Civic Intelligence

Baxter Credit Union

990 • Fiscal year 2018 • EIN 23-7250155

Jan 01, 2018 to Dec 31, 2018 • Filed on May 13, 2019

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

79th percentile

0.91x

Higher debt load relative to assets than 79% of similar nonprofits.

2018 filings • 501(c)14 • $1B+ nonprofits • Source year 2018

Liabilities / Revenue

5th percentile

13.25x

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

2018 filings • 501(c)14 • $1B+ nonprofits • Source year 2018

Net Margin

20th percentile

15%

Higher net margin than 20% of similar nonprofits.

2018 filings • 501(c)14 • $1B+ nonprofits • Source year 2018

Top Officer Pay

82nd percentile

$1,411,429

Higher top officer pay than 82% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2018 filings • 501(c)14 • $1B+ nonprofits • Source year 2018

Asset Growth

98th percentile

18%

Faster asset growth than 98% of similar nonprofits.

2018 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2017 to 2018

Revenue Growth

93rd percentile

24%

Faster revenue growth than 93% of similar nonprofits.

2018 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2017 to 2018

Assets

Up

$3,483,954,445

Up $535,970,858 (+18%) from 2017

Net Assets

Up

$325,665,898

Up $34,939,455 (+12%) from 2017

Liabilities

Up

$3,158,288,547

Up $501,031,403 (+19%) from 2017

Revenue

Up

$238,305,161

Up $45,588,321 (+24%) from 2017

Expenses

Up

$203,333,006

Up $38,893,589 (+24%) from 2017

Net Income

Up

$34,972,155

Up $6,694,732 (+24%) from 2017

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

2018

Assets$3,483,954,445
Liabilities$3,158,288,547
Net Assets$325,665,898

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

2018

Revenue$238,305,161
Expenses$203,333,006
Net Income$34,972,155
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
May 13, 2019
Return Version
2018v3.0
Gross Receipts
$238,305,161
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 deposit products and other financial services to its members located throughout the US and Puerto Rico using various channels including branches, a call center, and the internet.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$2,706,294,669$3,116,925,651▲ $410,630,982
Rtn Earn Endowment Incm Other Fnds$290,726,443$325,665,898▲ $34,939,455
Savings and Temporary Cash Investments$54,186,562$130,238,450▲ $76,051,888
Investments in Publicly Traded Securities$40,796,520$83,739,925▲ $42,943,405
Land, Buildings, and Equipment, Net$22,685,530$23,446,453▲ $760,923
Cash and Non-Interest-Bearing Accounts$13,801,979$16,894,085▲ $3,092,106
Investments Other Securities$7,631,556$14,967,443▲ $7,335,887
Prepaid Expenses and Deferred Charges$2,835,528$4,207,859▲ $1,372,331
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$2,947,983,587$3,483,954,445▲ $535,970,858
Other Assets Total$99,751,243$93,534,579▼ $6,216,664
Liabilities
Other Liabilities$2,500,503,275$2,787,186,112▲ $286,682,837
Mortgage Notes Payable Secured by Investment Property$110,000,000$335,000,000▲ $225,000,000
Accounts Payable and Accrued Expenses$46,753,869$36,102,435▼ $10,651,434
Total Liabilities$2,657,257,144$3,158,288,547▲ $501,031,403
Net Assets / Fund Balance
Total Net Assets Fund Balance$290,726,443$325,665,898▲ $34,939,455
Total Liabilities and Net Assets / Fund Balance$2,947,983,587$3,483,954,445▲ $535,970,858

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,416,875$1,025,250$0
Other Land Buildings$3,994,885$0$0
Land$1,505,480-$0
Equipment$9,752,337$35,631,200$0
Leasehold Improvements$6,776,876$11,098,620$0
Compensation and Service Providers

