Civic Intelligence

New York State Chartered Credit Unions

990 • Fiscal year 2020 • EIN 15-0574036

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 10, 2021

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

8th percentile

0.86x

Higher debt load relative to assets than 8% of similar nonprofits.

2020 filings • 501(c)14 • $1B+ nonprofits • Source year 2020

Liabilities / Revenue

69th percentile

22.09x

Higher debt load relative to revenue than 69% of similar nonprofits.

2020 filings • 501(c)14 • $1B+ nonprofits • Source year 2020

Net Margin

22nd percentile

9.2%

Higher net margin than 22% of similar nonprofits.

2020 filings • 501(c)14 • $1B+ nonprofits • Source year 2020

Top Officer Pay

93rd percentile

$2,931,714

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 6.1% of source-year revenue.

2020 filings • 501(c)14 • $1B+ nonprofits • Source year 2020

Asset Growth

12th percentile

13%

Faster asset growth than 12% of similar nonprofits.

2020 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2019 to 2020

Revenue Growth

5th percentile

-14%

Faster revenue growth than 5% of similar nonprofits.

2020 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets8th percentile

Assets

Up

$1,233,869,792

Up $141,424,562 (+13%) from 2019

Net Assets

Up

$170,142,505

Up $7,722,389 (+4.8%) from 2019

Liabilities

Up

$1,063,727,287

Up $133,702,173 (+14%) from 2019

Revenue And Expenses
Liabilities / Revenue69th percentileNet Margin22nd percentile

Revenue

Down

$48,155,483

Down $7,743,867 (-14%) from 2019

Expenses

Down

$43,736,336

Down $1,002,013 (-2.2%) from 2019

Net Income

Down

$4,419,147

Down $6,741,854 (-60%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth12th 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

2020

Assets$1,233,869,792
Liabilities$1,063,727,287
Net Assets$170,142,505
Open 2020 Filing

Operations Trend

Revenue Growth5th 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

2020

Revenue$48,155,483
Expenses$43,736,336
Net Income$4,419,147
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 10, 2021
Return Version
2020v4.1
Gross Receipts
$48,155,483
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 and 2nd mortgages, auto, unsecured, and member business loans.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$798,238,053$825,528,506▲ $27,290,453
Savings and Temporary Cash Investments$170,691,606$201,746,288▲ $31,054,682
Rtn Earn Endowment Incm Other Fnds$162,420,116$170,142,505▲ $7,722,389
Investments in Publicly Traded Securities$78,776,103$159,314,135▲ $80,538,032
Land, Buildings, and Equipment, Net$15,701,686$14,167,688▼ $1,533,998
Investments Other Securities$3,078,252$9,099,574▲ $6,021,322
Cash and Non-Interest-Bearing Accounts$6,747,415$5,710,941▼ $1,036,474
Prepaid Expenses and Deferred Charges$1,019,431$1,228,671▲ $209,240
Accounts Receivable$1,247,237$1,077,968▼ $169,269
Intangible Assets$20,972$19,306▼ $1,666
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,092,445,230$1,233,869,792▲ $141,424,562
Other Assets Total$16,924,475$15,976,715▼ $947,760
Liabilities
Other Liabilities$906,427,825$1,038,578,056▲ $132,150,231
Accounts Payable and Accrued Expenses$14,426,694$15,381,748▲ $955,054
Escrow Account Liability$9,170,595$9,767,483▲ $596,888
Total Liabilities$930,025,114$1,063,727,287▲ $133,702,173
Net Assets / Fund Balance
Total Net Assets Fund Balance$162,420,116$170,142,505▲ $7,722,389
Total Liabilities and Net Assets / Fund Balance$1,092,445,230$1,233,869,792▲ $141,424,562

