Civic Intelligence

1St Ed Credit Union

990 • Fiscal year 2015 • EIN 23-6274650

Jan 01, 2015 to Dec 31, 2015 • Filed on May 05, 2016

1156 Kennebec DriveChambersburg, PA 17201

(717) 264-6506

Siviq Scores

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

Liabilities / Assets

27th percentile

0.87x

Higher debt load relative to assets than 27% of similar nonprofits.

2015 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2015

Liabilities / Revenue

98th percentile

34.04x

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

2015 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2015

Net Margin

78th percentile

17%

Higher net margin than 78% of similar nonprofits.

2015 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2015

Top Officer Pay

4th percentile

$96,478

Higher top officer pay than 4% of similar nonprofits.

Top officer pay equals 3.0% of source-year revenue.

2015 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2015

Asset Growth

4th percentile

-1.2%

Faster asset growth than 4% of similar nonprofits.

2015 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Revenue Growth

19th percentile

-1.1%

Faster revenue growth than 19% of similar nonprofits.

2015 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Assets

Down

$125,344,237

Down $1,558,759 (-1.2%) from 2014

Net Assets

Up

$15,935,955

Up $589,520 (+3.8%) from 2014

Liabilities

Down

$109,408,282

Down $2,148,279 (-1.9%) from 2014

Revenue

Down

$3,213,997

Down $36,182 (-1.1%) from 2014

Expenses

Down

$2,653,695

Down $73,972 (-2.7%) from 2014

Net Income

Up

$560,302

Up $37,790 (+7.2%) from 2014

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2011: $127,339,707Liabilities 2011: $112,930,205Net Assets 2011: $14,409,5022011Assets 2012: $130,612,589Liabilities 2012: $115,726,667Net Assets 2012: $14,885,9222012Assets 2014: $126,902,996Liabilities 2014: $111,556,561Net Assets 2014: $15,346,4352014Assets 2015: $125,344,237Liabilities 2015: $109,408,282Net Assets 2015: $15,935,9552015Assets 2016: $121,588,283Liabilities 2016: $105,058,637Net Assets 2016: $16,529,6462016Assets 2017: $118,563,673Liabilities 2017: $101,388,458Net Assets 2017: $17,175,2152017Assets 2018: $115,913,743Liabilities 2018: $98,340,686Net Assets 2018: $17,573,0572018Assets 2019: $116,889,166Liabilities 2019: $97,537,932Net Assets 2019: $19,351,2342019Assets 2020: $127,018,767Liabilities 2020: $106,936,002Net Assets 2020: $20,082,7652020Assets 2021: $134,760,811Liabilities 2021: $115,608,912Net Assets 2021: $19,151,8992021Assets 2024: $138,301,818Liabilities 2024: $120,824,520Net Assets 2024: $17,477,2982024

Highlighted filing

2015

Assets$125,344,237
Liabilities$109,408,282
Net Assets$15,935,955

Operations Trend

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

$6.0M$4.0M$2.0M$0Expenses 2011: $3,492,6162011Expenses 2012: $2,934,0632012Revenue 2014: $3,250,179Expenses 2014: $2,727,667Net Income 2014: $522,5122014Revenue 2015: $3,213,997Expenses 2015: $2,653,695Net Income 2015: $560,3022015Revenue 2016: $3,310,002Expenses 2016: $2,784,387Net Income 2016: $525,6152016Revenue 2017: $3,515,411Expenses 2017: $2,626,317Net Income 2017: $889,0942017Revenue 2018: $3,854,928Expenses 2018: $2,929,001Net Income 2018: $925,9272018Revenue 2019: $4,063,791Expenses 2019: $3,469,904Net Income 2019: $593,8872019Revenue 2020: $3,830,608Expenses 2020: $3,543,272Net Income 2020: $287,3362020Revenue 2021: $3,611,021Expenses 2021: $3,266,232Net Income 2021: $344,7892021Revenue 2024: $5,536,855Expenses 2024: $5,221,574Net Income 2024: $315,2812024

Highlighted filing

2015

Revenue$3,213,997
Expenses$2,653,695
Net Income$560,302
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
May 5, 2016
Return Version
2015v2.1
Gross Receipts
$3,255,390
Mission and Program Overview

Mission

1st ed credit union is a member-owned financial institution, serving school emplopyees and their families in adams, cumberland, franklin, fulton and york counties. Our purpose is to provide members with quality and diverse services, as well as personal attention to their financial needs. We strive for continued growth while maintaining financial stability.

