Civic Intelligence

Sunmark Credit Union

EIN 14-1364933 • 501(c)14 • Latham, NY

Profile

Creating value to enrich the lives of our members by providing financial products, education and services tailored to meet their financial goals.

1187 Troy Schenectady RoadLatham, NY 12110

www.sunmark.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

66th percentile

0.92x

Higher debt load relative to assets than 66% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Liabilities / Revenue

18th percentile

13.36x

Higher debt load relative to revenue than 18% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Net Margin

35th percentile

7.4%

Higher net margin than 35% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

23rd percentile

-1.1%

Faster asset growth than 23% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2023 to 2024

Revenue Growth

12th percentile

7.7%

Faster revenue growth than 12% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2023 to 2024

Assets

Down

$1,145,184,782

Down $12,380,027 (-1.1%) from 2023

Liabilities

Down

$1,048,544,640

Down $19,343,768 (-1.8%) from 2023

Net Assets

Up

$96,640,142

Up $6,963,741 (+7.8%) from 2023

Revenue

Up

$78,480,506

Up $5,597,728 (+7.7%) from 2023

Expenses

Up

$72,671,788

Up $5,101,899 (+7.6%) from 2023

Net Income

Up

$5,808,718

Up $495,829 (+9.3%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$1.5B$1.0B$500M$0Assets 2020: $920,109,210Liabilities 2020: $848,264,704Net Assets 2020: $71,844,5062020Assets 2021: $1,009,786,367Liabilities 2021: $928,637,751Net Assets 2021: $81,148,6162021Assets 2022: $1,121,756,722Liabilities 2022: $1,037,211,765Net Assets 2022: $84,544,9572022Assets 2023: $1,157,564,809Liabilities 2023: $1,067,888,408Net Assets 2023: $89,676,4012023Assets 2024: $1,145,184,782Liabilities 2024: $1,048,544,640Net Assets 2024: $96,640,1422024

Highlighted filing

2024

Assets$1,145,184,782
Liabilities$1,048,544,640
Net Assets$96,640,142

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$80M$60M$40M$20M$0Revenue 2020: $68,058,106Expenses 2020: $52,021,198Net Income 2020: $16,036,9082020Revenue 2021: $61,777,524Expenses 2021: $54,806,633Net Income 2021: $6,970,8912021Revenue 2022: $62,452,442Expenses 2022: $58,231,926Net Income 2022: $4,220,5162022Revenue 2023: $72,882,778Expenses 2023: $67,569,889Net Income 2023: $5,312,8892023Revenue 2024: $78,480,506Expenses 2024: $72,671,788Net Income 2024: $5,808,7182024

Highlighted filing

2024

Revenue$78,480,506
Expenses$72,671,788
Net Income$5,808,718

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 6, 2025
Return Version
2024v5.2
Gross Receipts
$141,012,288
Mission and Program Overview

Mission

We work together to create value and enrich the lives of our members.

Creating value to enrich the lives of our members by providing financial products, education and services tailored to meet their financial goals.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,031,421,793$968,280,658▼ $63,141,135
Rtn Earn Endowment Incm Other Fnds$89,676,401$96,640,142▲ $6,963,741
Savings and Temporary Cash Investments$20,608,873$57,626,606▲ $37,017,733
Land, Buildings, and Equipment, Net$28,183,034$25,278,817▼ $2,904,217
Investments Other Securities$10,513,275$22,434,444▲ $11,921,169
Accounts Receivable$14,376,577$11,760,520▼ $2,616,057
Cash and Non-Interest-Bearing Accounts$11,004,458$11,446,615▲ $442,157
Prepaid Expenses and Deferred Charges$3,378,435$7,715,641▲ $4,337,206
Investments Program Related$7,159,334$5,734,535▼ $1,424,799
Intangible Assets$9,151--
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,157,564,809$1,145,184,782▼ $12,380,027
Other Assets Total$30,909,879$34,906,946▲ $3,997,067
Liabilities
Other Liabilities$1,006,034,878$1,032,999,682▲ $26,964,804
Accounts Payable and Accrued Expenses$15,353,530$8,544,958▼ $6,808,572
Mortgage Notes Payable Secured by Investment Property$46,500,000$7,000,000▼ $39,500,000
Total Liabilities$1,067,888,408$1,048,544,640▼ $19,343,768
Net Assets / Fund Balance
Total Net Assets Fund Balance$89,676,401$96,640,142▲ $6,963,741
Total Liabilities and Net Assets / Fund Balance$1,157,564,809$1,145,184,782▼ $12,380,027

