Civic Intelligence

Premier Source Credit Union

EIN 04-2444639 • 501(c)14 • East Longmeadow, MA

View Organization Page

Profile

Credit union - thrift services

232 North Main StreetEast Longmeadow, MA 01028-1803

n/A

Siviq Scores

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

Liabilities / Assets

40th percentile

0.87x

Higher debt load relative to assets than 40% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2018

Liabilities / Revenue

65th percentile

16.77x

Higher debt load relative to revenue than 65% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2018

Net Margin

23rd percentile

3.2%

Higher net margin than 23% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2018

Top Officer Pay

43rd percentile

$149,267

Higher top officer pay than 43% of similar nonprofits.

Top officer pay equals 4.6% of source-year revenue.

501(c)14 • $50M-$100M nonprofits • Source year 2018

Asset Growth

16th percentile

-3.1%

Faster asset growth than 16% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Annualized from 2017 to 2018

Revenue Growth

50th percentile

10%

Faster revenue growth than 50% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets40th percentile

Assets

Down

$62,230,796

Down $1,999,666 (-3.1%) from 2017

Liabilities

Down

$53,930,574

Down $1,878,765 (-3.4%) from 2017

Net Assets

Down

$8,300,222

Down $120,901 (-1.4%) from 2017

Operations
Liabilities / Revenue65th percentileNet Margin23rd percentile

Revenue

Up

$3,216,300

Up $294,113 (+10%) from 2017

Expenses

Up

$3,113,247

Up $61,486 (+2.0%) from 2017

Net Income

Up

$103,053

Up $232,627 (+180%) from 2017

Trend Graphs

Balance Sheet Trend

Asset Growth16th percentile

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

$80M$60M$40M$20M$0Assets 2010: $36,383,351Liabilities 2010: $32,812,928Net Assets 2010: $3,570,4232010Assets 2011: $37,599,860Liabilities 2011: $33,839,895Net Assets 2011: $3,759,9652011Assets 2012: $39,532,714Liabilities 2012: $35,484,699Net Assets 2012: $4,048,0152012Assets 2013: $67,791,099Liabilities 2013: $58,362,838Net Assets 2013: $9,428,2612013Assets 2014: $68,803,253Liabilities 2014: $59,350,885Net Assets 2014: $9,452,3682014Assets 2015: $69,865,283Liabilities 2015: $60,851,540Net Assets 2015: $9,013,7432015Assets 2016: $68,037,618Liabilities 2016: $59,529,839Net Assets 2016: $8,507,7792016Assets 2017: $64,230,462Liabilities 2017: $55,809,339Net Assets 2017: $8,421,1232017Assets 2018: $62,230,796Liabilities 2018: $53,930,574Net Assets 2018: $8,300,2222018

Highlighted filing

2018

Assets$62,230,796
Liabilities$53,930,574
Net Assets$8,300,222
Open 2018 Filing

Operations Trend

Revenue Growth50th percentile

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $2,072,3802010Expenses 2011: $2,027,3422011Revenue 2012: $2,266,925Expenses 2012: $1,983,617Net Income 2012: $283,3082012Revenue 2013: $3,103,170Expenses 2013: $2,610,050Net Income 2013: $493,1202013Revenue 2014: $3,080,473Expenses 2014: $3,326,387Net Income 2014: -$245,9142014Revenue 2015: $3,020,018Expenses 2015: $3,319,009Net Income 2015: -$298,9912015Revenue 2016: $2,930,355Expenses 2016: $3,284,984Net Income 2016: -$354,6292016Revenue 2017: $2,922,187Expenses 2017: $3,051,761Net Income 2017: -$129,5742017Revenue 2018: $3,216,300Expenses 2018: $3,113,247Net Income 2018: $103,0532018

Highlighted filing

2018

Revenue$3,216,300
Expenses$3,113,247
Net Income$103,053
Open 2018 Filing

Filings

Most recent year

2018 • Form 990XML pending. An XML filing is linked for this year, but detailed extraction is still pending.

