Civic Intelligence

Melrose Credit Union

990 • Fiscal year 2015 • EIN 13-1739819

Jan 01, 2015 to Dec 31, 2015 • Filed on Nov 14, 2016

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

68th percentile

0.90x

Higher debt load relative to assets than 68% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Source year 2015

Liabilities / Revenue

63rd percentile

21.16x

Higher debt load relative to revenue than 63% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Source year 2015

Net Margin

1st percentile

-216%

Higher net margin than 1% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Source year 2015

Top Officer Pay

92nd percentile

$2,300,508

Higher top officer pay than 92% of similar nonprofits.

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

2015 filings • 501(c)14 • $1B+ nonprofits • Source year 2015

Asset Growth

1st percentile

-7.6%

Faster asset growth than 1% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2014 to 2015

Revenue Growth

10th percentile

1.3%

Faster revenue growth than 10% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets68th percentile

Assets

Down

$1,914,956,337

Down $156,681,036 (-7.6%) from 2014

Net Assets

Down

$187,193,893

Down $184,341,850 (-50%) from 2014

Liabilities

Up

$1,727,762,444

Up $27,660,814 (+1.6%) from 2014

Revenue And Expenses
Liabilities / Revenue63rd percentileNet Margin1st percentile

Revenue

Up

$81,669,206

Up $1,010,581 (+1.3%) from 2014

Expenses

Up

$258,354,784

Up $184,641,960 (+250%) from 2014

Net Income

Down

-$176,685,578

Down $183,631,379 (-2644%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth1st 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

2015

Assets$1,914,956,337
Liabilities$1,727,762,444
Net Assets$187,193,893
Open 2015 Filing

Operations Trend

Revenue Growth10th percentile

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

2015

Revenue$81,669,206
Expenses$258,354,784
Net Income-$176,685,578
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Nov 14, 2016
Return Version
2015v2.0
Gross Receipts
$90,189,215
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$1,910,173,328$1,754,280,079▼ $155,893,249
Rtn Earn Endowment Incm Other Fnds$371,535,743$187,193,893▼ $184,341,850
Investments in Publicly Traded Securities$93,037,832$74,217,785▼ $18,820,047
Cash and Non-Interest-Bearing Accounts$8,842,512$27,649,217▲ $18,806,705
Land, Buildings, and Equipment, Net$22,409,103$21,957,393▼ $451,710
Receivables From Officers Etc$2,846,213$3,275,491▲ $429,278
Savings and Temporary Cash Investments$1,000,000$1,000,000→ $0
Intangible Assets$173,844$62,003▼ $111,841
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$2,071,637,373$1,914,956,337▼ $156,681,036
Other Assets Total$33,154,541$32,514,369▼ $640,172
Liabilities
Other Liabilities$1,617,336,714$1,606,586,253▼ $10,750,461
Mortgage Notes Payable Secured by Investment Property$80,000,000$116,347,763▲ $36,347,763
Accounts Payable and Accrued Expenses$2,764,916$4,828,428▲ $2,063,512
Total Liabilities$1,700,101,630$1,727,762,444▲ $27,660,814
Net Assets / Fund Balance
Total Net Assets Fund Balance$371,535,743$187,193,893▼ $184,341,850
Total Liabilities and Net Assets / Fund Balance$2,071,637,373$1,914,956,337▼ $156,681,036

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$14,340,315$6,266,058-
Other Land Buildings$338,315$219,318-
Land$4,992,720--
Equipment$1,085,422$1,912,510-
Leasehold Improvements$1,200,621$68,641-
Compensation and Service Providers
Top Officer Pay92nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Alan S KaufmanTreasurerFT$1,224,277$1,076,231$2,300,508
Laurence a FisherLoan SupervisorFT$328,410$373,711$702,121
Marion SmithAsst TreasurerFT$362,796$237,698$600,494
Mitchell D ReiverAsst SecyFT$267,241$107,416$374,657
Alan PlafkerBusiness Services SupervisorFT$203,098$89,403$292,501
Robin L MyersControllerFT$214,000$44,590$287,163
Robert M NemeroffMarketing DirectorFT$161,900$71,642$284,769
Steven KrauserSenior VP Retail OperationsFT$185,500$30,043$262,111
Joseph AielloInformation Tech ManagerFT$179,975$49,394$229,369
Catherine M ChempanosCompliance OfficerFT$169,415$58,508$227,923
Lori GordonAsst Branch ManagerFT$159,730$54,177$213,907
Julio CastilloSenior Loan OfficerFT$134,187$59,350$193,537
Ray V PiscopioLoan SupervisorFT$172,710$35,433$192,129
Salvatore BetBus. Acct SpecFT$145,315$74,663$185,661
Patrick HannaberryIt Support Spec.FT$127,686$53,335$181,021
Indera Bhola-narineQc AssistantFT$117,010$52,521$169,531
Raynooka Singh-husseinTeller ManagerFT$103,275$123,900$151,138
Constantine VelentzasLoan OfficerFT$116,154$33,465$149,619
Laurie BenjaminDirector-$22,163-$22,163