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,210,395$6,776,282$9,986,677
Equipment$3,059,547$5,143,959$8,203,506
Leasehold Improvements$5,612,468$2,356,983$7,969,451
Land$2,065,702-$2,065,702
Other Land Buildings$219,576$754,073$973,649
Compensation and Service Providers
Top Officer Pay93rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Lisa WhitakerCEOFT$628,075$2,303,639$2,931,714
Paul KirkCFOFT$309,588$761,695$1,071,283
William CraneCAO/general CounselFT$264,370$157,895$422,265
Catherine BensonChief Lending OfficerFT$236,997$154,034$391,031
Beth PutnamChief Retail OfficerFT$205,358$120,336$325,694
Eliza MulhernVP Associate General CounsFT$221,184$96,449$317,633
Sarah TomeiVP Finance/controllerFT$199,074$92,039$291,113
Jennifer Carlton-cooperVP Electronic ServicesFT$176,054$82,168$258,222
Jeffrey DobbinVP Business LendingFT$173,984$73,245$247,229

Board Members and Trustees

NameTitle
Brian MitteerChairperson
Amy L GonzalezVice Chairperson
Dana DeckerBoard Member
Katie G FoleyBoard Member
Joseph H DuringBoard Treasurer
Claude S HewittSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Fiserv INCCore Processor EftPO BOX 99924, Grapevine, TX 76099$3,634,329
RigerMarketing53 CHENANGO STREET, Binghamton, NY 13902$693,475
Immediate Mailing Services INCMailing24 COMMERCE BLVD, Liverpool, NY 13088$399,898
Coughlin & Gerhart LLPAttorneyPO BOX 2039, Binghamton, NY 13902$281,088
FirstlightData LinePO BOX 1301, Willson, VT 05495$280,807
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$45,399,179
Investment Income
$2,756,304
Other Revenue
$0
Change in Net Assets
$4,419,147
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$22,775,825
Salaries, Compensation, and Employee Benefits$20,916,261
Grants and Similar Amounts Paid$44,250
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$9,523,598
Current Officers, Directors, Trustees, and Key Employees---$4,816,293
Interest---$3,737,138
Pension Plan Contributions---$3,571,071
All Other Expenses---$2,082,144
Other Employee Benefits---$2,081,588
Information Technology---$1,889,829
Office Expenses---$1,853,743
Depreciation Depletion---$1,657,083
Occupancy---$1,151,289
Other Expenses---$1,105,379
Advertising---$1,017,958
Payroll Taxes---$923,711
Fees for Services Other---$786,139
Fees for Services Accounting---$490,900
Insurance---$220,730
Fees for Services Legal---$108,690
Payments to Affiliates---$64,185
Grants to Domestic Individuals---$44,250
Travel---$30,347
Total Functional Expenses$0$0$0$43,736,336
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Regular Shares$440,448,111
Share Drafts$323,341,468
Share and Ira Certificates$201,383,317
Money Market$58,296,257
Ira Shares$15,108,903
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 35% controlled entity
No
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
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, cortland, cayuga, seneca, and ontario 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 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 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 11B

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

Form 990, Part VI, Section B, Line 12C

“The annual disclosures are reviewed by legal counsel and any conflicts are discussed and addressed as appropriate.”

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 2020.”

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 Kirk
Title
CFO
Phone
6072578500
Signed
2021-11-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Paul Kirk
Formed
1953
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
6
Employees
236
Volunteers
9

Preparer

Firm
Doeren Mayhew
Address
305 W BIG BEAVER ROAD, TROY, MI 48084
Preparer
Robert Parks CPA
Phone
2482443000
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Professional fees 786,139.”

Form 990, Part XII, Line 2C

“There were no changes in the process of the committee that assumes responsibility of the oversight of the audit and selection of the independent auditor.”

Financial Statement Notes

PART IV, LINE 2B:

“On a monthly basis, the credit union collects payment from members with mortgage loans outstanding. As stipulated by the agreement signed by both parties, the monthly payment for each member inlcudes principal, interest, and escrows. Escrows are used to pay taxes and insurance on the property.”

PART X, LINE 2:

“The credit union is exempt from most federal, state and local income taxes under the provisions of the internal revenue code (irc) and state tax laws. However, irc section 511 imposes a tax on the unrelated business income derived by state-chartered credit unions. Generally, these taxes are insignificant to the credit union.”

