2024-11-08T10:55:02-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 141471439 HUDSON VALLEY CREDIT UNION HUDS 8004683011 137 BOARDMAN ROAD POUGHKEEPSIE NY 12603 SCOTT VAN ZANDT SVP/CHIEF FINANCIAL OFFICE 8454633011 2024-08-26 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-11-07 2023 2024-10-15 13:58:12Z SCOTT VAN ZANDT 137 BOARDMAN ROAD POUGHKEEPSIE NY 12603 733700981 0 X WWW.HVFCU.ORG X 1963 NY STATE CHARTERED CU THAT PROVIDES FINANCIAL, INSURANCE AND BANKING SERVICES TO ITS MEMBERS. 9 9 1159 18 1088031 0 0 0 212143613 267908667 59216233 46762290 1311708 -9987 272671554 314660970 0 0 0 93310522 83449928 92525766 0 0 0 117803726 126031853 201253654 311868141 71417900 2792829 6691887143 7062798226 6353105785 6630386858 338781358 432411368 TO CREATE SUCCESSFUL FUTURES FOR MEMBERS, EMPLOYEES, AND COMMUNITIES, ONE RELATIONSHIP AT A TIME. 0 0 HVCU PROVIDES CONSUMER AND BUSINESS DEPOSIT AND LOAN PRODUCTS, A VARIETY OF PERSONAL AND BUSINESS INSURANCE PRODUCTS AND WEALTH MANAGEMENT SERVICES. 0 0 1 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 59534 0 1159 1 1 1 0 0 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X SCOTT VAN ZANDT 8004683011 137 BOARDMAN ROAD POUGHKEEPSIE NY 12603 JAY PANTALEO CHAIRMAN OF THE BOARD 1.00 X X 0 0 0 KEITH BASKETT VICE CHAIRMAN 1.00 X X 0 0 0 NANCY KAPPLER-FOSTER TREASURER 1.00 X X 0 0 0 BENJAMIN SMITH SECRETARY 1.00 X X 0 0 0 HENRIETTA AKPATA DIRECTOR 1.00 X 0 0 0 JANINE S DAUGHTRY DIRECTOR 1.00 X 0 0 0 WESLEY J LEE DIRECTOR 1.00 X 0 0 0 KAREN MCFARLANE DIRECTOR 1.00 X 0 0 0 ALISA SWIRE DIRECTOR 1.00 X 0 0 0 MARY D MADDEN PRESIDENT CHIEF EXECUTIVE 40.00 X 2363677 0 12652 JONATHAN ROBERTS PRESIDENT CHIEF EXECUTIVE 40.00 X 1061581 0 65549 SCOTT VAN ZANDT SVP/CHIEF FINANCIAL OFFICE 40.00 X 555078 0 61548 DIANE ALLENBAUGH SVP OF HR AND ORGANIZATION 40.00 X 1010935 0 34845 ANTON ROHRMEIER EVP/CHIEF OPERATIONS OFFIC 40.00 X 704364 0 59447 MARK TIMMERMAN EVP/CRO 40.00 X 498379 0 71033 RICHARD LIONHOOD EVP/CBO 40.00 X 380249 0 31649 CHRISTOPHER KIEFFER EVP/CSO 40.00 X 296578 0 20438 JOHN FEDE EVP/CIO 40.00 X 286688 0 28673 DESIREE WOLFE EVP/CXO 40.00 X 174241 0 23703 GREGORY ANTONAKOS FINANCIAL CONSULTANT II 40.00 X 405100 0 58949 MATTHEW GIORGI FINANCIAL CONSULTANT II 40.00 X 340069 0 59975 CHRISTOPHER CANTELE AVP WEALTH MANAGEMENT 40.00 X 333645 0 57777 LYNDA BEISNER FINANCIAL CONSULTANT II 40.00 X 362251 0 23882 ROBERT BROWN SVP/SR DIRECTOR RETAIL NETWORK 40.00 X 291352 0 55001 9064187 0 665121 86 0 1 0 CULA 9665 GRANITE RIDGE DR SUITE 400 SAN DIEGO CA 92123 VEHICLE LEASING SERVICING FEES 5667521 FIS 347 RIVERSIDE AVE JACKSONVILLE FL 32202 TECHNOLOGY SERVICES 5265313 