Sunmark Credit Union
- Assets
- $1.1b
- Revenue
- $62.5m
- Investments
- $10.5m
- Employees
- 352
- Location
- Latham, NY
- Founding
- Data as of
- 12/2022
- 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 12/2022, Sunmark Credit Union employed 352 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 12/2022, Sunmark Credit Union generated $62.5m in total revenue. The organization has seen a slow decline revenue. Over the past 3 years, revenues have fallen by an average of (2.8%) each year. All expenses for the organization totaled $58.2m during the year ending 12/2022. 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
A TRUSTED PARTNER PROVIDING FINANCIAL SOLUTIONS TO ENRICH THE LIVES OF OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUNMARK CREDIT UNION OFFERS A VARIETY OF LENDING PROGRAMS DESIGNED TO MEET THE FINANCING NEEDS OF OUR MEMBERS. THESE PRODUCTS INCLUDE: MORTGAGES, VEHICLES, COMMERCIAL, CREDIT CARDS AND PERSONAL LOANS. DURING 2022, THE CREDIT UNION GRANTED OVER 46,000 LOW INTEREST RATE LOANS TOTALING MORE THAN $530 MILLION. SUNMARK MAKES IT CONVENIENT FOR MEMBERS TO OBTAIN FINANCING BY APPLYING ONLINE, VISITING ONE OF OUR 16 BRANCH LOCATIONS, OR CALLING OUR MEMBER SERVICE CENTER. AS MEMBER ADVOCATES, SUNMARK OFFERS WORKSHOPS TO EDUCATE MEMBERS ON TOPICS SUCH AS: BUDGETING, MANAGING DEBT, AND HOME BUYING WORKSHOPS.
SUNMARK CREDIT UNION OFFERS VARIOUS DEPOSIT PRODUCTS TO SUPPORT THE FINANCIAL HEALTH AND WELL-BEING OF EACH MEMBER. THESE PRODUCTS PROVIDE COMPETITIVE DIVIDEND RATES, 24/7 ACCESS TO FUNDS AND EASY TRANSFER OPTIONS. WE OFFER MOBILE BANKING, DEBIT CARDS, ACCESS TO NEARLY 30,000 ATMS AND 5,000 PLUS SHARED BRANCHING LOCATIONS ACROSS THE COUNTRY. SUNMARK SERVES OVER 88,000 MEMBERS IN 14 COUNTIES IN THE CAPITAL DISTRICT AND HUDSON VALLEY REGION OF NEW YORK.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dawn Doherty Chairperson | OfficerTrustee | 1 | $0 |
Kristen Myers Vice Chairperson | OfficerTrustee | 1 | $0 |
Matt Cusack Treasurer | OfficerTrustee | 1 | $0 |
Brian Hugick Secretary | OfficerTrustee | 1 | $0 |
Ed Aidala Director | Trustee | 1 | $0 |
Anthony Cardona Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mastercard Card Payment & Atm Services | 12/30/22 | $2,100,885 |
Ncr Corporation Provides Flexible Banking Connections | 12/30/22 | $1,838,260 |
Engage Fi Llc Financial Institution Consulting Service | 12/30/22 | $1,259,412 |
Pnj Technology Partners Provides Computer Solutions/it Support | 12/30/22 | $1,012,688 |
Fiserv Inc Provides Financial Technology | 12/30/22 | $785,779 |
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 | $59,976,152 |
| Investment income | $653,954 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,861,881 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $62,452,442 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $246,800 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,516,559 |
| Compensation of current officers, directors, key employees. | $2,432,217 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,237,350 |
| Pension plan accruals and contributions | $379,298 |
| Other employee benefits | $2,739,139 |
| Payroll taxes | $1,559,245 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $337,869 |
| Fees for services: Accounting | $107,365 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,028,036 |
| Advertising and promotion | $1,602,648 |
| Office expenses | $8,207,944 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,895,049 |
| Travel | $582,939 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $600,749 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,785,925 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $58,231,926 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,772,625 |
| Savings and temporary cash investments | $20,692,868 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,106,710 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,002,649,389 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,458,491 |
| Net Land, buildings, and equipment | $25,762,488 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,533,843 |
| Investments—program-related | $4,439,667 |
| Intangible assets | $21,367 |
| Other assets | $29,319,274 |
| Total assets | $1,121,756,722 |
| Accounts payable and accrued expenses | $11,142,052 |
| 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 | $10,902,697 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,015,167,016 |
| Total liabilities | $1,037,211,765 |
| 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 | $84,544,957 |
| Total liabilities and net assets/fund balances | $1,121,756,722 |
Grants Awarded
Over the last fiscal year, Sunmark Credit Union has awarded $51,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
TROY REHABILITATION & IMPROVEMENT PROGRAM PURPOSE: 2020 ANNUAL SPONSORSHIP | $10,000 |
CAPITAL REGION CHAMBER FOUNDATION PURPOSE: 2020 ENTREPENEUR BOOT CAMP SPONSORSHIP | $16,000 |
SUNMARK CHARITABLE COMMUNITY FOUNDATION PURPOSE: ANNUAL GOLF SPONSORSHIP | $25,000 |