Civic Intelligence

Tech Credit Union

990 • Fiscal year 2014 • EIN 35-0885375

Jan 01, 2014 to Dec 31, 2014 • Filed on Apr 03, 2015

10951 BroadwayCrown Point, IN 46307

(219) 663-5120

Siviq Scores

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

Liabilities / Assets

92nd percentile

0.92x

Higher debt load relative to assets than 92% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Liabilities / Revenue

79th percentile

21.96x

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

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Net Margin

2nd percentile

-1.8%

Higher net margin than 2% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Top Officer Pay

24th percentile

$286,536

Higher top officer pay than 24% of similar nonprofits.

Top officer pay equals 2.1% of source-year revenue.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Asset Growth

8th percentile

0.4%

Faster asset growth than 8% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2013 to 2014

Revenue Growth

29th percentile

-0.7%

Faster revenue growth than 29% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2013 to 2014

Assets

Up

$321,489,659

Up $1,136,499 (+0.4%) from 2013

Net Assets

Down

$25,842,431

Down $228,032 (-0.9%) from 2013

Liabilities

Up

$295,647,228

Up $1,364,531 (+0.5%) from 2013

Revenue

Down

$13,462,407

Down $93,974 (-0.7%) from 2013

Expenses

Up

$13,698,561

Up $565,596 (+4.3%) from 2013

Net Income

Down

-$236,154

Down $659,570 (-156%) from 2013

Historical Trend

Balance Sheet Trend

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

$600M$400M$200M$0Assets 2010: $283,484,571Liabilities 2010: $259,556,466Net Assets 2010: $23,928,1052010Assets 2011: $294,603,795Liabilities 2011: $269,963,194Net Assets 2011: $24,640,6012011Assets 2012: $310,700,667Liabilities 2012: $285,053,389Net Assets 2012: $25,647,2782012Assets 2013: $320,353,160Liabilities 2013: $294,282,697Net Assets 2013: $26,070,4632013Assets 2014: $321,489,659Liabilities 2014: $295,647,228Net Assets 2014: $25,842,4312014Assets 2015: $330,848,432Liabilities 2015: $304,060,142Net Assets 2015: $26,788,2902015Assets 2016: $346,316,433Liabilities 2016: $318,970,817Net Assets 2016: $27,345,6162016Assets 2017: $356,935,538Liabilities 2017: $328,302,095Net Assets 2017: $28,633,4432017Assets 2018: $360,917,214Liabilities 2018: $329,354,588Net Assets 2018: $31,562,6262018Assets 2021: $509,548,706Liabilities 2021: $470,386,395Net Assets 2021: $39,162,3112021Assets 2022: $536,572,543Liabilities 2022: $495,053,216Net Assets 2022: $41,519,3272022Assets 2023: $527,252,079Liabilities 2023: $479,256,849Net Assets 2023: $47,995,2302023Assets 2024: $542,967,604Liabilities 2024: $495,707,773Net Assets 2024: $47,259,8312024

Highlighted filing

2014

Assets$321,489,659
Liabilities$295,647,228
Net Assets$25,842,431

Operations Trend

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

$40M$30M$20M$10M$0-$10MExpenses 2010: $15,073,6092010Expenses 2011: $12,941,0882011Expenses 2012: $12,855,0702012Revenue 2013: $13,556,381Expenses 2013: $13,132,965Net Income 2013: $423,4162013Revenue 2014: $13,462,407Expenses 2014: $13,698,561Net Income 2014: -$236,1542014Revenue 2015: $13,958,944Expenses 2015: $12,898,516Net Income 2015: $1,060,4282015Revenue 2016: $14,321,695Expenses 2016: $13,617,003Net Income 2016: $704,6922016Revenue 2017: $14,937,838Expenses 2017: $13,796,508Net Income 2017: $1,141,3302017Revenue 2018: $17,272,387Expenses 2018: $14,245,724Net Income 2018: $3,026,6632018Revenue 2021: $20,890,462Expenses 2021: $18,440,676Net Income 2021: $2,449,7862021Revenue 2022: $23,189,269Expenses 2022: $20,696,239Net Income 2022: $2,493,0302022Revenue 2023: $33,400,748Expenses 2023: $26,556,412Net Income 2023: $6,844,3362023Revenue 2024: $29,777,395Expenses 2024: $30,672,003Net Income 2024: -$894,6082024

Highlighted filing

2014

Revenue$13,462,407
Expenses$13,698,561
Net Income-$236,154
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Apr 3, 2015
Return Version
2014v5.0
Gross Receipts
$13,472,598
Mission and Program Overview

Mission

To provide services that enable our members to achieve a lifetime of financial success.

