFER EVP/CSO 40.00 X 461340 0 190010 JOHN FEDE EVP/CIO 40.00 X 517300 0 249390 DESIREE WOLFE EVP/CXO 40.00 X 423104 0 77333 AMY JAKOBEIT EVP/CMO 40.00 X 448962 0 142463 GREGORY ANTONAKOS FINANCIAL CONSULTANT II 40.00 X 448551 0 78043 MATTHEW GIORGI FINANCIAL CONSULTANT II 40.00 X 507622 0 78694 CHRISTOPHER CANTELE AVP WEALTH MANAGEMENT 40.00 X 442899 0 81243 LYNDA BEISNER FINANCIAL CONSULTANT II 40.00 X 468699 0 38541 TROY DEL VALLE VP/DATA PLATFORM ARCHITECT 40.00 X 341306 0 85802 9943599 0 4426163 198 0 1 0 CULA 9665 GRANITE RIDGE DR SUITE 400 SAN DIEGO CA 92123 VEHICLE LEASING SERVICING FEE 5753469 ALKAMI TECHNOLOGY INC PO BOX 122223 DEPT 2223 DALLAS TX 75312 INTERNET BANKING 3714665 TERACAI INC DEPT 116004 PO BOX 5211 BINGHAMTON NY 13902 IT SOLUTIONS PROVIDER 2851346 LOONEY ADVERTISING & BRANDING 7 NORTH MOUNTAIN AVE MONTCLAIR NJ 07042 ADVERTISING 1939515 RELIASTAR LIFE INSURANCE COMPANY OF NY 4691 PAYSPHERE CIRCLE CHICAGO IL 60674 INSURANCE 1893988 157 INCOME FROM LOANS 522100 260006371 260006371 SERVICE FEES AND OTHER FEES 522100 50926595 50926595 OTHER INCOME 522100 13407197 13407197 INSURANCE SERVICES 522100 873925 873925 NON-MEMBER ATM FEES 522100 275173 275173 325489261 97177476 97177476 319668 317912 1756 1756 1756 49925 1712470 328698 0 -278773 1712470 1433697 1433697 424102190 324340163 1149098 98612929 142173195 11798362 75328087 4373661 11411827 6160802 677951 360000 4062221 8050061 51856839 5539438 341675 466236 17321517 6526014 OTHER ADMINISTRATIVE 30560736 PROVISION FOR CREDIT LO 25010672 402019294 772823073 663900595 8345000 22405638 17503791 19052496 58387500 4230506939 4365311394 8057868 157324032 71060121 83778566 86263911 1821128681 2068966980 45112125 113102833 128927045 7062798226 7450776209 64958490 60326578 16237140 15988711 6549191228 6941464500 6630386858 7017779789 X 0 0 0 0 432411368 432996420 432411368 432996420 7062798226 7450776209 X 22082896 -20667997 -829847 X X 0 1 X 1 0 0 0 0 0 FOCUS NY CREDIT UNION POLITICAL ACTION COMMITTEE PO BOX 15118 ALBANY NY 122125118 141728119 5000 PART I-A, LINE 1: ALL POLITICAL CONTRIBUTIONS WERE MADE TO THE FOCUS NY CREDIT UNION POLITICAL ACTION COMMITTEE AND TOTALED $5,000. 0 1 X 25702553 25702553 65743925 25558368 40185557 13087178 4216998 8870180 52603486 41176662 11426824 186890 108093 78797 86263911 MEMBER SHARES 6541464500 BORROWING 400000000 6941464500 X PART IV, LINE 2B: THE ORGANIZATION HOLDS FUNDS FOR MEMBERS IN ESCROW ACCOUNTS RELATED TO MORTGAGE LOANS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501 (C) (14), FROM FEDERAL AND STATE INCOME TAXES. