Civic Intelligence

Melrose Credit Union

990 • Fiscal year 2013 • EIN 13-1739819

Jan 01, 2013 to Dec 31, 2013 • Filed on May 14, 2014

Organization ProfileWWW.MELROSECU.ORG

View Organization Page

139-30 Queens BlvdBriarwood, NY 11435

(718) 658-9800

Siviq Scores

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

Liabilities / Assets

3rd percentile

0.80x

Higher debt load relative to assets than 3% of similar nonprofits.

2013 filings • 501(c)14 • $1B+ nonprofits • Source year 2013

Liabilities / Revenue

53rd percentile

19.44x

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

2013 filings • 501(c)14 • $1B+ nonprofits • Source year 2013

Net Margin

95th percentile

34%

Higher net margin than 95% of similar nonprofits.

2013 filings • 501(c)14 • $1B+ nonprofits • Source year 2013

Top Officer Pay

90th percentile

$1,851,616

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 2.4% of source-year revenue.

2013 filings • 501(c)14 • $1B+ nonprofits • Source year 2013

Asset Growth

11th percentile

0.9%

Faster asset growth than 11% of similar nonprofits.

2013 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets3rd percentile

Assets

Up

$1,853,692,113

Up $17,080,491 (+0.9%) from 2012

Net Assets

Up

$364,326,552

Up $22,938,345 (+6.7%) from 2012

Liabilities

Down

$1,489,365,561

Down $5,857,854 (-0.4%) from 2012

Revenue And Expenses
Liabilities / Revenue53rd percentileNet Margin95th percentile

Revenue

$76,623,744

No earlier filing loaded for comparison.

Expenses

Down

$50,768,041

Down $1,614,618 (-3.1%) from 2012

Net Income

$25,855,703

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth11th percentile

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

$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

2013

Assets$1,853,692,113
Liabilities$1,489,365,561
Net Assets$364,326,552
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

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

2013

Revenue$76,623,744
Expenses$50,768,041
Net Income$25,855,703
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
May 14, 2014
Return Version
2013v3.1
Gross Receipts
$110,417,697
Mission and Program Overview

Mission

CREDIT UNION

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,667,284,552$1,696,446,669▲ $29,162,117
Rtn Earn Endowment Incm Other Fnds$341,388,207$364,326,552▲ $22,938,345
Investments in Publicly Traded Securities$106,717,255$91,584,934▼ $15,132,321
Land, Buildings, and Equipment, Net$22,951,461$22,800,915▼ $150,546
Cash and Non-Interest-Bearing Accounts$10,611,752$10,327,886▼ $283,866
Loans From Officers Directors$2,423,081$1,652,386▼ $770,695
Savings and Temporary Cash Investments$1,000,000$1,000,000→ $0
Intangible Assets$632,259$553,226▼ $79,033
Accounts Receivable-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$1,836,611,622$1,853,692,113▲ $17,080,491
Other Assets Total$27,414,343$30,978,483▲ $3,564,140
Liabilities
Other Liabilities$1,435,490,845$1,445,764,658▲ $10,273,813
Mortgage Notes Payable Secured by Investment Property$51,682,592$40,347,614▼ $11,334,978
Accounts Payable and Accrued Expenses$5,626,897$1,600,903▼ $4,025,994
Total Liabilities$1,495,223,415$1,489,365,561▼ $5,857,854
Net Assets / Fund Balance
Total Net Assets Fund Balance$341,388,207$364,326,552▲ $22,938,345
Total Liabilities and Net Assets / Fund Balance$1,836,611,622$1,853,692,113▲ $17,080,491

