Civic Intelligence

New York State Chartered Credit Unions

990 • Fiscal year 2015 • EIN 15-0574036

Jan 01, 2015 to Dec 31, 2015 • Filed on Oct 28, 2016

Organization ProfileWWW.MYCFCU.COM

View Organization Page

1030 Craft RoadIthaca, NY 14850

(607) 257-8500

Siviq Scores

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

Liabilities / Assets

22nd percentile

0.87x

Higher debt load relative to assets than 22% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Liabilities / Revenue

78th percentile

21.95x

Higher debt load relative to revenue than 78% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Net Margin

74th percentile

19%

Higher net margin than 74% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Top Officer Pay

89th percentile

$701,426

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 1.8% of source-year revenue.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Asset Growth

58th percentile

7.2%

Faster asset growth than 58% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Revenue Growth

75th percentile

11%

Faster revenue growth than 75% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets22nd percentile

Assets

Up

$974,371,247

Up $65,321,223 (+7.2%) from 2014

Net Assets

Up

$126,088,117

Up $6,920,611 (+5.8%) from 2014

Liabilities

Up

$848,283,130

Up $58,400,612 (+7.4%) from 2014

Revenue And Expenses
Liabilities / Revenue78th percentileNet Margin74th percentile

Revenue

Up

$38,649,527

Up $3,704,820 (+11%) from 2014

Expenses

Up

$31,332,861

Up $4,810,437 (+18%) from 2014

Net Income

Down

$7,316,666

Down $1,105,617 (-13%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth58th percentile

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

$1.5B$1.0B$500M$0Assets 2010: $729,186,996Liabilities 2010: $639,827,751Net Assets 2010: $89,359,2452010Assets 2011: $800,713,350Liabilities 2011: $707,719,871Net Assets 2011: $92,993,4792011Assets 2012: $834,846,948Liabilities 2012: $732,425,478Net Assets 2012: $102,421,4702012Assets 2013: $871,814,855Liabilities 2013: $762,069,732Net Assets 2013: $109,745,1232013Assets 2014: $909,050,024Liabilities 2014: $789,882,518Net Assets 2014: $119,167,5062014Assets 2015: $974,371,247Liabilities 2015: $848,283,130Net Assets 2015: $126,088,1172015Assets 2016: $1,032,698,296Liabilities 2016: $900,272,201Net Assets 2016: $132,426,0952016Assets 2017: $1,056,836,312Liabilities 2017: $917,130,234Net Assets 2017: $139,706,0782017Assets 2018: $1,061,547,893Liabilities 2018: $911,540,207Net Assets 2018: $150,007,6862018Assets 2019: $1,092,445,230Liabilities 2019: $930,025,114Net Assets 2019: $162,420,1162019Assets 2020: $1,233,869,792Liabilities 2020: $1,063,727,287Net Assets 2020: $170,142,5052020Assets 2024: $1,435,561,618Liabilities 2024: $1,253,987,982Net Assets 2024: $181,573,6362024

Highlighted filing

2015

Assets$974,371,247
Liabilities$848,283,130
Net Assets$126,088,117
Open 2015 Filing

Operations Trend

Revenue Growth75th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$80M$60M$40M$20M$0Expenses 2010: $25,674,8522010Expenses 2011: $26,241,7262011Expenses 2012: $23,470,6492012Revenue 2013: $33,125,549Expenses 2013: $24,378,029Net Income 2013: $8,747,5202013Revenue 2014: $34,944,707Expenses 2014: $26,522,424Net Income 2014: $8,422,2832014Revenue 2015: $38,649,527Expenses 2015: $31,332,861Net Income 2015: $7,316,6662015Revenue 2016: $40,744,544Expenses 2016: $34,530,428Net Income 2016: $6,214,1162016Revenue 2017: $45,003,928Expenses 2017: $37,174,295Net Income 2017: $7,829,6332017Revenue 2018: $51,082,653Expenses 2018: $39,670,011Net Income 2018: $11,412,6422018Revenue 2019: $55,899,350Expenses 2019: $44,738,349Net Income 2019: $11,161,0012019Revenue 2020: $48,155,483Expenses 2020: $43,736,336Net Income 2020: $4,419,1472020Revenue 2024: $72,880,426Expenses 2024: $69,852,594Net Income 2024: $3,027,8322024

