Civic Intelligence

Revity Credit Union

990 • Fiscal year 2014 • EIN 37-0646488

Jan 01, 2014 to Dec 31, 2014 • Filed on Mar 17, 2015

3970 Maryville RoadGranite City, IL 62040

(618) 797-7993

Siviq Scores

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

Liabilities / Assets

32nd percentile

0.88x

Higher debt load relative to assets than 32% of similar nonprofits.

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

Liabilities / Revenue

38th percentile

16.82x

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

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

Net Margin

7th percentile

4.3%

Higher net margin than 7% of similar nonprofits.

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

Top Officer Pay

5th percentile

$179,611

Higher top officer pay than 5% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

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

Asset Growth

Score unavailable

No value available

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

Source year 2014

Revenue Growth

Score unavailable

No value available

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

Source year 2014

Assets

$309,008,530

No earlier filing loaded for comparison.

Net Assets

$36,245,592

No earlier filing loaded for comparison.

Liabilities

$272,762,938

No earlier filing loaded for comparison.

Revenue

$16,214,718

No earlier filing loaded for comparison.

Expenses

$15,518,945

No earlier filing loaded for comparison.

Net Income

$695,773

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$600M$400M$200M$0Assets 2014: $309,008,530Liabilities 2014: $272,762,938Net Assets 2014: $36,245,5922014Assets 2015: $312,532,650Liabilities 2015: $275,173,927Net Assets 2015: $37,358,7232015Assets 2016: $323,256,415Liabilities 2016: $284,571,188Net Assets 2016: $38,685,2272016Assets 2017: $328,251,641Liabilities 2017: $288,600,992Net Assets 2017: $39,650,6492017Assets 2018: $345,209,620Liabilities 2018: $304,700,948Net Assets 2018: $40,508,6722018Assets 2019: $347,220,803Liabilities 2019: $305,691,017Net Assets 2019: $41,529,7862019Assets 2020: $397,616,673Liabilities 2020: $354,150,790Net Assets 2020: $43,465,8832020Assets 2021: $448,089,061Liabilities 2021: $401,930,222Net Assets 2021: $46,158,8392021Assets 2022: $436,616,353Liabilities 2022: $403,131,211Net Assets 2022: $33,485,1422022Assets 2024: $460,729,959Liabilities 2024: $420,432,383Net Assets 2024: $40,297,5762024

Highlighted filing

2014

Assets$309,008,530
Liabilities$272,762,938
Net Assets$36,245,592

Operations Trend

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

$30M$20M$10M$0Revenue 2014: $16,214,718Expenses 2014: $15,518,945Net Income 2014: $695,7732014Revenue 2015: $16,236,362Expenses 2015: $15,106,590Net Income 2015: $1,129,7722015Revenue 2016: $16,773,356Expenses 2016: $15,854,786Net Income 2016: $918,5702016Revenue 2017: $17,998,402Expenses 2017: $17,168,595Net Income 2017: $829,8072017Revenue 2018: $19,441,363Expenses 2018: $18,876,504Net Income 2018: $564,8592018Revenue 2019: $20,114,524Expenses 2019: $19,283,813Net Income 2019: $830,7112019Revenue 2020: $18,517,571Expenses 2020: $16,493,790Net Income 2020: $2,023,7812020Revenue 2021: $19,603,489Expenses 2021: $14,901,006Net Income 2021: $4,702,4832021Revenue 2022: $20,228,716Expenses 2022: $16,785,020Net Income 2022: $3,443,6962022Revenue 2024: $25,020,502Expenses 2024: $24,130,231Net Income 2024: $890,2712024

Highlighted filing

2014

Revenue$16,214,718
Expenses$15,518,945
Net Income$695,773
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Mar 17, 2015
Return Version
2014v5.0
Gross Receipts
$16,233,032
Mission and Program Overview

Mission

To provide cooperative financial services to anyone who lives, works or attends school within the following illinois counties: sangamon, logan, macon, marion, jefferson, perry, jackson, williamson, jersey, macoupin, montgomery, madison, bond, clinton, st. Clair, monroe, washington and randolph.

