Civic Intelligence

Baxter Credit Union

990 • Fiscal year 2014 • EIN 23-7250155

Jan 01, 2014 to Dec 31, 2014 • Filed on May 15, 2015

340 North Milwaukee AvenueVernon Hills, IL 60061

(800) 388-7000

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.

2014 filings • 501(c)14 • $1B+ nonprofits • Source year 2014

Liabilities / Revenue

5th percentile

14.21x

Higher debt load relative to revenue than 5% of similar nonprofits.

2014 filings • 501(c)14 • $1B+ nonprofits • Source year 2014

Net Margin

54th percentile

21%

Higher net margin than 54% of similar nonprofits.

2014 filings • 501(c)14 • $1B+ nonprofits • Source year 2014

Top Officer Pay

66th percentile

$947,008

Higher top officer pay than 66% of similar nonprofits.

Top officer pay equals 0.7% of source-year revenue.

2014 filings • 501(c)14 • $1B+ nonprofits • Source year 2014

Asset Growth

93rd percentile

13%

Faster asset growth than 93% of similar nonprofits.

2014 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2013 to 2014

Revenue Growth

34th percentile

1.4%

Faster revenue growth than 34% of similar nonprofits.

2014 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2013 to 2014

Assets

Up

$2,107,750,565

Up $328,925,034 (+18%) from 2012

Net Assets

Up

$205,904,885

Up $54,906,634 (+36%) from 2012

Liabilities

Up

$1,901,845,680

Up $274,018,400 (+17%) from 2012

Revenue

$133,812,942

No earlier filing loaded for comparison.

Expenses

Up

$106,360,927

Up $439,390 (+0.4%) from 2012

Net Income

$27,452,015

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$6.0B$4.0B$2.0B$0Assets 2010: $1,443,953,570Liabilities 2010: $1,332,796,475Net Assets 2010: $111,157,0952010Assets 2011: $1,580,220,615Liabilities 2011: $1,450,387,237Net Assets 2011: $129,833,3782011Assets 2012: $1,778,825,531Liabilities 2012: $1,627,827,280Net Assets 2012: $150,998,2512012Assets 2014: $2,107,750,565Liabilities 2014: $1,901,845,680Net Assets 2014: $205,904,8852014Assets 2015: $2,358,314,772Liabilities 2015: $2,123,843,095Net Assets 2015: $234,471,6772015Assets 2016: $2,629,405,006Liabilities 2016: $2,367,050,276Net Assets 2016: $262,354,7302016Assets 2017: $2,947,983,587Liabilities 2017: $2,657,257,144Net Assets 2017: $290,726,4432017Assets 2018: $3,483,954,445Liabilities 2018: $3,158,288,547Net Assets 2018: $325,665,8982018Assets 2020: $4,476,609,953Liabilities 2020: $4,061,186,751Net Assets 2020: $415,423,2022020Assets 2021: $5,072,223,238Liabilities 2021: $4,584,267,558Net Assets 2021: $487,955,6802021Assets 2022: $5,751,484,149Liabilities 2022: $5,246,732,646Net Assets 2022: $504,751,5032022

Highlighted filing

2014

Assets$2,107,750,565
Liabilities$1,901,845,680
Net Assets$205,904,885

Operations Trend

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

$400M$300M$200M$100M$0Expenses 2010: $110,530,4122010Expenses 2011: $104,002,7722011Expenses 2012: $105,921,5372012Revenue 2014: $133,812,942Expenses 2014: $106,360,927Net Income 2014: $27,452,0152014Revenue 2015: $149,320,698Expenses 2015: $120,701,174Net Income 2015: $28,619,5242015Revenue 2016: $165,334,018Expenses 2016: $136,780,152Net Income 2016: $28,553,8662016Revenue 2017: $192,716,840Expenses 2017: $164,439,417Net Income 2017: $28,277,4232017Revenue 2018: $238,305,161Expenses 2018: $203,333,006Net Income 2018: $34,972,1552018Revenue 2020: $274,030,926Expenses 2020: $239,877,914Net Income 2020: $34,153,0122020Revenue 2021: $316,168,145Expenses 2021: $240,408,034Net Income 2021: $75,760,1112021Revenue 2022: $350,442,030Expenses 2022: $293,104,697Net Income 2022: $57,337,3332022