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2024 AND 2023. THE CREDIT UNION'S WHOLLY OWNED SUBSIDIARY, CUSERVE INC., IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION'S 2021 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X X 1 1 X X X X 1 1 0 JONATHAN ROBERTS PRESIDENT CHIEF EXECUTIVE 950882 0 495125 0 525932 0 1824238 0 57384 0 3853561 0 0 0 MARK TIMMERMAN EVP/CRO 364570 0 127944 0 173490 0 546365 0 60452 0 1272821 0 0 0 SCOTT VAN ZANDT EVP/CHIEF FINANCIAL OFFICER 457485 0 190531 0 151932 0 367265 0 60083 0 1227296 0 0 0 RICHARD LIONHOOD EVP/CBO 528446 0 145688 0 63260 0 398365 0 60007 0 1195766 0 0 0 DIANE ALLENBAUGH FORMER EVP/CPO 584320 0 162435 0 429635 0 8017 0 2229 0 1186636 0 0 0 JOHN FEDE EVP/CIO 405263 0 101063 0 10974 0 189307 0 60083 0 766690 0 0 0 CHRISTOPHER KIEFFER EVP/CSO 360477 0 99033 0 1830 0 169944 0 20066 0 651350 0 0 0 AMY JAKOBEIT EVP/CMO 345414 0 102000 0 1548 0 90002 0 52461 0 591425 0 0 0 MATTHEW GIORGI FINANCIAL CONSULTANT II 35450 0 471680 0 492 0 21677 0 57017 0 586316 0 0 0 ANTON ROHRMEIER FORMER EVP/COO 21343 0 214760 0 296038 0 16558 0 3681 0 552380 0 0 0 GREGORY ANTONAKOS FINANCIAL CONSULTANT II 38574 0 409643 0 334 0 24150 0 53893 0 526594 0 0 0 CHRISTOPHER CANTELE AVP WEALTH MANAGEMENT 108156 0 333530 0 1213 0 24150 0 57093 0 524142 0 0 0 LYNDA BEISNER FINANCIAL CONSULTANT II 46538 0 420000 0 2161 0 21098 0 17443 0 507240 0 0 0 DESIREE WOLFE EVP/CXO 353696 0 67591 0 1817 0 17250 0 60083 0 500437 0 0 0 TROY DEL VALLE VP/DATA PLATFORM ARCHITECT 258356 0 82071 0 879 0 20159 0 65643 0 427108 0 0 0 PART I, LINE 1A ANGELA ROBERTS - TRAVEL FOR COMPANION - $5,538 DESIREE WOLFE - GROSS-UP PAYMENT - $7 CHRISTOPHER KIEFFER - HEALTH/SOCIAL CLUB DUES - $935 PART I, LINE 1B BOARD MEMBERS ARE NOT COMPENSATED, THEREFORE A 1099 IS ISSUED AS APPLICABLE. PART I, LINE 3 THE COMPENSATION AND BENEFITS COMMITTEE PRESENTS A RECOMMENDATION TO THE BOARD BASED ON CEO PERFORMANCE AND MARKET DATA PROVIDED BY AN INDEPENDENT EXECUTIVE COMPENSATION CONSULTANT. DOCUMENTATION IS CONTAINED ON THE BOARD PORTAL. DELIBERATION AND DECISION IS MEMORIALIZED IN THE COMPENSATION & BENEFITS COMMITTEE MEETING MINUTES AS WELL AS THROUGH A BOARD RESOLUTION MEMORIALIZED IN THE BOARD MEETING MINUTES. PART I, LINES 4A-B DIANE ALLENBAUGH - SEVERANCE PAYMENT - $397,348 DIANE ALLENBAUGH - 457F DISTRIBUTION - $566,962 MARK TIMMERMAN - 457F DISTRIBUTION - $170,000 JONATHAN ROBERTS - 457F DISTRIBUTION - $500,000 SCOTT VANZANDT - 457F DISTRIBUTION - $150,000 RICHARD LIONHOOD - 457F