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$16,349,868$5,553,684-
Other Land Buildings$338,554$87,662-
Land$5,227,706--
Equipment$884,787$1,623,370-
Compensation and Service Providers
Top Officer Pay90th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Alan S KaufmanTreasurerFT$1,314,267$537,349$1,851,616
Marion E SmithAssistant TreasurerFT$374,081$346,324$720,405
Laurence a FisherLoan SupervisorFT$299,090$186,224$485,314
Mitchell D ReiverAssistant SecretaryFT$285,224$108,289$393,513
Ray V PiscopioLoan SupervisorFT$229,220$57,751$286,971
Robin L MyersControllerFT$211,717$67,512$279,229
Alan PlafkerBusiness Development SupervisorFT$220,229$46,478$266,707
Lori GordonOffice ManagerFT$173,504$63,028$236,532
Robert M NemeroffMarketing DirectorFT$171,349$46,509$217,858
Catherine M ChempanosHr DirectorFT$159,776$52,986$212,762
Joseph AielloInformation Tech ManagerFT$157,375$46,168$203,543
Julio CastilloSenior Loan OfficerFT$119,113$66,183$185,296
Indera Bhola-narineQc AssistantFT$106,427$61,488$167,915
Salvatore BetBus. Acct SpecFT$126,447$34,662$161,109
Patrick HannaberryIt Support Spec.FT$125,879$23,855$149,734
Raynooka Singh-husseinHead TellerFT$114,382$23,358$137,740
Constantine VelentzasLoan OfficerFT$113,702$23,843$137,545

Board Members and Trustees

NameTitle
Lee KomitorPresident
Rosalie DornsteinVice President
Laurie BenjaminDirector
Paul WoldarDirector
Phillip PlafkerDirector
Sydney DeitzSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$72,636,986
Investment Income
$2,323,236
Other Revenue
$1,663,522
Change in Net Assets
$25,855,703

Audited Revenue Reconciliation

Revenue per Audited Statements
$76,623,744
Total Revenue per Audited Statements
$76,623,744
Total Revenue per Form 990
$76,623,744
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$39,757,760
Salaries, Compensation, and Employee Benefits$11,010,281
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest---$27,284,362
Current Officers, Directors, Trustees, and Key Employees---$5,339,746
Other Salaries and Wages---$3,242,214
Other Employee Benefits---$1,697,324
Insurance---$1,135,110
All Other Expenses---$1,130,315
Depreciation Depletion---$1,116,437
Occupancy---$1,103,472
Fees for Services Accounting---$571,687
Fees for Services Other---$519,758
Travel---$416,060
Payroll Taxes---$395,530
Other Expenses---$359,505
Pension Plan Contributions---$335,467
Fees for Services Legal---$50,343
Total Functional Expenses$0$0$0$50,768,041

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$50,768,041
Total Expenses per Audited Statements$50,768,041
Total Expenses per Form 990$50,768,041
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
Loans from Officers, Directors, Trustees, and Key Employees$2,423,081$1,652,386▼ $770,695
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Accounts$900,000,000
Member Accounts$545,764,658
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 2: Description of Business or Family Relationship of Officers, Directors, Et

“Phillip plafker, board member of melrose credit union, is the father of alan plafker, who is the president of melrose brokerage service llc, which is the wholly owned subsidiary of melrose credit union.”

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 11B: Form 990 Review Process

“The treasurer 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 comtemporaneous substantiation of the deliberation and decision.”

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

EIN
13-1739819
Phone
7186589800

Signing Officer

Name
Alan S Kaufman
Title
Treasurer
Signed
2014-05-14
Discuss with paid preparer
Yes

Organization Details

Formed
1922
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
4
Employees
69
Volunteers
8

Preparer

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 Increases

“Sfas pension adjustment = $2377333”

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IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt7INFORMATION TECH MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt8LOAN SUPERVISOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9OFFICE MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt10HR DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12CONTROLLER
IRS990/Form990PartVIISectionAGrp/TitleTxt13MARKETING DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt15BUSINESS DEVELOPMENT SUPERVISOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16ASSISTANT SECRETARY
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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
$1,853,692,113
Liabilities
$1,489,365,561
Net assets
$364,326,552
Revenue
$76,623,744
Expenses
$50,768,041
Net income
$25,855,703
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