Sunmark Credit Union FY2020 filing

Not tax-deductible

Latham, NYMutual-benefit / member-servingSince 1937Public & Societal BenefitEIN 14-1364933Revenue $68.1M in FY2020

On file with the IRSsunmark.org1187 Troy Schenectady Rd, 12110-1086 · Latham, NYTax-exempt since Sep 2021

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We work together to create value and enrich the lives of our members.

$3.1M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $7.7M a year · 11% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$3.1M
to officers and key staff · 6% of spending
Looks good: pay to officers and key staff is 6% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
27 mo
of spending, in cash
Looks good: 26.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$848.3M
92% of total assets
Concern: liabilities are 92% of assets; over 80%.
Pt X · Ln 26
Independent board members
12
of 12 voting members
Looks good: 12 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$68.1M
Spent
$52.0M
Net assets
$71.8M
By yearFY2020–FY2024
Revenue
$68.1M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$68.1M
FY2021$61.8M
FY2022$62.5M
FY2023$72.9M
FY2024$78.5M
Expenses
$52.0M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$52.0M
FY2021$54.8M
FY2022$58.2M
FY2023$67.6M
FY2024$72.7M
Net assets
$71.8M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$71.8M
FY2021$81.1M
FY2022$84.5M
FY2023$89.7M
FY2024$96.6M

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 2021.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

23 people listed on the 990; $3.1M paid to officers and key staff.

Part VII, Section A · reportable compensation
President/CEO
$422,815Pt VII · Sec A
Business Development Originator
$392,457Pt VII · Sec A
Mortgage Originator
$386,461Pt VII · Sec A
Mortgage Originator
$365,542Pt VII · Sec A
$261,914Pt VII · Sec A
$230,035Pt VII · Sec A
Business Development Originator
$215,979Pt VII · Sec A
Mortgage Originator
$215,626Pt VII · Sec A

Jerilee Beaudoin’s $442K as President/CEO is at the 72nd percentile of top reported officer pay among 232 $10–100M public & societal benefit nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Frank Degraw$302,392$536,457$544,800$466,202$422,815
Jerilee Beaudoin$442,279$237,348$203,906$189,099—
Elizabeth Jacobsen———$311,349$392,457
Lindsay Tedesco————$386,461
Amanda St George———$343,695$365,542
Vikas Muktavaram$332,280$259,244———
Antoinette Lebron—$220,152$254,749$292,785$230,035
Johanna Robbins$95,546$282,576$210,932——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Builds value and enriches members' lives through collaboration.

Questions for Sunmark Credit Union

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Provided by the organization

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2 programs · in their own filed words · FY2020
01

Deposits

Sunmark credit union offers competitive dividend rates on checking and savings accounts for our members. We offer mobile banking and access to nearly 30,000 atms and 5,000 plus shared branching locations across the country.

Pt IX · col B
02

Loans

Sunmark credit union offers low interest rate loans and a variety of borrowing options to help our members achieve their goals.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 9 grants · $262K · 2020–2024