Open filing
Assets
$62,230,796
Liabilities
$53,930,574
Net assets
$8,300,222
Revenue
$3,216,300
Expenses
$3,113,247
Net income
$103,053
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$62.2$53.9$8.30$3.22$3.11$0.10
2017Detailed filing. Detailed filing data is available for this year.$64.2$55.8$8.42$2.92$3.05$0.13
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$68.0$59.5$8.51$2.93$3.28$0.35
2015Detailed filing. Detailed filing data is available for this year.$69.9$60.9$9.01$3.02$3.32$0.30
2014Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$68.8$59.4$9.45$3.08$3.33$0.25
2013Detailed filing. Detailed filing data is available for this year.$67.8$58.4$9.43$3.10$2.61$0.49
2012Summary only. Only limited summary data is available for this year.$39.5$35.5$4.05$2.27$1.98$0.28
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$37.6$33.8$3.76$2.03
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$36.4$32.8$3.57$2.07
Latest Detailed Filing

The latest 2018 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2017 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 12, 2018
Return Version
2017v2.3
Gross Receipts
$3,497,745
Mission and Program Overview

Mission

Credit union - thrift services

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$33,611,983$34,452,749▲ $840,766
Investments in Publicly Traded Securities$14,541,559$13,983,252▼ $558,307
Savings and Temporary Cash Investments$15,571,746$11,500,061▼ $4,071,685
Land, Buildings, and Equipment, Net$2,242,825$2,085,691▼ $157,134
Cash and Non-Interest-Bearing Accounts$656,325$642,517▼ $13,808
Receivables From Officers Etc$244,358$264,013▲ $19,655
Prepaid Expenses and Deferred Charges$90,536$130,909▲ $40,373
Investments Other Securities$128,900$128,900→ $0
Total Assets$68,037,618$64,230,462▼ $3,807,156
Other Assets Total$949,386$1,042,370▲ $92,984
Liabilities
Other Liabilities$59,457,650$55,715,134▼ $3,742,516
Accounts Payable and Accrued Expenses$72,189$94,205▲ $22,016
Total Liabilities$59,529,839$55,809,339▼ $3,720,500
Net Assets / Fund Balance
Unrestricted Net Assets$8,507,779$8,421,123▼ $86,656
Total Net Assets Fund Balance$8,507,779$8,421,123▼ $86,656
Total Liabilities and Net Assets / Fund Balance$68,037,618$64,230,462▼ $3,807,156

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,407,463$690,213$2,097,676
Equipment$122,766$833,328$956,094
Land$551,503-$551,503
Leasehold Improvements$3,959$62,078$66,037
Compensation and Service Providers
Top Officer Pay43rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Bonnie J RaymondC.e.o.FT$127,629$12,901$140,530

Board Members and Trustees

NameTitle
Richard GrabiecChairman
Andrew NetherwoodDirector
Barbara CharestDirector
David KrugerDirector
Douglas MellisDirector
Joseph FranciscoDirector
Judy JacksonDirector
Madhu ShahDirector
Michael DobiseDirector
Susan GouletDirector
Sandra WoodrowClerk
George ReichTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Fiserv Credit Union SolutionsCore Processor75 REMITTANCE DR - SUITE 6958, Chicago, IL 60675$288,503
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,757,858
Investment Income
$524,221
Other Revenue
$640,108
Change in Net Assets
$-129,574

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,922,187
Total Revenue per Audited Statements
$2,922,187
Total Revenue per Form 990
$2,922,187
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,889,528
Salaries, Compensation, and Employee Benefits$1,160,233
Grants and Similar Amounts Paid$2,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$847,833
Interest---$226,706
Depreciation Depletion---$141,425
Current Officers, Directors, Trustees, and Key Employees---$140,530
Occupancy---$139,526
Other Expenses---$103,265
Other Employee Benefits---$78,578
Payroll Taxes---$70,868
Pension Plan Contributions---$22,424
Grants to Domestic Individuals---$2,000
Total Functional Expenses$0$0$0$3,051,761

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,051,761
Total Expenses per Audited Statements$3,051,761
Total Expenses per Form 990$3,051,761
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$244,358$264,013▲ $19,655
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Share Accounts$55,715,134
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

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

Form 990, Page 6, Part VI, Line 7A

“Each member has a vote at the election of the board of directors.”

Form 990, Page 6, Part VI, Line 7B

“Any changes to the incorporating documents are approved by the membership.”

Form 990, Page 6, Part VI, Line 11B

“Responsible party reviews form 990; copy is provided to audit committee prior to completion. Final numbers are reconciled to audited financial statements.”

Form 990, Page 6, Part VI, Line 12C

“Annual review by committee”

Form 990, Page 6, Part VI, Line 15A

“The credit union determines the grade level and salary structure by utilizing management associations of america's (maa) national position evaluation plan for exempt and non exempt employees. On an annual basis, the grade level salaries are reviewed for increases using industry standards. The final salary budget is then presented to the board of directors for approval during the annual budget review.”

