State Police Credit Union Inc
- Assets
- $76.8m
- Revenue
- $1.7m
- Investments
- $26.2m
- Employees
- 9
- Location
- Meriden, CT
- Founding
- 03/1976
- Data as of
- 12/2021
- EIN
- 06-0762028
Organization Overview
State Police Credit Union Inc is located in Meriden, 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, State Police Credit Union Inc employed 9 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. State Police 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, State Police Credit Union Inc generated $1.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $1.5m during the year ending 12/2021. While expenses have increased by 1.3% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE CREDIT UNION SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE CREDIT UNION SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cynthia Graham President/ceo | Officer | 38 | $113,674 |
John Gasiorowski CFO | Officer | 37.5 | $104,585 |
Robert Grega Chairperson | OfficerTrustee | 1 | $0 |
J Paul Vance Vice Chairperson | OfficerTrustee | 1 | $0 |
John Kolosky Treasurer | OfficerTrustee | 1 | $0 |
Charles Kelly Secretary | 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 | $915,434 |
| Investment income | $804,836 |
| 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 | $1,720,270 |
| 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. | $291,012 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $228,114 |
| Pension plan accruals and contributions | $24,485 |
| Other employee benefits | $121,019 |
| Payroll taxes | $36,396 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $27,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $41,546 |
| Office expenses | $239,884 |
| Information technology | $127,843 |
| Royalties | $0 |
| Occupancy | $103,888 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,250 |
| Interest | $131,660 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,035 |
| Insurance | $22,430 |
| All other expenses | $0 |
| Total functional expenses | $1,486,663 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $236,020 |
| Savings and temporary cash investments | $2,277,650 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $105,457 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $19,744,711 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $712,326 |
| Net Land, buildings, and equipment | $9,475 |
| Investments—publicly traded securities | $27,473,942 |
| Investments—other securities | $26,201,100 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $34,000 |
| Total assets | $76,794,681 |
| Accounts payable and accrued expenses | $258,592 |
| 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 | $65,798,478 |
| Total liabilities | $66,057,070 |
| 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 | $10,737,611 |
| Total liabilities and net assets/fund balances | $76,794,681 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Peoples Credit Union Middletown, RI | $619,991,757 | $25,020,386 |
Sharon & Cresent United Credit Union Brockton, MA | $438,601,837 | $18,630,554 |
Quincy Credit Union Quincy, MA | $736,275,717 | $20,097,786 |
Rhode Island Credit Union Providence, RI | $387,896,384 | $16,678,289 |
Westerly Community Credit Union Wakefield, RI | $412,210,779 | $17,253,972 |
Mutual Security Credit Union Inc Shelton, CT | $354,262,560 | $14,669,690 |
Alltrust Credit Union Fairhaven, MA | $299,264,971 | $13,016,630 |
Ocean State Credit Union Coventry, RI | $328,452,290 | $14,903,508 |
Dutch Point Credit Union Inc Wethersfield, CT | $439,784,551 | $13,078,655 |
Members Plus Credit Union Medford, MA | $342,620,781 | $10,885,310 |
St Jeans Credit Union Salem, MA | $315,403,428 | $11,808,191 |
Mass Bay Credit Union South Boston, MA | $300,728,924 | $12,109,797 |