Civic Intelligence

Service Credit Union

990 • Fiscal year 2018 • EIN 02-0240752

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 14, 2019

3003 Lafayette RoadPortsmouth, NH 03801

(603) 422-8300

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

27th percentile

0.88x

Higher debt load relative to assets than 27% of similar nonprofits.

2018 filings • 501(c)14 • $1B+ nonprofits • Source year 2018

Liabilities / Revenue

27th percentile

16.25x

Higher debt load relative to revenue than 27% of similar nonprofits.

2018 filings • 501(c)14 • $1B+ nonprofits • Source year 2018

Net Margin

51st percentile

19%

Higher net margin than 51% of similar nonprofits.

2018 filings • 501(c)14 • $1B+ nonprofits • Source year 2018

Top Officer Pay

82nd percentile

$1,378,483

Higher top officer pay than 82% of similar nonprofits.

Top officer pay equals 0.7% of source-year revenue.

2018 filings • 501(c)14 • $1B+ nonprofits • Source year 2018

Asset Growth

59th percentile

7.8%

Faster asset growth than 59% of similar nonprofits.

2018 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2017 to 2018

Revenue Growth

51st percentile

14%

Faster revenue growth than 51% of similar nonprofits.

2018 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2017 to 2018

Assets

Up

$3,502,730,439

Up $253,605,607 (+7.8%) from 2017

Net Assets

Up

$414,710,100

Up $33,518,297 (+8.8%) from 2017

Liabilities

Up

$3,088,020,339

Up $220,087,310 (+7.7%) from 2017

Revenue

Up

$190,069,385

Up $23,106,433 (+14%) from 2017

Expenses

Up

$154,341,217

Up $12,999,291 (+9.2%) from 2017

Net Income

Up

$35,728,168

Up $10,107,142 (+39%) from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0B$3.0B$2.0B$1.0B$0Assets 2010: $1,747,812,577Liabilities 2010: $1,532,686,822Net Assets 2010: $215,125,7552010Assets 2011: $1,979,083,679Liabilities 2011: $1,733,533,638Net Assets 2011: $245,550,0412011Assets 2012: $2,205,519,032Liabilities 2012: $1,931,476,238Net Assets 2012: $274,042,7942012Assets 2013: $2,348,031,305Liabilities 2013: $2,058,812,102Net Assets 2013: $289,219,2032013Assets 2014: $2,539,043,112Liabilities 2014: $2,227,218,407Net Assets 2014: $311,824,7052014Assets 2015: $2,776,344,174Liabilities 2015: $2,442,607,892Net Assets 2015: $333,736,2822015Assets 2016: $3,029,052,948Liabilities 2016: $2,675,985,068Net Assets 2016: $353,067,8802016Assets 2017: $3,249,124,832Liabilities 2017: $2,867,933,029Net Assets 2017: $381,191,8032017Assets 2018: $3,502,730,439Liabilities 2018: $3,088,020,339Net Assets 2018: $414,710,1002018Assets 2019: $3,821,189,390Liabilities 2019: $3,373,231,836Net Assets 2019: $447,957,5542019Assets 2020: $0Liabilities 2020: $0Net Assets 2020: $02020

Highlighted filing

2018

Assets$3,502,730,439
Liabilities$3,088,020,339
Net Assets$414,710,100

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0B$500M$0-$500MExpenses 2010: $96,559,0282010Expenses 2011: $100,385,0782011Expenses 2012: $107,303,2902012Revenue 2013: $134,481,413Expenses 2013: $113,670,516Net Income 2013: $20,810,8972013Revenue 2014: $135,230,335Expenses 2014: $113,387,922Net Income 2014: $21,842,4132014Revenue 2015: $139,482,525Expenses 2015: $120,570,847Net Income 2015: $18,911,6782015Revenue 2016: $152,043,485Expenses 2016: $129,836,566Net Income 2016: $22,206,9192016Revenue 2017: $166,962,952Expenses 2017: $141,341,926Net Income 2017: $25,621,0262017Revenue 2018: $190,069,385Expenses 2018: $154,341,217Net Income 2018: $35,728,1682018Revenue 2019: $212,206,611Expenses 2019: $174,349,235Net Income 2019: $37,857,3762019Revenue 2020: $158,075,310Expenses 2020: $609,472,276Net Income 2020: -$451,396,9662020

Highlighted filing

2018

Revenue$190,069,385
Expenses$154,341,217
Net Income$35,728,168
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 14, 2019
Return Version
2018v3.1
Gross Receipts
$190,179,200
Mission and Program Overview

Mission

Doing what is right for our members by improving financial well-being, supporting communities we serve and creating value and enduring relationships.