DISTRIBUTION - $50,000 ANTON ROHRMEIER - 457F DISTRIBUTION - $250,000 MARY D MADDEN FORMER CHIEF EXECUTIVE OFFICER FUNDING CASH VALUE LIFE INSURANCE POLICY X 8007424 10015590 0 1 1 ANTON ROHRMEIER FORMER CHIEF OPERATING OFFICER FUNDING CASH VALUE LIFE INSURANCE POLICY X 1950000 2439037 0 1 1 SCOTT VAN ZANDT CHIEF FINANCIAL OFFICER FUNDING CASH VALUE LIFE INSURANCE POLICY X 5200000 5866358 0 1 1 MARK TIMMERMAN CHIEF RELATIONSHIP OFFICER FUNDING CASH VALUE LIFE INSURANCE POLICY X 10900000 10418714 0 1 1 RICHARD LIONHOOD CHIEF BANKING OFFICER FUNDING CASH VALUE LIFE INSURANCE POLICY X 6500000 6311979 0 1 1 JOHN FEDE CHIEF INFORMATION OFFICER FUNDING CASH VALUE LIFE INSURANCE POLICY X 5500000 5340905 0 1 1 AMY JACKOBEIT CHIEF OF MEMBER OPERATIONS FUNDING CASH VALUE LIFE INSURANCE POLICY X 4000000 3778912 0 1 1 CHRISTOPHER KIEFFER CHIEF STRATEGY OFFICER FUNDING CASH VALUE LIFE INSURANCE POLICY X 8000000 7697382 0 1 1 JOHANNA ROBBINS CHIEF FINANCIAL OFFICER FUNDING CASH VALUE LIFE INSURANCE POLICY X 6900000 6518623 0 1 1 58387500 SCHEDULE L, PART II SPLIT DOLLAR LOANS ARE RECORDED ON THE FINANCIAL STATEMENTS AT A DIFFERENT VALUE. THE LOAN + ACCRUED INTEREST VALUE FOR EACH LOAN ARE: MARY MADDEN: $10,674,166ANTON ROHRMEIER: $2,599,416SCOTT VAN ZANDT: $6,252,101MARK TIMMERMAN: $11,103,798RICHARD LIONHOOD: $6,727,024JOHN FEDE: $5,692,097AMY JACKOBEIT: $4,027,395CHRISTOPHER KIEFFER: $8,203,524JOHANNA ROBBINS: $6,947,256 FORM 990, PART VI, SECTION A, LINE 4 A PRIVATE, NON-OPERATING TYPE OF CHARITABLE FOUNDATION WAS FORMED IN 2024 NAMED THE HVCU CHARITABLE FOUNDATION. FORM 990, PART VI, SECTION A, LINE 6 THOSE WHO LIVE, WORK, WORSHIP OR ATTEND SCHOOL IN A 12-COUNTY AREA IN NEW YORK STATE. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS IN GOOD STANDING ARE PERMITTED TO VOTE FOR BOARD MEMBERS DURING GENERAL ELECTION. BOARD CANDIDATES ARE DETERMINED BY THE NOMINATING COMMITTEE. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN MERGERS ARE SUBJECT TO APPROVAL BY MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT REVIEW AND PREPARATION BY INDEPENDENT AUTHORITY. FORM 990, PART VI, SECTION B, LINE 12C ALL HVCU EMPLOYEES, INCLUDING OFFICERS AND KEY EMPLOYEES, ARE REQUIRED TO SIGN AN ANNUAL ACKNOWLEDGEMENT OF POLICIES WHICH INCLUDES THE CONFLICT OF INTEREST POLICY. THE PRESIDENT/CEO WILL BE ADVISED OF ANY AND ALL SUCH CONFLICTS OF INTEREST REGARDING THE STAFF AND, AS APPROPRIATE, INFORM THE BOARD OF DIRECTORS OF ANY SIGNIFICANT SITUATIONS. ANY DOUBT OR QUESTION CONCERNING A POSSIBILITY OF POTENTIAL CONFLICT OF