Sunmark Credit Union
- Assets
- $1.0b
- Revenue
- $61.8m
- Investments
- $9.6m
- Employees
- 330
- Location
- Latham, NY
- Founding
- Data as of
- 12/2021
- EIN
- 14-1364933
Organization Overview
Sunmark Credit Union is located in Latham, NY. 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, Sunmark Credit Union employed 330 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sunmark Credit Union 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, Sunmark Credit Union generated $61.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (4.7%) each year. All expenses for the organization totaled $54.8m during the year ending 12/2021. 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
WE WORK TOGETHER TO CREATE VALUE AND ENRICH THE LIVES OF OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOANS: SUNMARK CREDIT UNION OFFERS LOW INTEREST RATE LOANS AND A VARIETY OF BORROWING OPTIONS TO HELP OUR MEMBERS ACHIEVE THEIR GOALS. SUNMARK CREDIT UNION SERVES OVER 83,000 MEMBERS IN 14 COUNTIES WITHIN NEW YORK STATE TO SUPPORT THEIR FINANCIAL GOALS. WE ALSO OFFER A VARIETY OF WORKSHOPS TO EDUCATE OUR MEMBERS. EXAMPLES OF THE WORKSHOPS INCLUDE: BUDGETING, MANAGING DEBT, SAVING/INVESTING FOR YOUR FUTURE AND HOME BUYING WORKSHOPS.
DEPOSITS: SUNMARK CREDIT UNION OFFERS COMPETITIVE DIVIDEND RATES ON CHECKING AND SAVINGS ACCOUNTS FOR OUR MEMBERS. WE OFFER MOBILE BANKING AND ACCESS TO NEARLY 30,000 ATMS AND 5,000 PLUS SHARED BRANCHING LOCATIONS ACROSS THE COUNTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank Degraw President/ceo | Officer | 40 | $466,202 |
Amanda St George Mortgage Originator | 40 | $343,695 | |
Elizabeth Jacobsen Business Development Origi | 40 | $311,349 | |
Antoinette Lebron Evp/coo | Officer | 40 | $292,785 |
Bryan Delehanty Evp/cfo | Officer | 40 | $277,591 |
Andrew J Rubino Mortgage Originator | 40 | $249,879 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Inc Provides Financial Technology | 12/30/21 | $1,866,020 |
Master Card Card Payment & Atm Services | 12/30/21 | $1,821,294 |
Ncr Corporation Provides Flexible Banking Connections | 12/30/21 | $1,704,291 |
Irem Solutions Inc Appraisal Services | 12/30/21 | $658,600 |
Jack Henry & Associates Inc Atm & Debit Card Authorization | 12/30/21 | $467,118 |
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 | $63,395,140 |
| Investment income | $414,753 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,157,925 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $61,777,524 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $80,733 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,164,151 |
| Compensation of current officers, directors, key employees. | $2,826,825 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $17,512,757 |
| Pension plan accruals and contributions | $861,578 |
| Other employee benefits | $2,730,295 |
| Payroll taxes | $1,549,984 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $177,852 |
| Fees for services: Accounting | $88,008 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,471,909 |
| Advertising and promotion | $1,452,480 |
| Office expenses | $7,617,460 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,801,263 |
| Travel | $370,591 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $164,812 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,827,124 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $54,806,633 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,215,055 |
| Savings and temporary cash investments | $114,353,124 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,128,151 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $797,803,777 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,888,283 |
| Net Land, buildings, and equipment | $25,551,157 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $9,554,411 |
| Investments—program-related | $3,569,256 |
| Intangible assets | $48,795 |
| Other assets | $32,674,358 |
| Total assets | $1,009,786,367 |
| Accounts payable and accrued expenses | $4,614,062 |
| 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 | $9,498 |
| Unsecured mortgages and notes payable | $4,719,439 |
| Other liabilities | $919,294,752 |
| Total liabilities | $928,637,751 |
| 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 | $81,148,616 |
| Total liabilities and net assets/fund balances | $1,009,786,367 |
Grants Awarded
Over the last fiscal year, Sunmark Credit Union has awarded $51,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Latham, NY PURPOSE: ANNUAL GOLF SPONSORSHIP | $25,000 |
Albany, NY PURPOSE: 2020 ENTREPENEUR BOOT CAMP SPONSORSHIP | $16,000 |
Troy, NY PURPOSE: 2020 ANNUAL SPONSORSHIP | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Municipal Credit Union New York, NY | $4,195,909,598 | $220,924,766 |
Trumark Financial Credit Union Fort Washington, PA | $2,771,242,877 | $109,685,822 |
Metro Credit Union Chelsea, MA | $2,510,941,078 | $92,937,477 |
American Eagle Financial Credit Union Incorporated East Hartford, CT | $2,355,398,570 | $80,581,273 |
Sunmark Credit Union Latham, NY | $1,009,786,367 | $61,777,524 |
Jeanne Darc Credit Union Lowell, MA | $1,792,528,408 | $59,293,841 |
Vermont State Employees Credit Union Montpelier, VT | $1,088,463,473 | $48,370,084 |
Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |
Belco Community Credit Union Harrisburg, PA | $811,601,260 | $40,862,040 |
St Annes Credit Union Of Fall River Mass Fall River, MA | $1,266,762,131 | $34,865,858 |
Sikorsky Financial Credit Union Inc Stratford, CT | $1,094,000,567 | $34,623,993 |