Credit union operated without profit for mutual purposes.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$2,739,207,674$2,985,173,131▲ $245,965,457
Rtn Earn Endowment Incm Other Fnds$381,191,803$414,710,100▲ $33,518,297
Savings and Temporary Cash Investments$200,613,578$232,108,184▲ $31,494,606
Investments Other Securities$129,563,790$92,095,789▼ $37,468,001
Land, Buildings, and Equipment, Net$83,980,203$81,913,107▼ $2,067,096
Accounts Receivable$23,914,388$33,074,822▲ $9,160,434
Cash and Non-Interest-Bearing Accounts$21,499,267$27,384,218▲ $5,884,951
Prepaid Expenses and Deferred Charges$6,593,568$4,647,484▼ $1,946,084
Intangible Assets$282,653$218,656▼ $63,997
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$3,249,124,832$3,502,730,439▲ $253,605,607
Other Assets Total$43,469,711$46,115,048▲ $2,645,337
Liabilities
Other Liabilities$2,629,652,379$2,846,669,209▲ $217,016,830
Mortgage Notes Payable Secured by Investment Property$193,314,793$203,383,883▲ $10,069,090
Accounts Payable and Accrued Expenses$44,965,857$37,967,247▼ $6,998,610
Total Liabilities$2,867,933,029$3,088,020,339▲ $220,087,310
Net Assets / Fund Balance
Total Net Assets Fund Balance$381,191,803$414,710,100▲ $33,518,297
Total Liabilities and Net Assets / Fund Balance$3,249,124,832$3,502,730,439▲ $253,605,607

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$51,912,762$16,388,506$68,301,268
Equipment$9,257,833$23,210,889$32,468,722
Land$16,396,007-$16,396,007
Leasehold Improvements$3,178,782$6,461,501$9,640,283
Other Land Buildings$1,167,723-$1,167,723
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
David Van RossumPresident/CEO (until 6/2018)FT$1,042,854$335,629$1,378,483
Andrew McgeorgeCFO/interim CEOFT$442,538$183,427$625,965
Fawn TerwilligerCLOFT$308,871$169,130$478,001
Michael BergeronVP LogisticsFT$260,534$159,550$420,084
Philip Von StreicherVP OverseasFT$316,003$80,055$396,058
Dan ClarkeCOOFT$249,371$142,440$391,811
Patrick HarriganCROFT$238,977$150,357$389,334
Joanne NadeauVP Human ResourcesFT$248,296$136,365$384,661
Satish MehtaCIOFT$247,435$126,052$373,487
Michael PorterVP Foreign ExchangeFT$192,722$154,060$346,782
Robert W DrouinVP ControllerFT$176,910$104,432$281,342
Wendy BeswickVP MarketingFT$175,711$85,087$260,798
Dr James FishbeinVice ChairPT$17,189-$17,189
Dan EaganBoardPT$16,190-$16,190
Scott WensleyTreasurerPT$14,958-$14,958
Joanne WhitingChairPT$14,140-$14,140
Clifford TaylorBoardPT$10,357-$10,357
Sue DesjardinsBoardPT$7,706-$7,706
David HanchettBoardPT$1,118-$1,118