Highlighted filing

2015

Revenue$38,649,527
Expenses$31,332,861
Net Income$7,316,666
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Oct 28, 2016
Return Version
2015v2.1
Gross Receipts
$44,144,572
Mission and Program Overview

Mission

To provide the highest level of personal financial services in a friendly, professional manner; to encourage thrift, savings and the wise use of credit; to increase the knowledge and ability of our members to manage and control their financial well-being; to provide sound financial management in order to maintain earnings for our continued growth and to provide our employees with a challenging and rewarding career.

We are a full service financial institution providing financial and banking services to our members. The credit union offers savings, checking, money market and certificate share accounts as well as 1st & 2nd mortgages, auto, unsecured, and member business loans.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$597,650,246$658,765,891▲ $61,115,645
Cash and Non-Interest-Bearing Accounts$138,808,787$182,699,034▲ $43,890,247
Investments Other Securities$153,020,087$111,162,580▼ $41,857,507
Rtn Earn Endowment Incm Other Fnds$103,584,578$110,505,189▲ $6,920,611
Pd in Cap Srpls Land Bldg Eqp Fund$15,582,928$15,582,928→ $0
Land, Buildings, and Equipment, Net$8,289,859$9,488,326▲ $1,198,467
Accounts Receivable$393,898$795,080▲ $401,182
Prepaid Expenses and Deferred Charges$606,162$591,267▼ $14,895
Savings and Temporary Cash Investments-$250,000-
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$909,050,024$974,371,247▲ $65,321,223
Other Assets Total$10,280,985$10,619,069▲ $338,084
Liabilities
Other Liabilities$780,425,959$843,746,276▲ $63,320,317
Accounts Payable and Accrued Expenses$3,387,833$4,462,726▲ $1,074,893
Escrow Account Liability$6,068,726$74,128▼ $5,994,598
Total Liabilities$789,882,518$848,283,130▲ $58,400,612
Net Assets / Fund Balance
Total Net Assets Fund Balance$119,167,506$126,088,117▲ $6,920,611
Total Liabilities and Net Assets / Fund Balance$909,050,024$974,371,247▲ $65,321,223

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,613,827-$9,613,827
Equipment$4,783,235-$4,783,235
Land$2,916,796-$2,916,796
Leasehold Improvements$1,877,909-$1,877,909
Other Land Buildings$-9,703,441$9,703,441-
Other Securities$1,258,025--
Compensation and Service Providers
Top Officer Pay89th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Lisa WhitakerCEOFT$429,048$272,378$701,426
Paul J KirkCFOFT$207,459$118,392$325,851
William CraneCAOFT$187,854$131,326$319,180
Beth PutnamCROFT$171,778$107,238$279,016
Catherine BensonCLOFT$171,828$105,893$277,721
Eileen CoveyVP OperationsFT$153,688$93,509$247,197
Eliza MulhernVP & Assoc General CounselFT$117,635$75,904$193,539
Martha PrestonMortgage Loan Sales AssociFT$131,302$46,191$177,493
Christine WernerVP of Mortgage OperationsFT$112,935$62,024$174,959
Jennifer Carlton-cooperVP of TechnologyFT$114,491$44,307$158,798