Highlighted filing

2014

Revenue$133,812,942
Expenses$106,360,927
Net Income$27,452,015
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
May 15, 2015
Return Version
2014v5.0
Gross Receipts
$154,378,333
Mission and Program Overview

Mission

The organization is a full service, state-chartered credit union providing a broad range of loan and deposit products and other financial services to it members located throughout the US and Puerto Rico using various channels including branches, a call center, and the internet.

The organization is a full service, state-chartered credit union providing a broad range of loan and products and other financial services to its members located throughout the US using various channels including branches, a call center, and the internet.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,615,501,153$1,841,830,206▲ $226,329,053
Rtn Earn Endowment Incm Other Fnds$177,852,833$205,904,885▲ $28,052,052
Savings and Temporary Cash Investments$68,604,684$57,863,156▼ $10,741,528
Investments in Publicly Traded Securities$72,254,835$40,335,867▼ $31,918,968
Land, Buildings, and Equipment, Net$21,938,120$24,257,606▲ $2,319,486
Investments Other Securities$11,026,235$10,869,969▼ $156,266
Cash and Non-Interest-Bearing Accounts$8,392,580$9,757,686▲ $1,365,106
Prepaid Expenses and Deferred Charges$1,953,109$1,989,684▲ $36,575
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,861,645,685$2,107,750,565▲ $246,104,880
Other Assets Total$61,974,969$120,846,391▲ $58,871,422
Liabilities
Other Liabilities$1,663,681,323$1,826,646,870▲ $162,965,547
Mortgage Notes Payable Secured by Investment Property-$45,000,000-
Accounts Payable and Accrued Expenses$20,111,529$30,198,810▲ $10,087,281
Total Liabilities$1,683,792,852$1,901,845,680▲ $218,052,828
Net Assets / Fund Balance
Total Net Assets Fund Balance$177,852,833$205,904,885▲ $28,052,052
Total Liabilities and Net Assets / Fund Balance$1,861,645,685$2,107,750,565▲ $246,104,880

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,549,437$936,809$0
Other Land Buildings$2,671,512$0$0
Land$1,505,480-$0
Equipment$13,171,580$35,114,948$0
Leasehold Improvements$5,359,597$8,215,147$0
Other Assets Org$16,607,066--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Margot KaplanChairperson
Michael ValentinePresident, CEO and Treassurer
Thomas AbateVice Chairperson
Charles ThurmanDirector
David DrohanDirector
Jeffery BaileyDirector
Michael BaughmanDirector
Michael CurranDirector
Ron LabrumDirector
Thomas HodsonDirector
Robert BenzingerDirector and Secretary
Robert McKayCOO and EVP
Tom MooreEvp/CFO
Bryan FarrisseyInvestment Advisor
Richard ChambersInvestment Advisors
Richard OrrInvestment Advisors
Scott SchmidtRemote Services
Lisa BaronSVP/hr
Jeffery JohnsonSVP/Info Systems
David BlumVP Business Services
Douglas WrightVP/Audit
Charles SmithVP/Controller
Carl PrestoVP/Finance
Sarah ThorrensVP/Human Resources
James BlockVP/Lending
John SahagianVP/Marketing
Herbert BehrensVP/Mortgages
Carey PriceVP/Sales and Service
Michelle BloedornVP/Sales and Service
Patti DixonVP/Service Centers
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$132,156,351
Investment Income
$1,656,591
Other Revenue
$0
Change in Net Assets
$27,452,015

