Civic Intelligence

Seaport Credit Union

990 • Fiscal year 2013 • EIN 04-2015276

Jan 01, 2013 to Dec 31, 2013 • Filed on Aug 14, 2014

Organization ProfileN/A

View Organization Page

336 Lafayette Street01970

(978) 744-1153

Siviq Scores

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

Liabilities / Assets

19th percentile

0.85x

Higher debt load relative to assets than 19% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Liabilities / Revenue

87th percentile

25.06x

Higher debt load relative to revenue than 87% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Net Margin

3rd percentile

-14%

Higher net margin than 3% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2013

Asset Growth

14th percentile

-2.4%

Faster asset growth than 14% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets19th percentile

Assets

Down

$58,875,321

Down $1,457,315 (-2.4%) from 2012

Net Assets

Down

$8,707,582

Down $532,441 (-5.8%) from 2012

Liabilities

Down

$50,167,739

Down $924,874 (-1.8%) from 2012

Revenue And Expenses
Liabilities / Revenue87th percentileNet Margin3rd percentile

Revenue

$2,002,200

No earlier filing loaded for comparison.

Expenses

Down

$2,274,025

Down $114,725 (-4.8%) from 2012

Net Income

-$271,825

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth14th percentile

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

$80M$60M$40M$20M$0Assets 2010: $58,257,753Liabilities 2010: $48,986,736Net Assets 2010: $9,271,0172010Assets 2011: $58,393,237Liabilities 2011: $49,143,953Net Assets 2011: $9,249,2842011Assets 2012: $60,332,636Liabilities 2012: $51,092,613Net Assets 2012: $9,240,0232012Assets 2013: $58,875,321Liabilities 2013: $50,167,739Net Assets 2013: $8,707,5822013Assets 2014: $58,007,085Liabilities 2014: $49,233,939Net Assets 2014: $8,773,1462014

Highlighted filing

2013

Assets$58,875,321
Liabilities$50,167,739
Net Assets$8,707,582
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $2,534,3412010Expenses 2011: $2,367,7802011Expenses 2012: $2,388,7502012Revenue 2013: $2,002,200Expenses 2013: $2,274,025Net Income 2013: -$271,8252013Revenue 2014: $1,935,597Expenses 2014: $2,056,608Net Income 2014: -$121,0112014

Highlighted filing

2013

Revenue$2,002,200
Expenses$2,274,025
Net Income-$271,825
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Aug 14, 2014
Return Version
2013v3.1
Gross Receipts
$6,154,200
Mission and Program Overview

Mission

Credit union- thrift services

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$32,120,501$32,785,107▲ $664,606
Savings and Temporary Cash Investments$19,734,732$16,558,976▼ $3,175,756
Rtn Earn Endowment Incm Other Fnds$9,240,023$8,707,582▼ $532,441
Investments in Publicly Traded Securities$4,017,493$5,740,337▲ $1,722,844
Land, Buildings, and Equipment, Net$1,237,597$1,041,891▼ $195,706
Investments Other Securities$945,900$821,900▼ $124,000
Receivables From Officers Etc$569,618$498,947▼ $70,671
Cash and Non-Interest-Bearing Accounts$361,840$301,165▼ $60,675
Prepaid Expenses and Deferred Charges$49,144$121,541▲ $72,397
Accounts Receivable-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$60,332,636$58,875,321▼ $1,457,315
Other Assets Total$1,295,811$1,005,457▼ $290,354
Liabilities
Other Liabilities$36,905,967$38,754,682▲ $1,848,715
Mortgage Notes Payable Secured by Investment Property$14,000,000$11,250,000▼ $2,750,000
Escrow Account Liability$91,753$101,537▲ $9,784
Accounts Payable and Accrued Expenses$94,893$61,520▼ $33,373
Total Liabilities$51,092,613$50,167,739▼ $924,874
Net Assets / Fund Balance
Total Net Assets Fund Balance$9,240,023$8,707,582▼ $532,441
Total Liabilities and Net Assets / Fund Balance$60,332,636$58,875,321▼ $1,457,315

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$731,160$647,015$1,378,175
Other Land Buildings$210,395$184,772$395,167
Land$75,000-$75,000
Leasehold Improvements$25,336$9,214$34,550
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Patricia WarrenPresident & CEOFT$243,949$48,855$292,804
William a KeaneCFOFT$89,953$22,170$112,123
Ann Marie WaughVP LendingFT$72,385$15,939$88,324
Patricia TarrOperations MgrFT$58,862$14,327$73,189
John MurphyPresident & CEOFT$11,281-$11,281