Credit unions are cooperative savings and credit associations incorporated under act no. 260 of may 26, 1993 or act no. 283 of september 20, 1961, for the purpose of promoting thrift amoung its members, creating a source of credit for such members at reasonable rates of interest and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their ecomonic and social conditions.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$76,245,902$69,746,292▼ $6,499,610
Other Notes and Loans Receivable, Net$44,250,325$47,945,570▲ $3,695,245
Rtn Earn Endowment Incm Other Fnds$13,922,055$14,511,575▲ $589,520
Savings and Temporary Cash Investments$2,953,091$4,590,767▲ $1,637,676
Cap Stk Tr Prin Current Funds$1,424,380$1,424,380→ $0
Land, Buildings, and Equipment, Net$1,485,906$1,367,014▼ $118,892
Cash and Non-Interest-Bearing Accounts$312,970$240,485▼ $72,485
Prepaid Expenses and Deferred Charges$176,441$127,305▼ $49,136
Accounts Receivable$172,899$66,936▼ $105,963
Total Assets$126,902,996$125,344,237▼ $1,558,759
Other Assets Total$1,305,462$1,259,868▼ $45,594
Liabilities
Accounts Payable and Accrued Expenses$111,112,489$108,859,470▼ $2,253,019
Other Liabilities$444,072$548,812▲ $104,740
Total Liabilities$111,556,561$109,408,282▼ $2,148,279
Net Assets / Fund Balance
Total Net Assets Fund Balance$15,346,435$15,935,955▲ $589,520
Total Liabilities and Net Assets / Fund Balance$126,902,996$125,344,237▼ $1,558,759

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,156,994$341,993$1,498,987
Equipment$61,291$490,989$552,280
Land$148,729-$148,729
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Kelly ChildressCEO/presidenFT$96,478$96,478
Kelly DaughertyVP of OperatFT$63,959$63,959

Board Members and Trustees

NameTitle
Margaret M HollarPresident
Alan EstesBoard Member
Andrew NelsonBoard Member
Deborah WestoverBoard Member
Larry BresnahanBoard Member
Roy JohnstonSecretary/tr
Carolyn FaithSupervisory
John SouthwoodSupervisory
Karen ShearerSupervisory
Deborah FrameVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,903,618
Investment Income
$884,249
Other Revenue
$426,130
Change in Net Assets
$560,302
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,648,980
Salaries, Compensation, and Employee Benefits$1,004,715
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$631,545
Interest---$405,922
Information Technology---$196,604
All Other Expenses---$170,919
Current Officers, Directors, Trustees, and Key Employees---$160,437
Other Employee Benefits---$154,892
Depreciation Depletion---$134,995
Advertising---$94,583
Payroll Taxes---$57,841
Other Expenses---$52,638
Occupancy---$52,128
Insurance---$45,022
Fees for Services Accounting---$37,065
Travel---$20,632
Office Expenses---$18,536
Conferences and Meetings---$1,536
Fees for Services Legal---$359
Total Functional Expenses$0$0$0$2,653,695
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
Outstanding Checks$297,769
Miscellaneous Accounts Payable$148,337
Accrued Expenses$99,278
Payroll Taxes Payable$3,428
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

The membership of 1st ed credit union is limited to employees and students of the school districts in the counties of franklin, fulton, adams and cumberland (except west shore, camp hill, east pennsboro, mechanicsburg, and cumberland valley); lincoln intermediate unit 12 employees employed and students attending in adams, franklin, and york counties; teachers employed by the commonwealth of pennsylvania in those counties; associations of such members; employees of the credit union; other occupational and associational groups as provided by law and with the prior written approval of the department of banking; and members of their immediate families.

Form 990, Page 6, Part VI, Line 7A

The organization's members have the ability to elect members of the governing body at the organization's annual meeting.

Form 990, Page 6, Part VI, Line 7B

The organization's members have the ability to vote on any changes made to the organization's bylaws and articles of incorporation at the annual meeting or special meeting called by the board of directors.

Form 990, Page 6, Part VI, Line 11B

The form 990 is reviewed by the ceo and the accounting manager before being passed on to the governing board. The governing body then reviews the form 990 before the form is filed.

Form 990, Page 6, Part VI, Line 12C

The credit union's board members are required to abstain from voting whenever a conflict of interest could arise.

Form 990, Page 6, Part VI, Line 15A

The organization's top management offical's compensation is determined using a survey of industry standards, guided by asset size and number of full time employees.

Form 990, Page 6, Part VI, Line 15B

The employee's senior manager determines compensation using a survey of industry standards and the governing body then approves the recommended compensation.

Form 990, Page 6, Part VI, Line 19

The organization's governing documents, conflict of interest policy, and financial statements are made available to the public upon request. The organization's form 990 is also available to the public through www.guidestar.org.

Filing and Contact Details

Filer

Filer Name
1st Ed Credit Union
EIN
23-6274650
Phone
7172646506
Address
1156 KENNEBEC DRIVE, CHAMBERSBURG, PA 17201

Signing Officer

Name
Kelly Childress
Title
CEO/president
Phone
7172646506
Signed
2016-05-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kelly Childress
Formed
1933
Legal Domicile
Pa
Voting Board Members
7
Independent Board Members
7
Employees
23

Preparer

Firm
Smith Elliott Kearns & Company LLC
Address
804 WAYNE AVE, CHAMBERSBURG, PA 17201-3810
Preparer
Luke C Martin CPA
Phone
7172633910
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

1st ed credit union is a member-owned financial institution, serving school emplopyees and their families in adams, cumberland, franklin, fulton and york counties. Our purpose is to provide members with quality and diverse services, as well as personal attention to their financial needs. We strive for continued growth while maintaining financial stability.

