Civic Intelligence

Baxter Credit Union

990 • Fiscal year 2016 • EIN 23-7250155

Jan 01, 2016 to Dec 31, 2016 • Filed on May 15, 2017

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

59th percentile

0.90x

Higher debt load relative to assets than 59% of similar nonprofits.

2016 filings • 501(c)14 • $1B+ nonprofits • Source year 2016

Liabilities / Revenue

6th percentile

14.32x

Higher debt load relative to revenue than 6% of similar nonprofits.

2016 filings • 501(c)14 • $1B+ nonprofits • Source year 2016

Net Margin

45th percentile

17%

Higher net margin than 45% of similar nonprofits.

2016 filings • 501(c)14 • $1B+ nonprofits • Source year 2016

Top Officer Pay

72nd percentile

$1,144,491

Higher top officer pay than 72% of similar nonprofits.

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

2016 filings • 501(c)14 • $1B+ nonprofits • Source year 2016

Asset Growth

73rd percentile

11%

Faster asset growth than 73% of similar nonprofits.

2016 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2015 to 2016

Revenue Growth

57th percentile

11%

Faster revenue growth than 57% of similar nonprofits.

2016 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2015 to 2016

Assets

Up

$2,629,405,006

Up $271,090,234 (+11%) from 2015

Net Assets

Up

$262,354,730

Up $27,883,053 (+12%) from 2015

Liabilities

Up

$2,367,050,276

Up $243,207,181 (+11%) from 2015

Revenue

Up

$165,334,018

Up $16,013,320 (+11%) from 2015

Expenses

Up

$136,780,152

Up $16,078,978 (+13%) from 2015

Net Income

Down

$28,553,866

Down $65,658 (-0.2%) from 2015

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

2016

Assets$2,629,405,006
Liabilities$2,367,050,276
Net Assets$262,354,730

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

2016

Revenue$165,334,018
Expenses$136,780,152
Net Income$28,553,866
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
May 15, 2017
Return Version
2016v3.0
Gross Receipts
$178,426,322
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$2,048,777,096$2,308,743,082▲ $259,965,986
Rtn Earn Endowment Incm Other Fnds$234,471,677$262,354,730▲ $27,883,053
Savings and Temporary Cash Investments$152,508,959$96,525,204▼ $55,983,755
Investments in Publicly Traded Securities$35,165,584$43,414,930▲ $8,249,346
Investments Other Securities$9,895,898$33,725,689▲ $23,829,791
Land, Buildings, and Equipment, Net$23,128,593$22,030,728▼ $1,097,865
Cash and Non-Interest-Bearing Accounts$9,517,442$10,423,233▲ $905,791
Prepaid Expenses and Deferred Charges$2,969,764$3,034,815▲ $65,051
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$2,358,314,772$2,629,405,006▲ $271,090,234
Other Assets Total$76,351,436$111,507,325▲ $35,155,889
Liabilities
Other Liabilities$2,053,055,110$2,288,679,826▲ $235,624,716
Mortgage Notes Payable Secured by Investment Property$45,000,000$45,000,000→ $0
Accounts Payable and Accrued Expenses$25,787,985$33,370,450▲ $7,582,465
Total Liabilities$2,123,843,095$2,367,050,276▲ $243,207,181
Net Assets / Fund Balance
Total Net Assets Fund Balance$234,471,677$262,354,730▲ $27,883,053
Total Liabilities and Net Assets / Fund Balance$2,358,314,772$2,629,405,006▲ $271,090,234

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,473,162$1,055,829$0
Other Land Buildings$1,416,651$0$0
Land$1,505,480-$0
Equipment$12,983,268$46,788,428$0
Leasehold Improvements$4,652,167$10,036,959$0
Compensation and Service Providers

