Dutch Point Credit Union Inc
- Assets
- $439.8m
- Revenue
- $13.1m
- Investments
- $166.7m
- Employees
- 102
- Location
- Wethersfield, CT
- Founding
- 03/1976
- Data as of
- 12/2021
- EIN
- 06-6039973
Organization Overview
Dutch Point Credit Union Inc is located in Wethersfield, 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, Dutch Point Credit Union Inc employed 102 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Dutch Point 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, Dutch Point Credit Union Inc generated $13.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $11.2m during the year ending 12/2021. While expenses have increased by 2.7% 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
OUR MISSION IS "EDUCATE. SERVE. DELIGHT." WHILE PROVIDING 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 |
|---|---|---|---|
Francis R N Proto Secretary, President, CEO | OfficerTrustee | 40 | $702,677 |
Charlyn Tanner Executive Vice President & CFO | Officer | 40 | $153,785 |
Anthony Sacchetti Chief Member Experience Officer | Officer | 40 | $123,938 |
August L Defrance Treasurer | OfficerTrustee | 1 | $0 |
John L Gombotz Vice Chairman | OfficerTrustee | 1 | $0 |
Richard S Zajack Chairman Of Board | 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 | $11,591,306 |
| Investment income | $1,428,664 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $58,685 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,078,655 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,000 |
| 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. | $897,470 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,432,539 |
| Pension plan accruals and contributions | $95,618 |
| Other employee benefits | $525,310 |
| Payroll taxes | $319,164 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,990 |
| Fees for services: Accounting | $46,552 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $271,144 |
| Advertising and promotion | $310,673 |
| Office expenses | $611,255 |
| Information technology | $1,018,922 |
| Royalties | $0 |
| Occupancy | $660,205 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $29,838 |
| Interest | $632,007 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $396,218 |
| Insurance | $0 |
| All other expenses | $45,915 |
| Total functional expenses | $11,156,431 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,410,984 |
| Savings and temporary cash investments | $50,881,353 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $796,773 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $200,481,574 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,035,822 |
| Net Land, buildings, and equipment | $2,897,643 |
| Investments—publicly traded securities | $9,183,948 |
| Investments—other securities | $166,685,894 |
| Investments—program-related | $0 |
| Intangible assets | $10 |
| Other assets | $5,410,550 |
| Total assets | $439,784,551 |
| Accounts payable and accrued expenses | $2,339,018 |
| 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 | $395,063,984 |
| Total liabilities | $397,403,002 |
| 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 | $42,381,549 |
| Total liabilities and net assets/fund balances | $439,784,551 |
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|---|---|---|
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Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |
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Leominster Credit Union Leominster, MA | $813,719,349 | $30,410,755 |
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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 |