Civic Intelligence

New York State Chartered Credit Unions

990 • Fiscal year 2019 • EIN 15-0574036

Jan 01, 2019 to Dec 31, 2019 • Filed on Sep 30, 2020

Organization ProfileWWW.MYCFCU.COM

View Organization Page

1030 Craft RoadIthaca, NY 14850

(607) 257-8500

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

9th percentile

0.85x

Higher debt load relative to assets than 9% of similar nonprofits.

2019 filings • 501(c)14 • $1B+ nonprofits • Source year 2019

Liabilities / Revenue

40th percentile

16.64x

Higher debt load relative to revenue than 40% of similar nonprofits.

2019 filings • 501(c)14 • $1B+ nonprofits • Source year 2019

Net Margin

68th percentile

20%

Higher net margin than 68% of similar nonprofits.

2019 filings • 501(c)14 • $1B+ nonprofits • Source year 2019

Top Officer Pay

94th percentile

$2,440,150

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 4.4% of source-year revenue.

2019 filings • 501(c)14 • $1B+ nonprofits • Source year 2019

Asset Growth

7th percentile

2.9%

Faster asset growth than 7% of similar nonprofits.

2019 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2018 to 2019

Revenue Growth

31st percentile

9.4%

Faster revenue growth than 31% of similar nonprofits.

2019 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets9th percentile

Assets

Up

$1,092,445,230

Up $30,897,337 (+2.9%) from 2018

Net Assets

Up

$162,420,116

Up $12,412,430 (+8.3%) from 2018

Liabilities

Up

$930,025,114

Up $18,484,907 (+2.0%) from 2018

Revenue And Expenses
Liabilities / Revenue40th percentileNet Margin68th percentile

Revenue

Up

$55,899,350

Up $4,816,697 (+9.4%) from 2018

Expenses

Up

$44,738,349

Up $5,068,338 (+13%) from 2018

Net Income

Down

$11,161,001

Down $251,641 (-2.2%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth7th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5B$1.0B$500M$0Assets 2010: $729,186,996Liabilities 2010: $639,827,751Net Assets 2010: $89,359,2452010Assets 2011: $800,713,350Liabilities 2011: $707,719,871Net Assets 2011: $92,993,4792011Assets 2012: $834,846,948Liabilities 2012: $732,425,478Net Assets 2012: $102,421,4702012Assets 2013: $871,814,855Liabilities 2013: $762,069,732Net Assets 2013: $109,745,1232013Assets 2014: $909,050,024Liabilities 2014: $789,882,518Net Assets 2014: $119,167,5062014Assets 2015: $974,371,247Liabilities 2015: $848,283,130Net Assets 2015: $126,088,1172015Assets 2016: $1,032,698,296Liabilities 2016: $900,272,201Net Assets 2016: $132,426,0952016Assets 2017: $1,056,836,312Liabilities 2017: $917,130,234Net Assets 2017: $139,706,0782017Assets 2018: $1,061,547,893Liabilities 2018: $911,540,207Net Assets 2018: $150,007,6862018Assets 2019: $1,092,445,230Liabilities 2019: $930,025,114Net Assets 2019: $162,420,1162019Assets 2020: $1,233,869,792Liabilities 2020: $1,063,727,287Net Assets 2020: $170,142,5052020Assets 2024: $1,435,561,618Liabilities 2024: $1,253,987,982Net Assets 2024: $181,573,6362024

Highlighted filing

2019

Assets$1,092,445,230
Liabilities$930,025,114
Net Assets$162,420,116
Open 2019 Filing

Operations Trend

Revenue Growth31st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$80M$60M$40M$20M$0Expenses 2010: $25,674,8522010Expenses 2011: $26,241,7262011Expenses 2012: $23,470,6492012Revenue 2013: $33,125,549Expenses 2013: $24,378,029Net Income 2013: $8,747,5202013Revenue 2014: $34,944,707Expenses 2014: $26,522,424Net Income 2014: $8,422,2832014Revenue 2015: $38,649,527Expenses 2015: $31,332,861Net Income 2015: $7,316,6662015Revenue 2016: $40,744,544Expenses 2016: $34,530,428Net Income 2016: $6,214,1162016Revenue 2017: $45,003,928Expenses 2017: $37,174,295Net Income 2017: $7,829,6332017Revenue 2018: $51,082,653Expenses 2018: $39,670,011Net Income 2018: $11,412,6422018Revenue 2019: $55,899,350Expenses 2019: $44,738,349Net Income 2019: $11,161,0012019Revenue 2020: $48,155,483Expenses 2020: $43,736,336Net Income 2020: $4,419,1472020Revenue 2024: $72,880,426Expenses 2024: $69,852,594Net Income 2024: $3,027,8322024