Raw XML AppendixShowing 400 of 701 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/Form990PartVIISectionAGrp/PersonNm1JOSEPH H DURING
IRS990/Form990PartVIISectionAGrp/PersonNm2KATIE G FOLEY
IRS990/Form990PartVIISectionAGrp/PersonNm3AMY L GONZALEZ
IRS990/Form990PartVIISectionAGrp/PersonNm4BRIAN MITTEER
IRS990/Form990PartVIISectionAGrp/PersonNm5CLAUDE S HEWITT
IRS990/Form990PartVIISectionAGrp/PersonNm6DANA DECKER
IRS990/Form990PartVIISectionAGrp/PersonNm7PAUL KIRK
IRS990/Form990PartVIISectionAGrp/PersonNm8WILLIAM CRANE
IRS990/Form990PartVIISectionAGrp/PersonNm9CATHERINE BENSON
IRS990/Form990PartVIISectionAGrp/PersonNm10BETH PUTNAM
IRS990/Form990PartVIISectionAGrp/PersonNm11ELIZA MULHERN
IRS990/Form990PartVIISectionAGrp/PersonNm12JEFFREY DOBBIN
IRS990/Form990PartVIISectionAGrp/PersonNm13SARAH TOMEI
IRS990/Form990PartVIISectionAGrp/PersonNm14JENNIFER CARLTON-COOPER
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt9341059
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt11275396
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt12219097
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt13246470
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt14229373
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt140
IRS990/Form990PartVIISectionAGrp/TitleTxt0CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt1BOARD TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt2BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt3VICE CHAIRPERSON
IRS990/Form990PartVIISectionAGrp/TitleTxt4CHAIRPERSON
IRS990/Form990PartVIISectionAGrp/TitleTxt5SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt8CAO/GENERAL COUNSEL
IRS990/Form990PartVIISectionAGrp/TitleTxt9CHIEF LENDING OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt10CHIEF RETAIL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt11VP ASSOCIATE GENERAL COUNS
IRS990/Form990PartVIISectionAGrp/TitleTxt12VP BUSINESS LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt13VP FINANCE/CONTROLLER
IRS990/Form990PartVIISectionAGrp/TitleTxt14VP ELECTRONIC SERVICES
IRS990/Form990ProvidedToGvrnBodyInd00
IRS990/Form990TFiledInd01
IRS990/FormationYr01953
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/ConsolidatedBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
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IRS990/GrantsToDomesticIndividualsGrp/TotalAmt044250
IRS990/GrantsToIndividualsInd01
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt048155483
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd00
IRS990/IndependentVotingMemberCnt06
IRS990/IndivRcvdGreaterThan100KCnt021
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartIXInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InformationTechnologyGrp/TotalAmt01889829
IRS990/InsuranceGrp/TotalAmt0220730
IRS990/IntangibleAssetsGrp/BOYAmt020972
IRS990/IntangibleAssetsGrp/EOYAmt019306
IRS990/InterestGrp/TotalAmt03737138
IRS990/InvestmentIncomeGrp/ExclusionAmt02756304
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt02756304
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt03078252
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt09099574
IRS990/InvestmentsPubTradedSecGrp/BOYAmt078776103
IRS990/InvestmentsPubTradedSecGrp/EOYAmt0159314135
IRS990/IRPDocumentCnt018800
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt015031297
IRS990/LandBldgEquipBasisNetGrp/BOYAmt015701686
IRS990/LandBldgEquipBasisNetGrp/EOYAmt014167688
IRS990/LandBldgEquipCostOrOtherBssAmt029198985
IRS990/LegalDomicileStateCd0NY
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/NetAssetsOrFundBalancesBOYAmt0162420116
IRS990/NetAssetsOrFundBalancesEOYAmt0170142505
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt03303242
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt01151289
IRS990/OfficeExpensesGrp/TotalAmt01853743
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt016924475
IRS990/OtherAssetsTotalGrp/EOYAmt015976715
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt02081588
