Civic Intelligence

State Chartered Credit Union Inc Ohio 27 Buckeye State Credit Union

990 • Fiscal year 2017 • EIN 34-0746485

Jan 01, 2017 to Dec 31, 2017 • Filed on Nov 14, 2018

197 E Thornton StreetAkron, OH 44311

(330) 253-9197

Siviq Scores

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

Liabilities / Assets

88th percentile

0.92x

Higher debt load relative to assets than 88% of similar nonprofits.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2017

Liabilities / Revenue

10th percentile

10.58x

Higher debt load relative to revenue than 10% of similar nonprofits.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2017

Net Margin

66th percentile

13%

Higher net margin than 66% of similar nonprofits.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2017

Top Officer Pay

59th percentile

$152,574

Higher top officer pay than 59% of similar nonprofits.

Top officer pay equals 2.3% of source-year revenue.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2017

Asset Growth

1st percentile

-10%

Faster asset growth than 1% of similar nonprofits.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Revenue Growth

99th percentile

25%

Faster revenue growth than 99% of similar nonprofits.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Assets

Down

$75,038,927

Down $13,313,936 (-15%) from 2015

Net Assets

Down

$6,163,480

Down $456,026 (-6.9%) from 2015

Liabilities

Down

$68,875,447

Down $12,857,910 (-16%) from 2015

Revenue

Up

$6,508,851

Up $1,886,086 (+41%) from 2015

Expenses

Up

$5,653,820

Up $377,321 (+7.2%) from 2015

Net Income

Up

$855,031

Up $1,508,765 (+231%) from 2015

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2010: $72,573,888Liabilities 2010: $64,474,451Net Assets 2010: $8,099,4372010Assets 2011: $77,386,101Liabilities 2011: $69,160,889Net Assets 2011: $8,225,2122011Assets 2012: $82,270,057Liabilities 2012: $73,927,071Net Assets 2012: $8,342,9862012Assets 2013: $84,771,364Liabilities 2013: $76,411,886Net Assets 2013: $8,359,4782013Assets 2015: $88,352,863Liabilities 2015: $81,733,357Net Assets 2015: $6,619,5062015Assets 2017: $75,038,927Liabilities 2017: $68,875,447Net Assets 2017: $6,163,4802017Assets 2018: $74,971,779Liabilities 2018: $67,718,672Net Assets 2018: $7,253,1072018Assets 2020: $91,903,250Liabilities 2020: $82,194,395Net Assets 2020: $9,708,8552020Assets 2021: $103,090,579Liabilities 2021: $92,443,882Net Assets 2021: $10,646,6972021Assets 2022: $138,744,646Liabilities 2022: $125,217,891Net Assets 2022: $13,526,7552022Assets 2024: $144,110,523Liabilities 2024: $129,536,796Net Assets 2024: $14,573,7272024

Highlighted filing

2017

Assets$75,038,927
Liabilities$68,875,447
Net Assets$6,163,480

Operations Trend

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

$15M$10M$5.0M$0-$5.0MExpenses 2010: $5,384,1622010Expenses 2011: $5,194,0662011Expenses 2012: $4,796,9502012Revenue 2013: $4,550,304Expenses 2013: $4,533,812Net Income 2013: $16,4922013Revenue 2015: $4,622,765Expenses 2015: $5,276,499Net Income 2015: -$653,7342015Revenue 2017: $6,508,851Expenses 2017: $5,653,820Net Income 2017: $855,0312017Revenue 2018: $6,268,530Expenses 2018: $5,174,778Net Income 2018: $1,093,7522018Revenue 2020: $7,858,479Expenses 2020: $6,509,774Net Income 2020: $1,348,7052020Revenue 2021: $8,727,303Expenses 2021: $7,625,573Net Income 2021: $1,101,7302021Revenue 2022: $10,887,397Expenses 2022: $9,389,132Net Income 2022: $1,498,2652022Revenue 2024: $12,167,229Expenses 2024: $11,361,425Net Income 2024: $805,8042024

Highlighted filing

2017

Revenue$6,508,851
Expenses$5,653,820
Net Income$855,031
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 14, 2018
Return Version
2017v2.2
Gross Receipts
$6,508,851
Mission and Program Overview

Mission

See schedule o. To encourage savings and making loans at competitively low interest rates. The credit union strives to provide the highest level of personal service in a courteous and professional manner and to treat all individuals fairly and with dignity. The credit union holds safety and soundness of the organization to be of high importance, pledges to safeguard the assets, places a high importance on consumer education and looks for better ways to reach out to the under-served in the membership field. In addition, the credit union promises to communicate its services to its members in a meaningful way so that they will understand and appreciate the unique roll that it plays in their lives. Finally, the credit union pledges to preserve and protect the privacy and confidentiality of all member financial records and transactions and to provide the members with complete and accurate information concerning their rights as savers and borrowers.