Form 990, Page 6, Part VI, Line 15B

“The credit union determines the grade level and salary structure by utilizing management associations of america's (maa) national position evaluation plan for exempt and non exempt employees. On an annual basis, the grade level salaries are reviewed for increases using industry standards. The final salary budget is then presented to the board of directors for approval during the annual budget review.”

Form 990, Page 6, Part VI, Line 19

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

Filing and Contact Details

Filer

Filer Name
Premier Source Credit Union
EIN
04-2444639
Phone
4135252002
Address
232 NORTH MAIN STREET, EAST LONGMEADOW, MA 01028-1803

Signing Officer

Name
Bonnie J Raymond
Title
C.e.o.
Phone
4135252002
Signed
2018-11-12

Organization Details

Principal Officer
Bonnie J Raymond
Formed
1941
Legal Domicile
Ma
Voting Board Members
13
Independent Board Members
12
Employees
30
Volunteers
12

Preparer

Firm
Garvey Steele & Company Llp
Address
PO BOX 397, MYSTIC, CT 06355-0397
Preparer
Richard B Steele CPA
Phone
8605369831
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“Maintenance of member share and deposit accounts. Maintenance of member loan accounts.”

Raw XML AppendixShowing 400 of 428 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.

Path#Value
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IRS990/BooksInCareOfDetail/PhoneNum04135252002
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IRS990/BooksInCareOfDetail/USAddress/AddressLine2Txt0232 NORTH MAIN ST
IRS990/BooksInCareOfDetail/USAddress/CityNm0EAST LONGMEADOW
IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd0MA
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IRS990/DepreciationDepletionGrp/TotalAmt0141425
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IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4CLERK
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MAINTENANCE OF MEMBER SHARE AND DEPOSIT ACCOUNTS. MAINTENANCE OF MEMBER LOAN ACCOUNTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1PERSONS WHO MEET THE REQUIREMENTS OF THE ORGANIZATIONS FIELD OF MEMBERSHIP WHO HOLD AT LEAST ONE SHARE OF CAPITAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2EACH MEMBER HAS A VOTE AT THE ELECTION OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ANY CHANGES TO THE INCORPORATING DOCUMENTS ARE APPROVED BY THE MEMBERSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4RESPONSIBLE PARTY REVIEWS FORM 990; COPY IS PROVIDED TO AUDIT COMMITTEE PRIOR TO COMPLETION. FINAL NUMBERS ARE RECONCILED TO AUDITED FINANCIAL STATEMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ANNUAL REVIEW BY COMMITTEE
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE CREDIT UNION DETERMINES THE GRADE LEVEL AND SALARY STRUCTURE BY UTILIZING MANAGEMENT ASSOCIATIONS OF AMERICA'S (MAA) NATIONAL POSITION EVALUATION PLAN FOR EXEMPT AND NON EXEMPT EMPLOYEES. ON AN ANNUAL BASIS, THE GRADE LEVEL SALARIES ARE REVIEWED FOR INCREASES USING INDUSTRY STANDARDS. THE FINAL SALARY BUDGET IS THEN PRESENTED TO THE BOARD OF DIRECTORS FOR APPROVAL DURING THE ANNUAL BUDGET REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE CREDIT UNION DETERMINES THE GRADE LEVEL AND SALARY STRUCTURE BY UTILIZING MANAGEMENT ASSOCIATIONS OF AMERICA'S (MAA) NATIONAL POSITION EVALUATION PLAN FOR EXEMPT AND NON EXEMPT EMPLOYEES. ON AN ANNUAL BASIS, THE GRADE LEVEL SALARIES ARE REVIEWED FOR INCREASES USING INDUSTRY STANDARDS. THE FINAL SALARY BUDGET IS THEN PRESENTED TO THE BOARD OF DIRECTORS FOR APPROVAL DURING THE ANNUAL BUDGET REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8THE FINANCIAL STATEMENTS ARE POSTED IN EACH CREDIT UNION'S OFFICE LOBBY AT EACH MONTH END. GOVERNING POLICIES AND DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/USAddress/AddressLine1Txt0232 NORTH MAIN ST
IRS990/USAddress/AddressLine2Txt0232 NORTH MAIN ST
IRS990/USAddress/CityNm0EAST LONGMEADOW
IRS990/USAddress/StateAbbreviationCd0MA
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IRS990/WebsiteAddressTxt0WWW.BANKATPREMIERSOURCE.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/PersonNm0BONNIE J RAYMOND
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0C.E.O.
ReturnHeader/BusinessOfficerGrp/PhoneNum04135252002
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-11-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PREMIER SOURCE CREDIT UNION

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