Civic Intelligence

Melrose Credit Union

EIN 13-1739819 • 501(c)14 • Briarwood, NY

View Organization Page

Profile

Credit union established to fulfill our members financial needs in a safe, sound manner while promoting thrift and granting affordable loans for provident purposes.

139-30 Queens BlvdBriarwood, NY 11435

www.melrosecu.org

Siviq Scores

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

Liabilities / Assets

99th percentile

0.95x

Higher debt load relative to assets than 99% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2016

Liabilities / Revenue

98th percentile

25.84x

Higher debt load relative to revenue than 98% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2016

Net Margin

1st percentile

-145%

Higher net margin than 1% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2016

Top Officer Pay

67th percentile

$2,300,508

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 2.8% of source-year revenue.

$1B+ nonprofits • Source year 2015

Asset Growth

3rd percentile

-7.3%

Faster asset growth than 3% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2014 to 2016

Revenue Growth

1st percentile

-9.9%

Faster revenue growth than 1% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2014 to 2016

Balance Sheet
Liabilities / Assets99th percentile

Assets

Down

$1,782,031,376

Down $132,924,961 (-6.9%) from 2015

Liabilities

Down

$1,691,174,380

Down $36,588,064 (-2.1%) from 2015

Net Assets

Down

$90,856,996

Down $96,336,897 (-51%) from 2015

Operations
Liabilities / Revenue98th percentileNet Margin1st percentile

Revenue

Down

$65,452,408

Down $16,216,798 (-20%) from 2015

Expenses

Down

$160,642,837

Down $97,711,947 (-38%) from 2015

Net Income

Up

-$95,190,429

Up $81,495,149 (+46%) from 2015

Trend Graphs

Balance Sheet Trend

Asset Growth3rd percentile

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

$3.0B$2.0B$1.0B$0Assets 2010: $1,417,282,832Liabilities 2010: $1,132,682,071Net Assets 2010: $284,600,7612010Assets 2011: $1,634,028,910Liabilities 2011: $1,319,144,386Net Assets 2011: $314,884,5242011Assets 2012: $1,836,611,622Liabilities 2012: $1,495,223,415Net Assets 2012: $341,388,2072012Assets 2013: $1,853,692,113Liabilities 2013: $1,489,365,561Net Assets 2013: $364,326,5522013Assets 2014: $2,071,637,373Liabilities 2014: $1,700,101,630Net Assets 2014: $371,535,7432014Assets 2015: $1,914,956,337Liabilities 2015: $1,727,762,444Net Assets 2015: $187,193,8932015Assets 2016: $1,782,031,376Liabilities 2016: $1,691,174,380Net Assets 2016: $90,856,9962016

Highlighted filing

2016

Assets$1,782,031,376
Liabilities$1,691,174,380
Net Assets$90,856,996
Open 2016 Filing

Operations Trend

Revenue Growth1st percentile

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

$400M$200M$0-$200MExpenses 2010: $48,225,1382010Expenses 2011: $48,240,9342011Expenses 2012: $52,382,6592012Revenue 2013: $76,623,744Expenses 2013: $50,768,041Net Income 2013: $25,855,7032013Revenue 2014: $80,658,625Expenses 2014: $73,712,824Net Income 2014: $6,945,8012014Revenue 2015: $81,669,206Expenses 2015: $258,354,784Net Income 2015: -$176,685,5782015Revenue 2016: $65,452,408Expenses 2016: $160,642,837Net Income 2016: -$95,190,4292016

Highlighted filing

2016

Revenue$65,452,408
Expenses$160,642,837
Net Income-$95,190,429
Open 2016 Filing

Filings

Most recent year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,782,031,376
Liabilities
$1,691,174,380
Net assets
$90,856,996
Revenue
$65,452,408
Expenses
$160,642,837
Net income
-$95,190,429
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2016Detailed filing. Detailed filing data is available for this year.$1,782$1,691$90.9$65.5$161$95.2
2015Detailed filing. Detailed filing data is available for this year.$1,915$1,728$187$81.7$258$177
2014Detailed filing. Detailed filing data is available for this year.$2,072$1,700$372$80.7$73.7$6.95
2013Detailed filing. Detailed filing data is available for this year.$1,854$1,489$364$76.6$50.8$25.9
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,837$1,495$341$52.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,634$1,319$315$48.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,417$1,133$285$48.2
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Sep 13, 2017
Return Version
2016v3.0
Gross Receipts
$65,452,408
Mission and Program Overview