The credit union is a member-owned not-for-profit financial cooperative formed for the purpose of encouraging savings and making loans at competitively low interest rates. The credit union strives to provide the highest level of personal service in a courteous and professional manner and to treat all individuals fairly and with dignity. The credit union holds safety and soundness of the Organization to be of high importance, pledges to safeguard the assets, places a high importance on consumer education and looks for better ways to reach out to the under-served in the membership field. In addition, the credit union promises to communicate its services to its members in a meaningful way so that they will understand and appreciate the unique roll that it plays in their lives. Finally, the credit union pledges to preserve and protect the privacy and confidentiality of all member financial records and transactions and to provide the members with complete and accurate information concerning

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$69,750,752$62,131,839▼ $7,618,913
Savings and Temporary Cash Investments$10,230,400$9,518,714▼ $711,686
Cap Stk Tr Prin Current Funds$5,319,537$6,163,480▲ $843,943
Land, Buildings, and Equipment, Net$2,233,926$1,991,883▼ $242,043
Prepaid Expenses and Deferred Charges$414,142$193,794▼ $220,348
Cash and Non-Interest-Bearing Accounts-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$83,814,834$75,038,927▼ $8,775,907
Other Assets Total$1,185,614$1,202,697▲ $17,083
Liabilities
Other Liabilities$77,699,349$68,013,116▼ $9,686,233
Accounts Payable and Accrued Expenses$795,948$862,331▲ $66,383
Total Liabilities$78,495,297$68,875,447▼ $9,619,850
Net Assets / Fund Balance
Total Net Assets Fund Balance$5,319,537$6,163,480▲ $843,943
Total Liabilities and Net Assets / Fund Balance$83,814,834$75,038,927▼ $8,775,907

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$1,004,218$1,278,399$2,282,617
Buildings$704,268$1,158,129$1,862,397
Land$283,397-$283,397
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jennifer BorowyCEOFT$149,946$2,628$152,574

Board Members and Trustees

NameTitle
David NeroPresident
John WeaverDirector
Mike WilliamsDirector
John NelsonTreasurer
Jim HartmanVP/Secretary

Highest Paid Contractors

ContractorServicesLocationCompensation
ElanATM Processor225 West Station SquareSuite 620, Pittsburg, PA 15219$277,904
Share OneInformation Systems2650 Thousand Oaks Blvd, Memphis, TN 38118$225,501
CoseHealth InsurancePO Box 951922, Cleveland, OH 44193$155,083
SRK Fairground AssociatesRent4053 Maple Road Suite 200, Amherst, NY 14226-1072$151,530
JR Hein LLCRent7958 Erie Avenue N, Canal Fulton, OH 44614$144,100
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$5,677,591
Investment Income
$187,655
Other Revenue
$643,605
Change in Net Assets
$855,031

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,508,851
Total Revenue per Audited Statements
$6,508,851
Total Revenue per Form 990
$6,508,851
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,550,551
Salaries, Compensation, and Employee Benefits$2,103,269
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$1,754,375
Occupancy---$659,298
Fees for Services Other---$532,144
Depreciation Depletion---$198,436
Office Expenses---$186,224
Payroll Taxes---$157,748
Current Officers, Directors, Trustees, and Key Employees---$152,574
Insurance---$60,529
Other Expenses---$54,413
All Other Expenses---$44,069
Other Employee Benefits---$38,572
Advertising---$38,524
Interest---$20,487
Total Functional Expenses$0$0$0$5,653,820

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,653,820
Total Expenses per Audited Statements$5,653,820
Total Expenses per Form 990$5,653,820
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 Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Members' Shares / Deposits Accounts$68,013,116
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
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
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder

Members have ownership with their share accounts.

Form 990, Part VI, Line 11B: Form 990 Review Process

The CEO and the Internal Auditor review the 990 after the CPA has prepared the tax return. The accounting staff provide information needed to prepare the tax return

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

The policy is reviewed annually in September along with all of their other policies. General monitoring is done by the CEO, the President of the Board of Directors, and the Internal Auditor.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

The Credit Union's Strategic Plan results are used by the Compensation Committee and the Board of Directors to decide the CEO compensation. The Compensation Committee makes a recommendation and it is then submitted to the Board of Directors for approval. The Assistant CEO's salary is then reviewed by the CEO, based on the Board and Compensation Committee's decision. All other management salaries are considered and based on a written review.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

The Organization makes all financial documents available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Buckeye State Credit Union
EIN
34-0746485
Phone
3302539197
Address
197 E Thornton Street, Akron, OH 44311

Signing Officer

Name
Jennifer Borowy
Title
CEO
Signed
2018-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jennifer Borowy
Formed
1933
Legal Domicile
Oh
Voting Board Members
5
Independent Board Members
5
Employees
74
Volunteers
5

Preparer

Firm
Maloney Novotny LLC
Address
1111 Superior Avenue Suite 700, Cleveland, OH 44114
Preparer
Doreen M Smith CPA
Phone
3304771075
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Decreases

Accumulated Unrealized Loss on Investment = -$11088

Financial Statement Notes

Part X : FIN48 Footnote

Effective January 1, 2009, generally accepted accounting principles require the organization to evaluate the level of uncertainty related to whether tax positions taken will be sustained upon examination. Any positions taken that do not meet the more-likely-than-not threshold must be quantified and recorded as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits would be classified as additional income taxes in the statement of income. The organization believes that none of the tax positions taken would materially impact the financial statements and no such liabilities have been recorded.