IRS990/OtherExpensesGrp/Desc0PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc1DEBIT/CREDIT EXPENSES
IRS990/OtherExpensesGrp/Desc2LOAN SERVICING
IRS990/OtherExpensesGrp/Desc3MISCELLANEOUS
IRS990/OtherExpensesGrp/TotalAmt03061572
IRS990/OtherExpensesGrp/TotalAmt11978119
IRS990/OtherExpensesGrp/TotalAmt21540580
IRS990/OtherExpensesGrp/TotalAmt31105379
IRS990/OtherLiabilitiesGrp/BOYAmt0906427825
IRS990/OtherLiabilitiesGrp/EOYAmt01038578056
IRS990/OtherOrganizationDsc0CREDIT UNION
IRS990/OtherSalariesAndWagesGrp/TotalAmt09523598
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0798238053
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0825528506
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/TotalAmt064185
IRS990/PayrollTaxesGrp/TotalAmt0923711
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt03571071
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt01019431
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt01228671
IRS990/PrincipalOfficerNm0PAUL KIRK
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/BusinessCd2520000
IRS990/ProgramServiceRevenueGrp/Desc0LOANS TO MEMBERS
IRS990/ProgramServiceRevenueGrp/Desc1FEES/CHARGES/OTHER
IRS990/ProgramServiceRevenueGrp/Desc2FINANCE AND INSURANCE
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt034092191
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt111176164
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt034092191
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt111176164
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2130824
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt0130824
IRS990/ProgSrvcAccomActy2Grp/Desc0THE CREDIT UNION OFFERS A VARIETY OF LOAN PRODUCTS INCLUDING 1ST AND 2ND MORTGAGES, AUTO LOANS, UNSECURED, AND MEMBER BUSINESS LOANS WITH APPROXIMATELY 29,836 LOANS OUTSTANDING AS OF DECEMBER 31, 2020.
IRS990/ProgSrvcAccomActy3Grp/Desc0THE CREDIT UNION OFFERS OUR PRODUCTS AND SERVICES THROUGH BRANCHES, ON-LINE BANKING, MOBILE BANKING, OUR CALL CENTER, ATMS, VTMS AND PHONE SYSTEM.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt039875
IRS990/PYInvestmentIncomeAmt05185715
IRS990/PYOtherExpensesAmt024532953
IRS990/PYOtherRevenueAmt02357937
IRS990/PYProgramServiceRevenueAmt048355698
IRS990/PYRevenuesLessExpensesAmt011161001
IRS990/PYSalariesCompEmpBnftPaidAmt020165521
IRS990/PYTotalExpensesAmt044738349
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt055899350
IRS990/ReconcilationRevenueExpnssAmt04419147
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0162420116
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0170142505
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0170691606
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0201746288
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/AgentTrusteeEtcInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt03210395
IRS990ScheduleD/BuildingsGrp/DepreciationAmt06776282
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt09986677
IRS990ScheduleD/EquipmentGrp/BookValueAmt03059547
IRS990ScheduleD/EquipmentGrp/DepreciationAmt05143959
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt08203506
IRS990ScheduleD/ExplanationProvidedInd0X
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd01
IRS990ScheduleD/LandGrp/BookValueAmt02065702
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt02065702
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt05612468
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt02356983
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt07969451
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0219576
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0754073
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0973649
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0440448111
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1323341468
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt258296257
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt315108903
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt4201383317
