Connecticut Credit Union Association Inc
- Assets
- $2.2m
- Revenue
- $551.1k
- Investments
- -$191.5k
- Employees
- 8
- Location
- Clinton, CT
- Founding
- 03/1940
- Data as of
- 12/2022
- EIN
- 06-0606505
Organization Overview
Connecticut Credit Union Association Inc is located in Clinton, CT. The organization was established in 1940. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Connecticut Credit Union Association Inc employed 8 individuals. This organization is an itermediate organization (such as a geographic headquarters) for a national or regional group of organizations. Connecticut Credit Union Association Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Connecticut Credit Union Association Inc generated $551.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (8.7%) each year. All expenses for the organization totaled $692.5k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (5.4%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE LEAGUE PROVIDES PROGRAMS AND SERVICES TO ITS MEMBER CREDIT UNIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LEAGUE PROVIDES VARIOUS PROGRAMS AND SERVICES TO APPROXIMATELY 75 CONNECTICUT CREDIT UNIONS WHO ARE MEMBERS OF THE LEAGUE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen Viets Chairperson | OfficerTrustee | 1 | $0 |
John Holt Vice-Chair | OfficerTrustee | 1 | $0 |
Carl Casper Treasurer | OfficerTrustee | 1 | $0 |
Jo-Ann Palladino Secretary | OfficerTrustee | 1 | $0 |
Howard Brady Director | Trustee | 1 | $0 |
Joseph Childress Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $894,426 |
| Investment income | $7,027 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $551,091 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $9,491 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $499,788 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $264,911 |
| Pension plan accruals and contributions | $33,784 |
| Other employee benefits | $97,398 |
| Payroll taxes | $55,637 |
| Fees for services: Management | $100,487 |
| Fees for services: Legal | $5,228 |
| Fees for services: Accounting | $14,810 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,435 |
| Advertising and promotion | $2,500 |
| Office expenses | $68,510 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $42,313 |
| Travel | $54,062 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $134,745 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,830 |
| Insurance | $17,652 |
| All other expenses | $0 |
| Total functional expenses | $692,519 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $945,007 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,265,128 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $108,385 |
| Net Land, buildings, and equipment | $26,435 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | -$191,539 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,153,416 |
| Accounts payable and accrued expenses | $130,145 |
| Grants payable | $0 |
| Deferred revenue | $3,028 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $133,173 |
| Net assets without donor restrictions | $2,020,243 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,153,416 |