Board Members and Trustees

NameTitle
Paul Levesque2nd ViceChairma
David LamontagneChairman
Peter Homan1st Vice Chair
Lawrence RauschDirector
Marcel NadeauDirector
Patricia LabrieDirector
Robert G SpychalskiDirector
J Richard JulienTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
FiservData Processor-$177,712
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,299,523
Investment Income
$371,255
Other Revenue
$331,422
Change in Net Assets
$-271,825

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,002,200
Total Revenue per Audited Statements
$2,002,200
Total Revenue per Form 990
$2,002,200
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,265,579
Salaries, Compensation, and Employee Benefits$1,008,446
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-$577,722-$577,722
Interest$206,581$177,794-$384,375
Other Salaries and Wages-$299,636-$299,636
Information Technology-$185,557-$185,557
Advertising-$117,348-$117,348
Depreciation Depletion-$101,443-$101,443
Office Expenses-$80,962-$80,962
Occupancy-$68,422-$68,422
Payroll Taxes-$61,680-$61,680
Other Expenses-$40,489-$40,489
All Other Expenses-$39,142-$39,142
Other Employee Benefits-$37,111-$37,111
Pension Plan Contributions-$32,297-$32,297
Conferences and Meetings-$16,847-$16,847
Insurance-$15,438-$15,438
Fees for Services Accounting-$13,200-$13,200
Total Functional Expenses$206,581$2,067,444$0$2,274,025

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,274,025
Total Expenses per Audited Statements$2,274,025
Total Expenses per Form 990$2,274,025
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$569,618$498,947▼ $70,671
Receivables from Disqualified Persons-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares and Deposit Accounts$38,235,771
Other Liabilities$518,911
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
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
No
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

“Results of the 990 are reviewed with the audit committee. Due to the timing of the filing due date and when the return prepared, the review may be after filing.”

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

“Ceo- determined by the personnel committtee based on industry standards and specific achievementss.officers/key employees - determined by ceo utilizing same standards as above.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“Ceo- determined by the personnel committtee based on industry standards and specific achievementss.officers/key employees - determined by ceo utilizing same standards as above.”

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

“Information is posted in credit union lobby and available upon request.”

Filing and Contact Details

Filer

EIN
04-2015276
Phone
9787441153

Signing Officer

Name
John Murphy
Title
President & CEO
Signed
2014-08-14
Discuss with paid preparer
Yes

Organization Details

Voting Board Members
9
Independent Board Members
8
Employees
22
Volunteers
8

Preparer

Preparer
Robert Anderson
Phone
9782329300
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Change in fas115- unrealized gain/loss = -$260616”

Financial Statement Notes

Part IV, Line 2B: Explanation of escrow account liability

“Mortgage escrow accounts held for the payment of real estate taxes for municipalities.”

