Soundview Financial Credit Union Inc
- Assets
- $43.8m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 9
- Location
- Bethel, CT
- Founding
- 03/1976
- Data as of
- 12/2022
- EIN
- 06-1029943
Organization Overview
Soundview Financial Credit Union Inc is located in Bethel, 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, Soundview Financial Credit Union Inc employed 9 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Soundview Financial 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, Soundview Financial Credit Union Inc generated $1.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $1.6m during the year ending 12/2022. While expenses have increased by 3.0% 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
SVFCUS MISSION IS TO SERVE OUR MEMBERS AS THE BEST-IN-CLASS PROVIDER OF CONSUMER FINANCIAL SERVICES. WE WILL FULFILL OUR MISSION BY PLACING A HIGH VALUE ON CUSTOMER SATISFACTION, QUALITY SERVICE, FULL SERVICE DELIVERY AND CONTINUED CREDIT UNION STABILITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED CREDIT UNION MEMBERS WITH TRADITIONAL FINANCIAL SERVICES TO MEET THEIR FINANCIAL NEEDS. THESE INCLUDE:LOANS: HOME EQUITY, SECOND MORTGAGE, AUTO AND PERSONAL LOANS ALONG WITH VISA CREDIT CARDS. THIS RESULTED IN OVERALL LOANS OUTSTANDING (NET OF LOAN LOSS PROVISION) AS OF DECEMBER 31, 2017 OF $18614558.SAVINGS: A CHOICE OF SAVINGS OPTIONS INCLUDING CDS AND MONEY MARKET ACCOUNTS, REGULAR SHARE, CHECKING AND CLUB SAVINGS OPTIONS.CONVIENCE: ATM ACCESS AND HOME BANKING CAPABILITIES.
PROVIDE TANGENTLE FINANCIAL SERVICES FOR THE CONVENIENCE OF SVFCU MEMBERS. THIS INCLUDES ACCESS TO REDUCED INSURANCE PREMIUMS, UTILITY DISCOUNTS, MOVIE TICKET DISCOUNTS AND OTHER OFFERINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jo-Ann Palladino Palladino President | OfficerTrustee | 50 | $0 |
Heidi Sztanko Vice President Operations | Officer | 50 | $0 |
Chris Depalma Secretary | Trustee | 2 | $0 |
Maciej Milewski Chairman | Trustee | 4 | $0 |
Susan Schulz Director | Trustee | 1 | $0 |
Andrew Bard Treasurer | Trustee | 5 | $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 | $1,372,196 |
| Investment income | $303,319 |
| 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 | $1,675,515 |
| 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. | $276,191 |
| Compensation of current officers, directors, key employees. | $69,048 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $395,726 |
| Pension plan accruals and contributions | $9,996 |
| Other employee benefits | $161,938 |
| Payroll taxes | $86,985 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $262,057 |
| Advertising and promotion | $26,972 |
| Office expenses | $52,815 |
| Information technology | $61,117 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,787 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $464 |
| Interest | $61,416 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,682 |
| Insurance | $0 |
| All other expenses | $23,935 |
| Total functional expenses | $1,579,031 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $244,407 |
| Savings and temporary cash investments | $275,184 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $555 |
| Loans from Officers, Directors, or Controlling Persons | $64,998 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $21,070,487 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $67,468 |
| Net Land, buildings, and equipment | $10,198 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $21,559,130 |
| Intangible assets | $0 |
| Other assets | $541,929 |
| Total assets | $43,834,356 |
| Accounts payable and accrued expenses | $58,855 |
| 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 | $39,051,445 |
| Total liabilities | $39,110,300 |
| 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 | $647,698 |
| Retained earnings, endowment, accumulated income, or other funds | $4,076,358 |
| Total liabilities and net assets/fund balances | $43,834,356 |
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 |