2024-11-15T07:16:01-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 141364933 SUNMARK CREDIT UNION SUNM 8667866275 1187 TROY SCHENECTADY ROAD LATHAM NY 12110 VIK MUKTAVARAM CHIEF RISK OFFICER/INTERIM CFO 8667866275 2024-11-12 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-11-13 2023 2024-10-15 13:58:12Z JERILEE BEAUDOIN 1187 TROY SCHENECTADY ROAD LATHAM NY 12110 140643223 0 X WWW.SUNMARK.ORG X CREDIT UNION 1937 NY CREATING VALUE TO ENRICH THE LIVES OF OUR MEMBERS BY PROVIDING FINANCIAL PRODUCTS, EDUCATION AND SERVICES TAILORED TO MEET THEIR FINANCIAL GOALS. 9 9 346 16 99494 58126 0 0 59976152 71247885 2515835 1905772 -39545 -270879 62452442 72882778 246800 72500 3516559 12351896 25347249 24298926 0 0 0 29121318 30846567 58231926 67569889 4220516 5312889 1121756722 1157564809 1037211765 1067888408 84544957 89676401 CREATING VALUE TO ENRICH THE LIVES OF OUR MEMBERS BY PROVIDING FINANCIAL PRODUCTS, EDUCATION AND SERVICES TAILORED TO MEET THEIR FINANCIAL GOALS. 0 0 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 2023, THE CREDIT UNION GRANTED OVER 40,000 LOW INTEREST RATE LOANS TOTALING MORE THAN $290 MILLION. SUNMARK MAKES IT CONVENIENT FOR MEMBERS TO OBTAIN FINANCING BY APPLYING ONLINE, VISITING ONE OF OUR 15 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 89,000 MEMBERS IN 14 COUNTIES IN THE CAPITAL DISTRICT AND HUDSON VALLEY REGION OF NEW YORK. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 16442 0 1 346 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X VIK MUKTAVARAM 8667866275 1187 TROY-SCHENECTADY RD LATHAM NY 12110 DAWN DOHERTY CHAIRPERSON 1.00 X X 0 0 0 KRISTEN MYERS VICE CHAIRPERSON 1.00 X X 0 0 0 MATT CUSACK SECRETARY 1.00 X X 1683 0 0 ED AIDALA TREASURER 1.00 X X 3215 0 0 AMY JOHNSON DIRECTOR 1.00 X 0 0 0 DAN HEIM DIRECTOR 1.00 X 0 0 0 RALPH LEBARRON DIRECTOR 1.00 X 1495 0 0 PARKER POWELL DIRECTOR 1.00 X 0 0 0 MATT RHODES DIRECTOR 1.00 X 0 0 0 BRIAN HUGICK ASSOCIATE MEMBER 1.00 X 1553 0 0 FRANK DEGRAW PRESIDENT/CEO 40.00 X 536457 0 8492 JOHANNA ROBBINS CHIEF FINANCIAL OFFICER 40.00 X 282576 0 3852 JERILEE BEAUDOIN CHIEF LENDING OFFICER 40.00 X 237348 0 5518 ANTOINETTE LEBRON EVP/COO 40.00 X 220152 0 1678 VIKAS MUKTAVARAM CRO 40.00 X 259244 0 0 PAUL KELLY CHIEF HUMAN RESOURCES OFFI 40.00 X 229424 0 2783 DARRYL ENFIELD CHIEF INFORMATION OFFICER 40.00 X 220881 0 2049 AMBER COOLEEN CHIEF MARKETING OFFICER 40.00 X 174798 0 4845 CHRIS TANTAKIS VP MEMBER RELATIONS 40.00 X 170838 0 3907 KAREN RODICK CHIEF AUDIT EXECUTIVE 40.00 X 157701 0 4236 DAWN DONOVAN VP OF OPERATIONS 40.00 X 152984 0 4454 JAYANT SINGH VP BUSINESS SERVICES 40.00 X 152859 0 2478 MICHAEL MATHUSA AVP OF SIS AND LSA 40.00 X 196010 0 6122 JOHN NOLAN AVP OF IT 40.00 X 152238 0 4684 ANTHONY LIGUORI SENIOR PROPERTY AND CASUALTY INS PRODUCER 40.00 X 150841 0 2393 MELISSA SAVAGE VP MORTGAGE LENDING 40.00 X 146468 0 4396 ANDREW J RUBINO MORTGAGE ORIGINATOR 