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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/Form990PartVIISectionAGrp/TitleTxt01st Vice Chair
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IRS990/Form990PartVIISectionAGrp/TitleTxt3Chairman
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IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
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IRS990/Form990PartVIISectionAGrp/TitleTxt11CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt12President & CEO
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IRS990/InvestmentIncomeGrp/RelatedOrExemptFuncIncomeAmt0260321
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0260321
IRS990/InvestmentInJointVentureInd0false
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt0945900
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt0821900
IRS990/InvestmentsProgramRelatedGrp/EOYAmt00
IRS990/InvestmentsPubTradedSecGrp/BOYAmt04017493
IRS990/InvestmentsPubTradedSecGrp/EOYAmt05740337
IRS990/InvestTaxExemptBondsInd0false
IRS990/IRPDocumentCnt01031
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt0841001
IRS990/LandBldgEquipBasisNetGrp/BOYAmt01237597
IRS990/LandBldgEquipBasisNetGrp/EOYAmt01041891
IRS990/LandBldgEquipCostOrOtherBssAmt01882892
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt04152000
IRS990/LicensedMoreThanOneStateInd0false
IRS990/LoanOutstandingInd0true
IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0true
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0CREDIT UNION- THRIFT SERVICES
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt014000000
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt011250000
IRS990/NetAssetsOrFundBalancesBOYAmt09240023
IRS990/NetAssetsOrFundBalancesEOYAmt08707582
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt0110934
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0110934
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetUnrelatedBusTxblIncmAmt0-6127
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/ManagementAndGeneralAmt068422
IRS990/OccupancyGrp/TotalAmt068422
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt080962
IRS990/OfficeExpensesGrp/TotalAmt080962
IRS990/OfficerMailingAddressInd0false
IRS990/OnBehalfOfIssuerInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OrgFiledInLieuOfForm1041Ind0false
IRS990/OtherAssetsTotalGrp/BOYAmt01295811
IRS990/OtherAssetsTotalGrp/EOYAmt01005457
IRS990/OtherChangesInNetAssetsAmt0-260616
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt037111
IRS990/OtherEmployeeBenefitsGrp/TotalAmt037111
IRS990/OtherExpensesGrp/Desc0PROFESSIONAL FEES
IRS990/OtherExpensesGrp/Desc1ATM EXPENSE
IRS990/OtherExpensesGrp/Desc2LOAN SERVICING
IRS990/OtherExpensesGrp/Desc3MISCELLANEOUS EXPENSE
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt077269
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt173587
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt251500
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt340489
IRS990/OtherExpensesGrp/TotalAmt077269
IRS990/OtherExpensesGrp/TotalAmt173587
IRS990/OtherExpensesGrp/TotalAmt251500
IRS990/OtherExpensesGrp/TotalAmt340489
IRS990/OtherLiabilitiesGrp/BOYAmt036905967
IRS990/OtherLiabilitiesGrp/EOYAmt038754682
IRS990/OtherRevenueMiscGrp/BusinessCd0522100
IRS990/OtherRevenueMiscGrp/BusinessCd1900099
IRS990/OtherRevenueMiscGrp/Desc0ATM INCOME
IRS990/OtherRevenueMiscGrp/Desc1OTHER INCOME
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt03281
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt1324564
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt06858
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1324564
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt03577
IRS990/OtherRevenueTotalAmt0331422
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0299636
IRS990/OtherSalariesAndWagesGrp/TotalAmt0299636
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt032120501
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt032785107
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt061680
IRS990/PayrollTaxesGrp/TotalAmt061680
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt032297
IRS990/PensionPlanContributionsGrp/TotalAmt032297
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt049144
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0121541
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0522291
IRS990/ProgramServiceRevenueGrp/BusinessCd1522292
IRS990/ProgramServiceRevenueGrp/Desc0INTEREST- CONSUMER LOANS
IRS990/ProgramServiceRevenueGrp/Desc1INTEREST-REAL ESTATE LOAN
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0197387
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt11102136
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0197387
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt11102136
IRS990/ProgSrvcAccomActy2Grp/Desc0MAINTENANCE OF MEMBERS' LOAN ACCOUNTS. NUMBER OF ACCOUNTS 1,052.
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt01299523
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0624813
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt01546325
IRS990/PYOtherRevenueAmt0308445
IRS990/PYProgramServiceRevenueAmt01477634
IRS990/PYRevenuesLessExpensesAmt022142
IRS990/PYSalariesCompEmpBnftPaidAmt0842425
IRS990/PYTotalExpensesAmt02388750
IRS990/PYTotalRevenueAmt02410892
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt0569618
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt0498947
IRS990/ReconcilationRevenueExpnssAmt0-271825
IRS990/RegularMonitoringEnfrcInd0false
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt09240023
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt08707582
IRS990/SavingsAndTempCashInvstGrp/BOYAmt019734732
IRS990/SavingsAndTempCashInvstGrp/EOYAmt016558976
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/AgentTrusteeEtcInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt0731160
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0647015
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01378175
IRS990ScheduleD/ExpensesSubtotalAmt02274025
IRS990ScheduleD/ExplanationProvidedInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0true
IRS990ScheduleD/LandGrp/BookValueAmt075000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt075000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt025336
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt09214
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt034550
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0210395
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0184772
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0395167
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt038235771
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1518911
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER SHARES AND DEPOSIT ACCOUNTS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1OTHER LIABILITIES
IRS990ScheduleD/RevenueSubtotalAmt02002200
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MORTGAGE ESCROW ACCOUNTS HELD FOR THE PAYMENT OF REAL ESTATE TAXES FOR MUNICIPALITIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part IV, Line 2b: Explanation of escrow account liability
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01041891
IRS990ScheduleD/TotalExpensesPerForm990Amt02274025
IRS990ScheduleD/TotalLiabilityAmt038754682
IRS990ScheduleD/TotalRevenuePerForm990Amt02002200
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02002200
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02274025

Document Assets

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Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$58,875,321
Liabilities
$50,167,739
Net assets
$8,707,582
Revenue
$2,002,200
Expenses
$2,274,025
Net income
-$271,825
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2014Detailed filing. Detailed filing data is available for this year.$58.0$49.2$8.77$1.94$2.06$0.12
2013Detailed filing. Detailed filing data is available for this year.$58.9$50.2$8.71$2.00$2.27$0.27
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$60.3$51.1$9.24$2.39
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$58.4$49.1$9.25$2.37
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$58.3$49.0$9.27$2.53