INTEREST MUST ALSO BE REPORTED. FURTHERMORE, ANY EMPLOYEE OR OFFICER WHO IS AWARE OF ANOTHER'S ACTUAL OR POTENTIAL CONFLICT OF INTEREST IS REQUIRED TO IMMEDIATELY REPORT SUCH BELIEF, IN WRITING, TO THE APPROPRIATE AUTHORITY. IT MAY BE DETERMINED THAT NO ACTION IS NECESSARY, OR THE INDIVIDUAL WITH THE CONFLICT MAY BE REQUIRED TO RESOLVE THE CONFLICT IN A PRESCRIBED MANNER. IF THE CONFLICT CANNOT BE RESOLVED; IF THE INDIVIDUAL WITH THE CONFLICT CHOOSES NOT TO ABIDE BY THE PRESCRIBED COURSE OF ACTION; OR IF THERE HAS BEEN BAD FAITH ON THE PART OF THE INDIVIDUAL WITH THE CONFLICT, THE APPROPRIATE AUTHORITY MAY IMMEDIATELY TERMINATE THE INDIVIDUAL WITH THE CONFLICT. PERCEIVED OR ACTUAL CONFLICTS OF INTEREST BY THE PRESIDENT/CEO ARE REPORTED AND RESOLVED BY THE BOARD. BOARD MEMBERS AND OTHER VOLUNTEERS ARE REQUIRED TO ANNUALLY SIGN A VOLUNTEER PERFORMANCE POLICY THAT OUTLINES THE FIDUCIARY RESPONSIBILITIES OF ALL VOLUNTEERS AND OUTLINES THAT ALL ACTIVITIES PERFORMED ON BEHALF OF THE CREDIT UNION WILL BE CONDUCTED ACCORDING TO THE HIGHEST LEVEL OF ETHICS AND INTEGRITY. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION AND BENEFITS COMMITTEE PRESENTS A RECOMMENDATION TO THE BOARD BASED ON CEO PERFORMANCE AND MARKET DATA PROVIDED BY AN INDEPENDENT EXECUTIVE COMPENSATION CONSULTANT. DOCUMENTATION IS CONTAINED ON THE BOARD PORTAL. DELIBERATION AND DECISION MAKING IS MEMORIALIZED IN THE COMPENSATION & BENEFITS COMMITTEE MEETING MINUTES AS WELL AS THROUGH A BOARD RESOLUTION MEMORIALIZED IN THE BOARD MEETING MINUTES. THE CEO AND COMPENSATION AND BENEFITS COMMITTEE ARE PROVIDED MARKET DATA BY AN INDEPENDENT EXECUTIVE COMPENSATION CONSULTANT. BASED ON PERFORMANCE AND MARKET DATA, THE CEO PRESENTS HIS RECOMMENDATIONS TO THE COMPENSATION AND BENEFITS COMMITTEE. THE COMMITTEE'S ROLE IS TO PROVIDE OVERSIGHT. DOCUMENTATION IS CONTAINED ON THE BOARD PORTAL AND DELIBERATION IS MEMORIALIZED IN THE COMPENSATION & BENEFITS COMMITTEE MEETING MINUTES. COMMITTEE MINUTES ARE CONTAINED IN THE BOARD PACKAGE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC IN EACH BRANCH AND ONLINE. FORM 990, PART XI, LINE 9: BENEFIT PLANS -290,408. CUSO EQUITY -539,439. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED. HVCU CHARITABLE FOUNDATION 137 BOARDMAN RD POUGHKEEPSIE NY 12603 993361589 COMMUNITY SUPPORT NY 501(C)3 LINE 7 HUDSON VALLEY CREDIT UNION 0 CUSERVE INC 137 BOARDMAN RD POUGHKEEPSIE NY 12603 141756210 NOT CURRENTLY OPERATIONAL NY HUDSON VALLEY CREDIT UNION C -7418 589446 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0