ALKAMI TECHNOLOGY PO BOX 122223 DEPT 2223 DALLAS TX 75312 INTERNET BANKING 3032168 LANVERA 112 WRANGLER DR SUITE 150 COPPELL TX 75019 MARKETING SERVICES 2250471 JACK HENRY & ASSOCIATES PO BOX 609 ACCOUNTS RECEIVABLE MONET MN 65708 CORE SYSTEM PROVIDER 1998160 95 INCOME FROM LOANS 522100 205946360 205946360 SERVICE FEES AND OTHER FEES 522100 60874276 60874276 INSURANCE SERVICES 522100 782389 782389 NON-MEMBER ATM FEES 522100 305642 305642 267908667 84263208 84263208 309254 319241 -9987 -9987 -9987 380347959 871893 418720770 0 -38372811 871893 -37500918 -37500918 314660970 266820636 1088031 46752303 93310522 7741307 62055966 435000 16974478 5319015 619755 83498 5417654 25021024 10214863 5203957 189825 438975 18492249 6135376 963514 OTHER ADMINISTRATIVE 35939683 PROVISION FOR CREDIT LO 17311480 311868141 451388878 772823073 19555466 22405638 18592044 19052496 3843184461 4230506939 151559531 67780965 87043731 83778566 2167303289 1821128681 104819274 113102833 6691887143 7062798226 46836941 64958490 16237140 16237140 6290031704 6549191228 6353105785 6630386858 X 0 0 0 0 338781358 432411368 338781358 432411368 6691887143 7062798226 X 2792829 80897072 -6836 9946945 X X 0 1 X 1 0 0 0 0 0 FOCUS NY CREDIT UNION POLITICAL ACTION COMMITTEE PO BOX 15118 ALBANY NY 122125118 141728119 5000 PART I-A, LINE 1: ALL POLITICAL CONTRIBUTIONS WERE MADE TO THE FOCUS NY CREDIT UNION POLITICAL ACTION COMMITTEE AND TOTALED $5,000. 0 1 X 25286729 25286729 65141251 23478039 41663212 10832460 3840330 6992130 18256105 16316010 1940095 32042986 24146586 7896400 83778566 MEMBER SHARES 5939179062 BORROWING 500000000 NONMEMBER DEPOSITS 110012166 6549191228 X PART IV, LINE 2B: THE ORGANIZATION HOLDS FUNDS FOR MEMBERS IN ESCROW ACCOUNTS RELATED TO MORTGAGE LOANS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501 (C) (14), FROM FEDERAL AND STATE INCOME TAXES. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2022. THE CREDIT UNION'S WHOLLY OWNED SUBSIDIARY, CUSERVE INC., IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION'S 2020 THROUGH 2022 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X 1 1 X X X X 1 1 0 MARY D MADDEN PRESIDENT CHIEF EXECUTIVE 33853 0 516824 0 1813000 0 9900 0 2752 0 2376329 0 0 0 JONATHAN ROBERTS PRESIDENT CHIEF EXECUTIVE 1020729 0 0 0 40852 0 16500 0 49049 0 1127130 0 0 0 DIANE ALLENBAUGH SVP OF HR AND ORGANIZATION 352066 0 144396 0 514473 0 4732 0 30113 0 1045780 0 0 0 ANTON ROHRMEIER EVP/CHIEF OPERATIONS OFFIC 461254 0 237566 0 5544 0 9900 0 49547 0 763811 0 0 0 SCOTT VAN ZANDT SVP/CHIEF FINANCIAL OFFICE 405305 0 148513 0 1260 0 9900 0 51648 0 616626 0 0 0 MARK TIMMERMAN EVP/CRO 318089 0 57198 0 123092 