2024-09-17T15:44:28-05:00 2023-12-31 382492570 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2023-01-01 472559616 AMERICAN EAGLE FINANCIAL CREDIT UNION AMER 8008420145 333 EAST RIVER DRIVE EAST HARTFORD CT 06128 HOWARD BRADY PRESIDENT/CEO 8605695554 2024-09-09 1 0 JOHN J MURNANE JR P03021572 3052328272 2024-09-09 2023 2024-08-08 14:25:15Z HOWARD BRADY 333 EAST RIVER DRIVE EAST HARTFORD CT 06128 122660914 0 X WWW.AMERICANEAGLE.ORG X 1935 CT AMERICAN EAGLE FINANCIAL CREDIT UNION PROVIDES FINANCIAL SERVICES IN THE FORM OF LOANS AND DEPOSIT PRODUCTS THAT HELP ITS MEMBERSHIP ACHIEVE THEIR FINANCIAL GOALS. 11 11 516 15 61895 0 0 0 83917028 89988829 12823949 21986551 0 0 96740977 111975380 255921 125661 0 0 34545298 36121554 0 0 0 35410266 62709120 70211485 98956335 26529492 13019045 2508286522 2699085948 2283108795 2461485633 225177727 237600315 X OUR MISSION IS TO ENRICH THE LIVES OF OUR MEMBERS AND COMMUNITIES TO CREATE A WORLD WHERE FINANCIAL FREEDOM IS A REALITY. OUR VALUES ARE CARING, TRUST AND DEPENDABILITY. 0 0 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. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 20564 0 1 516 1 1 1 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X LARRY MICHAUD 8605695554 333 EAST RIVER DRIVE EAST HARTFORD CT 06128 A LISA BURGARELLA DIRECTOR 2.00 X 9300 0 0 KENNETH D STEVENSON DIRECTOR 2.00 X 7448 0 0 RAYMOND C GANDY CHAIRPERSON 2.00 X 9390 0 0 MICHAEL P DEPASQUALE DIRECTOR 2.00 X 17199 0 0 ANGELA BULL DIRECTOR 2.00 X 4267 0 0 JOSEPH R CAMPOSEO DIRECTOR 2.00 X 7434 0 0 MICHAEL W HAWMAN 1ST VICE CHAIRPERSON 2.00 X 16973 0 0 MARK P ALLEN DIRECTOR 2.00 X 15813 0 0 JOSEPH PLOSZAY SECRETARY 2.00 X 1026 0 0 ALLISON W BURCH 2ND VICE CHAIRPERSON 2.00 X 2612 0 0 MICHAEL ROGERS DIRECTOR 2.00 X 4455 0 0 HOWARD BRADY PRESIDENT/CEO 40.00 X 817021 0 63362 LARRY MICHAUD SVP/CFO 40.00 X 278650 0 63432 TERESA KNOX EVP/COO 40.00 X 528552 0 50051 BRIAN KENNEDY EVP/CS&RO 40.00 X 392341 0 70563 DIANNA WILSON SVP/CX&LO 40.00 X 338358 0 56823 JAMES EVANS SVP/CIO 40.00 X 336598 0 56912 RYAN MCELENEY SVP/CP&CO 40.00 X 295015 0 51592 3082452 0 412735 70 0 1 0 FISERV INC PO BOX 99924 GRAPEVINE TX 76099 SOFTWARE SERVICES 4027205 FIS PO BOX 4535 CAROL STREAM IL 60197 CARD PROCESSING 1669757 GO LLC 2074 PARK ST SUITE 307 HARTFORD CT 06106 MEDIA & MARKETING SERVICES 620803 XACTUS LLC 370 REED ROAD SUITE 100 BROOMALL PA 19008 PROPERTY APPRAISALS 606097 CATHEDRAL CORP 632 ELLSWORTH RD ROME NY 13441 STATEMENT MAILING 418454 51 INCOME ON LOANS 522100 68684813 68684813 FEES/CHARGES/OTHER 522100 21242121 21242121 FINANCE & INSURANCE 520000 61895 61895 89988829 21819384 21819384 10852701 10685534 167167 167167 167167 111975380 111913485 61895 0 X 122661 3000 1318382 27227646 5614854 1960672 776411 252837 175374 530694 966213 5258929 7488040 3139698 592809 