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$68.1M
Ln 12
Fees for servicesLn 2g$59.7M
Investment incomeLn 3$8.2M
Other incomeLn 4–11$150K
Money outPt IX
$52.0M
Ln 25
Owns and owesPt X
$71.8M
net assets · Ln 32
Cash and savingsLn 1–2$115.7M
Total assetsLn 16$920.1M
LiabilitiesLn 26$848.3M
PeoplePt VI, VII
23
listed · VII A
PaidVII A11
Voting boardVI 1a12
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$59.7M
Investment incomeLn 3$8.2M
Other incomeLn 4–11$150K
Gains on assetsLn 7$7.9M
Total revenueLn 12$68.1M
Assets in detailPt X, end of year
CashLn 1$11.5M
SavingsLn 2$104.2M
Cash and savings togetherLn 1–2$115.7M
InvestmentsLn 11–13$4.5M
Land, buildings, equipmentLn 10c$26.3M
Other assetsLn 15$40.6M
Total assetsLn 16$920.1M
LiabilitiesLn 26$848.3M
Net assetsLn 32$71.8M
OperationsPt I, VI
EmployeesI 5330
VolunteersI 617
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$115.7M
InvestmentsLn 11–13$4.5M
Land, buildings, equipmentLn 10c$0$26.3M
Total assetsLn 16$0$920.1M
LiabilitiesLn 26$0$848.3M
Net assetsLn 32$0$71.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$51K
Benefits paid to or for membersLn 4$5.3M
Pay of current officers, directors and key staffLn 5$1.6M
Other salaries and wagesLn 7$16.3M
Pension plan contributionsLn 8$524K
Other employee benefitsLn 9$2.3M
Payroll taxesLn 10$1.3M
Legal feesLn 11b$96K
Accounting feesLn 11c$105K
Other fees for servicesLn 11g$3.7M
Advertising and promotionLn 12$1.0M
Office expensesLn 13$6.0M
OccupancyLn 16$1.5M
Conferences, conventions and meetingsLn 19$336K
InterestLn 20$373K
Depreciation, depletion and amortizationLn 22$2.3M
Other expenses (24a–d)Ln 24$9.1M
Total functional expensesLn 25$52.0M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $78.5M$72.7M$5.8M$96.6M 990 PDF
FY2023 $72.9M$67.6M$5.3M$89.7M 990 PDF
FY2022 $62.5M$58.2M$4.2M$84.5M 990 PDF
FY2021 $61.8M$54.8M$7.0M$81.1M 990 PDF
FY2020 Viewing $68.1M$52.0M$16.0M$71.8M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $68,058,106 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenue$59,715,220
I-10 Investment income$8,193,334
I-11 Other revenue$149,552
I-12 Total revenue$68,058,106
I-13 Grants and similar amounts paid$51,000
I-14 Benefits paid to members$5,306,118
I-15 Salaries and benefits$22,067,361
I-16a Professional fundraising fees$0
I-17 Other expenses$24,596,719
I-18 Total expenses$52,021,198
I-19 Revenue less expenses$16,036,908
Part VI · Governance 12 of 12 board members independent, no flags
VI-1a Voting members of the governing body12
VI-1b Independent voting members12
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $68,058,106 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $59,624,434 · Unrelated business $90,786$59,715,220
VIII-3 Investment incomeExcluded from tax $307,356$307,356
VIII-7 Net gain or loss on sales of assetsExcluded from tax $7,885,978$7,885,978
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $149,552$149,552
VIII-12 Total revenueRelated to mission $59,773,986 · Unrelated business $90,786 · Excluded from tax $8,193,334$68,058,106
Part IX · Statement of functional expenses $52,021,198 across 17 lines filed
IX-1 Grants to domestic organizations$51,000
IX-4 Benefits paid to or for members$5,306,118
IX-5 Pay of current officers, directors and key staff$1,637,661
IX-7 Other salaries and wages$16,348,285
IX-8 Pension plan contributions$524,250
IX-9 Other employee benefits$2,302,120
IX-10 Payroll taxes$1,255,045
IX-11b Legal fees$95,648
IX-11c Accounting fees$105,150
IX-11g Other fees for services$3,718,254
IX-12 Advertising and promotion$1,007,260
IX-13 Office expenses$6,009,418
IX-16 Occupancy$1,514,578
IX-19 Conferences, conventions and meetings$336,187
IX-20 Interest$373,011
IX-22 Depreciation, depletion and amortization$2,329,342
IX-24 Other expenses (24a–d)$9,107,871
IX-25 Total functional expenses$52,021,198
Part X · Balance sheet $920,109,210 assets, 15 lines filed
Asset lines not itemized here account for $707,213,655; see the IRS return.
X-1 Cash, non-interest-bearing$11,548,071
X-2 Savings and temporary cash investments$104,199,652
X-4 Accounts receivable$22,857,953
X-9 Prepaid expenses and deferred charges$2,887,926
X-10c Land, buildings and equipment, netStart of year $0$26,277,210
X-13 Program-related investments$4,477,457
X-14 Intangible assets$81,375
X-15 Other assetsStart of year $0$40,565,911
X-16 Total assetsStart of year $0$920,109,210
X-17 Accounts payable and accrued expenses$7,013,208
X-24 Unsecured notes and loans payable$9,719,735
X-25 Other liabilitiesStart of year $0$831,512,962
X-26 Total liabilitiesStart of year $0$848,264,704
X-32 Total net assets or fund balancesStart of year $0$71,844,506
X-33 Total liabilities and net assetsStart of year $0$920,109,210
Part XI · Reconciliation of net assets $71,844,506 net assets at year end
XI-1 Total revenue$68,058,106
XI-2 Total expenses$52,021,198
XI-3 Revenue less expenses$16,036,908
XI-9 Other changes in net assets$55,807,598
XI-10 Net assets at end of year$71,844,506

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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