Finex Credit Union
- Assets
- $109.4m
- Revenue
- $5.9m
- Investments
- $5.8m
- Employees
- 32
- Location
- East Hartford, CT
- Founding
- 03/1976
- Data as of
- 03/2022
- EIN
- 06-0659505
Organization Overview
Finex Credit Union is located in East Hartford, CT. The organization was established in 1976. As of 03/2022, Finex Credit Union employed 32 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 03/2022, Finex Credit Union generated $5.9m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $5.5m during the year ending 03/2022. While expenses have increased by 3.0% 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
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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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Ferraro COO | Officer | 40 | $357,332 |
Michael Palladino President | Officer | 40 | $318,458 |
Kristina Ziegler VP Of Lending And Sales | 40 | $167,492 | |
Peter Lupi Vice Chairperson | OfficerTrustee | 1 | $0 |
Steven Bafundo Treasurer | OfficerTrustee | 1 | $0 |
Shawna Glover Director | 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 | $5,595,703 |
| Investment income | $43,193 |
| 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 | $5,905,863 |
| 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. | $869,799 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $803,275 |
| Pension plan accruals and contributions | $59,457 |
| Other employee benefits | $487,652 |
| Payroll taxes | $182,764 |
| Fees for services: Management | $33,474 |
| Fees for services: Legal | $19,805 |
| Fees for services: Accounting | $8,594 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $281,481 |
| Advertising and promotion | $213,058 |
| Office expenses | $277,399 |
| Information technology | $901,312 |
| Royalties | $0 |
| Occupancy | $450,436 |
| Travel | $31,212 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $226,507 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $245,504 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $5,467,885 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,457,223 |
| Savings and temporary cash investments | $13,613,013 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,447,709 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $65,561,019 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $398,812 |
| Net Land, buildings, and equipment | $2,664,170 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,833,427 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,447,522 |
| Total assets | $109,422,895 |
| Accounts payable and accrued expenses | $1,611,784 |
| 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 | $2,250,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $96,287,417 |
| Total liabilities | $100,149,201 |
| 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 | $9,273,694 |
| Total liabilities and net assets/fund balances | $109,422,895 |
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