Civic Intelligence

Edison Credit Union Inc

990 • Fiscal year 2017 • EIN 31-0707082

Jan 01, 2017 to Dec 31, 2017 • Filed on May 07, 2018

420 S York StreetSpringfield, OH 45505-2143

(937) 325-3582

Siviq Scores

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

Liabilities / Assets

71st percentile

0.87x

Higher debt load relative to assets than 71% of similar nonprofits.

2017 filings • 501(c)14 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

38th percentile

14.13x

Higher debt load relative to revenue than 38% of similar nonprofits.

2017 filings • 501(c)14 • $1M-$5M nonprofits • Source year 2017

Net Margin

31st percentile

-2.0%

Higher net margin than 31% of similar nonprofits.

2017 filings • 501(c)14 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

20th percentile

$0

Higher top officer pay than 20% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2017 filings • 501(c)14 • $1M-$5M nonprofits • Source year 2017

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2017

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2017

Assets

Down

$4,026,210

Down $747,309 (-16%) from 2013

Net Assets

Down

$508,174

Down $121,724 (-19%) from 2013

Liabilities

Down

$3,518,036

Down $625,585 (-15%) from 2013

Revenue

Down

$248,915

Down $51,727 (-17%) from 2013

Expenses

Down

$253,816

Down $40,477 (-14%) from 2013

Net Income

Down

-$4,901

Down $11,250 (-177%) from 2013

Historical Trend

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2010: $4,537,142Liabilities 2010: $3,925,854Net Assets 2010: $611,2882010Assets 2011: $4,670,537Liabilities 2011: $4,057,753Net Assets 2011: $612,7842011Assets 2012: $5,125,676Liabilities 2012: $4,502,127Net Assets 2012: $623,5492012Assets 2013: $4,773,519Liabilities 2013: $4,143,621Net Assets 2013: $629,8982013Assets 2017: $4,026,210Liabilities 2017: $3,518,036Net Assets 2017: $508,1742017Assets 2018: $4,144,781Liabilities 2018: $3,659,496Net Assets 2018: $485,2852018Assets 2019: $3,801,817Liabilities 2019: $3,324,806Net Assets 2019: $477,0112019

Highlighted filing

2017

Assets$4,026,210
Liabilities$3,518,036
Net Assets$508,174

Operations Trend

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

$400K$300K$200K$100K$0-$100KExpenses 2010: $291,5012010Expenses 2011: $276,9232011Expenses 2012: $272,9682012Revenue 2013: $300,642Expenses 2013: $294,293Net Income 2013: $6,3492013Revenue 2017: $248,915Expenses 2017: $253,816Net Income 2017: -$4,9012017Revenue 2018: $254,246Expenses 2018: $268,853Net Income 2018: -$14,6072018Revenue 2019: $254,372Expenses 2019: $262,646Net Income 2019: -$8,2742019

Highlighted filing

2017

Revenue$248,915
Expenses$253,816
Net Income-$4,901
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
May 7, 2018
Return Version
2017v2.0
Gross Receipts
$248,915
Mission and Program Overview

Mission

The mission of the credit union is to provide the best financial service including savings and loan services to existing and future members within our field of membership, while maintaining safety, security and financial soundness.

The credit union is a member-owned financial organization whose commitment is to provide the best financial service to existing and future members, while maintaining safety, security and soundness.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$2,188,991$2,222,959▲ $33,968
Savings and Temporary Cash Investments$1,407,384$1,247,424▼ $159,960
Rtn Earn Endowment Incm Other Fnds$513,075$508,174▼ $4,901
Investments Other Securities$446,000$248,000▼ $198,000
Cash and Non-Interest-Bearing Accounts$105,068$99,048▼ $6,020
Receivables From Officers Etc$205,438$92,030▼ $113,408
Investments Program Related$44,297$47,297▲ $3,000
Accounts Receivable$40,982$39,361▼ $1,621
Land, Buildings, and Equipment, Net$1,364$14,742▲ $13,378
Prepaid Expenses and Deferred Charges$7,135$9,435▲ $2,300
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0--
Total Assets$4,451,512$4,026,210▼ $425,302
Other Assets Total$4,853$5,914▲ $1,061
Liabilities
Other Liabilities$3,935,534$3,516,442▼ $419,092
Accounts Payable and Accrued Expenses$2,903$1,594▼ $1,309
Grants Payable$0--
Mortgage Notes Payable Secured by Investment Property$0--
Unsecured Notes Loans Payable$0--
Deferred Revenue$0--
Escrow Account Liability$0--
Tax Exempt Bond Liabilities$0--
Total Liabilities$3,938,437$3,518,036▼ $420,401
Net Assets / Fund Balance
Total Net Assets Fund Balance$513,075$508,174▼ $4,901
Total Liabilities and Net Assets / Fund Balance$4,451,512$4,026,210▼ $425,302

