2024-05-15T09:23:29-04:00 2023-12-31 592164330 Gerald E Creasman CPA PA 9200 S Dadeland Blvd Suite 504 Miami FL 33156 990 2023-01-01 060634736 SIKORSKY FINANCIAL CREDIT UNION SIKO 1000 ORONOQUE LANE STRATFORD CT 06614 BENJAMIN CITRIN CFO 2033772252 2024-05-11 true BENJAMIN CITRIN true Gerald E Creasman CPA P00428587 3055960903 2024-05-15 2 11 AAL2 IAL1 2023 2023-04-26 12:10:37Z 58319169 false X WWW.SIKORSKYFCU.ORG X CU 1948 CT SIKORSKY FINANCIAL CREDIT UNION IS COMMITTED TO ACT IN THE BEST INTEREST OF ITS MEMBERSHIP 11 11 167 11 179198 0 0 28242151 39566709 5391738 13276181 7634532 5475864 41268421 58318754 0 0 13666956 15279467 0 0 15944072 24873467 29611028 40152934 11657393 18165820 1128876808 1263639851 1010478412 1120774775 118398396 142865076 SIKORSKY FINANCIAL CREDIT UNION IS COMMITTED TO ACT IN THE BEST INTEREST OF ITS MEMBERSHIP false false 40152934 SFCU OFFERS SAVINGS AND LOAN PROGRAMS TO ITS MEMBERS. THE SHARE SAVINGS INCLUDE REGUALAR SHARES, DAILY MONEY MARKET ACCOUNTS, EARLY ADVANTAGE ACCOUNTS, COVERDALE ESA, SHARE DRAFT ACCOUNTS AND SHARE CERTIFICATES. THE LOAN PROGRAM INCLUDES MORTGAGES, AUTO NEW AND USED, RECREATIONAL VEHICLES, CONSUMER AND CREDIT CARD LOANS 40152934 false false false false false false false false false true true false false true false true false false false false false false false false false false false false true false false false false false false false false false false false false false false false true 0 0 true 167 true true true false false false false false false false false false false false false false false false false X 11 11 false false false false true true true true true false false true true true true true true true true false false X BENJAMIN W CITRIN 2033772252 1000 ORONOQUE LANE STRATFORD CT 06614 VINCENT CIAMBRIELLO JR PRESIDENTCEO 37.50 0.00 X 1008015 0 57434 CHARLES K HODDINOTT EVPCOO 37.50 0.00 X 387637 0 61269 BENJAMIN W CITRIN SVPCFO 37.50 0.00 X 368230 0 65984 KENNETH S FERRARI SVP CHIEF LENDING OFFICER 37.50 0.00 X 331871 0 58707 ALFRED S POSEY SVP CIO 37.50 0.00 X 327417 0 53579 ANN MARIE GILLICK SVPCHIEF HR OFFICER 37.50 0.00 X 282508 0 54805 LEE A STATER HOME LOAN SALES MGR 37.50 0.00 X 193656 0 37189 JOSEPH P NUZZO VP BUS LENDING 37.50 0.00 X 196276 0 34055 LUCIA PANICO VP OF RETAIL BANKING 37.50 0.00 X 157157 0 14185 ANN MARIE MARREIROS VP DEPOSIT OPERATIONS 37.50 0.00 X 160582 0 7653 DIANA E PFEIFFER VP LOAN SERVICING & COLLECTIO 37.50 0.00 X 158565 0 5554 LYDIA KROHELSKI SUP COMM 2.50 0.00 X 0 0 0 FABIENNE DESRAVINES SUP COMM 2.50 0.00 X 0 0 0 MAUREEN M FINO BOARD MEMBER 2.50 0.00 X 0 0 0 RICHARD KOLLET TREASURER 2.50 0.00 X 0 0 0 GEOFFREY R HERALD BOARD MEMBER 2.50 0.00 X 0 0 0 WILLIAM F SCHLENK JR CHAIRPERSON OF THE BOARD 2.50 0.00 X 0 0 0 ROBERT J DAVID CHAIRPERSON OF FINANCE & ENTE 2.50 0.00 X 0 0 0 ELIZABETH H DORNEY CHAIRPERSON OF STRATEGIC PLAN 2.50 0.00 X 0 0 0 JOSEPH A KUBIC SECRETARY 2.50 0.00 X 0 0 0 JEFFREY LACZKOSKI SEC SUP COMM 2.50 0.00 X 0 0 0 PAUL AURELIA SUP COMM 2.50 0.00 X 0 0 0 SANDRA L POSCA CHAIRPERSON SUP COMM 2.50 0.00 X 0 0 0 CAROL E NAVARRO 2ND VICE CHAIRPERSON 2.50 0.00 X 0 0 0 JOHN PAWLOWSKI CHAIRPERSON OF TECH COMMITTEE 2.50 0.00 X 0 0 0 JAMES PRUSACZYK 1ST VICE CHAIRPERSON 2.50 0.00 X 0 0 0 TIMOTHY C CAHILL HOME LOAN CONSULTANT 37.50 0.00 X 0 0 0 3571914 0 450414 11 false true false INTEREST ON LOANS 900099 36048176 36048176 FEES AND CHARGES 900099 3518533 3339335 179198 39566709 6703159 6703159 6573437 415 6573437 -415 6573022 6573022 MISC INCOME 900099 5493065 5493065 MISC NON OPERATING INC 900099 -17201 -17201 5475864 58318754 58139556 179198 0 2677336 2677336 9533490 9533490 430885 430885 1792766 1792766 844990 844990 8938 8938 228000 228000 1363935 1363935 769610 769610 1381578 1381578 OTHER DEDUCTIONS 21121406 21121406 40152934 40152934 0 0 89754497 120594371 1823353 1883429 767671482 884634939 1169860 1065634 20108646 12169463 6564862 7939183 51786816 39378246 194979897 178398911 15126041 29745138 1128876808 