27413802 2974139 265909 LOAN SERVICING EXPENSE 5659947 DEBIT CARD SERVICES 1967711 PROVISION FOR LOAN LOSS 1700975 MISCELLANEOUS 1252844 2292788 98956335 7619948 11783881 216012435 632951524 599732 519734 24865446 25295784 1850335362 1621507691 3858615 3135846 47758364 24461975 24399310 23296389 341730917 341269387 1497100 1793200 37367657 37532512 2508286522 2699085948 51549125 52599110 2231559670 2408886523 2283108795 2461485633 X 0 0 0 0 225177727 237600315 225177727 237600315 2508286522 2699085948 X 13019045 17572 -614029 X X 0 1 X 1 0 2422544 2422544 26137978 11842501 14295477 5172566 2254596 2917970 12291464 9472390 2819074 1733812 892488 841324 23296389 SHARE DRAFTS 438600150 SHARES 653299532 MONEY MARKET 350972234 SHARE AND IRA CERTIFICATS 966014607 2408886523 X 111975380 0 111975380 0 111975380 98956335 0 98956335 0 98956335 PART X, LINE 2: INCOME TAXES THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 RISE & SHINE CONNECTICUT INC 39 WINDING LN EAST HARTFORD CT 06118 883373708 501(C)(3) 12000 0 CHARITABLE CONTRIBUTION BOOMERS BEST BUDDIES RESCUE INC 177 SHODDY MILL RD ANDOVER CT 06232 873874116 501(C)(3) 9086 0 CHARITABLE CONTRIBUTION PAPER HOUSE PRODUCTIONS THEATRE CO PO BOX 323 DURHAM CT 06422 463406683 501(C)(3) 9086 0 CHARITABLE CONTRIBUTION SOUTHINGTON WEST LITTLE LEAGUE 665 SPRING ST SOUTHINGTON CT 06489 061320406 501(C)(3) 9086 0 CHARITABLE CONTRIBUTION CONNECTICUT HUMANE SOCIETY 701 RUSSELL RD NEWINGTON CT 06111 060667605 501(C)(3) 9486 0 CHARITABLE CONTRIBUTION ENFIELD LOAVES AND FISHES 23 N MAIN ST ENFIELD CT 06082 222558791 501(C)(3) 9486 0 CHARITABLE CONTRIBUTION LITERACY VOLUNTEERS OF CENTRAL CONNECTICUT 20 HIGH ST NEW BRITAIN CT 06052 222527030 501(C)(3) 9486 0 CHARITABLE CONTRIBUTION EVERYBUNNY COUNTS RABBIT RESCUE 618 MATTHEWS ST BRISTOL CT 06010 813458309 501(C)(3) 9140 0 CHARITABLE CONTRIBUTION IWO JIMA MEMORIAL HISTORICAL FOUNDATION PO BOX 310516 NEWINGTON CT 06131 061456683 501(C)(3) 9140 0 CHARITABLE CONTRIBUTION NO ANIMAL LEFT UNFED PO BOX 330145 WEST HARTFORD CT 06133 455418520 501(C)(3) 9140 0 CHARITABLE CONTRIBUTION EAST HAVEN FOOD PANTRY 39 PARK PLACE EAST HAVEN CT 06512 061377525 501(C)(3) 9175 0 CHARITABLE CONTRIBUTION HARTFORD GAY MENS CHORUS 233 PEARL ST HARTFORD CT 06103 461032168 501(C)(3) 9175 0 CHARITABLE CONTRIBUTION PROTECTORS OF ANIMALS 144 MAIN ST EAST HARTFORD CT 06118 060959891 501(C)(3) 9175 0 CHARITABLE CONTRIBUTION 13 0 PART I, LINE 2: THESE ARE CHARITABLE CONTRIBUTIONS, NOT GRANTS. THEREFORE, THERE IS NO SUBSEQUENT MONITORING BY THE CREDIT UNION. X X X 1 1 X X X X X 0 1 0 HOWARD BRADY PRESIDENT/CEO 581422 0 235599 0 0 0 29700 0 33662 0 880383 0 0 0 TERESA KNOX EVP/COO 308539 0 119147 0 100866 0 35733 0 14318 0 578603 0 0 0 BRIAN KENNEDY EVP/CS&RO 291847 0 100494 0 0 0 35401 0 35162 0 462904 0 0 0 DIANNA WILSON