Highlighted filing

2019

Revenue$55,899,350
Expenses$44,738,349
Net Income$11,161,001
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Sep 30, 2020
Return Version
2019v5.1
Gross Receipts
$55,899,350
Mission and Program Overview

Mission

To provide the highest level of personal financial services in a friendly, professional manner; to encourage thrift, savings and the wise use of credit; to increase the knowledge and ability of our members to manage and control their financial well-being; to provide sound financial management in order to maintain earnings for our continued growth and to provide our employees with a challenging and rewarding career.

We are a full service financial institution providing financial and banking services to our members. The credit union offers savings, checking, money market and certificate share accounts as well as 1st and 2nd mortgages, auto, unsecured, and member business loans.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$783,808,316$798,238,053▲ $14,429,737
Savings and Temporary Cash Investments$150,976,749$170,691,606▲ $19,714,857
Rtn Earn Endowment Incm Other Fnds$150,007,686$162,420,116▲ $12,412,430
Investments in Publicly Traded Securities$89,600,897$78,776,103▼ $10,824,794
Land, Buildings, and Equipment, Net$9,168,320$15,701,686▲ $6,533,366
Cash and Non-Interest-Bearing Accounts$5,855,513$6,747,415▲ $891,902
Investments Other Securities$2,405,495$3,078,252▲ $672,757
Accounts Receivable$2,350,784$1,247,237▼ $1,103,547
Prepaid Expenses and Deferred Charges$1,041,309$1,019,431▼ $21,878
Intangible Assets$22,639$20,972▼ $1,667
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,061,547,893$1,092,445,230▲ $30,897,337
Other Assets Total$16,317,871$16,924,475▲ $606,604
Liabilities
Other Liabilities$893,034,844$906,427,825▲ $13,392,981
Accounts Payable and Accrued Expenses$9,701,858$14,426,694▲ $4,724,836
Escrow Account Liability$8,803,505$9,170,595▲ $367,090
Total Liabilities$911,540,207$930,025,114▲ $18,484,907
Net Assets / Fund Balance
Total Net Assets Fund Balance$150,007,686$162,420,116▲ $12,412,430
Total Liabilities and Net Assets / Fund Balance$1,061,547,893$1,092,445,230▲ $30,897,337

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,500,729$6,361,263$9,861,992
Equipment$3,912,186$4,261,145$8,173,331
Leasehold Improvements$5,946,478$1,941,653$7,888,131
Land$2,065,702-$2,065,702
Other Land Buildings$276,591$698,851$975,442
Compensation and Service Providers
Top Officer Pay94th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Lisa WhitakerCEOFT$570,910$1,869,240$2,440,150
Paul KirkCFOFT$268,926$111,278$380,204
William CraneCAO/general CounselFT$244,946$125,848$370,794
Catherine BensonChief Lending OfficerFT$225,394$110,534$335,928
Beth PutnamChief Retail OfficerFT$200,280$90,498$290,778
Paul CognettaVP Human ResoucesFT$195,980$85,604$281,584
Sarah TomeiVP Finance/controllerFT$185,673$86,074$271,747
Eliza MulhernVP Associate General CounselFT$188,123$72,936$261,059
Jennifer Carlton-cooperVP Electronic ServicesFT$170,890$77,018$247,908
Jeffrey DobbinVP Business LendingFT$169,640$65,224$234,864

