Finex Credit Union
- Assets
- $148.6m
- Revenue
- $10.2m
- Investments
- $2.0m
- Employees
- 56
- Location
- East Hartford, CT
- Founding
- 03/1976
- Data as of
- 03/2024
- EIN
- 06-0659505
Organization Overview
Finex Credit Union is located in East Hartford, CT. The organization was established in 1976. As of 03/2024, Finex Credit Union employed 56 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Finex 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 03/2024, Finex Credit Union generated $10.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.3% each year . All expenses for the organization totaled $12.0m during the year ending 03/2024. While expenses have increased by 14.3% per year over the past 7 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
FINANCIAL SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTENANCE OF MEMBERS' DEPOSIT ACCOUNTS, AND PAYMENT OF INTEREST AND DIVIDENDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony Homicki Chairperson | OfficerTrustee | 1 | $0 |
Peter Lupi Vice Chairperson | OfficerTrustee | 1 | $0 |
Steven Bafundo Treasurer | OfficerTrustee | 1 | $0 |
Gina Doran Secretary | OfficerTrustee | 1 | $0 |
Joyce Reynolds Director | Trustee | 1 | $0 |
Guy Labella Director | Trustee | 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 | $9,528,459 |
| Investment income | $439,832 |
| 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 | $10,167,569 |
| 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. | $1,235,004 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,981,149 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $769,642 |
| Payroll taxes | $245,211 |
| Fees for services: Management | $134,775 |
| Fees for services: Legal | $35,109 |
| Fees for services: Accounting | $82,045 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $462,103 |
| Advertising and promotion | $291,225 |
| Office expenses | $857,220 |
| Information technology | $1,092,173 |
| Royalties | $0 |
| Occupancy | $1,006,109 |
| Travel | $64,320 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,208,309 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $238,056 |
| Insurance | $31,005 |
| All other expenses | $20,332 |
| Total functional expenses | $12,010,475 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,233,033 |
| Savings and temporary cash investments | $12,314,081 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,724,545 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $112,504,783 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $652,799 |
| Net Land, buildings, and equipment | $3,662,685 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,046,290 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,424,169 |
| Total assets | $148,562,385 |
| Accounts payable and accrued expenses | $3,609,119 |
| Grants payable | $0 |
| Deferred revenue | $95,000 |
| 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 | $5,750,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $126,179,805 |
| Total liabilities | $135,633,924 |
| 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 | $12,928,461 |
| Total liabilities and net assets/fund balances | $148,562,385 |