SVP/CX&LO 279606 0 58752 0 0 0 21371 0 35452 0 395181 0 0 0 JAMES EVANS SVP/CIO 257816 0 78782 0 0 0 28023 0 28889 0 393510 0 0 0 RYAN MCELENEY SVP/CP&CO 226792 0 68223 0 0 0 26631 0 24961 0 346607 0 0 0 LARRY MICHAUD SVP/CFO 226261 0 52389 0 0 0 34543 0 28889 0 342082 0 0 0 PART I, LINE 4B THE FOLLOWING EXECUTIVES PARTICIPATED IN A NON-QUALIFIED RETIREMENT PLAN IN 2023: HOWARD BRADY BRIAN KENNEDY JAMES EVAN HOWARD BRADY, JAMES EVANS, AND BRIAN KENNEDY PARTICIPATE IN A SUPPLEMENTAL RETIREMENT BENEFITS ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. BRIAN KENNEDY EVP/CS&RO SPLIT DOLLAR X 475000 494336 0 1 1 BRIAN KENNEDY EVP/CS&RO SPLIT DOLLAR X 1800000 2096222 0 1 1 DEAN MARCHESSAULT FORMER CEO SPLIT DOLLAR X 5133128 5939720 0 1 1 DEAN MARCHESSAULT FORMER CEO SPLIT DOLLAR X 2900000 3056283 0 1 1 HOWARD BRADY PRESIDENT/CEO SPLIT DOLLAR X 2200000 2562049 0 1 1 JAMES EVANS SVP/CIO SPLIT DOLLAR X 2700000 3144333 0 1 1 JOHN CONANT FORMER EVP/CFO SPLIT DOLLAR X 3329640 3852841 0 1 1 WILLIAM J DOKAS FORMER CEO SPLIT DOLLAR X 8400000 4150000 0 1 1 25295784 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD, THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. THE MEMBERSHIP VOTES AT AN ANNUAL MEETING TO SELECT THREE BOARD MEMBERS EACH YEAR. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. THE MEMBERSHIP VOTES AT AN ANNUAL MEETING TO SELECT THREE BOARD MEMBERS EACH YEAR. FORM 990, PART VI, SECTION B, LINE 11B THE 990 WILL BE GIVEN TO THE BOARD OF DIRECTORS AS AN AGENDA ITEM AND REVIEWED AT THE BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEES, OFFICERS AND DIRECTORS OF THE CREDIT UNION ARE ASKED TO DISCLOSE ALL SHARE AND LOAN ACCOUNTS AT THE CREDIT UNION THAT THEY HAVE AN INTEREST IN ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION UTILIZES AN OUTSIDE CONSULTANT TO PERFORM AN INDEPENDENT COMPENSATION SURVEY FOR ALL OFFICER LEVEL POSITIONS EVERY TWO YEARS. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON WWW.NCUA.GOV VIA THE QUARTERLY 5300 FILING. FORM 990, PART IX, LINE 11G PROFESSIONAL FEES- ARMORED CAR 271,347. PROFESSIONAL FEES- OTHER 125,515. PROFESSIONAL FEES- PAYROLL 131,220. PROFESSIONAL FEES- SECURITY GUARD 2,612. FORM 990, PART IX, LINE 24E OVERDRAFT LOSSES 814,107. FRAUD LOSSES 741,208. PERSONAL PROPERTY TAX EXPENSE 235,341. DUES/SUBSCRIPTIONS 213,518. REPAIRS AND MAINTENANCE 160,342. OPERATING FEES 128,272. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -614,029. - FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. AMERICAN EAGLE FINANCIAL SERVICES LLC 333 EAST RIVER DRIVE EAST HARTFORD CT 06108 061552551 FINANCIAL CONSULTING SERVICES CT -1082 10828 AMERICAN EAGLE FINANCIAL CU AEF REALTY LLC 333 EAST RIVER DRIVE EAST HARTFORD CT 06108 371864912 PROPERTY MANAGEMENT SERVICES CT 46654 13615637 AMERICAN EAGLE FINANCIAL CU