Dutch Point Credit Union Inc
- Assets
- $475.5m
- Revenue
- $21.6m
- Investments
- $170.0m
- Employees
- 83
- Location
- Wethersfield, CT
- Founding
- 03/1976
- Data as of
- 12/2023
- 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 12/2023, Dutch Point Credit Union Inc employed 83 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 12/2023, Dutch Point Credit Union Inc generated $21.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.2% each year. All expenses for the organization totaled $17.2m during the year ending 12/2023. While expenses have increased by 7.1% per year over the past 9 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
2023
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 CEO - Former | 0 | $377,120 | |
Charlyn Tanner President, CEO & Secretary | OfficerTrustee | 40 | $338,010 |
Michael Kleinschmitt Chief Financial Officer | Officer | 40 | $185,967 |
Anthony Sacchetti Chief Member Experience Officer | Officer | 40 | $165,604 |
Richard S Zajack Chairman Of Board | OfficerTrustee | 2 | $1,015 |
Michael E Curtin Vice Chairman | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Solidus Inc Construction Services | 12/30/23 | $143,995 |
Synergi Partners Inc Professional Services Re Erc | 12/30/23 | $128,686 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,790,589 |
| 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 | $1,790,589 |
| Total Program Service Revenue | $15,829,282 |
| Investment income | $3,852,300 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $138,868 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,611,039 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $7,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $808,124 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,837,039 |
| Pension plan accruals and contributions | $166,914 |
| Other employee benefits | $595,787 |
| Payroll taxes | $361,837 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,572 |
| Fees for services: Accounting | $66,743 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $438,182 |
| Advertising and promotion | $447,326 |
| Office expenses | $687,679 |
| Information technology | $1,249,343 |
| Royalties | $0 |
| Occupancy | $653,907 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $90,573 |
| Interest | $4,573,366 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $386,499 |
| Insurance | $0 |
| All other expenses | $140,220 |
| Total functional expenses | $17,217,889 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,982,451 |
| Savings and temporary cash investments | $41,994,138 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $876,773 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $246,348,184 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $970,407 |
| Net Land, buildings, and equipment | $2,402,153 |
| Investments—publicly traded securities | $154,040 |
| Investments—other securities | $169,996,099 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,743,690 |
| Total assets | $475,467,935 |
| Accounts payable and accrued expenses | $2,507,202 |
| 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 | $423,386,736 |
| Total liabilities | $425,893,938 |
| 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 | $49,573,997 |
| Total liabilities and net assets/fund balances | $475,467,935 |