1263639851 9474384 45011850 1001004028 1075762925 1010478412 1120774775 X 118398396 142865076 118398396 142865076 1128876808 1263639851 X 18165820 6300860 X X false true X true false 815000 815000 4791970 3609658 1182312 5369542 2375937 2993605 9071076 6183868 2887208 61058 61058 7939183 OTHER INVESTMENTS 178398911 C 178398911 ACCRUED INTEREST 2575581 ACCRUED INV INCOME 866952 OTHER ASSETS 13083422 OTHER INVESTMENTS 13219183 29745138 MEMBERS SHARES 1070411797 OTHER LIABILITIES 5351128 1075762925 58318754 58318754 58318754 40152934 40152934 40152934 VINCENT CIAMBRIELLO JR PRESIDENTCEO 724822 258000 25193 57434 1065449 BENJAMIN W CITRIN SVPCFO 283230 85000 65984 434214 KENNETH S FERRARI SVP CHIEF LENDING OFFICER 251121 80750 58707 390578 ANN MARIE GILLICK SVPCHIEF HR OFFICER 201758 80750 54805 337313 CHARLES K HODDINOTT EVPCOO 284288 100500 2849 61269 448906 ANN MARIE MARREIROS VP DEPOSIT OPERATIONS 130582 30000 7653 168235 DIANA E PFEIFFER VP LOAN SERVICING & COLLECTIONS 134828 21250 2487 5554 164119 ALFRED S POSEY SVP CIO 246667 80750 53579 380996 LEE A STATER HOME LOAN SALES MGR 92140 101516 37189 230845 JOSEPH P NUZZO VP BUS LENDING 170026 26250 34055 230331 LUCIA PANICO VP OF RETAIL BANKING 136407 20750 14185 171342 Members or stockholder classes and rights Part VI line 6 MEMBERS OF THE CU HAVE THE RIGHT TO APPROVE THE GOVERNING BODYS ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY,AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CU AS THEY OCCUR Member election for additional members Part VI line 7a MEMBERS OF THE CU HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATIONS GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE Governing body decisions Part VI line 7b THE CREDIT UNIONS (CU) MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CUS MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATIONS PROFITS IN THE FORM OF CASH DIVIDENDS Form 990 governing body review Part VI line 11 THE MANAGER OF INTERNAL AUDIT, CEO, SVP/CFO AND SFCU BOARD WILL REVIEW FORM 990 PRIOR TO ITS FILING Conflict of interest policy compliance Part VI line 12c ALL EMPLOYEEES ARE REQUIRED ANNUALLY TO READ AND ACKNOWLEDGE POLICIES THROUGH ADP PORTAL. ALL NEWLY HIRED EMPLOYEES ARE ALSO REQUIRED TO READ AND ACKNOWLEDGE POLICIES THROUGH ADP PORTAL. CEO executive director top management comp Part VI line 15a THE CREDIT UNION CEO SETS COMPENSATION FOR SFCU OFFICERS AND KEY EMPLOYEES WITHIN THE CU APPROVED BUDGET Other officer or key employee compensation Part VI line 15b THE EXECUTIVE COMMITTEE SETS COMPENSATION FOR THE CEO/PRESIDENT OF SFCU. THE CEO/PRESIDENT SETS COMPENSATION FOR SFCU OFFICERS AND KEY EMPLOYEES WITHIN THE CU APPROVED BUDGET. THE BOD USES DATA FROM ESTABLISHED SURVEY DATE PROVIDERS TO SET EXECUTIVE COMPENSATION. HUMAN RESOURCE COMMITTEE ANNUAL MEETING MINUTES PREPARED BY SVP OF HR AND CEO ARE APPROVED BY THE BOD AND MAINTAINED BY HR. A COPY IS PROVIDED TO THE MANAGER OF AUDIT. Governing documents etc available to public Part VI line 19 DOCUMENTS ARE MADE AVAILABLE UPON REASONABLE TIME REQUESTS Other or change in accounting method Part XII line 1 THE CU HAS ADOPTED GUIDELINES WHICH CONFORM TO THE BANK BRIBERY ACT OF 1985. GUIDELINES ARE INCORPORATED INTO THE CODE OF ETHICS AND CONFLICT OF INTEREST POLICIES, INCLUDED IN THE SFCU HANDBOOK, Explanation of other changes in net assets or fund balances Part XI line 9 ADJUSTMENTS FOR UNREALIZED GAINS(LOSSES) ON INVESTMENTS Part XII Response or note to any line in Part XII THE CREDIT UNION IS EXEMPT UNDER IRC 501(C)(14) FROM FEDERAL AND STATE INCOME TAXESCERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUNS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC ENTITYS EXEMPT PRUPOSE. AS PRESENTED IN THE TAM THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES DEEMED TAXABLE.THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2020 AND 2019THE CREDIT UNIONS 2018 THROUGH 2020 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE AUTHORITIES