0 18165 0 52868 0 569412 0 0 0 GREGORY ANTONAKOS FINANCIAL CONSULTANT II 40839 0 363940 0 321 0 9900 0 49049 0 464049 0 0 0 RICHARD LIONHOOD EVP/CBO 309474 0 70000 0 775 0 12981 0 18668 0 411898 0 0 0 MATTHEW GIORGI FINANCIAL CONSULTANT II 37865 0 301755 0 449 0 7953 0 52022 0 400044 0 0 0 CHRISTOPHER CANTELE AVP WEALTH MANAGEMENT 105654 0 227029 0 962 0 5679 0 52098 0 391422 0 0 0 LYNDA BEISNER FINANCIAL CONSULTANT II 83271 0 277610 0 1370 0 7948 0 15934 0 386133 0 0 0 ROBERT BROWN SVP/SR DIRECTOR RETAIL NETWORK 239905 0 49371 0 2076 0 12582 0 42419 0 346353 0 0 0 CHRISTOPHER KIEFFER EVP/CSO 251467 0 30000 0 15111 0 11237 0 9201 0 317016 0 0 0 JOHN FEDE EVP/CIO 204778 0 55000 0 26910 0 8077 0 20596 0 315361 0 0 0 DESIREE WOLFE EVP/CXO 163363 0 10385 0 493 0 6415 0 17288 0 197944 0 0 0 PART I, LINE 1A JANINE DAUGHTRY - TRAVEL FOR COMPANION - $1,175 ORLANDO TORRES - TRAVEL FOR COMPANION - $691 PART I, LINE 1B BOARD MEMBERS ARE NOT COMPENSATED, THEREFORE A 1099 IS ISSUED AS APPLICABLE. PART I, LINE 3 THE COMPENSATION AND BENEFITS COMMITTEE PRESENTS A RECOMMENDATION TO THE BOARD BASED ON CEO PERFORMANCE AND MARKET DATA PROVIDED BY AN INDEPENDENT EXECUTIVE COMPENSATION CONSULTANT. DOCUMENTATION IS CONTAINED ON THE BOARD PORTAL. DELIBERATION AND DECISION IS MEMORIALIZED IN THE COMPENSATION & BENEFITS COMMITTEE MEETING MINUTES AS WELL AS THROUGH A BOARD RESOLUTION MEMORIALIZED IN THE BOARD MEETING MINUTES. PART I, LINES 4A-B DIANE ALLENBAUGH - 457F DISTRIBUTION - $500,000 MARK TIMMERMAN - 457F DISTRIBUTION - $120,000 MARY MADDEN - RETENTION PAYMENT - $1,813,000 MARY D MADDEN CHIEF EXECUTIVE OFFICER FUNDING CASH VALUE LIFE INSURANCE POLICY X 8007424 10423313 0 1 1 ANTON ROHRMEIER CHIEF OPERATING OFFICER FUNDING CASH VALUE LIFE INSURANCE POLICY X 1950000 2538327 0 1 1 SCOTT VAN ZANDT CHIEF FINANCIAL OFFICER FUNDING CASH VALUE LIFE INSURANCE POLICY X 5200000 6090856 0 1 1 19052496 FORM 990, PART VI, SECTION A, LINE 6 THOSE WHO LIVE, WORK, WORSHIP OR ATTEND SCHOOL IN A 12-COUNTY AREA IN NEW YORK STATE. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS IN GOOD STANDING ARE PERMITTED TO VOTE FOR BOARD MEMBERS DURING GENERAL ELECTION. BOARD CANDIDATES ARE DETERMINED BY THE NOMINATING COMMITTEE. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN MERGERS ARE SUBJECT TO APPROVAL BY MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B REVIEWED BY APPROPRIATE MEMBERS OF EXECUTIVE STAFF PRIOR TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C ALL HVCU EMPLOYEES, INCLUDING OFFICERS AND KEY EMPLOYEES, ARE REQUIRED TO SIGN AN ANNUAL ACKNOWLEDGEMENT OF POLICIES WHICH INCLUDES THE CONFLICT OF INTEREST POLICY. THE