Mutual Security Credit Union Inc
- Assets
- $390.9m
- Revenue
- $15.9m
- Investments
- $27.7m
- Employees
- 89
- Location
- Shelton, CT
- Founding
- 03/1976
- Data as of
- 12/2022
- 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 12/2022, Mutual Security Credit Union Inc employed 89 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 12/2022, Mutual Security Credit Union Inc generated $15.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $13.5m during the year ending 12/2022. While expenses have increased by 1.7% per year over the past 8 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
THE MISSION OF MUTUAL SECURITY CREDIT UNION (THE CREDIT UNION) IS TO BE THE BUILDERS OF FINANCIAL WELL-BEING WITHIN THE COMMUNITIES THAT WE SERVE. WE PROMOTE THE ECONOMIC WELL BEING OF OUR 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. THE CREDIT UNION OFFERS MEMBERS VARIOUS CONSUMER AND REAL ESTATE LOAN PRODUCTS (PERSONAL, AUTO, 1ST & 2ND MORTGAGES, HOME EQUITY LINES OF CREDIT, SMART ENERGY LOANS, VISA CREDIT CARDS). THE CREDIT UNION 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
MUTUAL SECURITY CREDIT UNION 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 2022: PERSONAL LOANS = 459, NEW & USED AUTO LOANS = 2,761, 1ST, 2ND & HELOCS = 253, SMART ENERGY LOANS = 64.
MUTUAL SECURITY CREDIT UNION OFFERS MEMBERS OUR VISA CREDIT CARDS AND VISA CHECK CARD (DEBIT CARD). NEW VISA ACCOUNTS ISSUED IN 2022 = 432.
MUTUAL SECURITY CREDIT UNION OFFERS MEMBERS OUR VARIOUS CHECKING ACCOUNT PROGRAMS. NEW CHECKING ACCOUNTS OPENED IN 2022 = 370.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Henry Baum CEO | Officer | 45 | $277,280 |
Stephen Osowiecki CFO | Officer | 45 | $184,768 |
Michael Augusti VP Of Sales And Marketing | 45 | $163,406 | |
Jeffrey Tracey VP Of Lending | 45 | $152,261 | |
Ann Nankervis VP Of Hr And Compliance | 45 | $151,115 | |
Maria Lazor Director Of Operations | 45 | $116,282 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
At&t Phone/data Lines/equip | 12/30/22 | $234,718 |
Presidio Hardware & Software Support | 12/30/22 | $381,188 |
Swbc Lending Solutions Llc Appraisals & Flood Inspection | 12/30/22 | $189,625 |
Jack Henry & Assoc Inc Core Computer System & Support | 12/30/22 | $320,984 |
Synergi Partners Inc Cares Act Employee Retention | 12/30/22 | $253,924 |
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 | $15,519,321 |
| Investment income | $601,896 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$247,051 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,885,151 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $7,370 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $535,384 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,539,692 |
| Pension plan accruals and contributions | $90,721 |
| Other employee benefits | $749,047 |
| Payroll taxes | $407,574 |
| Fees for services: Management | $64,067 |
| Fees for services: Legal | $11,686 |
| Fees for services: Accounting | $31,056 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $173,715 |
| Office expenses | $1,266,727 |
| Information technology | $1,287,450 |
| Royalties | $0 |
| Occupancy | $668,544 |
| Travel | $16,429 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $127,777 |
| Interest | $643,656 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $686,013 |
| Insurance | $84,395 |
| All other expenses | $8,968 |
| Total functional expenses | $13,489,120 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,153,383 |
| Savings and temporary cash investments | $4,980,189 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $497,085 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $331,884,676 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $839,691 |
| Net Land, buildings, and equipment | $5,263,307 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $27,655,914 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $11,579,906 |
| Total assets | $390,854,151 |
| Accounts payable and accrued expenses | $1,057,482 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,129,500 |
| 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 | $360,752,229 |
| Total liabilities | $363,939,211 |
| 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 | $26,914,940 |
| Total liabilities and net assets/fund balances | $390,854,151 |