Mission

CREDIT UNION

Credit union established to fulfill our members financial needs in a safe, sound manner while promoting thrift and granting affordable loans for provident purposes.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,754,280,079$1,597,593,474▼ $156,686,605
Rtn Earn Endowment Incm Other Fnds$187,193,893$90,856,996▼ $96,336,897
Investments in Publicly Traded Securities$74,217,785$61,956,771▼ $12,261,014
Cash and Non-Interest-Bearing Accounts$27,649,217$59,035,265▲ $31,386,048
Land, Buildings, and Equipment, Net$21,957,393$21,812,949▼ $144,444
Receivables From Officers Etc$3,275,491$3,820,041▲ $544,550
Savings and Temporary Cash Investments$1,000,000$0▼ $1,000,000
Intangible Assets$62,003$0▼ $62,003
Accounts Receivable-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$1,914,956,337$1,782,031,376▼ $132,924,961
Other Assets Total$32,514,369$37,812,876▲ $5,298,507
Liabilities
Other Liabilities$1,606,586,253$1,613,860,962▲ $7,274,709
Mortgage Notes Payable Secured by Investment Property$116,347,763$75,643,796▼ $40,703,967
Accounts Payable and Accrued Expenses$4,828,428$1,669,622▼ $3,158,806
Total Liabilities$1,727,762,444$1,691,174,380▼ $36,588,064
Net Assets / Fund Balance
Total Net Assets Fund Balance$187,193,893$90,856,996▼ $96,336,897
Total Liabilities and Net Assets / Fund Balance$1,914,956,337$1,782,031,376▼ $132,924,961

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$13,589,378$7,016,995-
Other Land Buildings$286,190$248,547-
Land$4,992,720--
Equipment$820,791$1,531,799-
Leasehold Improvements$2,123,870$111,671-
Compensation and Service Providers
Top Officer Pay67th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Alan KaufmanEx-CEOFT$368,631$24,705$393,336
Marion SmithAsst TreasurerFT$361,760$60,527$388,197
Steven KrauserInterim CEOFT$254,128$17,185$320,626
Mitchell D ReiverAsst SecyFT$269,433$27,395$313,344
Robin L MyersControllerFT$206,318$28,054$241,995
Joseph AielloInformation Tech ManagerFT$180,268$43,497$207,953
Alan PlafkerBusiness Services SupervisorFT$181,942$21,950$203,892
Catherine M ChempanosCompliance OfficerFT$169,664$68,847$188,511
Sebastian GallittoLoan SupervisorFT$155,981$31,182$186,247
Salvatore BetBus. Acct SpecFT$143,288$26,843$169,945
John CettaLoan Underwriter SupervisorFT$106,731$25,382$168,578
Patrick HannaberryIt Support Spec.FT$136,203$27,432$163,493
Julio CastilloSr. Loan Officer-interim Loan SuperFT$141,108$25,129$157,431
Paul ReichCompliance OfficerFT$125,880$28,169$154,084
Indera Bhola-narineQc AssistantFT$118,024$27,096$145,120
Bruce KopecBank ManagerFT$115,673$14,460$130,133
Lori GordonAsst Branch ManagerFT$106,228$18,530$124,758
Laurie BenjaminVice President-$31,237-$31,237