Highest Paid Contractors

ContractorServicesLocationCompensation
NcrdiOnline Banking PlatformPO BOX 740641, Los Angeles, CA 90074$7,222,021
Pinnacle Technology Partners INCIt Systems Consuling And HardwarePO BOX 843838, Dallas, TX 75284$2,477,715
Ceto And AssociatesVendor That Conduted Fee Study Analysis3325 PADDOCKS PARKWAY STE 400, Suwanee, GA 30024$1,545,969
Ncr CorporationAtm Hardware And Systems Provider14181 COLLECTIONS CENTER DRIVE, Chicago, IL 60693$1,143,202
James & Matthew LtdMarketing Consultant And Video Productio2 SHAKER ROAD SUITE D220, Shirley, MA 01464$1,086,289
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$181,497,923
Investment Income
$8,562,822
Other Revenue
$8,640
Change in Net Assets
$35,728,168
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$72,183,759
Salaries, Compensation, and Employee Benefits$56,284,225
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$39,449,222
Benefits to Members---$25,873,233
Information Technology---$11,369,991
Office Expenses---$7,663,083
Depreciation Depletion---$5,905,936
Other Employee Benefits---$5,577,352
Occupancy---$4,457,487
Fees for Services Other---$4,166,564
Current Officers, Directors, Trustees, and Key Employees---$4,114,795
Interest---$4,073,805
Pension Plan Contributions---$4,018,592
Advertising---$3,961,008
Payroll Taxes---$3,124,264
All Other Expenses---$3,067,891
Travel---$678,465
Other Expenses---$527,076
Insurance---$482,405
Fees for Services Accounting---$169,036
Fees for Services Legal---$41,889
Conferences and Meetings---$16,807
Total Functional Expenses$0$0$0$154,341,217
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
MEMBERS' SHARE AND SAVINGS ACCOUNT$2,846,669,209
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

Service credit union membership is open to those living or working in the state of new hampshire or the falmouth, ma area (defined as falmouth, bourne, mashpee and sandwich, ma) and their families. Also eligible are active duty military, veterans and their families, and those who are working (or worked) for the department of defense, as well as their families.

Form 990, Part VI, Section A, Line 7A

Annually, service credit union holds a shareholder meeting. At this meeting, the members have the ability to vote on the board of directors.

Form 990, Part VI, Section B, Line 11B

The form is prepared and reviewed by the vp/controller. A subsequent review is performed by the cfo and the ceo prior to submission. A copy of the return is provided to the board prior to filing.

Form 990, Part VI, Section B, Line 12

The policy requires self disclose to the board of directors annually any involvement with organizations which do business with the credit union. This is also subject to internal audit.

Form 990, Part VI, Section B, Line 15

The ceo's compensation is reviewed by a compensation committee that includes three board members. The committee gathers data from a 3rd party compensation study, which gathers data from outsides sources from other financial institutions. The committee reviews this information and then determines compensation based on this information and performance and then gives the compensation recommendation to the full board for approval. This is documented in the committee minutes. For all other officers and key employees, the credit union uses a third party compensation study in which the human resources department uses to help determine compensation. Compensation is also based on metrics for that job description and performance. Human resources gives a recommendation to the ceo who makes the compensation determination. This determination is documented in the employee's personnel files.

Form 990, Part VI, Section C, Line 19

Service credit union's financials are provided monthly for all members by being posted in each branch location. Our annual report is distributed to all attendees at the annual meeting, provided in each branch location, and is also posted on our website. Members have the right to request and receive pertinent documentation as demanded. Service credit union is a member-owned cooperative and as such pertinent business documentation is always provided as requested by members.

Filing and Contact Details

Filer

Filer Name
Service Credit Union
EIN
02-0240752
Phone
6034228300
Address
3003 LAFAYETTE ROAD, PORTSMOUTH, NH 03801

Signing Officer

Name
David Araujo
Title
President/CEO
Phone
6034228379
Signed
2019-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Araujo
Formed
1957
Legal Domicile
Nh
Voting Board Members
7
Independent Board Members
7
Employees
977
Volunteers
15

Preparer

Firm
Cliftonlarsonallen Llp
Address
20 E THOMAS RD STE 2300, PHOENIX, AZ 85012
Preparer
Mary C Green
Phone
6022662248
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in value of serp -83,129. Euro currency change -535,250. Change in pension and postretirement health plan -903,580. Other comprehensive loss -89,944.

Raw XML AppendixShowing 400 of 799 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBERS' SHARE AND SAVINGS ACCOUNT

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