Board Members and Trustees

NameTitle
Brian MitteerChair
Robert CreeBoard Vice-chair
Amy Wood GonzalezDirector
James W PlaceDirector
Katie FoleyDirector
Susan T SchattschneiderDirector
Claude S HewittSecretary
Joseph H During JrTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
United SolutionsCore Processor1585 SUMMIT LAKE DRIVE, Tallahassee, FL 32317$2,028,910
Fiserv INCEft & Bill PayPO BOX 99924, Grapevine, TX 76099$1,583,707
Immediate Mailing ServiceMail Service Provider245 COMMERCE BLVD, Liverpool, NY 13088$378,838
Coughlin And Gerhart LLPLegal ServicesPO BOX 2039, Binghamton, NY 13902$293,583
CliftonlarsonallenExternal Auditing Service1966 GREENSPRING DRIVE SUITE 300, Timonium, MD 21093$244,547
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$36,259,020
Investment Income
$2,390,507
Other Revenue
$0
Change in Net Assets
$7,316,666
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$15,130,409
Salaries, Compensation, and Employee Benefits$12,879,924
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$7,066,589
Office Expenses---$5,838,830
Benefits to Members---$3,322,528
Other Employee Benefits---$2,577,925
Current Officers, Directors, Trustees, and Key Employees---$1,903,194
Fees for Services Other---$1,797,411
Occupancy---$912,081
Depreciation Depletion---$903,993
Other Expenses---$780,006
Payroll Taxes---$724,481
Pension Plan Contributions---$607,735
Fees for Services Legal---$156,527
Travel---$42,038
Total Functional Expenses$0$0$0$31,332,861
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
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Lisa WhitakerLisa Whitaker Is Ceo/president/director of Cfcu Community Credit UnionPRESIDENT/CEO/DIRECTOR LISA WHITAKER IS ON THE BOARD OF UNITED SOLUTIONS WHICH IS THE CREDIT UNION'S CORE PROCESSORNo$2,028,910
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Share Accounts$843,746,276
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“The credit union is comprised of a single class of member-owners, each of which has equal rights in ownership, governance and voting rights at the annual meetings, with the exception of the member-owners who are elected to the board of directors. Membership in the credit union is limited to those who qualify for membership as defined in the credit union's charter and bylaws. This generally consists of all residents living, working or attending school in tompkins and cortland counties. In addition to a regularly qualified member, the spouse of a member, the blood or adoptive relatives of either of them and their spouses may be members.”

Form 990, Part VI, Section A, Line 7A

“Every member is entitled to one vote (regardless of the number of shares they own) provided that they have at least a $5 share, do not have any past due loans, or have not caused the credit union a loss. No member is permitted more than one vote.”

Form 990, Part VI, Section A, Line 7B

“Every member is entitled to one vote (regardless of the number of shares they own) provided that they have at least a $5 share, do not have any past due loans, or have not caused the credit union a loss. No member is permitted more than one vote. Members are entitled to vote on dissolving the organization.”

Form 990, Part VI, Section B, Line 11

“Form 990 is reviewed by the cfo prior to filing.”

Form 990, Part VI, Section B, Line 15

“The ceo's compensation is set annually by the board of directors. They utilize a compensation survey and a salary range provided by a third party vendor as tools to determine the salary. In addition, the credit union has been working with a third party consultant for the last several years to help determine the ceo compensation package. The compensation of other key employees is set by the ceo as part of the annual review process. The ceo uses salary ranges provided by a third party to determine these salaries. The salaries are approved by the board as part of the annual budgeting process. In addition, the credit union has been working with a third party consultant for the last several years to help determine the executive team and the vp teams compensation package. These processes were most recently completed in 2015.”

Form 990, Part VI, Section C, Line 19

“The credit union's balance sheet is posted monthly in the lobby of each branch location. The minutes to our board of directors meetings and bylaws are available for review upon request in our main office (the documents must be reviewed on-site). We also file a quarterly call report with ncua with detailed financial and miscellaneous information which is available to the general public at www.ncua.gov.”

Filing and Contact Details

Filer

Filer Name
Cfcu Community Credit Union
EIN
15-0574036
Phone
6072578500
Address
1030 CRAFT ROAD, ITHACA, NY 14850

Signing Officer

Name
Paul J Kirk
Title
Senior Vice President/CFO
Phone
6072578500
Signed
2016-10-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lisa Whitaker
Formed
1953
Legal Domicile
Ny
Voting Board Members
9
Independent Board Members
8
Employees
223
Volunteers
11

Preparer

Firm
Cliftonlarsonallen Llp
Address
4250 N FAIRFAX DRIVE SUITE 1020, ARLINGTON, VA 22203
Preparer
Kenneth Welch
Phone
5712279500
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Reclass for gains on sales of securityies-afs included in net income -150,749.”

