2024-05-09T13:56:46-04:00 2023-12-31 990 2023-01-01 061029943 Soundview Financial Credit Union SOUN 14 Research Dr Bethel CT 06801 Heidi Sztanko Vice President 2037913218 2024-05-09 Heidi Sztanko XXX-XX-XXXX true 2 11 AAL1 IAL1 2023 2023-04-26 12:10:37Z Sabrina DeFazio 3900210 false X www.soundviewfcu.org X 1980 CT SVFCUs mission is to serve our members as the best-in-class provider of consumer financial services. We will fulfill our mission by placing a high value on customer satisfaction, quality service, full service delivery and continued credit union stability. 10 9 14 9 21618 611 0 1372196 2175461 303319 582749 0 1675515 2758210 0 0 930836 1239833 0 0 648195 1450344 1579031 2690177 96484 68033 43834356 74341842 39110300 67400484 4724056 6941358 SVFCUs mission is to serve our members as the best-in-class provider of consumer financial services. We will fulfill our mission by placing a high value on customer satisfaction, quality service, full service delivery and continued credit union stability. false false 2560943 2736592 Provided Credit Union Members with traditional financial services to meet their financial needs. These include:Loans: Home Equity, Second Mortgage, Auto and personal loans along with Visa credit cards. This resulted in overall loans outstanding (net of loan loss provision) as of December 31, 2017 of $18614558.Savings: A choice of savings options including CDs and money market accounts, regular share, checking and club savings options.Convience: ATM access and home banking capabilities. 20007 21618 Provide tangentle financial services for the convenience of SVFCU members. This includes access to reduced insurance premiums, utility discounts, movie ticket discounts and other offerings. 2580950 false false false false false false false false true false true false true false false false false false false false false false false false false false false true false true false false false false false false false false false false false false true 727 0 true 14 true true true false false false false false false false X 10 9 false false false false true true true true true false true true false false false true true true false CT X X Heidi Sztanko 2037964500 14 Research Dr Bethel CT 06801 X JoAnn Palladino Former President 50.00 0.00 X 80165 0 8009 Chris DePalma Secretary 2.00 0.00 X 0 0 0 Alyssa Angurio Director 1.00 0.00 X 0 0 0 Daniel ONeill Vice Chairperson 2.00 0.00 X 0 0 0 Gina Ramos Director 1.00 0.00 X 0 0 0 Frederick Karrat Director 5.00 0.00 X 0 0 0 Leo White Director 1.00 0.00 X 0 0 0 Andrew Bard Treasurer 5.00 0.00 X 0 0 0 Maciej Milewski Chairperson 5.00 0.00 X 0 0 0 RuthAnne Salvatore Director 5.00 0.00 X 0 0 0 Heidi Sztanko Vice President Operations 50.00 0.00 X 0 0 0 Lisa Arconti Vice President Operations 0.00 0.00 X 0 0 0 Sabrina DeFazio President 50.00 0.00 X X 0 0 0 Susan Schulz Former Director 1.00 0.00 X 0 0 0 Dawn Norton Former Director 1.00 0.00 X 0 0 0 80165 0 8009 0 true false false X Interest on Loans 522291 1765962 1765962 Visa Interchange Income 522291 164552 164552 In house Fee income 522291 223329 223329 Commission payment rev 522220 Insurance products 524298 21618 21618 2175461 582998 582998 1131466 10285 1142000 -10534 10285 -249 -249 2758210 2736592 21618 0 X 329188 246891 82297 563784 563784 2818 2818 269051 247793 21258 74992 69320 5672 11105 11105 11700 11700 357705 357705 90921 90921 26267 26267 127780 127780 43237 43237 2576 2576 225352 225352 85723 85723 9582 9582 Provision for loan losses 182862 182862 Loan Servicing costs 177263 177263 Association Dues 22582 22582 75689 75689 2690177 2580950 109227 0 X 244407 532857 275184 915938 555 64998 302881 