Board Members and Trustees

NameTitle
Brian MitteerChairperson
Amy L GonzalezVice Chairperson
Dana DeckerBoard Member
Katie G FoleyBoard Member
Joseph H DuringBoard Treasurer
Claude S HewittSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Fiserv INCCore Processor EftPO BOX 99924, Grapevine, TX 76099$2,390,226
Navalus ConstructionConstruction224 MILLS STREET, Rochester, NY 14614$1,067,795
RigerMarketing53 CHENANGO STREET, Binghamton, NY 13902$711,616
United SolutionsCore Processor1585 SUMMIT LAKE DRIVE, Tallahassee, FL 32317$601,902
Mcpherson Builders INCConstruction129 WEST FALLS STREET, Ithaca, NY 14850$457,394
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$48,355,698
Investment Income
$5,185,715
Other Revenue
$2,357,937
Change in Net Assets
$11,161,001
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$24,532,953
Salaries, Compensation, and Employee Benefits$20,165,521
Grants and Similar Amounts Paid$39,875
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$10,400,787
Interest---$4,203,918
Current Officers, Directors, Trustees, and Key Employees---$3,817,854
Pension Plan Contributions---$2,706,578
All Other Expenses---$2,634,395
Other Employee Benefits---$2,291,698
Information Technology---$1,960,210
Office Expenses---$1,751,747
Depreciation Depletion---$1,483,448
Other Expenses---$1,480,323
Advertising---$1,356,998
Occupancy---$1,121,159
Payroll Taxes---$948,604
Fees for Services Other---$634,172
Fees for Services Accounting---$384,430
Insurance---$180,926
Travel---$70,223
Payments to Affiliates---$63,628
Grants to Domestic Individuals---$39,875
Fees for Services Legal---$25,540
Total Functional Expenses$0$0$0$44,738,349
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
Regular Shares$372,110,232
Share Drafts$264,764,490
Share and Ira Certificates$213,064,680
Money Market$41,871,583
Ira Shares$14,616,840
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“The credit union is comprised of a single class of member-owners, each of which has equal rights in ownership, governance and voting rights at the annual meetings, with the exception of the member-owners who are elected to the board of directors. Membership in the credit union is limited to those who qualify for membership as defined in the credit union's charter and bylaws. This generally consists of all residents living, working or attending school in tompkins, cortland, cayuga, seneca, and ontario counties. In addition to a regularly qualified member, the spouse of a member, the blood or adoptive relatives of either of them and their spouses may be members.”

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

“Every member is entitled to one vote (regardless of the number of shares they own) provided that they have at least a $5 share, do not have any past due loans, or have not caused the credit union loss. No member is permitted more than one vote.”

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

“Every member is entitled to one vote (regardless of the number of shares they own) provided that they have at least a $5 share, do not have any past due loans, or have not caused the credit union loss. No member is permitted more than one vote. Members are entitled to vote on dissolving the organization.”

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

“Form 990 is reviewed by the cfo prior to filing.”

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

“The annual disclosures are reviewed by legal counsel and any conflicts are discussed and addressed as appropriate.”

Form 990, Part VI, Section B, Line 15

“The ceo's compensation is set annually by the board of directors. They utilize a compensation survey and a salary range provided by a third party vendor as tools to determine the salary. In addition, the credit union has been working with a third party consultant for the last several years to help determine the ceo compensation package. The compensation of other key employees is set by the ceo as part of the annual review process. The ceo uses salary ranges provided by a third party to determine these salaries. The salaries are approved by the board as part of the annual budgeting process. In addition, the credit union has been working with a third party consultant for the last several years to help determine the executive team and the vp teams compensation package. These processes were most recently completed in 2019.”

Form 990, Part VI, Section C, Line 19

“The credit union's balance sheet is posted monthly in the lobby of each branch location. The minutes to our board of directors meetings and bylaws are available for review upon request in our main office (the documents must be reviewed on-site). We also file a quarterly call report with ncua with detailed financial and miscellaneous information which is available to the general public at www.ncua.gov.”

Filing and Contact Details

Filer

Filer Name
Cfcu Community Credit Union
EIN
15-0574036
Phone
6072578500
Address
1030 CRAFT ROAD, ITHACA, NY 14850

Signing Officer

Name
Paul Kirk
Title
CFO
Phone
6072578500
Signed
2020-09-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Paul Kirk
Formed
1953
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
6
Employees
248
Volunteers
9

Preparer

Firm
Doeren Mayhew
Address
305 W BIG BEAVER ROAD, TROY, MI 48084
Preparer
Robert Parks CPA
Phone
2482443000
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“There were no changes in the process of the committee that assumes responsibility of the oversight of the audit and selection of the independent auditor.”