Form 990, Part XII, Line 2C

“The oversight and selection processes have not changed since the prior year.”

Financial Statement Notes

PART IV, LINE 2B:

“The credit union holds escrow accounts for mortgage loans on their balance sheet. These accounts are paid dividends.”

PART X, LINE 2:

“The credit union is exempt, under irc 501(c)(14), from federal and state income taxes. Certain products and services provided by select state chartered credit unions have been deemed by the internal revenue service (irs), in technical advice memorandums (tams) released in 2007, to be unrelated to the specific credit union's exempt purpose. As presented in the technical advice memorandums, the net taxable income from these products and services would be subject to income taxes. Credit unions have litigated against the irs positions noted in the tams and have been successful in having courts declare in 2009 and 2010 that revenue from insurance products sold to members, helping them protect their financial wellbeing, qualifies as exempt purpose income, contrary to the irs position in the tams. The credit union has filed tax returns in the past for activities it has deemed taxable. The taxing authorities have the ability to assess taxes, penalties and interest for any years for which no tax return was filed. In the opinion of management, any liability resulting from taxing authorities imposing income taxes on the net taxable income from activities potentially deemed to be unrelated to the credit union's exempt purpose is not expected to have a material effect on the credit union's consolidated financial position or results of operations. The credit union and subsidiary evaluated their tax positions and determined no uncertain tax positions exist as of december 31, 2015 and 2014. The credit union and subsidiary's 2012 and subsequent tax years returns are open for examination by federal and state taxing authorities.”