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IRS990ScheduleD/EquipmentGrp/DepreciationAmt0490989
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0552280
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3PAYROLL TAXES PAYABLE
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt01ST ED CREDIT UNION IS A MEMBER-OWNED FINANCIAL INSTITUTION, SERVING SCHOOL EMPLOPYEES AND THEIR FAMILIES IN ADAMS, CUMBERLAND, FRANKLIN, FULTON AND YORK COUNTIES. OUR PURPOSE IS TO PROVIDE MEMBERS WITH QUALITY AND DIVERSE SERVICES, AS WELL AS PERSONAL ATTENTION TO THEIR FINANCIAL NEEDS. WE STRIVE FOR CONTINUED GROWTH WHILE MAINTAINING FINANCIAL STABILITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE MEMBERSHIP OF 1ST ED CREDIT UNION IS LIMITED TO EMPLOYEES AND STUDENTS OF THE SCHOOL DISTRICTS IN THE COUNTIES OF FRANKLIN, FULTON, ADAMS AND CUMBERLAND (EXCEPT WEST SHORE, CAMP HILL, EAST PENNSBORO, MECHANICSBURG, AND CUMBERLAND VALLEY); LINCOLN INTERMEDIATE UNIT 12 EMPLOYEES EMPLOYED AND STUDENTS ATTENDING IN ADAMS, FRANKLIN, AND YORK COUNTIES; TEACHERS EMPLOYED BY THE COMMONWEALTH OF PENNSYLVANIA IN THOSE COUNTIES; ASSOCIATIONS OF SUCH MEMBERS; EMPLOYEES OF THE CREDIT UNION; OTHER OCCUPATIONAL AND ASSOCIATIONAL GROUPS AS PROVIDED BY LAW AND WITH THE PRIOR WRITTEN APPROVAL OF THE DEPARTMENT OF BANKING; AND MEMBERS OF THEIR IMMEDIATE FAMILIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION'S MEMBERS HAVE THE ABILITY TO ELECT MEMBERS OF THE GOVERNING BODY AT THE ORGANIZATION'S ANNUAL MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION'S MEMBERS HAVE THE ABILITY TO VOTE ON ANY CHANGES MADE TO THE ORGANIZATION'S BYLAWS AND ARTICLES OF INCORPORATION AT THE ANNUAL MEETING OR SPECIAL MEETING CALLED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE FORM 990 IS REVIEWED BY THE CEO AND THE ACCOUNTING MANAGER BEFORE BEING PASSED ON TO THE GOVERNING BOARD. THE GOVERNING BODY THEN REVIEWS THE FORM 990 BEFORE THE FORM IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE CREDIT UNION'S BOARD MEMBERS ARE REQUIRED TO ABSTAIN FROM VOTING WHENEVER A CONFLICT OF INTEREST COULD ARISE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE ORGANIZATION'S TOP MANAGEMENT OFFICAL'S COMPENSATION IS DETERMINED USING A SURVEY OF INDUSTRY STANDARDS, GUIDED BY ASSET SIZE AND NUMBER OF FULL TIME EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE EMPLOYEE'S SENIOR MANAGER DETERMINES COMPENSATION USING A SURVEY OF INDUSTRY STANDARDS AND THE GOVERNING BODY THEN APPROVES THE RECOMMENDED COMPENSATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. THE ORGANIZATION'S FORM 990 IS ALSO AVAILABLE TO THE PUBLIC THROUGH WWW.GUIDESTAR.ORG.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TotalProgramServiceRevenueAmt01903618
IRS990/TotalReportableCompFromOrgAmt0160437
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IRS990/UponRequestInd0X
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IRS990/USAddress/CityNm0CHAMBERSBURG
IRS990/USAddress/StateAbbreviationCd0PA
IRS990/USAddress/ZIPCd017201
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.1EDCU.ORG
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02016-09-27 15:27:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0KELLY CHILDRESS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO/PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum07172646506
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-05-05
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt01ST ED CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt01STE
ReturnHeader/Filer/EIN0236274650
ReturnHeader/Filer/PhoneNum07172646506
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ReturnHeader/Filer/USAddress/CityNm0CHAMBERSBURG
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0520783935
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0SMITH ELLIOTT KEARNS & COMPANY LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0804 WAYNE AVE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CHAMBERSBURG
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0172013810
ReturnHeader/PreparerPersonGrp/PhoneNum07172633910
ReturnHeader/PreparerPersonGrp/PreparationDt02016-05-05
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0LUKE C MARTIN CPA
ReturnHeader/ReturnTs02016-05-11T09:58:31-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-01-01
ReturnHeader/TaxPeriodEndDt02015-12-31
ReturnHeader/TaxYr02015

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