Board Members and Trustees

NameTitle
Rosalie DornsteinPresident
Sydney DeitzVice President
Lee KomitorDirector
Scott DeutchmanDirector
Paul WoldarSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Oxford Health PlansHealth InsurancePO Box 1697, Newark, NJ 07101-1697$877,105
Crosby & Higgins LLPLegal Services477 MADISON AVE 6TH FLOOR, New York, NY 10022$748,627
Marino Maintenance CorpBuilding Facade68-03 53rd Drive, Maspeth, NY 11378$744,387
Merrill I Rosen CPA PCAuditing Firm150 GREAT NECK RD SUITE 406, Great Neck, NY 11021$538,400
Mww GroupPublic Rel Consult1 Meadowlands Plaza, East Rutherford, NJ 07073$501,612
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$77,738,755
Investment Income
$2,282,493
Other Revenue
$1,647,958
Change in Net Assets
$-176,685,578

Audited Revenue Reconciliation

Revenue per Audited Statements
$77,368,023
Revenue Not Reported on Financial Statements
$4,301,183
Other Revenue Adjustments
$4,301,183
Total Revenue per Audited Statements
$77,368,023
Total Revenue per Form 990
$81,669,206
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$245,571,558
Salaries, Compensation, and Employee Benefits$12,670,588
Grants and Similar Amounts Paid$112,638
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest---$27,783,000
Current Officers, Directors, Trustees, and Key Employees---$6,161,189
Other Salaries and Wages---$3,248,274
Other Employee Benefits---$2,630,515
Advertising---$2,285,105
All Other Expenses---$1,503,286
Depreciation Depletion---$1,217,919
Fees for Services Other---$1,187,324
Occupancy---$1,058,461
Fees for Services Legal---$927,789
Fees for Services Accounting---$676,034
Payroll Taxes---$442,843
Office Expenses---$412,990
Other Expenses---$280,256
Travel---$206,217
Pension Plan Contributions---$187,767
Conferences and Meetings---$126,093
Information Technology---$115,412
Grants to Domestic Orgs---$112,638
Fees for Service Investment Mgmnt Fees---$27,075
Insurance---$-101,935
Total Functional Expenses$0$0$0$258,354,784

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$258,354,784
Total Expenses per Audited Statements$258,354,784
Total Expenses per Form 990$258,354,784
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Jeri Finesilver Cancer FdnEast Rockaway, NY-Donation & Bod Trip to Aruba$83,388
Various Via Amex ChargesNew York, NY-Various General Donations$12,350
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Herbert KaufmanFormer Ceo/directorNonemployee CompNo$69,136
Taxicab Service AssnCu CEO on the BodSupport Org EffortsNo$51,083
Phillip PlafkerFormer DirectorNonemployee CompNo$4,459

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$2,846,213$3,275,491▲ $429,278
Receivables from Disqualified Persons-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Accounts$900,000,000
Member Accounts$706,586,253
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
Yes
Business relationship with organization members
Yes
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 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 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
Steven Krauser
Title
interim CEO
Signed
2016-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steven Krauser
Formed
1922
Legal Domicile
Ny
Voting Board Members
9
Independent Board Members
5
Employees
85
Volunteers
9

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 = -$4301183”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Spa pension adjustment = -$2877272”

Financial Statement Notes

Part XI, Line 4B: Other revenue amounts included on 990 but not included in F/S

“Interest income troubled debt restructur $4301183”

Raw XML AppendixShowing 400 of 976 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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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$1,914,956,337
Liabilities
$1,727,762,444
Net assets
$187,193,893
Revenue
$81,669,206
Expenses
$258,354,784
Net income
-$176,685,578
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