Financial Statement Notes

PART IV, LINE 2B:

“On a monthly basis, the credit union collects payment from members with mortgage loans outstanding. As stipulated by the agreement signed by both parties, the monthly payment for each member inlcudes principal, interest, and escrows. Escrows are used to pay taxes and insurance on the property.”

PART X, LINE 2:

“The credit union is exempt, by statute (internal revenue code section 501(c)(14)), from federal income tax. The income taxes topic of the fasb asc clarifies accounting for uncertainty in income taxes reported in the financial statements. The interpretation provides criteria for assessment of individual tax positions and a process for recognition and measurement of uncertain tax positions. Tax positions are evaluated on whether they meet the "more likely than not" standard for sustainability upon examination by tax authorities. The credit union is a state-chartered credit union as defined in internal revenue code (irc) section 501(c)(14). As such, the credit union is exempt from federal taxation of income derived from the performance of activities directly related to its exempt purposes. However, irc section 511 imposes a tax on the unrelated business income (ubi) derived by state-chartered credit unions. Beginning in march 2008, the internal revenue service (irs) released technical advice memorandums (tams) to specific state-chartered credit unions specifying the revenue sources subject to unrelated business income tax (ubit). Ubi may also be subject to tax in certain states. Management has assessed the credit union's activities and any potential federal or state income tax liability and determined that the credit union has no uncertain tax positions that qualify for either recognition or disclosure in the financial statements. Additionally, no interest and penalties have been recorded in the accompanying financial statements related to uncertain tax positions. Currently, the 2018, 2017, and 2016 federal income tax returns are open for examination by the irs. The filing years open for examination by the state, if applicable, may be equal to, greater than or less than the years open for examination by the irs.”