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$14,742$55,538$70,280
Buildings$0$0$0
Other Land Buildings$0$0$0
Land$0-$0
Leasehold Improvements$0$0$0
Other Securities$248,000--
Closely Held Equity Interests$0--
Financial Derivatives$0--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Herb BushuChairperson
Benjamin MillerVice Chairperson
Edward WadsworthDirector
Nancy GregoryDirector
Allan CarletonAssistant Treasurer
Angela StoutSecretary
Tim SuterTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$231,215
Investment Income
$17,700
Other Revenue
$0
Change in Net Assets
$-4,901
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$122,589
Other Expenses$110,767
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$97,331
Payroll Taxes---$25,258
Office Expenses---$24,492
Benefits to Members---$20,460
Occupancy---$9,887
Information Technology---$9,822
Fees for Services Accounting---$7,640
Insurance---$7,179
Fees for Services Legal---$3,705
All Other Expenses---$3,330
Fees for Services Other---$3,074
Depreciation Depletion---$2,502
Conferences and Meetings---$2,198
Advertising---$2,064
Other Expenses---$1,700
Total Functional Expenses$0$0$0$253,816
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$205,438$92,030▼ $113,408
Loans from Officers, Directors, Trustees, and Key Employees$0--
Receivables from Disqualified Persons$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Shares$1,556,795
Share Certificiates$1,054,882
IRA's Shares & Certificates$620,125
Share Drafts$280,198
Christmas Club Shares$2,555
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
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
No
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

Each individual with a credit union savings account is a member of the credit union. The credit union is comprised of a single class of approximately 743 member-owners. Each member has equal rights in ownership governance and voting rights at the annual meeting. The board of directors are elected by the member-owners of the credit union at the annual meeting.

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

The member-owners of the credit union have the authority to elect the members of the board of directors who govern the operations for three-year terms on a rotating basis. Candidates are elected by a simple plurality vote.

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

Changes to the governing documents (bylaws) are approved by the board of directors and regulatory agencies. Special membership meetings can be called in specific instances.

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

Prior to being filed with the IRS, a copy of IRS Form 990 and the related schedules are reviewed by the president and manager including a confirmation of the accuracy of every answer and oversight of appropriate changes. Upon completion of the president's and manager's review, the forms are reviewed and a vote taken at the next board meeting to accept Form 990 and the related schedules.

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

The Conflict of Interest Policy is reviewed annually. The board members are required to disclose any potential conflict of interest.

Form 990, Part VI, Section B, Line 15

The board of directors meet in executive session and reviews the manager's and employees' salaries. After a review and discussion of comparability data, the board votes to approve the salaries. The last review was performed in August 2017.

Form 990, Part VI, Section C, Line 19

The credit union's financial statements are posted in the credit union's lobby. They are available on-line at www.ncua.gov. The credit union's governing documents, Conflict of Interest Policy and financial statements can be reviewed by appointment at the credit union's office during posted business hours.

Filing and Contact Details

Filer

Filer Name
Edison Credit Union Inc
EIN
31-0707082
Phone
9373253582
Address
420 S York Street, Springfield, OH 45505-2143

Signing Officer

Name
Herbert Bushu
Title
President
Phone
9373253582
Signed
2018-05-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Herbert Bushu
Formed
1964
Legal Domicile
Oh
Voting Board Members
7
Independent Board Members
7
Employees
4
Volunteers
10