Audited Revenue Reconciliation

Revenue per Audited Statements
$133,812,942
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$133,812,942
Total Revenue per Form 990
$133,812,942
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$68,008,565
Salaries, Compensation, and Employee Benefits$38,352,362
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$29,461,989
All Other Expenses---$9,825,356
Depreciation Depletion---$5,668,467
Other Employee Benefits---$4,833,696
Information Technology---$4,003,637
Office Expenses---$3,805,277
Occupancy---$3,169,247
Advertising---$2,993,080
Fees for Services Other---$2,911,323
Payroll Taxes---$2,480,414
Pension Plan Contributions---$1,576,263
Conferences and Meetings---$1,449,578
Interest---$392,518
Insurance---$240,337
Fees for Services Legal---$167,463
Fees for Services Accounting---$57,300
Total Functional Expenses$0$0$0$106,360,927

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$106,360,927
Total Expenses per Audited Statements$106,360,927
Total Expenses per Form 990$106,360,927
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
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
Yes
Subject to proxy tax
No

Reported Spending and Taxes

Line ItemAmount
Political Expenditures$35,000
Total Exempt Function Spending$35,000
Section 527 Activity Spending$0

Section 527 Organizations

OrganizationLocationAmount
91-0219435Tukwila, WA$20,000
36-3092340Naperville, IL$15,000
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Patrick Valentinebrotherlandscaping and snow removalNo$105,916
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
member shares$1,826,646,870
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
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

our credit union members elect directors and appoint an outside auditor during the annual meeting held in March. One of the directors is the President of the credit union.

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

our credit union members elect directors and appoint outside auditor during the annual meeting held in March. One of the directors is the President of the credit union.

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

our credit union members elect directors and appoint an outside auditor during the annual meeting held in March. One of the directors is the President of the credit union.

Form 990, Part VI, Section B, Line 11B

form 990 is reviewed for accuracy by the Controller and CFO before submitted to the IRS.

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

the credit union has a written code of conduct which includes a "conflict of interest" clause requiring all employees to complete the online form.

Form 990, Part VI, Section B, Line 15

compensation was determined by reviewing third party benchmarks which were reviewed by the Executive Committee of the Board of Directors for final determination.

Form 990, Part VI, Section C, Line 19

the credit union will provide its governing documents, interest policy, and financial statements to its members upon request.

Filing and Contact Details

Filer

Filer Name
Baxter Credit Union
EIN
23-7250155
Phone
8003887000
Address
340 North Milwaukee Avenue, Vernon Hills, IL 60061

