American Eagle Financial Credit Union Incorporated
- Assets
- $2.7b
- Revenue
- $112.0m
- Investments
- $1.8m
- Employees
- 516
- Location
- East Hartford, CT
- Founding
- 11/2015
- Data as of
- 12/2023
- EIN
- 47-2559616
Organization Overview
American Eagle Financial Credit Union Incorporated is located in East Hartford, CT. The organization was established in 2015. 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, American Eagle Financial Credit Union Incorporated employed 516 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American Eagle Financial Credit Union Incorporated 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, American Eagle Financial Credit Union Incorporated generated $112.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.3% each year. All expenses for the organization totaled $99.0m during the year ending 12/2023. While expenses have increased by 6.8% 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.
Since 2016, American Eagle Financial Credit Union Incorporated has awarded 64 individual grants totaling $617,093. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
AMERICAN EAGLE FINANCIAL CREDIT UNION PROVIDES FINANCIAL SERVICES IN THE FORM OF LOANS AND DEPOSIT PRODUCTS THAT HELP ITS MEMBERSHIP ACHIEVE THEIR FINANCIAL GOALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2023, AMERICAN EAGLE FINANCIAL CREDIT UNION (AEFCU), A STATE-CHARTERED CREDIT UNION LOCATED IN THE STATE OF CONNECTICUT, PROVIDED FINANCIAL SERVICES TO MEMBERS WHO LIVE, WORK, WORSHIP, OR ATTEND SCHOOL IN THE HARTFORD, TOLLAND, NEW HAVEN, AND MIDDLESEX COUNTIES IN CONNECTICUT. AEFCU CONTINUED TO FULFILL ITS EXEMPT STATUS BY PROVIDING CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, OFFERING COMPETITIVE SHARE DEPOSIT PRODUCTS, AND PROVIDING MEMBERS WITH THE OPPORTUNITY TO IMPROVE THEIR ECONOMIC CONDITION. IN 2023, MEMBERSHIP GREW FROM 176,804 TO 183,386 MEMBERS. THERE WERE 6,895 LOANS GRANTED DURING THE YEAR TOTALING APPROXIMATELY $166,246,000. DEPOSITS GREW FROM 344,216 ACCOUNTS TO 367,429 ACCOUNTS FOR A TOTAL INCREASE IN DEPOSITS OF APPROXIMATELY $177,327,000. AEFCU ALSO CONDUCTED SEMINARS FOR ITS MEMBERSHIP THAT RANGED FROM FINANCIAL LITERACY TO FIRST TIME HOME BUYING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
A Lisa Burgarella Director | Trustee | 2 | $9,300 |
Kenneth D Stevenson Director | Trustee | 2 | $7,448 |
Raymond C Gandy Chairperson | Trustee | 2 | $9,390 |
Michael P Depasquale Director | Trustee | 2 | $17,199 |
Angela Bull Director | Trustee | 2 | $4,267 |
Joseph R Camposeo Director | Trustee | 2 | $7,434 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Inc Software Services | 12/30/23 | $4,027,205 |
Fis Card Processing | 12/30/23 | $1,669,757 |
Go Llc Media & Marketing Services | 12/30/23 | $620,803 |
Xactus Llc Property Appraisals | 12/30/23 | $606,097 |
Cathedral Corp Statement Mailing | 12/30/23 | $418,454 |
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 | $89,988,829 |
| Investment income | $21,819,384 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $167,167 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $111,975,380 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $122,661 |
| Grants and other assistance to domestic individuals. | $3,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,318,382 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $27,227,646 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $5,614,854 |
| Payroll taxes | $1,960,672 |
| Fees for services: Management | $776,411 |
| Fees for services: Legal | $252,837 |
| Fees for services: Accounting | $175,374 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $530,694 |
| Advertising and promotion | $966,213 |
| Office expenses | $5,258,929 |
| Information technology | $7,488,040 |
| Royalties | $0 |
| Occupancy | $3,139,698 |
| Travel | $592,809 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $27,413,802 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,974,139 |
| Insurance | $265,909 |
| All other expenses | $2,292,788 |
| Total functional expenses | $98,956,335 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,783,881 |
| Savings and temporary cash investments | $632,951,524 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $519,734 |
| Loans from Officers, Directors, or Controlling Persons | $25,295,784 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,621,507,691 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,135,846 |
| Net Land, buildings, and equipment | $23,296,389 |
| Investments—publicly traded securities | $341,269,387 |
| Investments—other securities | $1,793,200 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $37,532,512 |
| Total assets | $2,699,085,948 |
| Accounts payable and accrued expenses | $52,599,110 |
| 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 | $2,408,886,523 |
| Total liabilities | $2,461,485,633 |
| 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 | $237,600,315 |
| Total liabilities and net assets/fund balances | $2,699,085,948 |
Grants Awarded
Over the last fiscal year, American Eagle Financial Credit Union Incorporated has awarded $122,661 in support to 13 organizations.
| Grant Recipient | Amount |
|---|---|
RISE & SHINE CONNECTICUT INC PURPOSE: CHARITABLE CONTRIBUTION | $12,000 |
BOOMERS BEST BUDDIES RESCUE INC PURPOSE: CHARITABLE CONTRIBUTION | $9,086 |
PAPER HOUSE PRODUCTIONS THEATRE CO PURPOSE: CHARITABLE CONTRIBUTION | $9,086 |
CONNECTICUT HUMANE SOCIETY PURPOSE: CHARITABLE CONTRIBUTION | $9,486 |
SOUTHINGTON WEST LITTLE LEAGUE PURPOSE: CHARITABLE CONTRIBUTION | $9,086 |
ENFIELD LOAVES AND FISHES PURPOSE: CHARITABLE CONTRIBUTION | $9,486 |