Civic Intelligence

First Choice Credit Union

EIN 04-1282555 • 501(c)14 • Lawrence, MA

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Profile

Credit union - thrift services

55 Marston StreetLawrence, MA 01841

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

56th percentile

0.86x

Higher debt load relative to assets than 56% of similar nonprofits.

501(c)14 • $5M-$10M nonprofits • Source year 2014

Liabilities / Revenue

90th percentile

26.09x

Higher debt load relative to revenue than 90% of similar nonprofits.

501(c)14 • $5M-$10M nonprofits • Source year 2014

Net Margin

8th percentile

-38%

Higher net margin than 8% of similar nonprofits.

501(c)14 • $5M-$10M nonprofits • Source year 2014

Top Officer Pay

18th percentile

$0

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)14 • $5M-$10M nonprofits • Source year 2014

Asset Growth

34th percentile

-4.2%

Faster asset growth than 34% of similar nonprofits.

501(c)14 • $5M-$10M nonprofits • Annualized from 2013 to 2014

Revenue Growth

20th percentile

-7.7%

Faster revenue growth than 20% of similar nonprofits.

501(c)14 • $5M-$10M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets56th percentile

Assets

Down

$8,313,326

Down $364,680 (-4.2%) from 2013

Liabilities

Down

$7,122,042

Down $260,687 (-3.5%) from 2013

Net Assets

Down

$1,191,284

Down $103,993 (-8.0%) from 2013

Operations
Liabilities / Revenue90th percentileNet Margin8th percentile

Revenue

Down

$272,989

Down $22,758 (-7.7%) from 2013

Expenses

Up

$376,982

Up $62,698 (+20%) from 2013

Net Income

Down

-$103,993

Down $85,456 (-461%) from 2013

Trend Graphs

Balance Sheet Trend

Asset Growth34th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$10M$5.0M$0Assets 2011: $7,663,785Liabilities 2011: $6,385,379Net Assets 2011: $1,278,4062011Assets 2012: $8,016,997Liabilities 2012: $6,703,183Net Assets 2012: $1,313,8142012Assets 2013: $8,678,006Liabilities 2013: $7,382,729Net Assets 2013: $1,295,2772013Assets 2014: $8,313,326Liabilities 2014: $7,122,042Net Assets 2014: $1,191,2842014

Highlighted filing

2014

Assets$8,313,326
Liabilities$7,122,042
Net Assets$1,191,284
Open 2014 Filing

Operations Trend

Revenue Growth20th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$400K$200K$0-$200KExpenses 2011: $290,2362011Expenses 2012: $300,3722012Revenue 2013: $295,747Expenses 2013: $314,284Net Income 2013: -$18,5372013Revenue 2014: $272,989Expenses 2014: $376,982Net Income 2014: -$103,9932014

Highlighted filing

2014

Revenue$272,989
Expenses$376,982
Net Income-$103,993
Open 2014 Filing

Filings

Most recent year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,313,326
Liabilities
$7,122,042
Net assets
$1,191,284
Revenue
$272,989
Expenses
$376,982
Net income
-$103,993
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2014Detailed filing. Detailed filing data is available for this year.$8.31$7.12$1.19$0.27$0.38$0.10
2013Detailed filing. Detailed filing data is available for this year.$8.68$7.38$1.30$0.30$0.31$0.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.02$6.70$1.31$0.30
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.66$6.39$1.28$0.29
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Apr 21, 2015
Return Version
2014v5.0
Gross Receipts
$272,989
Mission and Program Overview