21070487 44527295 67468 112789 1122893 702537 10198 420356 21559130 25851934 541929 1677792 43834356 74341842 58855 1448052 39051445 65952432 39110300 67400484 X 647698 647698 4076358 6293660 4724056 6941358 43834356 74341842 X 68033 2149269 X false false false 303027 206839 96188 819866 495698 324168 420356 CERTIFICATES OF DEPOSIT CD 15257000 C HELD TO MATURITY DEBT SECURITIES 10407028 C ALLOYA PERMANENT CAPITAL 100000 C ALL OTHER INVESTMENTS 87906 C 25851934 Accrued Income 219737 NCUSIF 693579 Core Deposit Intangible Assets 605466 All Other Assets 159010 1677792 IRA accounts 3023814 Share Certificates 6700745 Share Drafts 18296159 Regular Shares 31173068 Money Markets 5337851 Club accounts 1420795 65952432 X JoAnn Palladino Former President 80165 8009 88174 Susan Schulz Former Director Dawn Norton Former Director Jo-Ann Palladino Former Officer Credit Card X 15000 2008 false true true Ruthanne Salvatore Director Overdraft Line of Cr X 3000 100 false true true Carla Trombley Supervisory Comm Second Mortgage X 39500 7620 false true true Carla Trombley Supervisory Comm Visa Credit Card X 8000 8274 false true true Carla Trombley Supervisory Comm Personal Loan X 10000 9122 false true true Chris DePalma Director-Secretary Auto Loan X 29600 19387 false true true Chris Depalma Director-Secretary Second Mortgage X 25000 22219 false true true Lisa Arconti Officer Auto Loan X 14300 8027 false true true Lisa Arconti Officer Credit Card X 6000 3554 false true true Gina Ramos Director Auto Loan X 44630 43545 false true true Gina Ramos Director Home Equity Loan X 198100 179025 false true true 302881 Members or stockholder classes and rights Part VI line 6 All Credit Union account holders are considered members by virtue of having at least $25 in a share (savings) account. Member election for additional members Part VI line 7a Each year at the Credit Unions annual meeting, all members are invited to participate in the election of Board members and director positions up for election. Participation includes nominating priviledges and voting rights. Governing body decisions Part VI line 7b As per answer to line 7a above, members vote determines fiduciary responsibilities of Credit union Directors and Board members. Form 990 governing body review Part VI line 11 Form 990 provided upon request CEO executive director top management comp Part VI line 15a Full Board determines CEO compensation Other officer or key employee compensation Part VI line 15b Full Board determines officer compensation Governing documents etc available to public Part VI line 19 Monthly financials posted in main branch lobby. Also available upon request and on the NCUA website. Explanation of other changes in net assets or fund balances Part XI line 9 Amount represents Net Equity acquired in merger with Western CT Federal Credit Union on July 1st, 2023. Statement of Revenue Part VIII REVENUE AND EXPENSES ARE MUCH HIGHER THAN PRIOR YEARS DUE TO THE MERGER OF WESTERN CONNECTICUT FEDERAL CREDIT UNION (WCFCU) INTO SOUNDVIEW FINANCIAL CREDIT UNION (SVFCU) ON JULY 1, 2023. 6 MONTHS OF WCFCU INCOME AND EXPENSES ARE NOW INCLUDED IN FORM 990 AND 990-T FOR SVFCU. List of other fees for services expenses Part IX line 11g Amount includes all outside services from various vendors including credit and debit card servicing, legal services, collection services among others. Balance Sheet Part X ASSETS, LIABILITIES AND CAPITAL ARE MUCH HIGHER THAN PRIOR YEARS DUE TO THE MERGER OF WESTERN CONNECTICUT FEDERAL CREDIT UNION (WCFCU) INTO SOUNDVIEW FINANCIAL CREDIT UNION (SVFCU) ON JULY 1, 2023. END OF YEAR WCFCU BALANCES ARE NOW INCLUDED IN FORM 990 AND 990-T FOR SVFCU.