2016-08-11T14:01:15-05:00 2015-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2015-01-01 060634736 SIKORSKY FINANCIAL CREDIT UNION SIKO 2033772252 1000 ORONOQUE LANE STRATFORD CT 06614 VINCENT CIAMBRIELLO PRESIDENT/CEO 2033772252 2016-08-11 1 SHERRI WESSELS P00888088 5074347000 2016-08-10 2015 2016-12-15 16:53:06Z VINCENT CIAMBRIELLO 1000 ORONOQUE LANE STRATFORD CT 06614 26179230 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 11 170 16 74797 0 0 0 20062757 20690832 3379421 3486609 415221 362883 23857399 24540324 6000 5000 2604647 2181940 9384742 9356164 0 0 0 9325349 8888266 21320738 20431370 2536661 4108954 692738762 706308625 619675387 629722538 73063375 76586087 SIKORSKY FINANCIAL CREDIT UNION IS COMMITTED TO ACT IN THE BEST INTEREST OF ITS MEMBERSHIP. 0 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. 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 1 0 1 2689 0 1 170 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 0 0 0 WILLIAM W BOIAN FIRST VICE CHAIR 1.70 X X 2207 0 0 GEOFFREY R HERALD SECOND VICE CHAIR 1.70 X X 2306 0 0 JAMES PRUSACZYK SECRETARY 1.70 X X 2312 0 0 JOSEPH KUBIC TREASURER 1.70 X X 1190 0 0 MAUREEN FINO DIRECTOR 1.30 X 0 0 0 LOU FAZZINO DIRECTOR 1.30 X 0 0 0 JOHN PAWLOWSKI DIRECTOR 1.30 X 871 0 0 ELIZABETH H DORNEY DIRECTOR 1.30 X 0 0 0 CAROL NAVARRO DIRECTOR 1.30 X 3086 0 0 ROBERT J DAVID DIRECTOR 1.30 X 622 0 0 VINCENT CIAMBRIELLO JR PRESIDENT/CEO 37.50 X 450139 0 42183 BENJAMIN CITRIN CFO AND SVP FINANCE 37.50 X 40739 0 3582 JANET GYGER SVP OPERATIONS/CIO 37.50 X 201582 0 21007 CHARLES HODDINOTT SVP RETAIL DELIVERY/CLO 37.50 X 182553 0 35427 BRIAN T NESGODA SVP RISK MANAGEMENT/CISO 37.50 X 149919 0 22400 CARMEN C ALVARADO VP INTERNAL AUDIT 37.50 X 136056 0 19331 DIANE Y FARRELL VP MARKETING 37.50 X 125315 0 30431 KENNETH FERRARI VP RETAIL DELIVERY/MORTGAGE LENDING 37.50 X 138182 0 31467 KELLY WOLF IT MANAGER 37.50 X 113295 0 21773 1550374 0 227601 11 0 1 0 PCM SALES FILE 55327 LOS ANGELES CA 900745327 SOFTWARE/HARDWARE/MAINTENANCE 610033 FIS 601 RIVERSIDE AVE JACKSONVILLE FL 32204 VISA PROCESSOR 553044 FISEFUNDS CO - CODE 917 601 RIVERSIDE AVE JACKSONVILLE FL 32204 ATM DEBIT CARD PROCESSING 427892 FISERV INC PO BOX 99924 GRAPEVINE TX 760999724 SOFTWARE/MAINTENANCE 370187 DIGITAL INSIGHT PO BOX 740641 LOS ANGELES CA 900740641 ONLINE BANKING 338714 7 LOAN INTEREST 522100 14756897 14756897 SERVICE CHARGES 522100 4509460 4434663 74797 ATM CARD FEES 522100 1424475 1424475 20690832 3509515 3509515 1616000 1638906 -22906 -22906 -22906 CUSO OPERATING INCOME 522100 285381 285381 OTHER MISC OPERATING INCOME 522100 51791 51791 NON-OPERATING INCOME 522100 25711 25711 362883 24540324 20978918 74797 3486609 5000 2181940 989806 6378740 323761 991091 672766 291971 6378 39351 92128 321110 1032206 1395358 123269 960684 14211 242779 7031 120139 635001 81697 PROVISION FOR LOAN LOSS 1013025 ATM EXPENSE 511106 VISA SCORECARD 406541 CARD PROCESSING EXP 