CONNECTICUT STATE EMPLOYEES CREDIT UNION INC

EIN: 060663293

Hartford, CT

Total Revenue
$74,277,559
Total Expenses
$68,492,690
Total Assets
$2,379,746,388
Net Assets
$200,699,611
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1946
Legal Domicile
CT
Principal Officer
John Frenett
Phone
8602494839
Tax Period
2023-01-01 to 2023-12-31

CONNECTICUT STATE EMPLOYEES CREDIT UNION INC, founded in 1946, is a mid-sized nonprofit that reported $74.3M in total revenue in fiscal year 2023. Revenue surged 50% from the prior year, signaling strong growth momentum. Expenses of $68.5M left a modest 8% surplus.

Mission

Provide Credit Union Financial Services to Members

Program Service Accomplishments

Program 1
Expenses: $0 Revenue: $0

Provide Credit Union Financial Services to Members

Program 2
Expenses: $0 Revenue: $0

Provide Savings and Checking accounts to Credit Union members

Program 3
Expenses: $0 Revenue: $0

Granting of credit for consumer and mortgage loans to Credit Union members

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $14,928,230
Investment Income $55,910,688
Other Revenue $3,438,641
TOTAL REVENUE $74,277,559

Expense Breakdown

Grants Paid $0
Salaries & Benefits $7,374,761
Fundraising Expenses $0
Program Expenses $0
Other Expenses $61,117,929
TOTAL EXPENSES $68,492,690

Year-over-Year Comparison

2023 2022 Change
Revenue $74,277,559 $49,632,833 +0.5%
Expenses $68,492,690 $34,754,840 +1.0%
Net Income $5,784,869 $14,877,993 -0.6%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
7
Independent Members
6
Employees
72
Volunteers
11

Governance Policies

✓ Conflict of Interest Policy
✗ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
2
$800,909
Total Directors
7
$275,668
Key Employees
0
$0
Highest Compensated
4
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Daniel Daigle CEO 40
Officer
$370,056 $155,185 $525,241
Scott Cormier Collection&Risk Manager 35
Highest
$192,500 $97,676 $290,176
John Frenett Treasurer/CFO 40
Officer Director
$236,348 $39,320 $275,668
Allison Liggett Operations Manager 35
Highest
$182,314 $82,461 $264,775
William Senack Loan Manager 35
Highest
$174,144 $84,200 $258,344
Jennifer Tuccitto-Inglis Branch Coordinator 35
Highest
$119,506 $74,326 $193,832
Vincent Filippa President 1
Director
$0 $0 $0
Constantinos Skevas Secretary 0.5
Director
$0 $0 $0
George Dombroski Director 0.75
Director
$0 $0 $0
Greg Slupecki Vice President 0.5
Director
$0 $0 $0
P Martha Carlson Director 0.5
Director
$0 $0 $0
Ken Post Director 0.5
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $74,277,559 $68,492,690 $2,379,746,388 $5,784,869
2022 $49,632,833 $34,754,840 $2,477,578,978 $14,877,993
2021 $34,343,368 $23,602,914 $2,481,303,480 $10,740,454
2020 $38,097,214 $29,216,730 $2,241,925,256 $8,880,484
2019 $44,722,545 $40,259,072 $1,930,928,418 $4,463,473
2018 $40,270,426 $32,393,722 $1,816,884,183 $7,876,704
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