Board Members and Trustees

NameTitle
Thomas HodsonChairman
Michael ValentinePresident, CEO and Treasurer
Margot KaplanVice Chairperson
Jeffery BaileyDirector
Michael BaughmanDirector
Michael CurranDirector
Ola SnowDirector
Paul MartinDirector
Ron LabrumDirector
Yu-Ping KaoDirector
Charles ThurmanDirector and Secretary
Scott SchmidtAVP Digital Services
Tom MooreEVP/Assistant Treasurer
Jose CajigasGM/AVP Puerto Rico
Richard ChambersInvestment Advisors
Richard OrrInvestment Advisors
Carl PrestoSVP/CFO
James BlockSVP/Chief Loan Officer
Jeffery JohnsonSVP/CIO
Carey PriceSVP/CRO
Lisa BaronSVP/hr
David BlumVP Corporate Relationships and Services
Douglas WrightVP/Audit
David BrydunVP/Consumer Lending
Tudor EnoiuVP/Consumer Lending Risk
Charles SmithVP/Controller
Kenneth DryfthoutVP/Finance
Brad BergmooserVP/General Counsel
Sarah ThorrensVP/Human Resources
Scott ZulpoVP/Information Technology
John SahagianVP/Marketing
Patti DixonVP/Member Experience
Herbert BehrensVP/Mortgages

Highest Paid Contractors

ContractorServicesLocationCompensation
Chris CronlundInformation Services2218 Bay Oaks Ddr, McHenry, IL 60051$233,738
Farid FatehallyInformation Services Consulting776 River Walk DR, Wheeling, IL 60090$142,412
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$161,233,497
Investment Income
$4,100,521
Other Revenue
$0
Change in Net Assets
$28,553,866

Audited Revenue Reconciliation

Revenue per Audited Statements
$165,334,018
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$165,334,018
Total Revenue per Form 990
$165,334,018
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$88,082,324
Salaries, Compensation, and Employee Benefits$48,697,828
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$37,511,606
Other Expenses---$18,240,958
All Other Expenses---$13,227,745
Depreciation Depletion---$7,484,833
Other Employee Benefits---$6,081,949
Information Technology---$4,777,425
Office Expenses---$4,136,888
Fees for Services Other---$3,438,318
Occupancy---$3,309,261
Payroll Taxes---$3,120,956
Interest---$2,491,591
Advertising---$2,295,563
Pension Plan Contributions---$1,983,317
Conferences and Meetings---$1,349,001
Fees for Services Legal---$706,322
Insurance---$304,452
Fees for Services Accounting---$63,000
Total Functional Expenses$0$0$0$136,780,152

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$136,780,152
Total Expenses per Audited Statements$136,780,152
Total Expenses per Form 990$136,780,152
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
Total Exempt Function Spending$29,100
Political Expenditures$0
Section 527 Activity Spending$0

Section 527 Organizations

OrganizationLocationAmount
36-3092340Naperville, IL$29,100
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Patrick Valentinebrother of CEOlandscaping and snow removalNo$118,305
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member shares$2,288,679,826
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
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 outside auditor during the annual meeting held in February. 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 an outside auditor during the annual meeting held in February. 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 February. 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 an online form.

Form 990, Part VI, Section B, Line 15

compensation was determined by reviewing third party benchmarks by the Executive Committee of the BOD.

Form 990, Part VI, Section C, Line 19

the credit union will provide its governing documents, interest policy, and financial statements to its membership 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
2017-05-15

