Civic Intelligence

Premier Source Credit Union

990 • Fiscal year 2015 • EIN 04-2444639

Jan 01, 2015 to Dec 31, 2015 • Filed on Aug 17, 2016

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

32nd percentile

0.87x

Higher debt load relative to assets than 32% of similar nonprofits.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2015

Liabilities / Revenue

57th percentile

20.15x

Higher debt load relative to revenue than 57% of similar nonprofits.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2015

Net Margin

5th percentile

-9.9%

Higher net margin than 5% of similar nonprofits.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2015

Top Officer Pay

46th percentile

$129,986

Higher top officer pay than 46% of similar nonprofits.

Top officer pay equals 4.3% of source-year revenue.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2015

Asset Growth

27th percentile

1.5%

Faster asset growth than 27% of similar nonprofits.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Revenue Growth

23rd percentile

-2.0%

Faster revenue growth than 23% of similar nonprofits.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets32nd percentile

Assets

Up

$69,865,283

Up $1,062,030 (+1.5%) from 2014

Net Assets

Down

$9,013,743

Down $438,625 (-4.6%) from 2014

Liabilities

Up

$60,851,540

Up $1,500,655 (+2.5%) from 2014

Revenue And Expenses
Liabilities / Revenue57th percentileNet Margin5th percentile

Revenue

Down

$3,020,018

Down $60,455 (-2.0%) from 2014

Expenses

Down

$3,319,009

Down $7,378 (-0.2%) from 2014

Net Income

Down

-$298,991

Down $53,077 (-22%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth27th 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

2015

Assets$69,865,283
Liabilities$60,851,540
Net Assets$9,013,743
Open 2015 Filing

Operations Trend

Revenue Growth23rd 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

2015

Revenue$3,020,018
Expenses$3,319,009
Net Income-$298,991
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Aug 17, 2016
Return Version
2015v2.0
Gross Receipts
$3,702,180
Mission and Program Overview

Mission

Credit union - thrift services

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$37,200,858$34,547,297▼ $2,653,561
Investments in Publicly Traded Securities$13,999,605$15,707,961▲ $1,708,356
Savings and Temporary Cash Investments$12,603,706$14,674,487▲ $2,070,781
Rtn Earn Endowment Incm Other Fnds$9,452,368$9,013,743▼ $438,625
Land, Buildings, and Equipment, Net$2,445,038$2,362,042▼ $82,996
Cash and Non-Interest-Bearing Accounts$989,007$825,748▼ $163,259
Receivables From Officers Etc$261,827$256,236▼ $5,591
Investments Other Securities$112,100$128,900▲ $16,800
Prepaid Expenses and Deferred Charges$162,071$97,845▼ $64,226
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$68,803,253$69,865,283▲ $1,062,030
Other Assets Total$1,029,041$1,264,767▲ $235,726
Liabilities
Other Liabilities$59,154,151$60,740,018▲ $1,585,867
Accounts Payable and Accrued Expenses$196,734$111,522▼ $85,212
Total Liabilities$59,350,885$60,851,540▲ $1,500,655
Net Assets / Fund Balance
Total Net Assets Fund Balance$9,452,368$9,013,743▼ $438,625
Total Liabilities and Net Assets / Fund Balance$68,803,253$69,865,283▲ $1,062,030

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,449,051$445,496$1,894,547
Other Land Buildings$193,154$720,050$913,204
Land$606,503-$606,503
Leasehold Improvements$113,334$130,196$243,530
Compensation and Service Providers
Top Officer Pay46th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Bonnie J RaymondCEO/DirectorFT$120,300$9,686$129,986

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
Michael DobiseDirector
Susan M GouletDirector
Sandra E WoodrowClerk
George ReichTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Fiserv Credit Union SolutionsCore Processor75 REMITTANCE DRIVE SUITE 6958, Chicago, IL 60675$239,043
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,806,761
Investment Income
$517,423
Other Revenue
$695,834
Change in Net Assets
$-298,991

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,020,018
Total Revenue per Audited Statements
$3,020,018
Total Revenue per Form 990
$3,020,018
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,084,386
Salaries, Compensation, and Employee Benefits$1,232,623
Grants and Similar Amounts Paid$2,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$887,748-$887,748
Interest$287,443$21-$287,464
All Other Expenses-$233,001-$233,001
Advertising-$188,725-$188,725
Depreciation Depletion-$146,303-$146,303
Information Technology-$141,218-$141,218
Occupancy-$135,475-$135,475
Current Officers, Directors, Trustees, and Key Employees-$129,986-$129,986
Other Employee Benefits-$104,631-$104,631
Other Expenses-$89,759-$89,759
Payroll Taxes-$86,714-$86,714
Office Expenses-$77,468-$77,468
Conferences and Meetings-$73,813-$73,813
Fees for Services Accounting-$25,260-$25,260
Pension Plan Contributions-$23,544-$23,544
Insurance-$21,827-$21,827
Fees for Services Legal-$13,493-$13,493
Grants to Domestic Individuals$2,000--$2,000
Total Functional Expenses$289,443$3,029,566$0$3,319,009

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,319,009
Total Expenses per Audited Statements$3,319,009
Total Expenses per Form 990$3,319,009
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$261,827$256,236▼ $5,591
Receivables from Disqualified Persons-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares and Deposit Accounts$60,725,869
Other Liabilities$14,149
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 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
2016-08-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bonnie J Raymond
Formed
1941
Legal Domicile
Ma
Voting Board Members
13
Independent Board Members
12
Employees
26
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 Decreases

“Change in fas115- unrealized gain/loss = -$139634”

Raw XML AppendixShowing 400 of 611 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/OfficeExpensesGrp/TotalAmt077468
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IRS990/OnBehalfOfIssuerInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OrgFiledInLieuOfForm1041Ind0false
IRS990/OtherAssetsTotalGrp/BOYAmt01029041
IRS990/OtherAssetsTotalGrp/EOYAmt01264767
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IRS990/OtherExpensesGrp/Desc2ATM EXPENSE
IRS990/OtherExpensesGrp/Desc3LOAN SERVICING
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2138100
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IRS990/OtherExpensesGrp/TotalAmt2138100
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$69,865,283
Liabilities
$60,851,540
Net assets
$9,013,743
Revenue
$3,020,018
Expenses
$3,319,009
Net income
-$298,991
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