Civic Intelligence

Premier Source Credit Union

990 • Fiscal year 2014 • EIN 04-2444639

Jan 01, 2014 to Dec 31, 2014 • Filed on Apr 29, 2015

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

25th percentile

0.86x

Higher debt load relative to assets than 25% of similar nonprofits.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2014

Liabilities / Revenue

52nd percentile

19.27x

Higher debt load relative to revenue than 52% of similar nonprofits.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2014

Net Margin

6th percentile

-8.0%

Higher net margin than 6% of similar nonprofits.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2014

Top Officer Pay

45th percentile

$124,431

Higher top officer pay than 45% of similar nonprofits.

Top officer pay equals 4.0% of source-year revenue.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2014

Asset Growth

40th percentile

1.5%

Faster asset growth than 40% of similar nonprofits.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2013 to 2014

Revenue Growth

42nd percentile

-0.7%

Faster revenue growth than 42% of similar nonprofits.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets25th percentile

Assets

Up

$68,803,253

Up $1,012,154 (+1.5%) from 2013

Net Assets

Up

$9,452,368

Up $24,107 (+0.3%) from 2013

Liabilities

Up

$59,350,885

Up $988,047 (+1.7%) from 2013

Revenue And Expenses
Liabilities / Revenue52nd percentileNet Margin6th percentile

Revenue

Down

$3,080,473

Down $22,697 (-0.7%) from 2013

Expenses

Up

$3,326,387

Up $716,337 (+27%) from 2013

Net Income

Down

-$245,914

Down $739,034 (-150%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth40th 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

2014

Assets$68,803,253
Liabilities$59,350,885
Net Assets$9,452,368
Open 2014 Filing

Operations Trend

Revenue Growth42nd 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

2014

Revenue$3,080,473
Expenses$3,326,387
Net Income-$245,914
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Apr 29, 2015
Return Version
2014v5.0
Gross Receipts
$3,822,665
Mission and Program Overview

Mission

Credit union - thrift services

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$36,699,285$37,200,858▲ $501,573
Investments in Publicly Traded Securities$11,044,951$13,999,605▲ $2,954,654
Savings and Temporary Cash Investments$14,853,493$12,603,706▼ $2,249,787
Rtn Earn Endowment Incm Other Fnds$9,428,261$9,452,368▲ $24,107
Land, Buildings, and Equipment, Net$2,444,363$2,445,038▲ $675
Cash and Non-Interest-Bearing Accounts$1,161,432$989,007▼ $172,425
Receivables From Officers Etc$275,839$261,827▼ $14,012
Prepaid Expenses and Deferred Charges$109,647$162,071▲ $52,424
Investments Other Securities$103,000$112,100▲ $9,100
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$67,791,099$68,803,253▲ $1,012,154
Other Assets Total$1,099,089$1,029,041▼ $70,048
Liabilities
Other Liabilities$58,087,971$59,154,151▲ $1,066,180
Accounts Payable and Accrued Expenses$274,867$196,734▼ $78,133
Total Liabilities$58,362,838$59,350,885▲ $988,047
Net Assets / Fund Balance
Total Net Assets Fund Balance$9,428,261$9,452,368▲ $24,107
Total Liabilities and Net Assets / Fund Balance$67,791,099$68,803,253▲ $1,012,154

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,558,147$258,318$1,816,465
Other Land Buildings$162,146$640,356$802,502
Land$606,503-$606,503
Leasehold Improvements$118,242$120,474$238,716
Compensation and Service Providers
Top Officer Pay45th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Bonnie J RaymondCEO/DirectorFT$120,982$3,449$124,431

Board Members and Trustees

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

Highest Paid Contractors

ContractorServicesLocationCompensation
Fiserv Credit Union SolutionsCore Processor75 REMITTANCE DRIVE SUITE 6958, Chicago, IL 60675$141,937
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,891,273
Investment Income
$560,797
Other Revenue
$628,403
Change in Net Assets
$-245,914

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,080,473
Total Revenue per Audited Statements
$3,080,473
Total Revenue per Form 990
$3,080,473
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,094,101
Salaries, Compensation, and Employee Benefits$1,230,286
Grants and Similar Amounts Paid$2,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$892,978-$892,978
Interest$294,051$17-$294,068
All Other Expenses-$214,183-$214,183
Information Technology-$142,432-$142,432
Depreciation Depletion-$138,801-$138,801
Occupancy-$133,955-$133,955
Current Officers, Directors, Trustees, and Key Employees-$124,432-$124,432
Advertising-$103,394-$103,394
Other Employee Benefits-$100,647-$100,647
Other Expenses-$98,923-$98,923
Office Expenses-$93,863-$93,863
Payroll Taxes-$90,888-$90,888
Conferences and Meetings-$85,452-$85,452
Insurance-$21,617-$21,617
Pension Plan Contributions-$21,341-$21,341
Grants to Domestic Individuals$2,000--$2,000
Total Functional Expenses$296,051$3,030,336$0$3,326,387