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$13,944,169$7,336,442$21,280,611
Equipment$3,174,169$15,649,129$18,823,298
Land$6,385,729-$6,385,729
Other Land Buildings$1,748,417$226,054$1,974,471
Leasehold Improvements$26,333$385,780$412,113
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jerilee BeaudoinPresident/CEOFT$339,944$137,199$477,143
Vikas MuktavaramEvp/CFOFT$258,022$101,249$359,271
Darryl EnfieldChief Information OfficerFT$220,476$97,104$317,580
Paul KellyChief People OfficerFT$235,397$74,384$309,781
Frank DegrawFormer President/CEOFT$69,478$239,075$308,553
Michael MathusaAvp of Sis and LsaFT$204,051$28,521$232,572
John PrivideraMember Experience OfficerFT$192,474$31,881$224,355
Amber CooleenVP of MarketingFT$170,775$48,514$219,289
John NolanAvp of ItFT$153,818$63,117$216,935
Anthony LiguoriSenior P & C ProducerFT$162,984$39,762$202,746
Dawn DonovanVP of OperationsFT$136,763$52,383$189,146
Melissa SavageVP Mortgage LendingFT$136,946$43,443$180,389
Jayant SinghVP Business ServicesFT$136,254$35,403$171,657
Johanna RobbinsChief Financial OfficerFT$95,546$2,126$97,672
Kristen MyersChairperson-$3,404-$3,404
Jennie GlihaDirector-$958-$958
Brian HugickSecretary-$865-$865
Amy JohnsonDirector-$50-$50

Board Members and Trustees

NameTitle
Matt RhodesVice Chair
Dan HeimDirector
Parker PowellDirector
Seth StoneDirector
Tony CardonaDirector
Matt CusackTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Fiserv INCProvides Financial TechnologyPO BOX 934057, Atlanta, GA 31193-4057$3,914,741
Digital First Holdings LLCProvides Flexible Banking ConnectionsPO BOX 740641, Los Angeles, CA 90074-0641$1,798,007
Pnj Technology PartnersProvides Computer Solutions/it Support426 NEW KARNER RD, Albany, NY 12205$1,161,663
MastercardCard Payment & Atm Services2000 PURCHASE ST, Purchase, NY 10577$1,136,124
BriteProvides Technology Support And Subscrip7647 MAIN STREET FISHERS, Victor, NY 14564$587,730
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$74,440,799
Investment Income
$4,094,058
Other Revenue
$-54,351
Change in Net Assets
$5,808,718

Audited Revenue Reconciliation

Revenue per Audited Statements
$78,480,510
Revenue Not Reported on Financial Statements
$-4
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$-4
Total Revenue per Audited Statements
$78,480,510
Total Revenue per Form 990
$78,480,506
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$29,797,252
Salaries, Compensation, and Employee Benefits$24,880,843
Grants and Similar Amounts Paid$72,500
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$17,921,193
Other Salaries and Wages---$16,939,954
Office Expenses---$8,238,972
Fees for Services Other---$5,035,040
Other Employee Benefits---$3,271,159
Depreciation Depletion---$2,633,139
Current Officers, Directors, Trustees, and Key Employees---$2,499,310
Occupancy---$1,961,420
Advertising---$1,478,669
Payroll Taxes---$1,424,494
Pension Plan Contributions---$745,926
Interest---$639,396
Travel---$386,923
Fees for Services Accounting---$204,569
Fees for Services Legal---$120,594
Grants to Domestic Orgs---$72,500
Other Expenses---$31,907
Total Functional Expenses$0$0$0$72,671,788

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$72,671,792
Total Expenses per Audited Statements$72,671,792
Total Expenses per Form 990$72,671,788
Expenses Not Reported on Form 990$0
Expenses Not Reported on Financial Statements$-4
Other Expense Adjustments$-4
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Sunmark Charitable Community FoundationLatham, NY501(c)(3)Charitable Donation$55,000
Capital Region Chamber FoundationAlbany, NY501(c)(3)Sponsorship of 2024 Entrepreneurial Boot Camp$17,500
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares of All Types$1,032,999,682
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

Members of the credit union live, work, go to school or worship in the 14 county area the credit union serves. This includes employees of select employer group members and family members of eligible individuals.

Form 990, Part VI, Section A, Line 7A

Members of the credit union have the right to elect members of the organization's governing body.

Form 990, Part VI, Section A, Line 7B

A member vote is required to appoint directors and a special meeting can be called for members to vote.