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 1,096 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/PersonNm0Thomas Hodson
IRS990/Form990PartVIISectionAGrp/PersonNm1Margot Kaplan
IRS990/Form990PartVIISectionAGrp/PersonNm2Ola Snow
IRS990/Form990PartVIISectionAGrp/PersonNm3Michael Baughman
IRS990/Form990PartVIISectionAGrp/PersonNm4Yu-Ping Kao
IRS990/Form990PartVIISectionAGrp/PersonNm5Michael Curran
IRS990/Form990PartVIISectionAGrp/PersonNm6Paul Martin
IRS990/Form990PartVIISectionAGrp/PersonNm7Ron Labrum
IRS990/Form990PartVIISectionAGrp/PersonNm8Jeffery Bailey
IRS990/Form990PartVIISectionAGrp/PersonNm9Charles Thurman
IRS990/Form990PartVIISectionAGrp/PersonNm10Michael Valentine
IRS990/Form990PartVIISectionAGrp/PersonNm11Lisa Baron
IRS990/Form990PartVIISectionAGrp/PersonNm12Tom Moore
IRS990/Form990PartVIISectionAGrp/PersonNm13Herbert Behrens
IRS990/Form990PartVIISectionAGrp/PersonNm14John Sahagian
IRS990/Form990PartVIISectionAGrp/PersonNm15James Block
IRS990/Form990PartVIISectionAGrp/PersonNm16Patti Dixon
IRS990/Form990PartVIISectionAGrp/PersonNm17Carey Price
IRS990/Form990PartVIISectionAGrp/PersonNm18Douglas Wright
IRS990/Form990PartVIISectionAGrp/PersonNm19Charles Smith
IRS990/Form990PartVIISectionAGrp/PersonNm20Carl Presto
IRS990/Form990PartVIISectionAGrp/PersonNm21Sarah Thorrens
IRS990/Form990PartVIISectionAGrp/PersonNm22Kenneth Dryfthout
IRS990/Form990PartVIISectionAGrp/PersonNm23David Blum
IRS990/Form990PartVIISectionAGrp/PersonNm24Scott Zulpo
IRS990/Form990PartVIISectionAGrp/PersonNm25David Brydun
IRS990/Form990PartVIISectionAGrp/PersonNm26Jeffery Johnson
IRS990/Form990PartVIISectionAGrp/PersonNm27Brad Bergmooser
IRS990/Form990PartVIISectionAGrp/PersonNm28Richard Orr
IRS990/Form990PartVIISectionAGrp/PersonNm29Scott Schmidt
IRS990/Form990PartVIISectionAGrp/PersonNm30Richard Chambers
IRS990/Form990PartVIISectionAGrp/PersonNm31Tudor Enoiu
IRS990/Form990PartVIISectionAGrp/PersonNm32Jose Cajigas
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IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice Chairperson
IRS990/Form990PartVIISectionAGrp/TitleTxt2Director
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director and Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt10President, CEO and Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt11SVP/HR
IRS990/Form990PartVIISectionAGrp/TitleTxt12EVP/Assistant Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt13VP/Mortgages
IRS990/Form990PartVIISectionAGrp/TitleTxt14VP/Marketing
IRS990/Form990PartVIISectionAGrp/TitleTxt15SVP/Chief Loan Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt16VP/Member Experience
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IRS990/Form990PartVIISectionAGrp/TitleTxt19VP/Controller
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IRS990/Form990PartVIISectionAGrp/TitleTxt21VP/Human Resources
IRS990/Form990PartVIISectionAGrp/TitleTxt22VP/Finance
IRS990/Form990PartVIISectionAGrp/TitleTxt23VP Corporate Relationships and Services
IRS990/Form990PartVIISectionAGrp/TitleTxt24VP/Information Technology
IRS990/Form990PartVIISectionAGrp/TitleTxt25VP/Consumer Lending
IRS990/Form990PartVIISectionAGrp/TitleTxt26SVP/CIO
IRS990/Form990PartVIISectionAGrp/TitleTxt27VP/General Counsel
IRS990/Form990PartVIISectionAGrp/TitleTxt28Investment Advisors
IRS990/Form990PartVIISectionAGrp/TitleTxt29AVP Digital Services
IRS990/Form990PartVIISectionAGrp/TitleTxt30Investment Advisors
IRS990/Form990PartVIISectionAGrp/TitleTxt31VP/Consumer Lending Risk
IRS990/Form990PartVIISectionAGrp/TitleTxt32GM/AVP Puerto Rico
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