Mission

Credit union - thrift services

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$5,411,741$5,193,457▼ $218,284
Other Notes and Loans Receivable, Net$3,135,102$2,937,655▼ $197,447
Rtn Earn Endowment Incm Other Fnds$1,295,277$1,191,284▼ $103,993
Cash and Non-Interest-Bearing Accounts$2,932$53,979▲ $51,047
Prepaid Expenses and Deferred Charges$20,107$15,729▼ $4,378
Receivables From Officers Etc$16,230$13,076▼ $3,154
Land, Buildings, and Equipment, Net$19,129$9,582▼ $9,547
Accounts Receivable-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$8,678,006$8,313,326▼ $364,680
Other Assets Total$72,765$89,848▲ $17,083
Liabilities
Other Liabilities$7,367,159$7,103,012▼ $264,147
Accounts Payable and Accrued Expenses$15,570$19,030▲ $3,460
Total Liabilities$7,382,729$7,122,042▼ $260,687
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,295,277$1,191,284▼ $103,993
Total Liabilities and Net Assets / Fund Balance$8,678,006$8,313,326▼ $364,680

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$9,582$36,098$45,680
Compensation and Service Providers
Top Officer Pay18th percentile

Board Members and Trustees

NameTitle
Thomas RallsPresident
Joyce RichardsonVice President
Edwin RodriguezDirector
George D PerryDirector
Jeffrey FontaineDirector
John TellierDirector
Melisa LemireDirector
Richard KalleryDirector
Richard PoirierDirector
Robert JohnsonDirector
Roberty MalenfantDirector
Judith FoleyAsst. Treasurer
Peter M VinciTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$189,002
Investment Income
$65,917
Other Revenue
$18,070
Change in Net Assets
$-103,993
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$253,817
Salaries, Compensation, and Employee Benefits$123,165
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees-$111,272-$111,272
Interest$66,805--$66,805
Information Technology-$29,141-$29,141
All Other Expenses-$15,810-$15,810
Office Expenses-$14,683-$14,683
Depreciation Depletion-$9,548-$9,548
Occupancy-$9,125-$9,125
Fees for Services Accounting-$8,506-$8,506
Payroll Taxes-$8,241-$8,241
Insurance-$4,678-$4,678
Other Expenses-$4,111-$4,111
Other Employee Benefits-$3,095-$3,095
Travel-$1,778-$1,778
Fees for Services Legal-$575-$575
Other Salaries and Wages-$557-$557
Total Functional Expenses$66,805$310,177$0$376,982
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
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$16,230$13,076▼ $3,154
Receivables from Disqualified Persons-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Deposit Accounts$7,103,012
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
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, Line 6: Explanation of Classes of Members or Shareholder

“Persons who meet the requirements of the organization's field of membership who hold at least one share of the capital.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“The 990 is prepared by an outside accountant. The manager reviews the return prior to filing. The audit committee will also review the form 990 prior to filing if time permits.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“Based on earnings and industry.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The financial statements are posted in each credit union's office lobby for each month end. Governing documents and policies are available upon request.”

Filing and Contact Details

Filer

Filer Name
First Choice Credit Union
EIN
04-1282555
Phone
9786815800
Address
236 PLEASANT STREET, METHUEN, MA 01844

Signing Officer

Name
Peter Vinci
Title
Treasurer
Signed
2015-04-21
Discuss with paid preparer
Yes

Organization Details

Formed
1940
Legal Domicile
Ma
Voting Board Members
13
Independent Board Members
11
Employees
2
Volunteers
11

Preparer

Firm
Robert Anderson & Company Pc
Address
138 DODGE ST, BEVERLY, MA 01915-1866
Preparer
Robert Anderson
Phone
9782329300
Supplemental Narrative

Additional Explanations

Amended Return

“The return was amended to include the credit union's address change during the tax year. This change is reflected on page 1, box b,c and e, and on page 6, part vi, section c, line 20.”