PRESIDENT/CEO WILL BE ADVISED OF ANY AND ALL SUCH CONFLICTS OF INTEREST REGARDING THE STAFF AND, AS APPROPRIATE, INFORM THE BOARD OF DIRECTORS OF ANY SIGNIFICANT SITUATIONS. ANY DOUBT OR QUESTION CONCERNING A POSSIBILITY OF POTENTIAL CONFLICT OF INTEREST MUST ALSO BE REPORTED. FURTHERMORE, ANY EMPLOYEE OR OFFICER WHO IS AWARE OF ANOTHER'S ACTUAL OR POTENTIAL CONFLICT OF INTEREST IS REQUIRED TO IMMEDIATELY REPORT SUCH BELIEF, IN WRITING, TO THE APPROPRIATE AUTHORITY. IT MAY BE DETERMINED THAT NO ACTION IS NECESSARY, OR THE INDIVIDUAL WITH THE CONFLICT MAY BE REQUIRED TO RESOLVE THE CONFLICT IN A PRESCRIBED MANNER. IF THE CONFLICT CANNOT BE RESOLVED; IF THE INDIVIDUAL WITH THE CONFLICT CHOOSES NOT TO ABIDE BY THE PRESCRIBED COURSE OF ACTION; OR IF THERE HAS BEEN BAD FAITH ON THE PART OF THE INDIVIDUAL WITH THE CONFLICT, THE APPROPRIATE AUTHORITY MAY IMMEDIATELY TERMINATE THE INDIVIDUAL WITH THE CONFLICT. PERCEIVED OR ACTUAL CONFLICTS OF INTEREST BY THE PRESIDENT/CEO ARE REPORTED AND RESOLVED BY THE BOARD. BOARD MEMBERS AND OTHER VOLUNTEERS ARE REQUIRED TO ANNUALLY SIGN A VOLUNTEER PERFORMANCE POLICY THAT OUTLINES THE FIDUCIARY RESPONSIBILITIES OF ALL VOLUNTEERS AND OUTLINES THAT ALL ACTIVITIES PERFORMED ON BEHALF OF THE CREDIT UNION WILL BE CONDUCTED ACCORDING TO THE HIGHEST LEVEL OF ETHICS AND INTEGRITY. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION AND BENEFITS COMMITTEE PRESENTS A RECOMMENDATION TO THE BOARD BASED ON CEO PERFORMANCE AND MARKET DATA PROVIDED BY AN INDEPENDENT EXECUTIVE COMPENSATION CONSULTANT. DOCUMENTATION IS CONTAINED ON THE BOARD PORTAL. DELIBERATION AND DECISION MAKING IS MEMORIALIZED IN THE COMPENSATION & BENEFITS COMMITTEE MEETING MINUTES AS WELL AS THROUGH A BOARD RESOLUTION MEMORIALIZED IN THE BOARD MEETING MINUTES. THE CEO AND COMPENSATION AND BENEFITS COMMITTEE ARE PROVIDED MARKET DATA BY AN INDEPENDENT EXECUTIVE COMPENSATION CONSULTANT. BASED ON PERFORMANCE AND MARKET DATA, THE CEO PRESENTS HIS RECOMMENDATIONS TO THE COMPENSATION AND BENEFITS COMMITTEE. THE COMMITTEE'S ROLE IS TO PROVIDE OVERSIGHT. DOCUMENTATION IS CONTAINED ON THE BOARD PORTAL AND DELIBERATION IS MEMORIALIZED IN THE COMPENSATION & BENEFITS COMMITTEE MEETING MINUTES. COMMITTEE MINUTES ARE CONTAINED IN THE BOARD PACKAGE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC IN EACH BRANCH AND ONLINE. FORM 990, PART XI, LINE 9: CECL ADJUSTMENT 9,641,265. BENEFIT PLANS 305,680. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED. CUSERVE INC 137 BOARDMAN RD POUGHKEEPSIE NY 12603 141756210 NOT CURRENTLY OPERATIONAL NY HUDSON VALLEY CREDIT UNION C -6078 595124 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0