2012-05-09T16:19:10-05:00 2011-12-31 420714325 MCGLADREY LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2011-01-01 060634736 SIKORSKY FINANCIAL CREDIT UNION SIKO 2033772252 1000 ORONOQUE LANE STRATFORD CT 06614 OFFICER 2033772252 2012-05-08 1 GERALD B KISSELL P00092658 6123324300 2011 2016-02-24 21:20:13Z THOMAS J WILLIAMS 1000 ORONOQUE LANE STRATFORD CT 06614 28102437 0 X WWW.SIKORSKYFCU.ORG X 1948 CT SIKORSKY FINANCIAL CREDIT UNION IS COMMITTED TO ACT IN THE BEST INTEREST OF ITS MEMBERSHIP. 10 9 147 18 62164 -1259 0 0 24152914 23092231 4234040 4712899 274964 296552 28661918 28101682 6000 6000 6044081 4851056 9594134 9121589 0 0 0 11754038 10434445 27398253 24413090 1263665 3688592 596569402 642764039 533797402 573246039 62772000 69518000 X SFCU SERVES APPROXIMATELY 53,000 MEMBERS WHO LIVE, WORK, WORSHIP, OR VOLUNTEER IN FAIRFIELD, NEW HAVEN, AND HARTFORD COUNTIES IN CONNECTICUT. THE PURPOSE OF THE CREDIT UNION IS TO PROMOTE THRIFT AMONG ITS MEMBERS BY AFFORDING THEM AN OPPORTUNITY TO ACCUMULATE THEIR SAVINGS AND PROVIDE THEM A SOURCE OF CREDIT. 0 0 SFCU OFFERS SAVINGS AND LOAN PROGRAMS. THE SHARE SAVINGS INCLUDES 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 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 0 0 0 1 2509 0 1 147 1 1 1 0 0 0 0 0 X 10 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CT X JIM HARPER CFO 2033857304 1000 ORONOQUE LANE STRATFORD CT 06614 THOMAS J WILLIAMS 45.00 X X 271732 0 36981 WILLIAM W BOIAN 2.60 X X 2031 0 0 WILLIAM F SCHLENK JR 1.70 X X 0 0 0 JOSEPH KUBIC 1.70 X X 750 0 0 ELIZABETH H DORNEY 1.30 X 640 0 0 MAUREEN FINO 1.30 X 1002 0 0 GEOFFREY R HERLAD 1.30 X 1265 0 0 MARK IZZO 1.30 X 674 0 0 JAMES PRUSACZYK 1.30 X 0 0 0 JOHN PAWLOWSKI 1.30 X 0 0 0 CAROL NAVARRO 1.30 X 1113 0 0 JAMES HARPER 40.00 X 152059 0 31955 FRANCINE PLATKO 40.00 X 161587 0 21935 VINCENT CIAMBRIELLO JR 40.00 X 166409 0 22008 JANET GYGER 37.50 X 149155 0 32609 AL J FESTINI 37.50 X 123211 0 29231 JEFFREY J LEVESQUE 37.50 X 119127 0 24957 CARMEN C ALVARADO 37.50 X 117943 0 15209 1268698 0 214885 8 0 1 0 ANTHEM BCBS PO BOX 31703 HARTFORD CT 06150 INSURANCE 1197792 FIS 11601 N ROOSEVELT BLVD ST PETERSBURG FL 33716 VISA PROCESSOR 607011 NCR CORPORATION 14181 COLLECTIONS CENTER DR CHICAGO IL 60693 ATM HARDWARE/SOFTWARE 420358 EFUNDS DEPT 2667 LOS ANGELES CA 90084 ATM DEBIT CARD PROCESSING 410458 FISERV SOLUTIONS INC 75 REMITTANCE DRIVE SUITE 6945 CHICAGO IL 606756945 SOFTWARE/MAINTENANCE 254565 8 INTEREST ON LOANS TO M 522100 18417144 18417144 SERVICE CHARGES 522100 3236235 3174071 62164 ATM CARD FEES 522100 1438852 1438852 23092231 4713654 4713654 755 -755 -755 -755 CUSO OPERATING INCOME 522100 199836 199836 OTHER MISC OPERATING I 522100 81022 81022 NON OPERATING INCOME 522100 15694 15694 296552 28101682 23326619 62164 4712899 1000 5000 4851056 872141 6201023 488119 1004894 555412 -3660 23032 42814 124319 369257 1087989 1014995 111000 973980 18511 219742 7758 72043 413451 91571 PROVISION FOR LOAN LOSS 2280145 NCUSIF INSURANCE PREMIU 1347999 OTHER EXPENSES 984886 LOAN SERVICING 429633 824980 24413090 10437000 42579000 134315 138070 310545000 294648000 382111 573869 10941005 8164225 2714372 2776780 262035000 294118000 10321604 7930320 596569402 642764039 2335000 2221000 355000 531107402 571025039 533797402 573246039 X 0 0 0 0 62772000 69518000 62772000 69518000 596569402 642764039 X 3688592 3057408 X 0 1 1 X 0 600000 600000 3475826 2574226 901600 1662650 1266790 395860 2145150 1565180 579970 3057379 2758029 299350 2776780 AVAILABLE FOR SALE INVESTMENTS 273675000 F OTHER INVESTMENTS - RESTRICTED STOCK 20443000 F 294118000 MEMBERS' SHARES 570660039 ACCRUED DIVIDENDS PAYABLE 365000 571025039 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE CREDIT UNION ADOPTED RECENT GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES AS OF JANUARY 1, 2009. MANAGEMENT EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THAT THE CREDIT UNION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. X X 1 1 X X X 0 0 0 THOMAS J WILLIAMS 269522 0 0 0 2210 0 23520 0 13461 0 308713 0 0 0 JAMES HARPER 152059 0 0 0 0 0 15017 0 16938 0 184014 0 0 0 FRANCINE PLATKO 161587 0 0 0 0 0 15603 0 6332 0 183522 0 0 0 VINCENT CIAMBRIELLO JR 166409 0 0 0 0 0 16074 0 5934 0 188417 0 0 0 JANET GYGER 149155 0 0 0 0 0 15104 0 17505 0 181764 0 0 0 AL J FESTINI 123211 0 0 0 0 0 12434 0 16797 0 152442 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 $600.00 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 DIRECTOR 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. AN EMPLOYEE'S 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 MANAGMENT OFFICAL, HUMAN RESOURSES 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 MAINTAINED BY HR. A COPY IS PROVIDED TO DIRECTOR OF INTERNAL AUDIT. FORM 990, PART VI, SECTION C, LINE 19 THE CONFLICT OF INTEREST POLICIES ARE INCLUDED IN THE SFCU EMPLOYEE HANDBOOK, ALSO AVAILABLE ELECTRONICALLY.SFCU DOES NOT ALLOW EMPLOYEES TO ACCEPT GIFTS FROM MEMBERS OR OUTSIDE ASSOCIATES. THE CREDIT UNION HAS ADOPTED GUIDELINES WHICH CONFORM TO THE BANK BRIBERY ACT OF 1985. A COPY OF THE COMPLETE POLICY IS AVAILABLE IN THE HR DEPARTMENT, THE CEO/PRESIDENT'S OFFICE, OR WITH THE INTERNAL AUDITOR UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 3,057,000. ROUNDING ADJUSTMENTS 408. TOTAL TO FORM 990, PART XI, LINE 5: 3,057,408. 980 FINANCIAL SERVICES CORP 1000 ORONOQUE LANE STRATFORD CT 06614 060634736 INSURANCE SERVICES CT N/A C 251485 1268429 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0