Nutmeg State Financial Credit Union
- Assets
- $514.0m
- Revenue
- $29.0m
- Investments
- $0.0
- Employees
- 128
- Location
- Rocky Hill, CT
- Founding
- 03/1976
- Data as of
- 12/2021
- EIN
- 06-0655039
Organization Overview
Nutmeg State Financial Credit Union is located in Rocky Hill, CT. The organization was established in 1976. As of 12/2021, Nutmeg State Financial Credit Union employed 128 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Nutmeg State Financial Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Nutmeg State Financial Credit Union generated $29.0m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $24.7m during the year ending 12/2021. While expenses have increased by 2.3% per year over the past 4 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE MEMBERS WITH LOAN AND DEPOSIT PRODUCTS, AS WELL AS VARIOUS OTHER CREDIT UNION SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERS WITH LOW INTEREST RATE LOANS AND HIGH DIVIDEND RATE SHARE ACCOUNTS
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Holt President/ceo | Trustee | 1 | $1,040,100 |
Al Festini Svp, Risk & Infrastructure | Officer | 1 | $249,815 |
Phillip Mucha Finance & Accounting Project Coordinator | Officer | 1 | $208,000 |
Craig Ginman SVP - Accounting & Finance | Officer | 1 | $195,500 |
John Korber Svp, Strategy & Innovation | Officer | 1 | $192,210 |
Vincent Angelillo Evp, Chief Of Staff | OfficerTrustee | 1 | $188,125 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Presidio Technology Capital It Equipment | 12/30/21 | $627,729 |
Harvard Pilgrim Health Care Health Care Insurance | 12/30/21 | $951,612 |
Daland Solutions Llc It Consulting | 12/30/21 | $754,532 |
Mks 500 Enterprise Leased Office Space | 12/30/21 | $560,236 |
Source Technologies Hardware | 12/30/21 | $954,133 |
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 | $28,383,201 |
| Investment income | $590,459 |
| 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 | $28,973,660 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,328,332 |
| Pension plan accruals and contributions | $2,045,070 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $608,455 |
| Office expenses | $3,603,289 |
| Information technology | $2,083,503 |
| Royalties | $0 |
| Occupancy | $2,718,502 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,645,096 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $264,500 |
| Total functional expenses | $24,674,372 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,927,676 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,134,609 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $366,868,587 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $10,385,554 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $120,350,166 |
| Intangible assets | $1,970,000 |
| Other assets | $9,379,383 |
| Total assets | $514,015,975 |
| Accounts payable and accrued expenses | $8,494,033 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $433,965,593 |
| Total liabilities | $442,459,626 |
| Net assets without donor restrictions | $0 |
| 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 | $71,556,349 |
| Total liabilities and net assets/fund balances | $514,015,975 |
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