Raw XML AppendixShowing 400 of 778 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt20
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt30
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt40
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt50
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt60
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt729329
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt851838
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt945227
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1033758
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1133020
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1243559
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1328371
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1444321
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1534538
IRS990/Form990PartVIISectionAGrp/PersonNm0LISA WHITAKER
IRS990/Form990PartVIISectionAGrp/PersonNm1JOSEPH H DURING
IRS990/Form990PartVIISectionAGrp/PersonNm2KATIE G FOLEY
IRS990/Form990PartVIISectionAGrp/PersonNm3AMY L GONZALEZ
IRS990/Form990PartVIISectionAGrp/PersonNm4BRIAN MITTEER
IRS990/Form990PartVIISectionAGrp/PersonNm5CLAUDE S HEWITT
IRS990/Form990PartVIISectionAGrp/PersonNm6DANA DECKER
IRS990/Form990PartVIISectionAGrp/PersonNm7PAUL KIRK
IRS990/Form990PartVIISectionAGrp/PersonNm8WILLIAM CRANE
IRS990/Form990PartVIISectionAGrp/PersonNm9CATHERINE BENSON
IRS990/Form990PartVIISectionAGrp/PersonNm10BETH PUTNAM
IRS990/Form990PartVIISectionAGrp/PersonNm11PAUL COGNETTA
IRS990/Form990PartVIISectionAGrp/PersonNm12ELIZA MULHERN
IRS990/Form990PartVIISectionAGrp/PersonNm13JEFFREY DOBBIN
IRS990/Form990PartVIISectionAGrp/PersonNm14SARAH TOMEI
IRS990/Form990PartVIISectionAGrp/PersonNm15JENNIFER CARLTON-COOPER
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt0804257
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt7350875
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt8318956
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt9290701
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10257020
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt11248564
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt12217500
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt13206493
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt14227426
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt15213370
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt140
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt150
IRS990/Form990PartVIISectionAGrp/TitleTxt0CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt1BOARD TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt2BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt3VICE CHAIRPERSON
IRS990/Form990PartVIISectionAGrp/TitleTxt4CHAIRPERSON
IRS990/Form990PartVIISectionAGrp/TitleTxt5SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt8CAO/GENERAL COUNSEL
IRS990/Form990PartVIISectionAGrp/TitleTxt9CHIEF LENDING OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt10CHIEF RETAIL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt11VP HUMAN RESOUCES
IRS990/Form990PartVIISectionAGrp/TitleTxt12VP ASSOCIATE GENERAL COUNSEL
IRS990/Form990PartVIISectionAGrp/TitleTxt13VP BUSINESS LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt14VP FINANCE/CONTROLLER
IRS990/Form990PartVIISectionAGrp/TitleTxt15VP ELECTRONIC SERVICES
IRS990/Form990ProvidedToGvrnBodyInd00
IRS990/Form990TFiledInd01
IRS990/FormationYr01953
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/ConsolidatedBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt07
IRS990/GrantsToDomesticIndividualsGrp/TotalAmt039875
IRS990/GrantsToIndividualsInd01
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt055899350
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd00
IRS990/IndependentVotingMemberCnt06
IRS990/IndivRcvdGreaterThan100KCnt023
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InformationTechnologyGrp/TotalAmt01960210
IRS990/InsuranceGrp/TotalAmt0180926
IRS990/IntangibleAssetsGrp/BOYAmt022639
IRS990/IntangibleAssetsGrp/EOYAmt020972
IRS990/InterestGrp/TotalAmt04203918
IRS990/InvestmentIncomeGrp/ExclusionAmt05185715
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt05185715
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt02405495
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt03078252
IRS990/InvestmentsPubTradedSecGrp/BOYAmt089600897
IRS990/InvestmentsPubTradedSecGrp/EOYAmt078776103
IRS990/IRPDocumentCnt021354
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt013262912
IRS990/LandBldgEquipBasisNetGrp/BOYAmt09168320
IRS990/LandBldgEquipBasisNetGrp/EOYAmt015701686
IRS990/LandBldgEquipCostOrOtherBssAmt028964598
IRS990/LegalDomicileStateCd0NY
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO PROVIDE THE HIGHEST LEVEL OF PERSONAL FINANCIAL SERVICES IN A FRIENDLY, PROFESSIONAL MANNER; TO ENCOURAGE THRIFT, SAVINGS AND THE WISE USE OF CREDIT; TO INCREASE THE KNOWLEDGE AND ABILITY OF OUR MEMBERS TO MANAGE AND CONTROL THEIR FINANCIAL WELL-BEING; TO PROVIDE SOUND FINANCIAL MANAGEMENT IN ORDER TO MAINTAIN EARNINGS FOR OUR CONTINUED GROWTH AND TO PROVIDE OUR EMPLOYEES WITH A CHALLENGING AND REWARDING CAREER.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt0150007686
IRS990/NetAssetsOrFundBalancesEOYAmt0162420116
IRS990/NetUnrelatedBusTxblIncmAmt0-6231
IRS990/NetUnrlzdGainsLossesInvstAmt01251429
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt01121159
IRS990/OfficeExpensesGrp/TotalAmt01751747
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt016317871
IRS990/OtherAssetsTotalGrp/EOYAmt016924475
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt02291698
IRS990/OtherExpensesGrp/Desc0PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc1LOAN SERVICING
IRS990/OtherExpensesGrp/Desc2DEBIT/CREDIT EXPENSES
IRS990/OtherExpensesGrp/Desc3MAINTENANCE
IRS990/OtherExpensesGrp/TotalAmt03649921
IRS990/OtherExpensesGrp/TotalAmt11772656
IRS990/OtherExpensesGrp/TotalAmt21759259
IRS990/OtherExpensesGrp/TotalAmt31480323
IRS990/OtherLiabilitiesGrp/BOYAmt0893034844
IRS990/OtherLiabilitiesGrp/EOYAmt0906427825
IRS990/OtherOrganizationDsc0CREDIT UNION
IRS990/OtherRevenueMiscGrp/BusinessCd0522100
IRS990/OtherRevenueMiscGrp/BusinessCd1522100
IRS990/OtherRevenueMiscGrp/Desc0NET UNREALIZED GAIN ON EQUITY SEC
IRS990/OtherRevenueMiscGrp/Desc1GAINS ON DISPOSITION OF INVESTMEN
IRS990/OtherRevenueMiscGrp/ExclusionAmt01581919
IRS990/OtherRevenueMiscGrp/ExclusionAmt1776018