Board Members and Trustees

NameTitle
Paul WoldarPresident
Lee KomitorDirector
Rosalie DornsteinDirector
Sydney DeitzDirector
Scott DeutchmanSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Dechert LLPLegal Services2929 ARCH STREET CIRA CENTRE, Philadelphia, PA 19104-2208$1,246,344
Crosby & Higgins LLPLegal Services477 MADISON AVE 6TH FLOOR, New York, NY 10022$604,783
Merrill I Rosen CPA PCAuditors150 GREAT NECK RD STE 406, Great Neck, NY 11021$538,400
Jets Stadium Development LLCAdvertising/promo1 JETS DRIVE, Florham Park, NJ 07932$249,341
Eb Putnam & CompanyExec Employ SearchPO BOX 45062, Omaha, NE 68145$198,650
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$61,641,656
Investment Income
$2,278,581
Other Revenue
$1,532,171
Change in Net Assets
$-95,190,429
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$151,897,611
Salaries, Compensation, and Employee Benefits$8,724,801
Grants and Similar Amounts Paid$20,425
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest---$29,372,390
Other Salaries and Wages---$5,209,550
Current Officers, Directors, Trustees, and Key Employees---$2,894,868
Fees for Services Legal---$2,408,988
Depreciation Depletion---$1,399,240
Fees for Services Accounting---$1,366,830
Advertising---$1,344,225
All Other Expenses---$1,317,219
Fees for Services Other---$1,312,213
Occupancy---$1,172,942
Other Employee Benefits---$551,075
Office Expenses---$461,169
Payroll Taxes---$456,487
Other Expenses---$191,609
Information Technology---$122,680
Travel---$117,758
Conferences and Meetings---$65,416
Fees for Service Investment Mgmnt Fees---$29,025
Grants to Domestic Orgs---$20,425
Pension Plan Contributions---$-387,179
Total Functional Expenses$0$0$0$160,642,837
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Hagedorn Little Vlge SchoolSeaford, NY-General Donations Award Dinners$10,000
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$3,275,491$3,820,041▲ $544,550
Receivables from Disqualified Persons-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Accounts$900,000,000
Member Accounts$713,860,962
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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 2: Description of Business or Family Relationship of Officers, Directors, Et

“1.Michael Plafker, employee of CUSO is the son of Alan Plafker, Director of Marketing.2.Herb Kaufman, consultant (former Board Member & former Director,Treasurer, CEO) , is the father of Alan Kaufman, Director, Treasurer, CEO.3.Ronnie Rathburger, member of the Supervisory Committee, is the sister of Alan Kaufman, Director, Treasurer & CEO.4.Jackie Smith, member of the Supervisory Committee, is the daughter of Marion Smith, Assistant Treasurer.”

Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder

“All depositors are called members and in a mutual company they own the credit union.”

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

“Members must approve directors' expense reimbursements annually.”

Form 990, Part VI, Line 9: Officer, Director, Trustee, Key Employee Mailing Address

“On 2/10/2017 the nys department of financial services conserved melrose credit union and appointed the national credit union administration as receiver. On this date the entire board of directors, the supervisory committee, all officers and two key employees were terminated. Their names and contact information is as follows:board of directors & officers who are directors:laurie benjamin vp - 27 andover dr, syosset, ny 11791 cell 516-660-5984 paul woldar pres - 5 woodbury farms dr, woodbury, ny 11797 cell 516-695-4917lee komitor-director - 145 wellington ct apt 3m, staten isl, ny 10314 - 917-887-3210sidney deitz-director - 22 park ridge way, jackson, nj 08527 cell 732-890-8442marion smith-asst treas & director - 221-26 112th ave, queens village, ny 11429 cell 516-429-9113rosalie dornstein-director, 2069 vine dr, merick, ny 11566, cell 516-729-7520scott deutchman-secretary & director - 185 prospect ave apt 5m, hackensack, nj, 07601 cell 201-913-4691mitchel d. Reiver - asst secy & director - 9 momestead path, huntington, ny 11743 cell 516-429-9113alan kaufman-former ceo & director - 175 high pond dr, jericho, ny 11753, cell 516-313-3094supervisory committee memberjacqueline smith, 84 minuteman circle, orange, ny 10962 845-206-6792key employeesalan plafker - business svc mgr, 516-551-1616john cetta - loan underwriter supvneil hecht - chief financial officer”

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

“The ceo reviews form 990 before it is signed and submitted.”

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

“The organization monitors compliance with conflict of interest policies via management oversight and regular evaluations.”

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

“The process for determining compensation of the paid officers/director includes a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision.in addition, the credit union utilizes available compensation salary range reviews from various human resources.”

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

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Melrose Credit Union
EIN
13-1739819
Phone
7186589800
Address
139-30 QUEENS BLVD, BRIARWOOD, NY 11435

Signing Officer

Name
Richard Dichiara
Title
CEO
Signed
2017-09-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard Dichiara
Formed
1922
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
6
Employees
95
Volunteers
8

Preparer

Firm
Merrill I Rosen CPA Pc
Address
150 Great Neck Rd STE 406, Great Neck, NY 11021
Preparer
Merrill I Rosen CPA
Phone
2128682727
Supplemental Narrative

Additional Explanations

Client Note 1

“Client Note 1 -”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Interest income on troubled debt restructurings = -$3498106”

Other Changes In Net Assets Or Fund Balances - Other Increases

“Spa pension adjustment = $2391284”

Raw XML AppendixShowing 400 of 887 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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