To provide cooperative financial services to anyone who lives, works or attends school within the following illinois counties: madison, st. Clair, jersey, macoupin, montgomery, bond, clinton, washington, randolph and monroe.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$253,200,579$252,963,151▼ $237,428
Rtn Earn Endowment Incm Other Fnds$34,716,271$36,245,592▲ $1,529,321
Investments Other Securities$22,984,690$21,767,744▼ $1,216,946
Savings and Temporary Cash Investments$15,440,314$9,487,713▼ $5,952,601
Land, Buildings, and Equipment, Net$7,840,380$7,486,033▼ $354,347
Cash and Non-Interest-Bearing Accounts$3,291,845$3,607,560▲ $315,715
Accounts Receivable$786,961$743,387▼ $43,574
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$315,851,708$309,008,530▼ $6,843,178
Other Assets Total$12,306,939$12,952,942▲ $646,003
Liabilities
Other Liabilities$280,031,417$271,546,835▼ $8,484,582
Accounts Payable and Accrued Expenses$1,104,020$1,216,103▲ $112,083
Total Liabilities$281,135,437$272,762,938▼ $8,372,499
Net Assets / Fund Balance
Total Net Assets Fund Balance$34,716,271$36,245,592▲ $1,529,321
Total Liabilities and Net Assets / Fund Balance$315,851,708$309,008,530▼ $6,843,178

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,800,867$4,351,633$9,152,500
Equipment$805,947$5,696,472$6,502,419
Land$1,879,219-$1,879,219
Other Securities$1,522,100--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Keith BurtonPresidentFT$179,611$179,611
Tamara WoffordChief Financial OfficerFT$148,426$148,426

Board Members and Trustees

NameTitle
Cecil WilliamsChairperson
Nick HuniakSecretary/credit Comm Chair
George MitchellVice Chairperson
Bert EnfieldBoard Member
Charles MarcusBoard Member
Jack ManionBoard Member
Robert LylesBoard Member
Ron JarrettBoard Member
Tom GradyBoard Member
Don BinghamCredit Committee
Kim FrantzCredit Committee
Larry PirtleSupervisory Committee
Samuel AkemanSupervisory Committee
Kenneth NewtonSupervisory Committee Chai
Jim DevineTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$15,188,215
Investment Income
$428,117
Other Revenue
$598,386
Change in Net Assets
$695,773

Audited Revenue Reconciliation

Revenue per Audited Statements
$16,214,718
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$833,548
Total Revenue per Audited Statements
$17,048,266
Total Revenue per Form 990
$16,214,718
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$8,586,963
Salaries, Compensation, and Employee Benefits$6,931,982
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$4,607,213
Office Expenses---$2,661,161
Other Employee Benefits---$1,258,778
Other Expenses---$786,898
Depreciation Depletion---$694,681
Advertising---$653,148
Occupancy---$646,962
Payroll Taxes---$426,050
Current Officers, Directors, Trustees, and Key Employees---$328,037
Pension Plan Contributions---$311,904
Insurance---$170,199
All Other Expenses---$117,570
Fees for Services Other---$67,431
Travel---$65,032
Fees for Services Accounting---$41,111
Fees for Services Legal---$14,818
Total Functional Expenses$0$0$0$15,518,945

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$15,518,945
Total Expenses per Audited Statements$15,518,945
Total Expenses per Form 990$15,518,945
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$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
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Members Share Deposits$271,544,788
Dividends Payable$2,047
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
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
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

This organization is a credit union. Therefore, in order to open an account, an individual must become a member of the credit union.

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

The board of directors is elected by the full membership of the credit union primarily via proxy vote. When a new member signs up with the credit union, they may also sign a proxy card stating that the directors can cast their votes on their behalf. At the annual membership meeting, the proxy votes are cast for the directors who are nominated from the board's ballot committee.

Form 990, Part VI, Section B, Line 11

A copy of the form 990 was provided to the board of directors for review, approval and signature prior to filing with the internal revenue service.

Form 990, Part VI, Section B, Line 15

Persons independent of the organization's president and key employees have determined the compensation for these positions based on comparability data and other factors and have been approved by the board of directors.

Form 990, Part VI, Section C, Line 19

All governing documents, conflicts of interest policy and financial statements are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Gcs Credit Union
EIN
37-0646488
Phone
6187977993
Address
3970 MARYVILLE ROAD, GRANITE CITY, IL 62040

Signing Officer

Name
Keith Burton
Title
President
Phone
6187977993
Signed
2015-03-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Keith Burton
Formed
1941
Legal Domicile
Il
Voting Board Members
15
Independent Board Members
15
Employees
146
Volunteers
0

Preparer

Firm
Cliftonlarsonallen Llp
Address
1 BRONZE POINTE, BELLEVILLE, IL 62226
Preparer
Jeff Parker
Phone
6182331200
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

The organization has a committee that assumes responsibility for the selection of an independent auditor and oversight of the audit. This process has not changed from the prior years.