Raw XML AppendixShowing 400 of 696 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/ActivityOrMissionDesc0WE ARE A FULL SERVICE FINANCIAL INSTITUTION PROVIDING FINANCIAL AND BANKING SERVICES TO OUR MEMBERS. THE CREDIT UNION OFFERS SAVINGS, CHECKING, MONEY MARKET AND CERTIFICATE SHARE ACCOUNTS AS WELL AS 1ST & 2ND MORTGAGES, AUTO, UNSECURED, AND MEMBER BUSINESS LOANS.
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt70
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1252521
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1350572
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1443499
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1548946
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IRS990/Form990PartVIISectionAGrp/PersonNm1ROBERT CREE
IRS990/Form990PartVIISectionAGrp/PersonNm2JOSEPH H DURING JR
IRS990/Form990PartVIISectionAGrp/PersonNm3CLAUDE S HEWITT
IRS990/Form990PartVIISectionAGrp/PersonNm4AMY WOOD GONZALEZ
IRS990/Form990PartVIISectionAGrp/PersonNm5KATIE FOLEY
IRS990/Form990PartVIISectionAGrp/PersonNm6SUSAN T SCHATTSCHNEIDER
IRS990/Form990PartVIISectionAGrp/PersonNm7JAMES W PLACE
IRS990/Form990PartVIISectionAGrp/PersonNm8LISA WHITAKER
IRS990/Form990PartVIISectionAGrp/PersonNm9PAUL J KIRK
IRS990/Form990PartVIISectionAGrp/PersonNm10WILLIAM CRANE
IRS990/Form990PartVIISectionAGrp/PersonNm11CATHERINE BENSON
IRS990/Form990PartVIISectionAGrp/PersonNm12BETH PUTNAM
IRS990/Form990PartVIISectionAGrp/PersonNm13EILEEN COVEY
IRS990/Form990PartVIISectionAGrp/PersonNm14MARTHA PRESTON
IRS990/Form990PartVIISectionAGrp/PersonNm15ELIZA MULHERN
IRS990/Form990PartVIISectionAGrp/PersonNm16CHRISTINE WERNER
IRS990/Form990PartVIISectionAGrp/PersonNm17JENNIFER CARLTON-COOPER
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt8603509
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt9267483
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10254247
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt11227982
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt12226495
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt13196625
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt14133994
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt16133945
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt17139393
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt70
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt140
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt150
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt160
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt170
IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1BOARD VICE-CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt9CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt10CAO
IRS990/Form990PartVIISectionAGrp/TitleTxt11CLO
IRS990/Form990PartVIISectionAGrp/TitleTxt12CRO
IRS990/Form990PartVIISectionAGrp/TitleTxt13VP OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt14MORTGAGE LOAN SALES ASSOCI
IRS990/Form990PartVIISectionAGrp/TitleTxt15VP & ASSOC GENERAL COUNSEL
IRS990/Form990PartVIISectionAGrp/TitleTxt16VP OF MORTGAGE OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt17VP OF TECHNOLOGY
IRS990/Form990ProvidedToGvrnBodyInd00
IRS990/Form990TFiledInd01
IRS990/FormationYr01953
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/ConsolidatedBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GainOrLossGrp/OtherAmt0126570
IRS990/GainOrLossGrp/SecuritiesAmt0150749
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt09
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/OtherAmt05400591
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt0371773
IRS990/GrossReceiptsAmt044144572
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd00
IRS990/IndependentVotingMemberCnt08
IRS990/IndivRcvdGreaterThan100KCnt015
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InvestmentIncomeGrp/ExclusionAmt02113188
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt02113188
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt0153020087
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt0111162580
IRS990/IRPDocumentCnt012105
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt09703441
IRS990/LandBldgEquipBasisNetGrp/BOYAmt08289859
IRS990/LandBldgEquipBasisNetGrp/EOYAmt09488326
IRS990/LandBldgEquipCostOrOtherBssAmt019191767
IRS990/LegalDomicileStateCd0NY
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt05274021
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt0221024
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO PROVIDE THE HIGHEST LEVEL OF PERSONAL FINANCIAL SERVICES IN A FRIENDLY, PROFESSIONAL MANNER; TO ENCOURAGE THRIFT, SAVINGS AND THE WISE USE OF CREDIT; TO INCREASE THE KNOWLEDGE AND ABILITY OF OUR MEMBERS TO MANAGE AND CONTROL THEIR FINANCIAL WELL-BEING; TO PROVIDE SOUND FINANCIAL MANAGEMENT IN ORDER TO MAINTAIN EARNINGS FOR OUR CONTINUED GROWTH AND TO PROVIDE OUR EMPLOYEES WITH A CHALLENGING AND REWARDING CAREER.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt0119167506
IRS990/NetAssetsOrFundBalancesEOYAmt0126088117
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0277319
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0277319
IRS990/NetUnrelatedBusTxblIncmAmt013548
IRS990/NetUnrlzdGainsLossesInvstAmt0-245306
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt0912081
IRS990/OfficeExpensesGrp/TotalAmt05838830
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt010280985
IRS990/OtherAssetsTotalGrp/EOYAmt010619069
IRS990/OtherChangesInNetAssetsAmt0-150749
IRS990/OtherEmployeeBenefitsGrp/TotalAmt02577925
IRS990/OtherExpensesGrp/Desc0PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc1LOAN SERVICING EXPENSE
IRS990/OtherExpensesGrp/Desc2EDUCATIONAL AND PROMOTI
IRS990/OtherExpensesGrp/Desc3MICELLANEOUS EXPENSES
IRS990/OtherExpensesGrp/TotalAmt02673094
IRS990/OtherExpensesGrp/TotalAmt11215297
IRS990/OtherExpensesGrp/TotalAmt2811132
IRS990/OtherExpensesGrp/TotalAmt3780006