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,326,387
Total Expenses per Audited Statements$3,326,387
Total Expenses per Form 990$3,326,387
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$275,839$261,827▼ $14,012
Receivables from Disqualified Persons-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares and Deposit Accounts$59,127,701
Other Liabilities$26,450
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, Part VI, Line 5: Description of Material Diversion of Assets

“The credit union had wire fraud of $63,000 in august 2014. Premier source cu was able to recover $15,000 from insurance.”

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 controller reviews the form 990 and a copy is provided to the audit committee chair for review/approval prior to filing. Due to the filing deadline of the return, the board's review may take place subsequent 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

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

Signing Officer

Name
Bonnie Raymond
Title
CEO
Signed
2015-04-29
Discuss with paid preparer
Yes

Organization Details

Voting Board Members
13
Independent Board Members
12
Employees
27
Volunteers
12

Preparer

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

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Increases

“Change in market value due to fas115 = $270021”

Raw XML AppendixShowing 400 of 570 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/IRPDocumentW2GCnt00
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IRS990/LoanOutstandingInd0true
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IRS990/MembersOrStockholdersInd0true
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
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IRS990/MiscellaneousRevenueGrp/TotalRevenueColumnAmt06028
IRS990/MiscellaneousRevenueGrp/UnrelatedBusinessRevenueAmt04171
IRS990/MissionDesc0CREDIT UNION - THRIFT SERVICES
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt093863
IRS990/OfficeExpensesGrp/TotalAmt093863
IRS990/OfficerMailingAddressInd0false
IRS990/OnBehalfOfIssuerInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OrgFiledInLieuOfForm1041Ind0false
IRS990/OtherAssetsTotalGrp/BOYAmt01099089
IRS990/OtherAssetsTotalGrp/EOYAmt01029041
IRS990/OtherChangesInNetAssetsAmt0270021
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt0100647
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0100647
IRS990/OtherExpensesGrp/Desc0PROVISION LOAN LOSSES
IRS990/OtherExpensesGrp/Desc1OTHER EXPENSES
IRS990/OtherExpensesGrp/Desc2ATM EXPENSE
IRS990/OtherExpensesGrp/Desc3CREDIT CARD PROGRAM
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0385225
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1266284
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2115904
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt398923
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IRS990/OtherExpensesGrp/TotalAmt1266284
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IRS990/OtherExpensesGrp/TotalAmt398923
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IRS990/OtherRevenueMiscGrp/BusinessCd2900099
IRS990/OtherRevenueMiscGrp/Desc0FEES AND CHARGES
IRS990/OtherRevenueMiscGrp/Desc1INSURANCE REIMBURSEMENT
IRS990/OtherRevenueMiscGrp/Desc2OTHER INCOME
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt0407974
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt121702
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt2179760
IRS990/OtherRevenueTotalAmt0615464
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0892978
IRS990/OtherSalariesAndWagesGrp/TotalAmt0892978
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IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt090888
IRS990/PayrollTaxesGrp/TotalAmt090888
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt021341
IRS990/PensionPlanContributionsGrp/TotalAmt021341
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliciesReferenceChaptersInd0true
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0109647
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0162071
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt11134665
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IRS990/ProgSrvcAccomActy2Grp/RevenueAmt01891273
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IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
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IRS990/RentalIncomeOrLossGrp/RealAmt012939
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
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IRS990/RoyaltiesGrp/TotalAmt00
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IRS990/SavingsAndTempCashInvstGrp/BOYAmt014853493
IRS990/SavingsAndTempCashInvstGrp/EOYAmt012603706
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt01558147
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0258318
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01816465
IRS990ScheduleD/ExpensesSubtotalAmt03326387
IRS990ScheduleD/LandGrp/BookValueAmt0606503
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0606503
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0118242
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0120474
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0238716
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0162146
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0640356
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0802502
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt059127701
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt126450
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER SHARES AND DEPOSIT ACCOUNTS
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$68,803,253
Liabilities
$59,350,885
Net assets
$9,452,368
Revenue
$3,080,473
Expenses
$3,326,387
Net income
-$245,914
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
2014Detailed filing. Detailed filing data is available for this year.$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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2014 filings • 501(c)14 • $50M-$100M nonprofits