Raw XML AppendixShowing 400 of 468 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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IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/ManagementAndGeneralAmt09125
IRS990/OccupancyGrp/TotalAmt09125
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt014683
IRS990/OfficeExpensesGrp/TotalAmt014683
IRS990/OfficerMailingAddressInd0false
IRS990/OnBehalfOfIssuerInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OrgFiledInLieuOfForm1041Ind0false
IRS990/OtherAssetsTotalGrp/BOYAmt072765
IRS990/OtherAssetsTotalGrp/EOYAmt089848
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt03095
IRS990/OtherEmployeeBenefitsGrp/TotalAmt03095
IRS990/OtherExpensesGrp/Desc0PROVISION FOR LOAN LOSSES
IRS990/OtherExpensesGrp/Desc1ATM EXPENSE
IRS990/OtherExpensesGrp/Desc2LOAN SERVICING
IRS990/OtherExpensesGrp/Desc3Postage and Shipping
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt076793
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt16927
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt25337
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt34111
IRS990/OtherExpensesGrp/TotalAmt076793
IRS990/OtherExpensesGrp/TotalAmt16927
IRS990/OtherExpensesGrp/TotalAmt25337
IRS990/OtherExpensesGrp/TotalAmt34111
IRS990/OtherLiabilitiesGrp/BOYAmt07367159
IRS990/OtherLiabilitiesGrp/EOYAmt07103012
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/BusinessCd1524298
IRS990/OtherRevenueMiscGrp/BusinessCd2900099
IRS990/OtherRevenueMiscGrp/Desc0FEES AND CHARGES
IRS990/OtherRevenueMiscGrp/Desc1INSURANCE
IRS990/OtherRevenueMiscGrp/Desc2MISCELLANEOUS
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt015265
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt12795
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt210
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt015265
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt12795
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt210
IRS990/OtherRevenueTotalAmt018070
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0557
IRS990/OtherSalariesAndWagesGrp/TotalAmt0557
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt03135102
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt02937655
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt08241
IRS990/PayrollTaxesGrp/TotalAmt08241
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt020107
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt015729
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0522291
IRS990/ProgramServiceRevenueGrp/Desc0INTEREST ON LOANS
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0189002
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0189002
IRS990/ProgSrvcAccomActy2Grp/Desc0MAKING LOANS TO MEMBERS AT INTEREST. NUMBER OF ACCOUNTS 365.
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0189002
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt062057
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0195421
IRS990/PYOtherRevenueAmt018639
IRS990/PYProgramServiceRevenueAmt0215051
IRS990/PYRevenuesLessExpensesAmt0-18537
IRS990/PYSalariesCompEmpBnftPaidAmt0118863
IRS990/PYTotalExpensesAmt0314284
IRS990/PYTotalRevenueAmt0295747
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt016230
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt013076
IRS990/ReconcilationRevenueExpnssAmt0-103993
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt01295277
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt01191284
IRS990/SavingsAndTempCashInvstGrp/BOYAmt05411741
IRS990/SavingsAndTempCashInvstGrp/EOYAmt05193457
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt09582
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt036098
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt045680
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt07103012
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER DEPOSIT ACCOUNTS
IRS990ScheduleD/TotalBookValueLandBuildingsAmt09582
IRS990ScheduleD/TotalLiabilityAmt07103012
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt04062
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt12015
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt27000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd0true
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd1true
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd2true
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd0false
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd1false
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd2false
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd1X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd2X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0CONSUMER
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt1CONSUMER
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt2CONSUMER
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt05000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt17500
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt27000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0JEFFREY FONTAINE
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1MELISA LEMIRE
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm2PETER M VINCI
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0DIRECTOR
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt1DIRECTOR
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt2DIRECTOR
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd0true
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd1true
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd2true
IRS990ScheduleL/TotalBalanceDueAmt013077
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Persons who meet the requirements of the organization's field of membership who hold at least one share of the capital.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE 990 IS PREPARED BY AN OUTSIDE ACCOUNTANT. THE MANAGER REVIEWS THE RETURN PRIOR TO FILING. THE AUDIT COMMITTEE WILL ALSO REVIEW THE FORM 990 PRIOR TO FILING IF TIME PERMITS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BASED ON EARNINGS AND INDUSTRY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FINANCIAL STATEMENTS ARE POSTED IN EACH CREDIT UNION'S OFFICE LOBBY FOR EACH MONTH END. GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE RETURN WAS AMENDED TO INCLUDE THE CREDIT UNION'S ADDRESS CHANGE DURING THE TAX YEAR. THIS CHANGE IS REFLECTED ON PAGE 1, BOX B,C AND E, AND ON PAGE 6, PART VI, SECTION C, LINE 20.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4AMENDED RETURN
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false

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