Nutmeg State Financial Credit Union
- Assets
- $554.8m
- Revenue
- $33.5m
- Investments
- $0.0
- Employees
- 176
- Location
- Rocky Hill, CT
- Founding
- 03/1976
- Data as of
- 12/2022
- EIN
- 06-0655039
Organization Overview
Nutmeg State Financial Credit Union is located in Rocky Hill, CT. The organization was established in 1976. As of 12/2022, Nutmeg State Financial Credit Union employed 176 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 12/2022, Nutmeg State Financial Credit Union generated $33.5m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $27.7m during the year ending 12/2022. While expenses have increased by 4.2% per year over the past 5 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
2022
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Luis Ramos Board Chairman | Trustee | 1 | $10,105 |
Michael Petti Board Vice-Chairman | Trustee | 1 | $8,763 |
Marybeth Bunko Board Secretary | Trustee | 1 | $1,511 |
Wallace Abramson Board Treasurer | Trustee | 1 | $7,955 |
Ronald Brousseau Board Member | Trustee | 1 | $573 |
Michael Godbout Board Member | Trustee | 1 | $2,041 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Presidio Technology Capital It Equipment | 12/30/22 | $860,517 |
Daland Solutions Llc It Consulting | 12/30/22 | $536,196 |
Mks 500 Enterprise Leased Office Space | 12/30/22 | $477,654 |
Harvard Pilgrim Health Care Health Care Insurance | 12/30/22 | $423,043 |
Business Data Inc Digital Printing Service | 12/30/22 | $411,710 |
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 | $31,960,345 |
| Investment income | $1,510,228 |
| 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 | $33,470,573 |
| 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 | $9,899,331 |
| Pension plan accruals and contributions | $2,173,024 |
| 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 | $613,434 |
| Office expenses | $4,020,737 |
| Information technology | $2,331,138 |
| Royalties | $0 |
| Occupancy | $3,129,950 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,782,816 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $262,642 |
| Total functional expenses | $27,715,613 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,833,511 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,387,598 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $413,703,714 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $9,438,162 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $107,159,911 |
| Intangible assets | $1,970,000 |
| Other assets | $16,301,904 |
| Total assets | $554,794,800 |
| Accounts payable and accrued expenses | $14,373,870 |
| 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 | $469,963,532 |
| Total liabilities | $484,337,402 |
| 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 | $70,457,398 |
| Total liabilities and net assets/fund balances | $554,794,800 |