Preparer

Firm
Stoodt's Accounting & Auditing Services
Address
2713 Township Road 182, Bellefontaine, OH 43311
Preparer
Carol Stoodt
Phone
9379353811
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IRS990/ProgramServiceRevenueGrp/BusinessCd4524298
IRS990/ProgramServiceRevenueGrp/Desc0Interest on Loans
IRS990/ProgramServiceRevenueGrp/Desc1Credit Card Interest Income
IRS990/ProgramServiceRevenueGrp/Desc2Fees and Charges Income
IRS990/ProgramServiceRevenueGrp/Desc3Other Operating Income
IRS990/ProgramServiceRevenueGrp/Desc4GAP Insurance Income
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/ExclusionAmt10
IRS990/ProgramServiceRevenueGrp/ExclusionAmt20
IRS990/ProgramServiceRevenueGrp/ExclusionAmt30
IRS990/ProgramServiceRevenueGrp/ExclusionAmt40
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0129227
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt126134
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt250620
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt317082
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt44275
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0129227
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt126134
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt250620
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt317082
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt44275
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt10
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt20
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt30
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt40
IRS990/ProgSrvcAccomActy2Grp/Desc0The credit union paid competitive dividends on 1,094 share accounts, share certificate accounts and IRA accounts held by the credit union's 743 members.
IRS990/ProgSrvcAccomActy3Grp/Desc0The credit union granted 125 loans in 2017 totaling $1,063,928 at competitive loan rates. Loan products offered by the credit union include credit cards, unsecured loans, vehicle loans, share secured loans and recreational vehicle loans. Net charge-off to average loans decreased from 0.18% in December 2016 to -0.05% in December 2017.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt014970
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0102159
IRS990/PYOtherRevenueAmt04563
IRS990/PYProgramServiceRevenueAmt0244755
IRS990/PYRevenuesLessExpensesAmt051198
IRS990/PYSalariesCompEmpBnftPaidAmt0110931
IRS990/PYTotalExpensesAmt0213090
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0264288
IRS990/RcvblFromDisqualifiedPrsnGrp/BOYAmt00
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt0205438
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt092030
IRS990/ReconcilationRevenueExpnssAmt0-4901
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/ExclusionAmt00
IRS990/RoyaltiesRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RoyaltiesRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0513075
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0508174
IRS990/SavingsAndTempCashInvstGrp/BOYAmt01407384
IRS990/SavingsAndTempCashInvstGrp/EOYAmt01247424
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt00
IRS990ScheduleD/BuildingsGrp/DepreciationAmt00
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/CloselyHeldEquityInterestsGrp/BookValueAmt00
IRS990ScheduleD/EquipmentGrp/BookValueAmt014742
IRS990ScheduleD/EquipmentGrp/DepreciationAmt055538
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt070280
IRS990ScheduleD/FederalIncomeTaxLiabilityAmt01887
IRS990ScheduleD/FinancialDerivativesGrp/BookValueAmt00
IRS990ScheduleD/LandGrp/BookValueAmt00
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01556795
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt11054882
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2620125
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt3280198
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt42555
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Shares
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Share Certificiates
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2IRA's Shares & Certificates
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3Share Drafts
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4Christmas Club Shares
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt0248000
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Certificates Primary Financial Company
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/TotalBookValueLandBuildingsAmt014742
IRS990ScheduleD/TotalBookValueSecuritiesAmt0248000
IRS990ScheduleD/TotalLiabilityAmt03516442
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Each individual with a credit union savings account is a member of the credit union. The credit union is comprised of a single class of approximately 743 member-owners. Each member has equal rights in ownership governance and voting rights at the annual meeting. The board of directors are elected by the member-owners of the credit union at the annual meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The member-owners of the credit union have the authority to elect the members of the board of directors who govern the operations for three-year terms on a rotating basis. Candidates are elected by a simple plurality vote.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Changes to the governing documents (bylaws) are approved by the board of directors and regulatory agencies. Special membership meetings can be called in specific instances.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Prior to being filed with the IRS, a copy of IRS Form 990 and the related schedules are reviewed by the president and manager including a confirmation of the accuracy of every answer and oversight of appropriate changes. Upon completion of the president's and manager's review, the forms are reviewed and a vote taken at the next board meeting to accept Form 990 and the related schedules.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The Conflict of Interest Policy is reviewed annually. The board members are required to disclose any potential conflict of interest.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The board of directors meet in executive session and reviews the manager's and employees' salaries. After a review and discussion of comparability data, the board votes to approve the salaries. The last review was performed in August 2017.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6The credit union's financial statements are posted in the credit union's lobby. They are available on-line at www.ncua.gov. The credit union's governing documents, Conflict of Interest Policy and financial statements can be reviewed by appointment at the credit union's office during posted business hours.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, Line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section A, Line 7b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section B, Line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Section C, Line 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondLiabilitiesGrp/BOYAmt00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt04451512
IRS990/TotalAssetsEOYAmt04026210
IRS990/TotalAssetsGrp/BOYAmt04451512
IRS990/TotalAssetsGrp/EOYAmt04026210
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt04
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0253816
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt03938437
IRS990/TotalLiabilitiesEOYAmt03518036
IRS990/TotalLiabilitiesGrp/BOYAmt03938437

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