Mutual Security Credit Union Inc
- Assets
- $354.3m
- Revenue
- $14.7m
- Investments
- $25.6m
- Employees
- 80
- Location
- Shelton, CT
- Founding
- 03/1976
- Data as of
- 12/2021
- EIN
- 06-0701899
Organization Overview
Mutual Security Credit Union Inc is located in Shelton, CT. The organization was established in 1976. 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, Mutual Security Credit Union Inc employed 80 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Mutual Security Credit Union Inc 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 12/2021, Mutual Security Credit Union Inc generated $14.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $12.4m during the year ending 12/2021. While expenses have increased by 0.7% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF MUTUAL SECURITY CREDIT UNION (MSCU) IS TO PROMOTE THE ECONOMIC WELL BEING OF ITS MEMBERS BY PROVIDING A BROAD RANGE OF INNOVATIVE FINANCIAL PRODUCTS. THESE PROGRAMS WILL BE ADMINISTERED IN A PERSONALIZED ENVIRONMENT BY A PROFESSIONAL STAFF AND DEDICATED VOLUNTEERS. MSCU OFFERS MEMBERS VARIOUS CONSUMER LOAN PRODUCTS (PERSONAL, AUTO, 1ST & 2ND MORTGAGES, HOME EQUITY LINES OF CREDIT, SMART ENERGY LOANS, VISA CREDIT CARDS).MSCU ALSO OFFERS MEMBERS VISA CHECK/DEBIT CARDS AS WELL AS VARIOUS SAVINGS, CERTIFICATES & CHECKING ACCOUNTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
MSCU OFFERS MEMBERS VARIOUS CONSUMER LOAN PRODUCTS (PERSONAL LOANS, AUTO LOANS, MORTGAGES - 1ST, 2ND, AND HOME EQUITY LINES OF CREDIT, SMART ENERGY LOANS). NEW LOANS ISSUED IN 2021: PERSONAL LOANS = 313, NEW & USED AUTO LOANS = 1,494, 1ST, 2ND & HELOCS = 178, SMART ENERGY LOANS = 95.
MSCU OFFERS MEMBERS OUR VISA CREDIT CARDS AND VISA CHECK CARD (DEBIT CARD). NEW VISA ACCOUNTS ISSUED IN 2021 = 492.
MSCU OFFERS MEMBERS OUR VARIOUS CHECKING ACCOUNT PROGRAMS. NEW CHECKING ACCOUNTS OPENED IN 2021 = 384.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Henry Baum CEO | Officer | 45 | $236,085 |
Stephen Osowiecki CFO | Officer | 45 | $170,981 |
Michael Augusti VP Sales And Marketing | 45 | $142,744 | |
Ann Nankervis VP Hr And Compliance | 45 | $138,244 | |
Jeffrey Tracey VP Lending | 45 | $127,333 | |
Maria Lazor Director Of Operations | 45 | $109,196 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nxg Strategies Llc Checking Account Identity Theft & Perks | 12/30/21 | $127,054 |
Presidio Hardware & Software Support | 12/30/21 | $510,192 |
Jack Henry & Assoc Inc Core Computer System & Main | 12/30/21 | $544,946 |
At&t Phone/data Lines/equip | 12/30/21 | $229,696 |
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 | $14,470,329 |
| Investment income | $169,080 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $29,133 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,669,690 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $8,004 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $619,368 |
| Compensation of current officers, directors, key employees. | $484,658 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,166,184 |
| Pension plan accruals and contributions | $122,918 |
| Other employee benefits | $755,312 |
| Payroll taxes | $344,092 |
| Fees for services: Management | $54,045 |
| Fees for services: Legal | $10,720 |
| Fees for services: Accounting | $59,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $153,168 |
| Office expenses | $1,218,586 |
| Information technology | $1,184,640 |
| Royalties | $0 |
| Occupancy | $639,570 |
| Travel | $7,525 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $59,519 |
| Interest | $278,820 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $691,491 |
| Insurance | $84,496 |
| All other expenses | $0 |
| Total functional expenses | $12,433,167 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $39,240,934 |
| Savings and temporary cash investments | $2,483,867 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $270,288,039 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $783,270 |
| Net Land, buildings, and equipment | $5,333,800 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $25,618,643 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,514,007 |
| Total assets | $354,262,560 |
| Accounts payable and accrued expenses | $511,384 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,911,324 |
| 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 | $324,784,191 |
| Total liabilities | $327,206,899 |
| 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 | $27,055,661 |
| Total liabilities and net assets/fund balances | $354,262,560 |
Peer Organizations
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|---|---|---|
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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 |
Northern Credit Union Watertown, NY | $435,001,865 | $31,512,409 |
Connex Credit Union Inc North Haven, CT | $868,570,264 | $30,771,499 |
Align Credit Union Lowell, MA | $748,085,438 | $24,193,748 |
Connecticut State Employees Credit Union Inc Hartford, CT | $2,481,303,480 | $34,343,368 |
Greenwood Credit Union Inc Warwick, RI | $681,592,383 | $32,311,818 |
Liberty Bay Credit Union Braintree, MA | $714,665,238 | $24,208,397 |