386387 1207894 20431370 113746571 93781790 134934 127271 292533493 336599178 663898 803223 12708311 10279896 2432071 2428415 244443897 261972275 31198193 3431986 7585705 7164487 692738762 706308625 2915839 2447129 616759548 627275409 619675387 629722538 X 0 0 0 0 73063375 76586087 73063375 76586087 692738762 706308625 4108954 -586242 0 X X 0 1 X 1 0 600000 600000 3849564 3089276 760288 1756386 1620465 135921 6502361 5570155 932206 2428415 MEMBERS' SHARES 627106402 ACCRUED DIVIDENDS PAYABLE 169007 627275409 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 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'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, 2015 AND 2014. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2015 AND 2014. THE CREDIT UNION'S 2012 THROUGH 2015 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 284382 0 120000 0 45757 0 25440 0 16743 0 492322 0 0 0 JANET GYGER SVP OPERATIONS/CIO 170783 0 6500 0 24299 0 18133 0 2874 0 222589 0 0 0 CHARLES HODDINOTT SVP RETAIL DELIVERY/CLO 164542 0 10000 0 8011 0 13520 0 21907 0 217980 0 0 0 BRIAN T NESGODA SVP RISK MANAGEMENT/CISO 135805 0 6500 0 7614 0 14546 0 7854 0 172319 0 0 0 CARMEN C ALVARADO VP INTERNAL AUDIT 132387 0 3000 0 669 0 11464 0 7867 0 155387 0 0 0 DIANE Y FARRELL VP MARKETING 117148 0 3500 0 4667 0 12537 0 17894 0 155746 0 0 0 KENNETH FERRARI VP RETAIL DELIVERY/MORTGAGE LENDING 131265 0 4000 0 2917 0 10093 0 21374 0 169649 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 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 11 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 TO ATTEND ANNUAL POLICY REVIEW TRAINING AND EMPLOYEES SIGNED ACKNOWLEDGEMENT IS OBTAINED AND FILED IN EMPLOYEE'S PERSONNEL FILE. NEWLY HIRED EMPLOYEES ARE TRAINED DURING NEW HIRE ORIENTATION. THE POLICY IS INCLUDED IN THE SFCU EMPLOYEE HANDBOOK, ALSO AVAILABLE ELECTRONICALLY. THE VP OF INTERNAL AUDIT, PRESIDENT/CEO OR DESIGNATED EXECUTIVE MANAGEMENT OFFICIAL, HUMAN RESOURCES MANAGER/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. HUMAN RESOURCES COMMITTEE ANNUAL MEETING MINUTES PREPARED BY HR MANAGER AND CEO ARE APPROVED BY THE BOARD AND MAINTINED BY HR. A COPY IS PROVIDED TO VP OF INTERNAL AUDIT. THE CEO/PRESIDENT SETS COMPENSATION FOR SFCU OFFICERS AND KEY EMPLOYEES WITHIN THE CREDIT UNION APPROVED BUDGET. HUMAN RESOURCES COMMITTEE ANNUAL MEETING MINUTES PREPARED BY HR MANAGER AND CEO ARE APPROVED BY THE BOARD AND MAINTINED BY HR. A COPY IS PROVIDED TO VP OF INTERNAL AUDIT.A THIRD PARTY CONSULTANT IS USED TO DETERMINE SALARY RANGES AND MERIT INCREASE POOLS THROUGH MARKET ANALYSIS. THIS PROCESS WAS RECENTLY COMPLETED BY VENDOR AND APPROVED BY THE BOARD IN DECEMBER OF 2015. 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 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 164239 1893397 1.00000 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 980 FINANCIAL SERVICES CORP A 9000 ACTUAL AMOUNT