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IRS990/MissionDesc0The credit union is a member-owned not-for-profit financial cooperative formed for the purpose of encouraging savings and making loans at competitively low interest rates. The credit union strives to provide the highest level of personal service in a courteous and professional manner and to treat all individuals fairly and with dignity. The credit union holds safety and soundness of the Organization to be of high importance, pledges to safeguard the assets, places a high importance on consumer education and looks for better ways to reach out to the under-served in the membership field. In addition, the credit union promises to communicate its services to its members in a meaningful way so that they will understand and appreciate the unique roll that it plays in their lives. Finally, the credit union pledges to preserve and protect the privacy and confidentiality of all member financial records and transactions and to provide the members with complete and accurate information concerning
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt091291
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
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IRS990/Organization501cInd0X
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IRS990/OtherAssetsTotalGrp/BOYAmt01185614
IRS990/OtherAssetsTotalGrp/EOYAmt01202697
IRS990/OtherChangesInNetAssetsAmt0-11088
IRS990/OtherEmployeeBenefitsGrp/TotalAmt038572
IRS990/OtherExpensesGrp/Desc0Loan Loss Provision
IRS990/OtherExpensesGrp/Desc1Data Processing
IRS990/OtherExpensesGrp/Desc2Loan Servicing
IRS990/OtherExpensesGrp/Desc3Miscellaneous Expenses
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IRS990/OtherExpensesGrp/TotalAmt1662289
IRS990/OtherExpensesGrp/TotalAmt2260875
IRS990/OtherExpensesGrp/TotalAmt354413
IRS990/OtherLiabilitiesGrp/BOYAmt077699349
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IRS990/OtherRevenueMiscGrp/BusinessCd0524298
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IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/TotalAmt0157748
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
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IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0414142
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0193794
IRS990/PrincipalOfficerNm0Jennifer Borowy
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0523000
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IRS990/ProgramServiceRevenueGrp/Desc0Credit Card Interchange
IRS990/ProgramServiceRevenueGrp/Desc1Fees and Charges
IRS990/ProgramServiceRevenueGrp/Desc2Member Loans-Interest
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0791826
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt11313729
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt23098578
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IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt0473458
IRS990/ProgSrvcAccomActy2Grp/Desc0Depository Accounts - The Credit Union strives to provide its members with financial flexibility and encourage savings with various types of depository accounts. The Credit Union currently offers depository accounts in varieties such as draft accounts, checking accounts, savings accounts, certificate of deposit accounts, individual retirement accounts, and other various types. As of the year end, the there were approximately 25,000 depository accounts held at the Credit Union.The Credit Union also provides its members with the allowance of a debit card. This logged a total of over 150,000 transactions during the year.Member services, including Internet banking and bill pay provide members with the fastest and safest ways of transacting business. Includes overdraft protection to assist members with services to avoid unwanted fees.
IRS990/ProhibitedTaxShelterTransInd0false
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IRS990/PYOtherRevenueAmt0397289
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IRS990/PYSalariesCompEmpBnftPaidAmt02499267
IRS990/PYTotalExpensesAmt06521147
IRS990/PYTotalRevenueAmt05221178
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IRS990/ReconcilationRevenueExpnssAmt0855031
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt01158129
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt068013116
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Members' Shares / Deposits Accounts
IRS990ScheduleD/RevenueSubtotalAmt06508851
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Effective January 1, 2009, generally accepted accounting principles require the organization to evaluate the level of uncertainty related to whether tax positions taken will be sustained upon examination. Any positions taken that do not meet the more-likely-than-not threshold must be quantified and recorded as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits would be classified as additional income taxes in the statement of income. The organization believes that none of the tax positions taken would materially impact the financial statements and no such liabilities have been recorded.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01991883
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0149946
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt02628
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Jennifer Borowy
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0152574
IRS990ScheduleJ/SeverancePaymentInd0false
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Members have ownership with their share accounts.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The CEO and the Internal Auditor review the 990 after the CPA has prepared the tax return. The accounting staff provide information needed to prepare the tax return
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The policy is reviewed annually in September along with all of their other policies. General monitoring is done by the CEO, the President of the Board of Directors, and the Internal Auditor.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Credit Union's Strategic Plan results are used by the Compensation Committee and the Board of Directors to decide the CEO compensation. The Compensation Committee makes a recommendation and it is then submitted to the Board of Directors for approval. The Assistant CEO's salary is then reviewed by the CEO, based on the Board and Compensation Committee's decision. All other management salaries are considered and based on a written review.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The Organization makes all financial documents available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Accumulated Unrealized Loss on Investment = -$11088
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Other Changes In Net Assets Or Fund Balances - Other Decreases
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
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IRS990/SubjectToProxyTaxInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalGrossUBIAmt0636931
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