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt01581919
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1776018
IRS990/OtherRevenueTotalAmt02357937
IRS990/OtherSalariesAndWagesGrp/TotalAmt010400787
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0783808316
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0798238053
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/TotalAmt063628
IRS990/PayrollTaxesGrp/TotalAmt0948604
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt02706578
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt01041309
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt01019431
IRS990/PrincipalOfficerNm0PAUL KIRK
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/BusinessCd2900099
IRS990/ProgramServiceRevenueGrp/Desc0LOANS TO MEMBERS
IRS990/ProgramServiceRevenueGrp/Desc1FEES/CHARGES/OTHER
IRS990/ProgramServiceRevenueGrp/Desc2NON MEMBER ATMS
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt036226620
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt111996473
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt036226620
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt111996473
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2132605
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt0132605
IRS990/ProgSrvcAccomActy2Grp/Desc0THE CREDIT UNION OFFERS A VARIETY OF LOAN PRODUCTS INCLUDING 1ST AND 2ND MORTGAGES, AUTO LOANS, UNSECURED, AND MEMBER BUSINESS LOANS WITH APPROXIMATELY 31,400 LOANS OUTSTANDING AS OF DECEMBER 31, 2019.
IRS990/ProgSrvcAccomActy3Grp/Desc0THE CREDIT UNION OFFERS OUR PRODUCTS AND SERVICES THROUGH BRANCHES, ON-LINE BANKING, MOBILE BANKING, OUR CALL CENTER, ATMS, VTMS AND PHONE SYSTEM.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt036375
IRS990/PYInvestmentIncomeAmt04788764
IRS990/PYOtherExpensesAmt021662358
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt046293889
IRS990/PYRevenuesLessExpensesAmt011412642
IRS990/PYSalariesCompEmpBnftPaidAmt017971278
IRS990/PYTotalExpensesAmt039670011
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt051082653
IRS990/ReconcilationRevenueExpnssAmt011161001
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0150007686
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0162420116
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0150976749
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0170691606
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/AgentTrusteeEtcInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt03500729
IRS990ScheduleD/BuildingsGrp/DepreciationAmt06361263
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt09861992
IRS990ScheduleD/EquipmentGrp/BookValueAmt03912186
IRS990ScheduleD/EquipmentGrp/DepreciationAmt04261145
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt08173331
IRS990ScheduleD/ExplanationProvidedInd0X
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd01
IRS990ScheduleD/LandGrp/BookValueAmt02065702
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt02065702
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt05946478
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt01941653
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt07888131
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0276591
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0698851
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0975442
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0372110232
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1264764490
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt241871583
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt314616840
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt4213064680
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0REGULAR SHARES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1SHARE DRAFTS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2MONEY MARKET
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3IRA SHARES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4SHARE AND IRA CERTIFICATES
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ON A MONTHLY BASIS, THE CREDIT UNION COLLECTS PAYMENT FROM MEMBERS WITH MORTGAGE LOANS OUTSTANDING. AS STIPULATED BY THE AGREEMENT SIGNED BY BOTH PARTIES, THE MONTHLY PAYMENT FOR EACH MEMBER INLCUDES PRINCIPAL, INTEREST, AND ESCROWS. ESCROWS ARE USED TO PAY TAXES AND INSURANCE ON THE PROPERTY.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE CREDIT UNION IS EXEMPT, BY STATUTE (INTERNAL REVENUE CODE SECTION 501(C)(14)), FROM FEDERAL INCOME TAX. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE "MORE LIKELY THAN NOT" STANDARD FOR SUSTAINABILITY UPON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UBI MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. MANAGEMENT HAS ASSESSED THE CREDIT UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2018, 2017, AND 2016 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART IV, LINE 2B:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt015701686
IRS990ScheduleD/TotalLiabilityAmt0906427825
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt035375
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt14500

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,092,445,230
Liabilities
$930,025,114
Net assets
$162,420,116
Revenue
$55,899,350
Expenses
$44,738,349
Net income
$11,161,001
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1,436$1,254$182$72.9$69.9$3.03
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,234$1,064$170$48.2$43.7$4.42
2019Detailed filing. Detailed filing data is available for this year.$1,092$930$162$55.9$44.7$11.2
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,062$912$150$51.1$39.7$11.4
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,057$917$140$45.0$37.2$7.83
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,033$900$132$40.7$34.5$6.21
2015Detailed filing. Detailed filing data is available for this year.$974$848$126$38.6$31.3$7.32
2014Detailed filing. Detailed filing data is available for this year.$909$790$119$34.9$26.5$8.42
2013Detailed filing. Detailed filing data is available for this year.$872$762$110$33.1$24.4$8.75
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$835$732$102$23.5
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$801$708$93.0$26.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$729$640$89.4$25.7
Peer Organizations

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