To promote thrift and provide low cost loans to members. This is accomplished on a co-operative basis for the mutual benefit of those within the membership.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$169,938,910$183,464,304▲ $13,525,394
Investments Other Securities$133,014,624$119,638,168▼ $13,376,456
Rtn Earn Endowment Incm Other Fnds$26,070,463$25,842,431▼ $228,032
Land, Buildings, and Equipment, Net$10,629,520$10,235,641▼ $393,879
Cash and Non-Interest-Bearing Accounts$2,719,473$2,642,665▼ $76,808
Prepaid Expenses and Deferred Charges$773,019$1,442,547▲ $669,528
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$320,353,160$321,489,659▲ $1,136,499
Other Assets Total$3,277,614$4,066,334▲ $788,720
Liabilities
Other Liabilities$292,401,452$293,677,755▲ $1,276,303
Accounts Payable and Accrued Expenses$1,881,245$1,969,473▲ $88,228
Total Liabilities$294,282,697$295,647,228▲ $1,364,531
Net Assets / Fund Balance
Total Net Assets Fund Balance$26,070,463$25,842,431▼ $228,032
Total Liabilities and Net Assets / Fund Balance$320,353,160$321,489,659▲ $1,136,499

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,588,638$3,644,868$10,233,506
Equipment$1,127,349$3,750,135$4,877,484
Land$2,519,654-$2,519,654
Other Securities$9,117,318--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael HusseyPresident/CEOFT$236,337$50,199$286,536
Richard LundstromExecutive Vice PresidentFT$149,211$33,641$182,852
Michael CaseyComptrollerFT$134,817$31,390$166,207
Richard SimagaDirector of Commercial LenFT$104,594$27,712$132,306
Mary Jo DuncanVice President of LendingFT$107,717$18,108$125,825
Dorothy Sue LandskeSecretary-$1,800-$1,800
Edward PetyoDirector-$1,800-$1,800
Patricia CordrayDirector-$1,800-$1,800
Walter J GarbarczykDirector-$1,800-$1,800
Christine AthertonDirector-$1,650-$1,650
James MackTreasurer-$1,650-$1,650
Joe MacharaDirector-$1,650-$1,650
John LewersDirector-$1,650-$1,650
Richard YoungChairman-$1,500-$1,500
Lisa BeckDirector-$1,350-$1,350

Highest Paid Contractors

ContractorServicesLocationCompensation
FiservInformation Technologies255 FISERV DRIVE, Brookfield, WI 53045$612,734
Digital InsightDigital Banking Solutions1300 SEAPORT BOULEVARD, Redwood City, CA 94063$497,852
At&tCommunications208 S AKARD ST, Dallas, TX 75202$303,352
Chester INCInformation Technologies555 EASTPORT CENTRE DRIVE, Valparaiso, IN 46383$143,999
Creative ServicesPrinting/mailing Service4130 PLANK ROAD, Peru, IL 61354$114,409
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$8,046,348
Investment Income
$1,058,414
Other Revenue
$4,357,645
Change in Net Assets
$-236,154
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$7,912,394
Salaries, Compensation, and Employee Benefits$5,786,167
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$3,619,373
Interest---$1,233,707
Current Officers, Directors, Trustees, and Key Employees---$893,726
Fees for Services Other---$788,396
Occupancy---$682,517
Other Employee Benefits---$653,452
Depreciation Depletion---$611,915
Office Expenses---$533,768
Advertising---$435,387
Information Technology---$414,013
Payroll Taxes---$342,145
Pension Plan Contributions---$277,471
Other Expenses---$204,000
All Other Expenses---$129,076
Fees for Services Accounting---$58,992
Conferences and Meetings---$47,989
Fees for Services Legal---$40,080
Total Functional Expenses$0$0$0$13,698,561
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Share Accounts$293,677,755
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

A member is defined as any individual or business that has loan or deposit accounts at the credit union.

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

Major decisions, such as whether or not to merge into another credit union, would require ratification by the membership to be approved.

Form 990, Part VI, Section B, Line 11

Management reviews form 990 before it is filed with the irs. Board does not review the form 990 before filing.

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

All board members and executive staff complete a conflict of interest statement on an annual basis. The credit union's internal auditor reviews these statements to ensure completion and compliance.

Form 990, Part VI, Section B, Line 15

Compensation is determined as part of each individual's annual review. This compensation is included in the budget that is approved by the board of directors.

Form 990, Part VI, Section C, Line 19

The credit union's governing documents are on file with the indiana secretary of state's office. A copy of these documents can be obtained through this office. The credit union's financial statements are on display in the lobby of the credit union's home office. The credit union's conflict of interest policy is not made available to the general public.

Filing and Contact Details

Filer

Filer Name
Tech Credit Union
EIN
35-0885375
Phone
2196635120
Address
10951 BROADWAY, CROWN POINT, IN 46307

Signing Officer

Name
Michael M Hussey
Title
President / CEO
Phone
2196635120
Signed
2015-04-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael M Hussey
Formed
1936
Legal Domicile
In
Voting Board Members
10
Independent Board Members
10
Employees
112
Volunteers
0

Preparer

Firm
Selden Fox Ltd
Address
619 ENTERPRISE DRIVE, OAK BROOK, IL 60523-8835
Preparer
Paul J Rozek
Phone
6309541400
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Other comprehensive income - defined benefit pension plan -94,270. Net unrealized gains on available for sale investments 102,392.

FORM 990, PART XII, LINE 2C:

This process has not changed significantly from the prior year. The credit union's supervisory committee assumes responsibility for oversight of the audit and selection of the independent accountant.

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