Board Members and Trustees

NameTitle
Thomas HodsonChairman
Michael ValentinePresident, CEO and Treasurer
Brett CraigDirector
Christine McCauleyDirector
David StraussDirector
Margot KaplanDirector
Mark RosenbaumDirector
Michael CurranDirector
Ola SnowDirector
Paul MartinDirector
Christine FlemingDirector and Secretary
Scott SchmidtAVP Digital Services
Joe SuareoCiso
Robert Orlich JrConsumer Loan Sales
Tom MooreEvp
Jose CajigasGM/VP Puerto Rico
John AndersonInvestment Advisors
David BlumSVP Corporate Relationships and Services
Carl PrestoSVP/CFO
James BlockSVP/Chief Loan Officer
Jeffery JohnsonSVP/CIO
Carey PriceSVP/CRO
Lisa BaronSVP/hr
Dan ParsonsVP US Service Centers
Douglas WrightVP/Audit
David BrydunVP/Consumer Lending
Tudor EnoiuVP/Consumer Lending Risk
Charles SmithVP/Controller
Brad BergmooserVP/General Counsel
Sarah ThorrensVP/Human Resources
Scott ZulpoVP/Information Technology
John SahagianVP/Marketing
Jill SammonsVP/Marketing and Brand Strategy
Patti DixonVP/Member Experience
Herbert BehrensVP/Mortgages
Kenneth DryfthoutVP/Strategy
Edwin T WatsonWealth Advisor
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$221,481,173
Investment Income
$16,823,988
Other Revenue
$0
Change in Net Assets
$34,972,155

Audited Revenue Reconciliation

Revenue per Audited Statements
$238,305,161
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$238,305,161
Total Revenue per Form 990
$238,305,161
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$141,587,797
Salaries, Compensation, and Employee Benefits$61,745,209
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$47,888,826
Other Expenses---$24,474,594
All Other Expenses---$19,331,727
Interest---$16,480,612
Information Technology---$8,160,867
Other Employee Benefits---$7,533,715
Depreciation Depletion---$7,172,788
Fees for Services Other---$6,597,819
Office Expenses---$5,567,420
Payroll Taxes---$3,865,931
Occupancy---$3,308,221
Pension Plan Contributions---$2,456,737
Advertising---$2,370,587
Conferences and Meetings---$1,897,977
Insurance---$375,366
Fees for Services Legal---$94,032
Fees for Services Accounting---$66,446
Total Functional Expenses$0$0$0$203,333,006

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$203,333,006
Total Expenses per Audited Statements$203,333,006
Total Expenses per Form 990$203,333,006
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$16,500
Political Expenditures$0
Section 527 Activity Spending$0

Section 527 Organizations

OrganizationLocationAmount
36-3092340Naperville, IL$16,500
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares$2,787,186,112
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
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, Part VI, Section A, Line 6

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 7A

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 7B

Our credit union members elect directors and appoint an outside auditor during the annual meeting held in March. One of our 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 submission 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
2019-05-13

Organization Details

Principal Officer
Mike Valentine
Formed
1981
Legal Domicile
Il
Voting Board Members
12
Independent Board Members
11
Employees
0
Volunteers
4
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

Education and Training-441,821, Shared Branching-712,797, Miscellaneous-1,493,839, Over & Short 4,829,756, Association Dues-231,576, Subscriptions-522,118, Security-131,177, Travel/Gift Card-12,354, PSCU Call Center-429,779, Credit Card Statements-231,675, ATM/Debit Card-9,321,933, Employee Relations-972,905

Financial Statement Notes

Schedule D, Part X, Line 2

The amount represents total shares held by our members.