40.00 X 146801 0 3094 3595566 0 64981 38 0 1 0 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 900740641 PROVIDES FLEXIBLE BANKING CONNECTIONS 2023660 MASTERCARD 2000 PURCHASE STREET PURCHASE NY 10577 CARD PAYMENT & ATM SERVICES 1907054 FISERV INC PO BOX 934057 ATLANTA GA 311934057 PROVIDES FINANCIAL TECHNOLOGY 1346708 CAPITAL INTERMEDIARY LLC 50 CHAPEL ST ALBANY NY 12207 TITLE INSURANCE SERVICES 780134 CONVERGINT TECHNOLOGIES LLC 4 RESEARCH WAY BETHERL CT 06801 INSTALLATION, DESIGN & SERVICE FOR INTEG 620812 35 INTEREST ON LOANS 522100 51275783 51275783 FEE INCOME 522100 11003998 10904504 99494 OTHER OPERATING INCOM 522100 8968104 8968104 71247885 1103690 1103690 24294615 44267912 24427884 43332561 -133269 935351 802082 802082 NON-OPERATING INCOME 522100 -270879 -270879 -270879 72882778 70877512 99494 1905772 72500 12351896 2847500 16021364 1114100 2829271 1486691 52190 155795 4467543 1531139 9464966 2030697 503778 1521278 2817933 PROVISION FOR CREDIT LO 4308664 LOAN SERVICING EXPENSE 3689560 MISC. OPERATING EXPENSE 220977 OPERATING FEES 82047 67569889 10772625 11004458 20692868 20608873 13106710 14376577 1002649389 1031421793 4458491 3378435 49808097 21625063 25762488 28183034 10533843 10513275 4439667 7159334 21367 9151 29319274 30909879 1121756722 1157564809 11142052 15353530 10902697 46500000 1015167016 1006034878 1037211765 1067888408 X 0 0 0 0 84544957 89676401 84544957 89676401 1121756722 1157564809 X 5312889 -181445 X X 0 1 X 1 0 6385729 6385729 20945138 6474128 14471010 883805 687269 196536 18761678 14240989 4520689 2831747 222677 2609070 28183034 NONMEMBER DEPOSITS 17146000 MEMBER SHARES OF ALL TYPES 988888878 1006034878 X 72707392 0 72707392 175386 175386 72882778 67394499 0 67394499 175390 175390 67569889 PART X, LINE 2: SUNMARK IS A STATE-CHARTERED CREDIT UNION. STATE CHARTERED CREDIT UNIONS ARE EXEMPT FROM FEDERAL AND STATE INCOME TAX UNDER INTERNAL REVENUE SERVICE CODE SECTION 501(C)14. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE, INCLUDING UNRELATED BUISNESS INCOME TAXES (UBIT). THE CREDIT UNION EVALUATED ITS TAX POSITION AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND DECEMBER 31, 2022. THE CREDIT UNION'S 2020 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITITIES. THE INCOME FROM THE CUSO, ORGANIZED AS AN LLC, FLOWS THROUGH TO THE CREDIT UNION AND, THEREFORE, IS NOT SUBJECT TO FEDERAL AND STATE INCOME TAXES. PART XI, LINE 4B - OTHER ADJUSTMENTS: ROUNDING 8. WRITEDOWN OF BUSINESS OREO 175,378. PART XII, LINE 4B - OTHER ADJUSTMENTS: ROUNDING 12. WRITEDOWN OF BUSINESS OREO 175,378. 