Signing Officer

Name
Chuck Smith
Title
Controller
Phone
8479328401
Signed
2015-05-15

Organization Details

Principal Officer
Mike Valentine
Formed
1981
Legal Domicile
Il
Voting Board Members
1
Independent Board Members
12
Employees
0
Volunteers
5
Raw XML AppendixShowing 400 of 1,033 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/PersonNm0Margot Kaplan
IRS990/Form990PartVIISectionAGrp/PersonNm1Thomas Abate
IRS990/Form990PartVIISectionAGrp/PersonNm2Michael Baughman
IRS990/Form990PartVIISectionAGrp/PersonNm3Robert Benzinger
IRS990/Form990PartVIISectionAGrp/PersonNm4Michael Curran
IRS990/Form990PartVIISectionAGrp/PersonNm5David Drohan
IRS990/Form990PartVIISectionAGrp/PersonNm6Thomas Hodson
IRS990/Form990PartVIISectionAGrp/PersonNm7Ron Labrum
IRS990/Form990PartVIISectionAGrp/PersonNm8Jeffery Bailey
IRS990/Form990PartVIISectionAGrp/PersonNm9Charles Thurman
IRS990/Form990PartVIISectionAGrp/PersonNm10Michael Valentine
IRS990/Form990PartVIISectionAGrp/PersonNm11Robert McKay
IRS990/Form990PartVIISectionAGrp/PersonNm12Lisa Baron
IRS990/Form990PartVIISectionAGrp/PersonNm13Jeffery Johnson
IRS990/Form990PartVIISectionAGrp/PersonNm14Tom Moore
IRS990/Form990PartVIISectionAGrp/PersonNm15Herbert Behrens
IRS990/Form990PartVIISectionAGrp/PersonNm16John Sahagian
IRS990/Form990PartVIISectionAGrp/PersonNm17James Block
IRS990/Form990PartVIISectionAGrp/PersonNm18Patti Dixon
IRS990/Form990PartVIISectionAGrp/PersonNm19Carey Price
IRS990/Form990PartVIISectionAGrp/PersonNm20Douglas Wright
IRS990/Form990PartVIISectionAGrp/PersonNm21Charles Smith
IRS990/Form990PartVIISectionAGrp/PersonNm22Carl Presto
IRS990/Form990PartVIISectionAGrp/PersonNm23Michelle Bloedorn
IRS990/Form990PartVIISectionAGrp/PersonNm24Sarah Thorrens
IRS990/Form990PartVIISectionAGrp/PersonNm25Richard Chambers
IRS990/Form990PartVIISectionAGrp/PersonNm26Richard Orr
IRS990/Form990PartVIISectionAGrp/PersonNm27Scott Schmidt
IRS990/Form990PartVIISectionAGrp/PersonNm28David Blum
IRS990/Form990PartVIISectionAGrp/PersonNm29Bryan Farrissey
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt130
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt230
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt240
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt250
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt260
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt270
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt280
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt290
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Chairperson
IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice Chairperson
IRS990/Form990PartVIISectionAGrp/TitleTxt2Director
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director and Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10President, CEO and Treassurer
IRS990/Form990PartVIISectionAGrp/TitleTxt11COO and EVP
IRS990/Form990PartVIISectionAGrp/TitleTxt12SVP/HR
IRS990/Form990PartVIISectionAGrp/TitleTxt13SVP/Info Systems
IRS990/Form990PartVIISectionAGrp/TitleTxt14EVP/CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt15VP/Mortgages
IRS990/Form990PartVIISectionAGrp/TitleTxt16VP/Marketing
IRS990/Form990PartVIISectionAGrp/TitleTxt17VP/Lending
IRS990/Form990PartVIISectionAGrp/TitleTxt18VP/Service Centers
IRS990/Form990PartVIISectionAGrp/TitleTxt19VP/Sales and Service
IRS990/Form990PartVIISectionAGrp/TitleTxt20VP/Audit
IRS990/Form990PartVIISectionAGrp/TitleTxt21VP/Controller
IRS990/Form990PartVIISectionAGrp/TitleTxt22VP/Finance
IRS990/Form990PartVIISectionAGrp/TitleTxt23VP/Sales and Service
IRS990/Form990PartVIISectionAGrp/TitleTxt24VP/Human Resources
IRS990/Form990PartVIISectionAGrp/TitleTxt25Investment Advisors
IRS990/Form990PartVIISectionAGrp/TitleTxt26Investment Advisors
IRS990/Form990PartVIISectionAGrp/TitleTxt27Remote Services
IRS990/Form990PartVIISectionAGrp/TitleTxt28VP Business Services
IRS990/Form990PartVIISectionAGrp/TitleTxt29Investment Advisor
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IRS990/FormationYr01981
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IRS990/FSAuditedInd01
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IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
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IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0The organization is a full service, state-chartered credit union providing a broad range of loan and deposit products and other financial services to it members located throughout the US using various channels including branches, a call center, and the internet.
IRS990/MoreThan5000KToIndividualsInd00
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IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt061974969
IRS990/OtherAssetsTotalGrp/EOYAmt0120846391

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Filings

Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2014 filings • 501(c)14 • $1B+ nonprofits