2014-09-03T15:52:06-05:00 2013-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2013-01-01 060634736 SIKORSKY FINANCIAL CREDIT UNION SIKO 2033772252 1000 ORONOQUE LANE STRATFORD CT 06614 VINCENT CIAMBRIELLO PRESIDENT/CEO 2033772252 2014-08-28 1 LOWELL FOSTER P00001022 5074347000 2014-08-28 2013 2015-11-30 17:44:51Z VINCENT CIAMBRIELLO 1000 ORONOQUE LANE STRATFORD CT 06614 131724345 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 11 159 14 78296 0 0 0 22014264 20819938 4777469 -1518899 317262 325803 27108995 19626842 6000 6000 3713432 3017998 9341341 9164810 0 0 0 10503432 8466443 23564205 20655251 3544790 -1028409 681124709 674858867 608441334 615493012 72683375 59365855 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 1 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 2512 0 1 159 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 JIM HARPER CFO 2033857304 1000 ORONOQUE LANE STRATFORD CT 06614 WILLIAM W BOIAN CHAIRMAN 2.60 X X 4549 0 0 WILLIAM F SCHLENK JR FIRST VICE CHAIR 1.70 X X 1504 0 0 JOSEPH KUBIC SECRETARY 1.70 X X 1714 0 0 ELIZABETH H DORNEY DIRECTOR 1.30 X 2047 0 0 MAUREEN FINO DIRECTOR 1.30 X 959 0 0 GEOFFREY R HERALD DIRECTOR 1.30 X 2418 0 0 MARK IZZO DIRECTOR 1.30 X 1972 0 0 JAMES PRUSACZYK DIRECTOR 1.30 X 2909 0 0 JOHN PAWLOWSKI DIRECTOR 1.30 X 3732 0 0 CAROL NAVARRO DIRECTOR 1.30 X 1760 0 0 ROBERT J DAVID DIRECTOR 1.30 X 2205 0 0 JAMES HARPER CFO AND SVP FINANCE 40.00 X 175414 0 37412 VINCENT CIAMBRIELLO JR PRESIDENT/CEO 40.00 X 367070 0 40314 FRANCINE PLATKO SVP ADMIN/SECURITY 20.00 X 228516 0 25363 JANET GYGER CIO/SVP OPERATIONS 37.50 X 155118 0 35862 CHARLES K HODDINOTT VP LENDING 37.50 X 126638 0 28719 CARMEN C ALVARADO VP INTERNAL AUDIT 37.50 X 132249 0 18756 MICHAEL J SHIRLING VP RETAIL DELIVERY 37.50 X 102046 0 28503 THOMAS J WILLIAMS PRESIDENT/CEO/TREASURER-FORMER 40.00 X 343808 0 24480 1656628 0 239409 8 1 1 0 FIS 1160 N ROOSEVELT BLVD ST PETERSBURG FL 33716 VISA PROCESSOR 666090 EFUNDS DEPT 2667 LOS ANGELES CA 90084 ATM DEBIT CARD PROCESSING 459435 DIGITAL INSIGHT (INTUIT) PO BOX 51306 LOS ANGELES CA 900516606 ONLINE BANKING 261501 FISERV SOLUTIONS INC 75 REMITTANCE DRIVE STE 6945 CHICAGO IL 60675 SOFTWARE/MAINTENANCE 234128 ROQUEMORE HOLDINGS 329 OAKS TRAIL DR SUITE 212 GARLAND TX 75043 COLLECTION DEPT/REPOSSISION OF AUTOS 165369 10 LOAN INTEREST 522100 15300648 15300648 SERVICE CHARGES 522100 4057939 3979643 78296 ATM CARD FEES 522100 1461351 1461351 20819938 3958788 3958788 98301816 8318000 103895715 8201788 -5593899 116212 -5477687 -5477687 CUSO OPERATING INCOME 522100 265903 265903 OTHER MISC OPERATING INCOME 522100 39053 39053 NON-OPERATING INCOME 522100 20847 20847 325803 19626842 21067445 78296 -1518899 1000 5000 3017998 899858 6307607 315191 998403 643751 32828 52957 36530 144381 212778 1057146 1102404 -23 989688 12926 266072 30 73587 481267 100457 PROVISION FOR LOAN LOSS 627726 LOAN SERVICING EXPENSE 579878 ATM EXPENSE 553974 MEMBER INSURANCE EXPENS 478279 1663558 20655251 53400595 141558437 126636 144005 282873147 291146373 602798 499342 11278407 9095828 2651749 2182579 333159935 232082810 8309849 7245321 681124709 674858867 2609987 2504283 605831347 612988729 608441334 615493012 X 0 0 0 0 72683375 59365855 72683375 59365855 681124709 674858867 -1028409 -12289111 0 X X 0 1 X 1 0 600000 600000 3512134 2812039 700095 1671904 1481752 190152 3736842 3187687 549155 1757527 1614350 143177 2182579 AVAILABLE FOR SALE INVESTMENTS 215018654 F OTHER INVESTMENTS-RESTRICTED STOCK 17064156 F 232082810 MEMBERS' SHARES 612754315 ACCRUED DIVIDENDS PAYABLE 234414 612988729 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, 2013 AND 2012. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2013 AND 2012. THE CREDIT UNION'S 2010 THROUGH 2013 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X 1 1 X X X X X 1 0 0 JAMES HARPER CFO AND SVP FINANCE 168917 0 5000 0 1497 0 17133 0 20279 0 212826 0 0 0 VINCENT CIAMBRIELLO JR PRESIDENT/CEO 282542 0 25000 0 59528 0 24480 0 15834 0 407384 0 0 0 FRANCINE PLATKO SVP ADMIN/SECURITY 227760 0 0 0 756 0 21990 0 3373 0 253879 0 0 0 JANET GYGER CIO/SVP OPERATIONS 154913 0 0 0 205 0 15589 0 20273 0 190980 0 0 0 CHARLES K HODDINOTT VP LENDING 126546 0 0 0 92 0 8621 0 20098 0 155357 0 0 0 CARMEN C ALVARADO VP INTERNAL AUDIT 126618 0 5000 0 631 0 11285 0 7471 0 151005 0 0 0 THOMAS J WILLIAMS PRESIDENT/CEO/TREASURER-FORMER 343808 0 0 0 0 0 24480 0 0 0 368288 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. PART I, LINE 4A THOMAS WILLIAMS - SEVERANCE PACKAGE - $315,402 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 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 INTERNAL AUDITOR, 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 DIRECTOR OF INTERNAL AUDIT. THIS PROCESS WAS MOST RECENTLY COMPLETED IN MAY OF 2014. 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. FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY OF ALL OFFICES AND GOVERNING DOCUMENTS ARE MADE AVAILABLE UPON WIRTTEN REQUEST. INSTRUCTIONS FOR OBTAINING COPIES OF GOVERNING DOCUMENTS ARE POSTED IN THE CREDIT UNION LOBBY. FORM 990, PART XII, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 980 FINANCIAL SERVICES CORP 1000 ORONOQUE LANE STRATFORD CT 06614 061498475 INSURANCE SERVICES CT SIKORSKY FINANCIAL CREDIT UNION C 265903 1593028 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