Financial Statement Notes

PART X, LINE 2:

Per note 1 of the audited financial statements: the credit union is exempt, under irc 501(c)(14), from federal and state income taxes. Certain products and services provided by select state chartered credit unions have been deemed by the internal revenue service (irs), in technical advice memorandums (tams) released in 2007, to be unrelated to the specific entity's exempt purpose. As presented in the technical advice memorandums the net taxable income from these products and services would be subject to income taxes. Credit unions have litigated against the irs positions noted in the tams and have been successful in having courts declare in 2009 and 2010 that revenue from insurance products sold to members, helping them protect their financial well being, qualifies as exempt purpose income, contrary to the irs position in the tams. The credit union has filed tax returns in the past for activities they have deemed taxable. The taxing authorities have the ability to assess taxes, penalties and interest for any years for which no tax return was filed. In the opinion of management, any liability resulting from taxing authorities imposing income taxes on the net taxable income from activities potentially deemed to be unrelated to the credit union's exempt purpose is not expected to have a material effect on the credit union's financial position or results of operations. The credit union evaluated its tax positions and determined no uncertain tax positions exist as of december 31, 2014 and 2013. The credit union's 2011 through 2014 tax years are open for examination by federal and state taxing authorities.

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IRS990/GoverningBodyVotingMembersCnt015
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt022055
IRS990/GrossReceiptsAmt016233032
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt015
IRS990/IndivRcvdGreaterThan100KCnt02
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InsuranceGrp/TotalAmt0170199
IRS990/InvestmentIncomeGrp/ExclusionAmt0424376
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0424376
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt022984690
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt021767744
IRS990/IRPDocumentCnt06270
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt010048105
IRS990/LandBldgEquipBasisNetGrp/BOYAmt07840380
IRS990/LandBldgEquipBasisNetGrp/EOYAmt07486033
IRS990/LandBldgEquipCostOrOtherBssAmt017534138
IRS990/LegalDomicileStateCd0IL
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt018314
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd01
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO PROVIDE COOPERATIVE FINANCIAL SERVICES TO ANYONE WHO LIVES, WORKS OR ATTENDS SCHOOL WITHIN THE FOLLOWING ILLINOIS COUNTIES: MADISON, ST. CLAIR, JERSEY, MACOUPIN, MONTGOMERY, BOND, CLINTON, WASHINGTON, RANDOLPH AND MONROE.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt034716271
IRS990/NetAssetsOrFundBalancesEOYAmt036245592
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt03741
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt03741
IRS990/NetUnrelatedBusTxblIncmAmt012785
IRS990/NetUnrlzdGainsLossesInvstAmt0833548
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt0646962
IRS990/OfficeExpensesGrp/TotalAmt02661161
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt012306939
IRS990/OtherAssetsTotalGrp/EOYAmt012952942
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt01258778
IRS990/OtherExpensesGrp/Desc0UBIT
IRS990/OtherExpensesGrp/Desc1DIVIDENDS ON ACCOUNTS
IRS990/OtherExpensesGrp/Desc2ALLOWANCE FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc3LOAN SERVICING EXPENSES
IRS990/OtherExpensesGrp/TotalAmt05702
IRS990/OtherExpensesGrp/TotalAmt11355646
IRS990/OtherExpensesGrp/TotalAmt21306604
IRS990/OtherExpensesGrp/TotalAmt3786898
IRS990/OtherLiabilitiesGrp/BOYAmt0280031417
IRS990/OtherLiabilitiesGrp/EOYAmt0271546835
IRS990/OtherOrganizationDsc0CREDIT UNION
IRS990/OtherRevenueMiscGrp/BusinessCd0522100
IRS990/OtherRevenueMiscGrp/BusinessCd1522100
IRS990/OtherRevenueMiscGrp/BusinessCd2522100
IRS990/OtherRevenueMiscGrp/Desc0MISCELLANEOUS
IRS990/OtherRevenueMiscGrp/Desc1CASH SURRENDER VALUE-LIFE INSURAN
IRS990/OtherRevenueMiscGrp/Desc2OTHER INCOME
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt0338278
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt1248793
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt211315
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0338278
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1248793
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt211315
IRS990/OtherRevenueTotalAmt0598386
IRS990/OtherSalariesAndWagesGrp/TotalAmt04607213
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0253200579
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0252963151
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt0426050