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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt300
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt360
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt370
IRS990/Form990PartVIISectionAGrp/PersonNm0Thomas Hodson
IRS990/Form990PartVIISectionAGrp/PersonNm1Margot Kaplan
IRS990/Form990PartVIISectionAGrp/PersonNm2Ola Snow
IRS990/Form990PartVIISectionAGrp/PersonNm3David Strauss
IRS990/Form990PartVIISectionAGrp/PersonNm4Brett Craig
IRS990/Form990PartVIISectionAGrp/PersonNm5Michael Curran
IRS990/Form990PartVIISectionAGrp/PersonNm6Paul Martin
IRS990/Form990PartVIISectionAGrp/PersonNm7Christine McCauley
IRS990/Form990PartVIISectionAGrp/PersonNm8Christine Fleming
IRS990/Form990PartVIISectionAGrp/PersonNm9David Strauss
IRS990/Form990PartVIISectionAGrp/PersonNm10Mark Rosenbaum
IRS990/Form990PartVIISectionAGrp/PersonNm11Michael Valentine
IRS990/Form990PartVIISectionAGrp/PersonNm12Lisa Baron
IRS990/Form990PartVIISectionAGrp/PersonNm13Tom Moore
IRS990/Form990PartVIISectionAGrp/PersonNm14Jeffery Johnson
IRS990/Form990PartVIISectionAGrp/PersonNm15James Block
IRS990/Form990PartVIISectionAGrp/PersonNm16Carl Presto
IRS990/Form990PartVIISectionAGrp/PersonNm17Carey Price
IRS990/Form990PartVIISectionAGrp/PersonNm18John Sahagian
IRS990/Form990PartVIISectionAGrp/PersonNm19Herbert Behrens
IRS990/Form990PartVIISectionAGrp/PersonNm20Patti Dixon
IRS990/Form990PartVIISectionAGrp/PersonNm21Douglas Wright
IRS990/Form990PartVIISectionAGrp/PersonNm22Charles Smith
IRS990/Form990PartVIISectionAGrp/PersonNm23Sarah Thorrens
IRS990/Form990PartVIISectionAGrp/PersonNm24Kenneth Dryfthout
IRS990/Form990PartVIISectionAGrp/PersonNm25David Blum
IRS990/Form990PartVIISectionAGrp/PersonNm26Scott Zulpo
IRS990/Form990PartVIISectionAGrp/PersonNm27David Brydun
IRS990/Form990PartVIISectionAGrp/PersonNm28Brad Bergmooser
IRS990/Form990PartVIISectionAGrp/PersonNm29Dan Parsons
IRS990/Form990PartVIISectionAGrp/PersonNm30Joe Suareo
IRS990/Form990PartVIISectionAGrp/PersonNm31Jill Sammons
IRS990/Form990PartVIISectionAGrp/PersonNm32Jose Cajigas
IRS990/Form990PartVIISectionAGrp/PersonNm33Tudor Enoiu
IRS990/Form990PartVIISectionAGrp/PersonNm34John Anderson
IRS990/Form990PartVIISectionAGrp/PersonNm35Scott Schmidt
IRS990/Form990PartVIISectionAGrp/PersonNm36Robert Orlich Jr
IRS990/Form990PartVIISectionAGrp/PersonNm37Edwin T Watson
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt130
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt280
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt300
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt1Director
IRS990/Form990PartVIISectionAGrp/TitleTxt2Director
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director and Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11President, CEO and Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt12SVP/HR
IRS990/Form990PartVIISectionAGrp/TitleTxt13EVP
IRS990/Form990PartVIISectionAGrp/TitleTxt14SVP/CIO
IRS990/Form990PartVIISectionAGrp/TitleTxt15SVP/Chief Loan Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt16SVP/CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt17SVP/CRO
IRS990/Form990PartVIISectionAGrp/TitleTxt18VP/Marketing
IRS990/Form990PartVIISectionAGrp/TitleTxt19VP/Mortgages
IRS990/Form990PartVIISectionAGrp/TitleTxt20VP/Member Experience
IRS990/Form990PartVIISectionAGrp/TitleTxt21VP/Audit
IRS990/Form990PartVIISectionAGrp/TitleTxt22VP/Controller
IRS990/Form990PartVIISectionAGrp/TitleTxt23VP/Human Resources
IRS990/Form990PartVIISectionAGrp/TitleTxt24VP/Strategy
IRS990/Form990PartVIISectionAGrp/TitleTxt25SVP Corporate Relationships and Services
IRS990/Form990PartVIISectionAGrp/TitleTxt26VP/Information Technology
IRS990/Form990PartVIISectionAGrp/TitleTxt27VP/Consumer Lending
IRS990/Form990PartVIISectionAGrp/TitleTxt28VP/General Counsel
IRS990/Form990PartVIISectionAGrp/TitleTxt29VP US Service Centers
IRS990/Form990PartVIISectionAGrp/TitleTxt30CISO
IRS990/Form990PartVIISectionAGrp/TitleTxt31VP/Marketing and Brand Strategy
IRS990/Form990PartVIISectionAGrp/TitleTxt32GM/VP Puerto Rico
IRS990/Form990PartVIISectionAGrp/TitleTxt33VP/Consumer Lending Risk
IRS990/Form990PartVIISectionAGrp/TitleTxt34Investment Advisors
IRS990/Form990PartVIISectionAGrp/TitleTxt35AVP Digital Services
IRS990/Form990PartVIISectionAGrp/TitleTxt36Consumer Loan Sales
IRS990/Form990PartVIISectionAGrp/TitleTxt37Wealth Advisor
IRS990/Form990ProvidedToGvrnBodyInd00
IRS990/FormationYr01981
IRS990/FormerOfcrEmployeesListedInd01
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GainOrLossGrp/OtherAmt00
IRS990/GainOrLossGrp/SecuritiesAmt00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt012
IRS990/GrantAmt00
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IRS990/GrantsToDomesticOrgsGrp/TotalAmt00
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
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