Civic Intelligence

Premier Source Credit Union

990 • Fiscal year 2013 • EIN 04-2444639

Jan 01, 2013 to Dec 31, 2013 • Filed on Jul 27, 2014

Organization ProfileN/A

View Organization Page

232 North Main StreetEast Longmeadow, MA 01028

(413) 525-2002

Siviq Scores

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

Liabilities / Assets

22nd percentile

0.86x

Higher debt load relative to assets than 22% of similar nonprofits.

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

Liabilities / Revenue

53rd percentile

18.81x

Higher debt load relative to revenue than 53% of similar nonprofits.

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

Net Margin

77th percentile

16%

Higher net margin than 77% of similar nonprofits.

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

Top Officer Pay

28th percentile

$110,549

Higher top officer pay than 28% of similar nonprofits.

Top officer pay equals 3.6% of source-year revenue.

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

Asset Growth

100th percentile

71%

Faster asset growth than 100% of similar nonprofits.

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

Revenue Growth

77th percentile

37%

Faster revenue growth than 77% of similar nonprofits.

2013 filings • $50M-$100M nonprofits • Annualized from 2012 to 2013

Balance Sheet
Liabilities / Assets22nd percentile

Assets

Up

$67,791,099

Up $28,258,385 (+71%) from 2012

Net Assets

Up

$9,428,261

Up $5,380,246 (+133%) from 2012

Liabilities

Up

$58,362,838

Up $22,878,139 (+64%) from 2012

Revenue And Expenses
Liabilities / Revenue53rd percentileNet Margin77th percentile

Revenue

Up

$3,103,170

Up $836,245 (+37%) from 2012

Expenses

Up

$2,610,050

Up $626,433 (+32%) from 2012

Net Income

Up

$493,120

Up $209,812 (+74%) from 2012

Historical Trend

Balance Sheet Trend

Asset Growth100th percentile

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

$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

2013

Assets$67,791,099
Liabilities$58,362,838
Net Assets$9,428,261
Open 2013 Filing

Operations Trend

Revenue Growth77th percentile

Revenue, expenses, and net income across loaded years, with this 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

2013

Revenue$3,103,170
Expenses$2,610,050
Net Income$493,120
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Jul 27, 2014
Return Version
2013v3.1
Gross Receipts
$3,568,321
Mission and Program Overview

Mission

Credit union - thrift services

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$21,289,494$36,699,285▲ $15,409,791
Savings and Temporary Cash Investments$11,973,289$14,853,493▲ $2,880,204
Investments in Publicly Traded Securities$2,473,664$11,044,951▲ $8,571,287
Rtn Earn Endowment Incm Other Fnds$4,048,015$9,428,261▲ $5,380,246
Land, Buildings, and Equipment, Net$2,418,413$2,444,363▲ $25,950
Cash and Non-Interest-Bearing Accounts$662,404$1,161,432▲ $499,028
Receivables From Officers Etc$2,202$275,839▲ $273,637
Prepaid Expenses and Deferred Charges$87,470$109,647▲ $22,177
Investments Other Securities$35,400$103,000▲ $67,600
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$39,532,714$67,791,099▲ $28,258,385
Other Assets Total$590,378$1,099,089▲ $508,711
Liabilities
Other Liabilities$35,370,534$58,087,971▲ $22,717,437
Accounts Payable and Accrued Expenses$114,165$274,867▲ $160,702
Total Liabilities$35,484,699$58,362,838▲ $22,878,139
Net Assets / Fund Balance
Total Net Assets Fund Balance$4,048,015$9,428,261▲ $5,380,246
Total Liabilities and Net Assets / Fund Balance$39,532,714$67,791,099▲ $28,258,385

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,512,641$302,949$1,815,590
Other Land Buildings$201,337$565,449$766,786
Land$606,503-$606,503
Leasehold Improvements$123,882$110,959$234,841
Compensation and Service Providers
Top Officer Pay28th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Bonnie J RaymondCEO/DirectorFT$102,464$8,085$110,549

Board Members and Trustees

NameTitle
RICHARD GRABIEC PhDChairman
Alfred RiberdyDirector
Andrew NetherwoodDirector
David P KrugerDirector
Douglas MellisDirector
Joseph FranciscoDirector
Madhu ShahDirector
Susan M GouletDirector
Sandra E WoodrowClerk
Barbara L CharestTreasurer
George ReichTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Fiserv Credit Union SolutionsCore Processor-$106,101
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,775,364
Investment Income
$493,104
Other Revenue
$834,702
Change in Net Assets
$493,120

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,103,170
Total Revenue per Audited Statements
$3,103,170
Total Revenue per Form 990
$3,103,170
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,535,724
Salaries, Compensation, and Employee Benefits$1,074,326
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$785,816-$785,816
All Other Expenses-$291,738-$291,738
Interest$254,804$11-$254,815
Depreciation Depletion-$136,345-$136,345
Occupancy-$132,901-$132,901
Information Technology-$119,084-$119,084
Current Officers, Directors, Trustees, and Key Employees-$110,549-$110,549
Other Expenses-$91,594-$91,594
Office Expenses-$83,362-$83,362
Other Employee Benefits-$80,350-$80,350
Payroll Taxes-$80,013-$80,013
Conferences and Meetings-$59,513-$59,513
Advertising-$41,282-$41,282
Insurance-$20,698-$20,698
Pension Plan Contributions-$17,598-$17,598
Total Functional Expenses$254,804$2,355,246$0$2,610,050

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,610,050
Total Expenses per Audited Statements$2,610,050
Total Expenses per Form 990$2,610,050
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$2,202$275,839▲ $273,637
Receivables from Disqualified Persons-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares and Deposit Accounts$58,086,427
Other Liabilities$25,696
Fmv Adjustment$-24,152
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
Yes
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, Part VI, Line 4: Description of Significant Changes to Organizational Documents

“Wemelco credit union merged with premier source on april 1, 2013.”