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0REGULAR SHARES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1SHARE DRAFTS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2MONEY MARKET
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3IRA SHARES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4SHARE AND IRA CERTIFICATES
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ON A MONTHLY BASIS, THE CREDIT UNION COLLECTS PAYMENT FROM MEMBERS WITH MORTGAGE LOANS OUTSTANDING. AS STIPULATED BY THE AGREEMENT SIGNED BY BOTH PARTIES, THE MONTHLY PAYMENT FOR EACH MEMBER INLCUDES PRINCIPAL, INTEREST, AND ESCROWS. ESCROWS ARE USED TO PAY TAXES AND INSURANCE ON THE PROPERTY.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART IV, LINE 2B:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt014167688
IRS990ScheduleD/TotalLiabilityAmt01038578056
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt041250
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt13000
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0SCHOLARSHIPS
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt1COMMUNITY SERVICE AWARD WINNER
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt022
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt12
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/ValuationMethodUsedDesc0BOOK
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/ValuationMethodUsedDesc1BOOK
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0CFCU COMMUNITY CREDIT UNION GRANTS SCHOLARSHIPS IN AMOUNTS THAT RANGE FROM $1,500 TO $3,000. CFCU COMMUNITY CREDIT UNION'S EDUCATION COMMITTEE SCORES EACH APPLICANT BASED ON CATEGORIES THAT INCLUDE HIGH SCHOOL ACTIVITIES/LEADERSHIP, RECOMMENDATIONS, ACADEMIC PERFORMANCE, RESPONSES TO SHORT ANSWER AND ESSAY QUESTIONS, VOLUNTEER WORK AND LENGTH OF CREDIT UNION MEMBERSHIP. EACH APPLICANT'S FINANCIAL NEED IS ALSO FACTORED INTO THE DECISION. DISBURSEMENTS ARE MADE EITHER DIRECTLY TO EACH RECIPIENT'S SCHOOL OF CHOICE OR DIRECTLY TO THE RECIPIENT'S CFCU COMMUNITY CREDIT UNION'S DEPOSIT ACCOUNT UPON PROOF OF COMPLETION OF EACH SEMESTER. SUBSEQUENT TO DISBURSEMENT, CFCU COMMUNITY CREDIT UNION'S EDUCATION COMMITTEE MONITOR'S EACH RECIPIENT'S FULL-TIME STATUS AND GRADE POINT AVERAGE. STUDENTS NOT MEETING THE SCHOLARSHIP PROGRAM'S ELIGIBILITY CRITERIA RISK FORFEITURE OF ANY UNPAID PORTION OF THEIR SCHOLARSHIP. CFCU COMMUNITY CREDIT UNION GRANTED TWO COMMUNITY SERVICE AWARDS AGGREGATING $3,000 DURING 2020. APPLICANTS MUST BE MEMBERS OF CFCU COMMUNITY CREDIT UNION FOR A SET MINIMUM TIME PERIOD. APPLICANT MUST HAVE DEMONSTRATED EVIDENCE OF SERVICE TO THE COMMUNITY BY COMPLETING AT LEAST 75 UNPAID VOLUNTEER HOURS FROM THE SUMMER AFTER HIS/HER SOPHOMORE YEAR THROUGH HIS/HER SENIOR YEAR. COMMUNITY SERVICE HOURS COULD INCLUDE, BUT ARE NOT LIMITED TO, VOLUNTEERING WITH NON-PROFITS (E.G. UNITED WAY, SPCA, CATHOLIC CHARITIES, FOOD PANTRIES, ETC.), DEVELOPING A PROJECT THAT BETTERS THE COMMUNITY (E.G. EAGLE SCOUTS), OR OTHER VOLUNTEERISM THAT GIVES BACK TO MEMBERS OF THE COMMUNITY. AWARDS ARE FOR ONE YEAR ONLY AND ARE NOT RENEWABLE. AWARD MONIES MAY BE USED AT THE RECIPIENTS' DISCRETION. DISBURSEMENTS WILL BE PAID DIRECTLY TO THE RECIPIENT'S CFCU ACCOUNT. THERE IS NO SUBSEQUENT MONITORING BY CFCU COMMUNITY CREDIT UNION SUBSEQUENT TO DISBURSEMENT.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 2:
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/ClubDuesOrFeesInd0X
IRS990ScheduleJ/CompensationSurveyInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0628075
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1309588

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,233,869,792
Liabilities
$1,063,727,287
Net assets
$170,142,505
Revenue
$48,155,483
Expenses
$43,736,336
Net income
$4,419,147
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
2020Detailed filing. Detailed filing data is available for this year.$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

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