IRS990/OtherLiabilitiesGrp/BOYAmt0780425959
IRS990/OtherLiabilitiesGrp/EOYAmt0843746276
IRS990/OtherOrganizationDsc0CU
IRS990/OtherSalariesAndWagesGrp/TotalAmt07066589
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0597650246
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0658765891
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt0724481
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt015582928
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt015582928
IRS990/PensionPlanContributionsGrp/TotalAmt0607735
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0606162
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0591267
IRS990/PrincipalOfficerNm0LISA WHITAKER
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/BusinessCd2900099
IRS990/ProgramServiceRevenueGrp/Desc0LOAN INTEREST
IRS990/ProgramServiceRevenueGrp/Desc1FEE INCOME
IRS990/ProgramServiceRevenueGrp/Desc2OTHER INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt027067198
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt17902099
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt21131711
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt027067198
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt18060111
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt21131711
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt0158012
IRS990/ProgSrvcAccomActy2Grp/Desc0THE CREDIT UNION OFFERS A VARIETY OF LOAN PRODUCTS INCLUDING 1ST & 2ND MORTGAGES, AUTO LOANS, UNSECURED, AND MEMBER BUSINESS LOANS WITH APPROXIMATELY 28,478 LOANS OUTSTANDING AS OF DECEMBER 31, 2015.
IRS990/ProgSrvcAccomActy3Grp/Desc0THE CREDIT UNION OFFERS OUR PRODUCTS AND SERVICES THROUGH BRANCHES, ON-LINE BANKING, MOBILE BANKING, OUR CALL CENTER, ATM'S AND PHONE SYSTEM.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt03399615
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt02362948
IRS990/PYOtherExpensesAmt012086171
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt032581759
IRS990/PYRevenuesLessExpensesAmt08422283
IRS990/PYSalariesCompEmpBnftPaidAmt011036638
IRS990/PYTotalExpensesAmt026522424
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt034944707
IRS990/ReconcilationRevenueExpnssAmt07316666
IRS990/RelatedEntityInd01
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IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0103584578
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0110505189
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0250000
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/AgentTrusteeEtcInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt09613827
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt09613827
IRS990ScheduleD/EquipmentGrp/BookValueAmt04783235
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt04783235
IRS990ScheduleD/ExplanationProvidedInd0X
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd01
IRS990ScheduleD/LandGrp/BookValueAmt02916796
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt02916796
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt01877909
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt01877909
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0-9703441
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt09703441
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0843746276
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER SHARE ACCOUNTS
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt01983500
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt1107553659
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt2367396
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt31258025
IRS990ScheduleD/OtherSecuritiesGrp/Desc0FHLB CAPITAL STOCK
IRS990ScheduleD/OtherSecuritiesGrp/Desc1SECURITIES AFS
IRS990ScheduleD/OtherSecuritiesGrp/Desc2OTHER INVESTMENTS
IRS990ScheduleD/OtherSecuritiesGrp/Desc3SECURITIES HELD FOR SALE
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd2C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd3C
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION HOLDS ESCROW ACCOUNTS FOR MORTGAGE LOANS ON THEIR BALANCE SHEET. THESE ACCOUNTS ARE PAID DIVIDENDS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC CREDIT UNION'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS, THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S CONSOLIDATED FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION AND SUBSIDIARY EVALUATED THEIR TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2015 AND 2014. THE CREDIT UNION AND SUBSIDIARY'S 2012 AND SUBSEQUENT TAX YEARS RETURNS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART IV, LINE 2B:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt09488326

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
$974,371,247
Liabilities
$848,283,130
Net assets
$126,088,117
Revenue
$38,649,527
Expenses
$31,332,861
Net income
$7,316,666
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1,436$1,254$182$72.9$69.9$3.03
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,234$1,064$170$48.2$43.7$4.42
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,092$930$162$55.9$44.7$11.2
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,062$912$150$51.1$39.7$11.4
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,057$917$140$45.0$37.2$7.83
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,033$900$132$40.7$34.5$6.21
2015Detailed filing. Detailed filing data is available for this year.$974$848$126$38.6$31.3$7.32
2014Detailed filing. Detailed filing data is available for this year.$909$790$119$34.9$26.5$8.42
2013Detailed filing. Detailed filing data is available for this year.$872$762$110$33.1$24.4$8.75
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$835$732$102$23.5
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$801$708$93.0$26.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$729$640$89.4$25.7
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2015 filings • 501(c)14 • $250M-$1B nonprofits