Connecticut Credit Union Association Inc
- Assets
- $2.8m
- Revenue
- $714.8k
- Investments
- $246.3k
- Employees
- 8
- Location
- Meriden, CT
- Founding
- 03/1940
- Data as of
- 12/2021
- EIN
- 06-0606505
Organization Overview
Connecticut Credit Union Association Inc is located in Meriden, 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 12/2021, 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 12/2021, Connecticut Credit Union Association Inc generated $714.8k 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 (5.5%) each year. All expenses for the organization totaled $568.4k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (8.4%) 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
2021
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 |
|---|---|---|---|
Bruce Adams President/ceo | Officer | 19 | $282,830 |
Kelly Fuhlbrigge Vp-Govt Relations | Officer | 32 | $117,494 |
Judy Britt Vp-Compliance | Officer | 1 | $110,753 |
Andrew Klimkoski Chairman/director | OfficerTrustee | 1 | $0 |
Vincent Ciambriello Vice Chair/bridgeport Chapter Dir. | OfficerTrustee | 1 | $0 |
Karen Viets Secretary/hartford Chapter Dir. | OfficerTrustee | 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 | $870,100 |
| Investment income | $51,814 |
| 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 | $714,771 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,943 |
| 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. | $511,078 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $227,140 |
| Pension plan accruals and contributions | $29,920 |
| Other employee benefits | $103,507 |
| Payroll taxes | $50,421 |
| Fees for services: Management | $96,749 |
| Fees for services: Legal | $867 |
| Fees for services: Accounting | $11,435 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,635 |
| Advertising and promotion | $0 |
| Office expenses | $50,028 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $54,311 |
| Travel | $22,934 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $121,470 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,246 |
| Insurance | $18,770 |
| All other expenses | $0 |
| Total functional expenses | $568,392 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,328,870 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,124,207 |
| 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 | $59,408 |
| Net Land, buildings, and equipment | $40,174 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $246,318 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,798,977 |
| Accounts payable and accrued expenses | $202,177 |
| Grants payable | $0 |
| Deferred revenue | $228,740 |
| 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 | $430,917 |
| Net assets without donor restrictions | $2,368,060 |
| 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 | $2,798,977 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Navigant Credit Union Smithfield, RI | $3,081,655,511 | $116,968,150 |
Metro Credit Union Chelsea, MA | $2,510,941,078 | $92,937,477 |
American Eagle Financial Credit Union Incorporated East Hartford, CT | $2,355,398,570 | $80,581,273 |
Coastal1 Credit Union Pawtucket, RI | $2,840,412,596 | $91,925,616 |
Sunmark Credit Union Latham, NY | $1,009,786,367 | $61,777,524 |
Jeanne Darc Credit Union Lowell, MA | $1,792,528,408 | $59,293,841 |
Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |
St Annes Credit Union Of Fall River Mass Fall River, MA | $1,266,762,131 | $34,865,858 |
Sikorsky Financial Credit Union Inc Stratford, CT | $1,094,000,567 | $34,623,993 |
Leominster Credit Union Leominster, MA | $813,719,349 | $30,410,755 |
St Marys Credit Union Inc Marlborough, MA | $985,400,554 | $32,310,700 |