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 7A: How Members or Shareholders Elect Governing Body

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

Form 990, Part VI, Line 7B: Describe Decisions of Governing Body Approval by Members or Shareholders

“Any changes to the incorporationg documents,i.e. bylaws, are approved by the membership.”

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

“The ceo reviews the form 990 and a copy is provided to the audit committee chair for review/approval prior to filing.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“It is expected that each officer, director, or key employee disclose any interests that could give rise to conflicts, as it happens or at least annually. It is reviewed annually.”

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

“The human resource committee reviews the ma credit union league salary survey to help in determining the annual salary for the ceo/top management official, other officers and key employees. Each year the annual percentage increase is recommended by the human resource committee using industry standards and then approved by the board of directors in the annual budget.”

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

“The human resource committee reviews the ma credit union league salary survey to help in determining the annual salary for the ceo/top management official, other officers and key employees. Each year the annual percentage increase is recommended by the human resource committee using industry standards and then approved by the board of directors in the annual budget.”

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

EIN
04-2444639
Phone
4135252002

Signing Officer

Name
Bonnie Raymond
Title
CEO
Signed
2014-07-27
Discuss with paid preparer
Yes

Organization Details

Voting Board Members
13
Independent Board Members
12
Employees
29
Volunteers
12

Preparer

Preparer
Robert Anderson
Phone
9782329300
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E: Other Expenses

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“DUES: Column (A) - Total = $6525; Column (B) - Program Services = $0; Column (C) - Management & General = $6525; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“EQUIPMENT MAINTENANCE: Column (A) - Total = $9061; Column (B) - Program Services = $0; Column (C) - Management & General = $9061; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“NCUA STABILIZATION EXPENE: Column (A) - Total = $21663; Column (B) - Program Services = $0; Column (C) - Management & General = $21663; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“OTHER EXPENSES: Column (A) - Total = $67548; Column (B) - Program Services = $0; Column (C) - Management & General = $67548; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“OTHER OUTSIDE SERVICES: Column (A) - Total = $69539; Column (B) - Program Services = $0; Column (C) - Management & General = $69539; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“Postage and Shipping: Column (A) - Total = $25926; Column (B) - Program Services = $0; Column (C) - Management & General = $25926; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“REGULATORY FEE: Column (A) - Total = $11332; Column (B) - Program Services = $0; Column (C) - Management & General = $11332; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“STATEMENT PROCESSING EXPENSE: Column (A) - Total = $24142; Column (B) - Program Services = $0; Column (C) - Management & General = $24142; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E: Other Expenses

“WRITE DOWN OF LAND: Column (A) - Total = $56002; Column (B) - Program Services = $0; Column (C) - Management & General = $56002; Column (D) - Fundraising = $0”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Change in fas115- unrealized gain/loss = -$412307”

Other Changes In Net Assets Or Fund Balances - Other Increases

“Net effecto of asc no. 805 on acquisition of wemelco cu = $5299433”

Raw XML AppendixShowing 400 of 594 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/Form990PartVIISectionAGrp/TitleTxt0Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt1Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt2Clerk
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8CEO/Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
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IRS990/MinutesOfGoverningBodyInd0true
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IRS990/MiscellaneousRevenueGrp/TotalRevenueColumnAmt031163
IRS990/MiscellaneousRevenueGrp/UnrelatedBusinessRevenueAmt03659
IRS990/MissionDesc0CREDIT UNION - THRIFT SERVICES
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/OfficeExpensesGrp/TotalAmt083362
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IRS990/OtherAssetsTotalGrp/EOYAmt01099089
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IRS990/OtherExpensesGrp/Desc1ATM EXPENSE
IRS990/OtherExpensesGrp/Desc2LOAN SERVICING
IRS990/OtherExpensesGrp/Desc3CREDIT CARD PROGRAM
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1103569
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IRS990/OtherRevenueTotalAmt0823393
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IRS990/PayrollTaxesGrp/TotalAmt080013
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IRS990/PensionPlanContributionsGrp/TotalAmt017598
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IRS990/PoliticalCampaignActyInd0false
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0109647
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1990899
IRS990/ProgSrvcAccomActy2Grp/Desc0NUMBER OF LOAN ACCOUNTS 3,020.
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IRS990/PYInvestmentIncomeAmt0311541
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IRS990/PYOtherExpensesAmt01213056
IRS990/PYOtherRevenueAmt0518030
IRS990/PYProgramServiceRevenueAmt01437354
IRS990/PYRevenuesLessExpensesAmt0283308
IRS990/PYSalariesCompEmpBnftPaidAmt0770561
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IRS990/PYTotalRevenueAmt02266925
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt0275839
IRS990/ReconcilationRevenueExpnssAmt0493120
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IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
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IRS990ScheduleD/ExpensesSubtotalAmt02610050
IRS990ScheduleD/LandGrp/BookValueAmt0606503
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0606503
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IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0110959
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0234841
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0201337
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0565449
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0766786
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt158086427
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt225696
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0FMV ADJUSTMENT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1MEMBER SHARES AND DEPOSIT ACCOUNTS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2OTHER LIABILITIES
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt217442
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt318734

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$67,791,099
Liabilities
$58,362,838
Net assets
$9,428,261
Revenue
$3,103,170
Expenses
$2,610,050
Net income
$493,120
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