1 SUNMARK CHARITABLE COMMUNITY FOUNDATION 1187 TROY SCHENECTADY RD LATHAM NY 12110 473713204 501(C)(3) 55000 0 CHARITABLE DONATION CAPITAL REGION CHAMBER FOUNDATION 5 COMPUTER DRIVE SOUTH ALBANY NY 12205 141736856 501(C)(3) 17500 0 SPONSORSHIP OF 2023 ENTREPRENEURIAL BOOT CAMP 2 PART I, LINE 2: ALL GRANTS ARE TRACKED WITHIN INTERNAL SYSTEMS AND REVIEWED THROUGH THE ANNUAL BUDGET PROCESS AND ROUTINE DEPARTMENT MONITORING. SUNMARK HAS A STANDARD PROCESS AND ESTABLISHED CRITERIA FOR GRANTS. FIRST, GRANT RECIPIENTS MUST SERVE A POPULATION WITHIN OUR 14-COUNTY CHARTER AREA. NEXT, FUNDS MUST BE USED TO SUPPORT FINANCIAL LITERACY/EDUCATION AND/OR IMPROVE THE QUALITY OF LIFE FOR THOSE IN NEED. ALL ORGANIZATIONS ARE REQUIRED TO PROVIDE FORM W-9. NON-PROFIT STATUS OF ORGANIZATIONS IS VALIDATED THROUGH PUBLICLY AVAILABLE RESOURCES SUCH AS THE NY STATE CHARITIES BUREAU, CANDID/GUIDESTAR, OR IRS PUBLICATION 78. X X 1 1 X X X X X 1 1 0 FRANK DEGRAW PRESIDENT/CEO 434164 0 74333 0 27960 0 8492 0 0 0 544949 0 0 0 JOHANNA ROBBINS CHIEF FINANCIAL OFFICER 240554 0 14062 0 27960 0 3852 0 0 0 286428 0 0 0 VIKAS MUKTAVARAM CRO 248159 0 5625 0 5460 0 0 0 0 0 259244 0 0 0 JERILEE BEAUDOIN CHIEF LENDING OFFICER 218900 0 12988 0 5460 0 5518 0 0 0 242866 0 0 0 PAUL KELLY CHIEF HUMAN RESOURCES OFFI 210300 0 13664 0 5460 0 2783 0 0 0 232207 0 0 0 DARRYL ENFIELD CHIEF INFORMATION OFFICER 202308 0 13113 0 5460 0 2049 0 0 0 222930 0 0 0 ANTOINETTE LEBRON EVP/COO 55159 0 19124 0 145869 0 1678 0 0 0 221830 0 0 0 MICHAEL MATHUSA AVP OF SIS AND LSA 59976 0 136034 0 0 0 6122 0 0 0 202132 0 0 0 AMBER COOLEEN CHIEF MARKETING OFFICER 158538 0 10800 0 5460 0 4845 0 0 0 179643 0 0 0 CHRIS TANTAKIS VP MEMBER RELATIONS 123897 0 10830 0 36111 0 3907 0 0 0 174745 0 0 0 KAREN RODICK CHIEF AUDIT EXECUTIVE 133682 0 9079 0 14940 0 4236 0 0 0 161937 0 0 0 DAWN DONOVAN VP OF OPERATIONS 138564 0 8960 0 5460 0 4454 0 0 0 157438 0 0 0 JOHN NOLAN AVP OF IT 143952 0 8286 0 0 0 4684 0 0 0 156922 0 0 0 JAYANT SINGH VP BUSINESS SERVICES 138034 0 9365 0 5460 0 2478 0 0 0 155337 0 0 0 ANTHONY LIGUORI SENIOR PROPERTY AND CASUALTY INS PRO 46560 0 104281 0 0 0 2393 0 0 0 153234 0 0 0 MELISSA SAVAGE VP MORTGAGE LENDING 132279 0 8729 0 5460 0 4396 0 0 0 150864 0 0 0 PART I, LINE 1A VP OF BUSINESS SERVICES HAS ANNUAL GOLF CLUB DUES IN THE AMOUNT OF $4930 USED FOR BUSINESS RELATIONS. BOARD MEMBERS ARE NOT COMPENSATED. BOARD MEMBERS MAY ATTEND CONFERENCES. A COMPANION MAY TRAVEL WITH A BOARD MEMBER TO A CONFERENCE AND THIS IS INCLUDED IN THE BOARD MEMBER'S ANNUAL FORM 1099. PART I, LINES 4A-B NAME: FRANK DEGRAW, DESCRIPTION: 457 B PLAN, CURRENT YEAR AMOUNT: $22,500. PLAN DESCRIPTION: 457 PLAN NAME: JOHANNA ROBBINS, DESCRIPTION: 457 B PLAN, CURRENT YEAR AMOUNT: $22,500. PLAN DESCRIPTION: 457 PLAN NAME: ANTOINETTE LEBRON, DESCRIPTION: SEVERENCE, CURRENT YEAR AMOUNT: $144,609. PLAN DESCRIPTION: SEVERENCE NAME: CHRIS TANTAKIS, DESCRIPTION: SEVERENCE, CURRENT YEAR AMOUNT: $31,806. PLAN DESCRIPTION: SEVERENCE FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OF THE CREDIT UNION LIVE, WORK, GO TO SCHOOL OR WORSHIP IN THE 14 COUNTY AREA THE CREDIT UNION SERVES. THIS INCLUDES EMPLOYEES OF SELECT EMPLOYER GROUP MEMBERS AND FAMILY MEMBERS OF ELIGIBLE INDIVIDUALS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT MEMBERS OF THE ORGANIZATION'S GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B A MEMBER VOTE IS REQUIRED TO APPOINT DIRECTORS AND A SPECIAL MEETING CAN BE CALLED FOR MEMBERS TO VOTE. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WHO HAVE AUTHORITY TO ACT ON THE BEHALF OF THE GOVERNING BODY. THE SUPERVISORY COMMITTEE, HOWEVER, IS MADE UP OF FIVE (5) INDIVIDUALS APPOINTED BY THE CREDIT UNION BOARD OF DIRECTORS. THE FUNCTION OF THE COMMITTEE IS TO CONDUCT AUDITS OF THE CREDIT UNION'S FINANCIAL RECORDS AT LEAST ONCE A YEAR. THE COMMITTEE MAY ALSO PERIODICALLY REVIEW THE POLICIES, PROCEDURES AND OPERATIONS OF THE CREDIT UNION, AND MAKE RECOMMENDATIONS TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE INTERIM CFO AND THE BOARD CHAIRPERSON AND THEN PROVIDED TO THE ENTIRE BOARD BEFORE BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY THE BOARD MUST ACKNOWLEDGE AND DISCLOSE ANY CONFLICT OF INTEREST PER THE CODE OF ETHICAL CONDUCT. ALL EMPLOYEES ARE REQUIRED TO READ THE ORGANIZATION'S CONFLICT OF INTEREST POLICY AND AGREE THAT THEY WILL COMPLY WITH THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT/CEO'S COMPENSATION IS DETERMINED BY THE SUNMARK CREDIT UNION'S COMPENSATION COMMITTEE BY USING A CONSULTANT, INDUSTRY-SPECIFIC COMPENSATION STUDIES, AND/OR OTHER DATA AVAILABLE IN THE PUBLIC ARENA INCLUDING PROXY STATEMENTS & OTHER FORMS 990 FOR CREDIT UNIONS OF SIMILAR SIZE. THE COMPENSATION COMMITTEE MAKES A FORMAL RECOMMENDATION TO THE BOARD OF DIRECTORS FOR FINAL APPROVAL. THE COMPENSATION COMMITTEE PROVIDES A COMPENSATION PHILOSOPHY STATEMENT WHICH IS USED TO DETERMINE EXECUTIVE LEVEL POSITIONS BASED ON THE ABOVE MENTIONED SOURCES. THE CEO IS DELEGATED THE AUTHORITY TO SET EXECUTIVE SALARIES WITHIN THIS ESTABLISHED FRAMEWORK. COMPENSATION FOR ALL OTHER KEY EMPLOYEES IS DETERMINED BY THE PRESIDENT/CEO USING UPDATED SALARY RANGES AND BENCHMARKING DATA. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES THEIR GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN OTHER COMPREHENSIVE INCOME 510,335. CECL ADJUSTMENT -691,780. PART XII, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. HORIZON SERVICE ORGANIZATION LLC 1187 TROY SCHENECTADY ROAD LATHAM NY 12110 272298670 HOLDING COMPANY FOR SUNMARK INVESTMENT IN CUSO ENTITIES NY 620643 4135645 SUNMARK CREDIT UNION SIS INSURANCE & FINANCIAL LLC 1187 TROY SCHENECTADY ROAD LATHAM NY 12110 274601397 INSURANCE SERVICES NY 1551522 3201428 HORIZON SERVICE ORGANIZATION LLC SUNMARK CHARITABLE COMMUNITY FOUNDATION 1187 TROY SCHENECTADY ROAD LATHAM NY 12110 473713204 FINANCIAL CONTRIBUTIONS, IN-KIND SERVICES AND VOLUNTEER SUPPORT NY 501(C)(3) PF SUNMARK CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0 SUNMARK CHARITABLE COMMUNITY FOUNDATION B 55000 CHECK PAYMENTS SUNMARK CHARITABLE COMMUNITY FOUNDATION O 74177 PAYROLL RECORDS