Form 990, Part VI, Section A, Line 8B

There are no committees who have authority to act on the behalf of the governing body. The supervisory committee, however, is appointed by the credit union board of directors. The function of the committee is to conduct audits of the credit union's financial records at least once a year. The committee may also periodically review the policies, procedures and operations of the credit union, and make recommendations to the board of directors.

Form 990, Part VI, Section B, Line 11B

The form 990 is reviewed by the entire board before being filed.

Form 990, Part VI, Section B, Line 12C

Annually the board must acknowledge and disclose any conflict of interest per the code of ethical conduct. All employees are required to read the organization's conflict of interest policy and agree that they will comply with the policy.

Form 990, Part VI, Section B, Line 15

The president/ceo's compensation is determined by the sunmark credit union's compensation committee by using a consultant, industry-specific compensation studies, and/or other data available in the public arena including proxy statements & other forms 990 for credit unions of similar size. The compensation committee makes a formal recommendation to the board of directors for final approval. The compensation committee provides a compensation philosophy statement which is used to determine executive level positions based on the above mentioned sources. The ceo is delegated the authority to set executive salaries within this established framework. Compensation for all other key employees is determined by the president/ceo using updated salary ranges and benchmarking data. The process described here was last completed in 2024.

Form 990, Part VI, Section C, Line 19

The organization makes their governing documents, conflict of interest policy and financial statements available upon request.

Filing and Contact Details

Filer

Filer Name
Sunmark Credit Union
EIN
14-1364933
Phone
8667866275
Address
1187 TROY SCHENECTADY ROAD, LATHAM, NY 12110

Signing Officer

Name
Vik Muktavaram
Title
CFO
Phone
8667866275
Signed
2025-10-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jerilee Beaudoin
Formed
1937
Legal Domicile
Ny
Voting Board Members
9
Independent Board Members
9
Employees
320
Volunteers
17

Preparer

Firm
Cliftonlarsonallen Llp
Address
109 N MAIN STREET SUITE 200, AUSTIN, MN 55912
Preparer
Tanya Medgaarden
Phone
5074347000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in other comprehensive income 1,155,023.

Part XII, Line 2C

This process has not changed from the prior year.

Financial Statement Notes

PART X, LINE 2:

Sunmark is a state-chartered credit union. State chartered credit unions are exempt from federal and state income tax under internal revenue service code section 501(c)14. The credit union has filed tax returns in the past for activities it has deemed taxable, including unrelated buisness income taxes (ubit). The credit union evaluated its tax position and determined no uncertain tax positions exist as of december 31, 2024 and december 31, 2023. The credit union's 2021 through 2024 tax years are open for examination by federal and state taxing authoritities. The income from the cuso, organized as an llc, flows through to the credit union and, therefore, is not subject to federal and state income taxes.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

ROUNDING -4.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

ROUNDING -4.

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IRS990/Desc0SUNMARK CREDIT UNION OFFERS A VARIETY OF LENDING PROGRAMS DESIGNED TO MEET THE FINANCING NEEDS OF OUR MEMBERS. THESE PRODUCTS INCLUDE: MORTGAGES, VEHICLES, COMMERCIAL, CREDIT CARDS AND PERSONAL LOANS. DURING 2024, THE CREDIT UNION GRANTED OVER 36,000 LOW INTEREST RATE LOANS TOTALING MORE THAN $217 MILLION. SUNMARK MAKES IT CONVENIENT FOR MEMBERS TO OBTAIN FINANCING BY APPLYING ONLINE, VISITING ONE OF OUR 16 BRANCH LOCATIONS, OR CALLING OUR MEMBER SERVICE CENTER. AS MEMBER ADVOCATES, SUNMARK OFFERS WORKSHOPS TO EDUCATE MEMBERS ON TOPICS SUCH AS: BUDGETING, MANAGING DEBT, AND HOME BUYING WORKSHOPS.
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IRS990/ProgSrvcAccomActy2Grp/Desc0SUNMARK CREDIT UNION OFFERS VARIOUS DEPOSIT PRODUCTS TO SUPPORT THE FINANCIAL HEALTH AND WELL-BEING OF EACH MEMBER. THESE PRODUCTS PROVIDE COMPETITIVE DIVIDEND RATES, 24/7 ACCESS TO FUNDS AND EASY TRANSFER OPTIONS. WE OFFER MOBILE BANKING, DEBIT CARDS, ACCESS TO NEARLY 30,000 ATMS AND 5,000 PLUS SHARED BRANCHING LOCATIONS ACROSS THE COUNTRY. SUNMARK SERVES OVER 89,000 MEMBERS IN 14 COUNTIES IN THE CAPITAL DISTRICT AND HUDSON VALLEY REGION OF NEW YORK.
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