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt0311904
IRS990/PoliciesReferenceChaptersInd01
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0KEITH BURTON
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/BusinessCd2522100
IRS990/ProgramServiceRevenueGrp/Desc0INTEREST-MEMBER LOANS
IRS990/ProgramServiceRevenueGrp/Desc1FEES AND CHARGES
IRS990/ProgramServiceRevenueGrp/Desc2INTERCHANGE FEES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt011434097
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt12252346
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt21452331
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt011434097
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt12301787
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt21452331
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt049441
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0535285
IRS990/PYOtherExpensesAmt09224859
IRS990/PYOtherRevenueAmt02096739
IRS990/PYProgramServiceRevenueAmt014438584
IRS990/PYRevenuesLessExpensesAmt0661642
IRS990/PYSalariesCompEmpBnftPaidAmt07184107
IRS990/PYTotalExpensesAmt016408966
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt017070608
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0695773
IRS990/RegularMonitoringEnfrcInd00
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt034716271
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt036245592
IRS990/SavingsAndTempCashInvstGrp/BOYAmt015440314
IRS990/SavingsAndTempCashInvstGrp/EOYAmt09487713
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt04800867
IRS990ScheduleD/BuildingsGrp/DepreciationAmt04351633
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt09152500
IRS990ScheduleD/EquipmentGrp/BookValueAmt0805947
IRS990ScheduleD/EquipmentGrp/DepreciationAmt05696472
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt06502419
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt015518945
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt01879219
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01879219
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0833548
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt02047
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1271544788
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DIVIDENDS PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1MEMBERS SHARE DEPOSITS
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt010197000
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt110048644
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt21522100
IRS990ScheduleD/OtherSecuritiesGrp/Desc0DEPOSITS IN OTHER FINANCIAL INSTITUTIONS
IRS990ScheduleD/OtherSecuritiesGrp/Desc1AVAILABLE FOR SALE SECURITIES
IRS990ScheduleD/OtherSecuritiesGrp/Desc2RESTRICTED STOCK
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd2C
IRS990ScheduleD/RevenueNotReportedAmt0833548
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt016214718
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0PER NOTE 1 OF THE AUDITED FINANCIAL STATEMENTS: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELL BEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES THEY HAVE DEEMED TAXABLE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2014 AND 2013. THE CREDIT UNION'S 2011 THROUGH 2014 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt07486033
IRS990ScheduleD/TotalBookValueSecuritiesAmt021767744
IRS990ScheduleD/TotalExpensesPerForm990Amt015518945
IRS990ScheduleD/TotalLiabilityAmt0271546835
IRS990ScheduleD/TotalRevenuePerForm990Amt016214718
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt017048266
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt015518945
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompensationCommitteeInd0X
IRS990ScheduleJ/CompensationSurveyInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0179611
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0KEITH BURTON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0179611
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THIS ORGANIZATION IS A CREDIT UNION. THEREFORE, IN ORDER TO OPEN AN ACCOUNT, AN INDIVIDUAL MUST BECOME A MEMBER OF THE CREDIT UNION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD OF DIRECTORS IS ELECTED BY THE FULL MEMBERSHIP OF THE CREDIT UNION PRIMARILY VIA PROXY VOTE. WHEN A NEW MEMBER SIGNS UP WITH THE CREDIT UNION, THEY MAY ALSO SIGN A PROXY CARD STATING THAT THE DIRECTORS CAN CAST THEIR VOTES ON THEIR BEHALF. AT THE ANNUAL MEMBERSHIP MEETING, THE PROXY VOTES ARE CAST FOR THE DIRECTORS WHO ARE NOMINATED FROM THE BOARD'S BALLOT COMMITTEE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A COPY OF THE FORM 990 WAS PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW, APPROVAL AND SIGNATURE PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3PERSONS INDEPENDENT OF THE ORGANIZATION'S PRESIDENT AND KEY EMPLOYEES HAVE DETERMINED THE COMPENSATION FOR THESE POSITIONS BASED ON COMPARABILITY DATA AND OTHER FACTORS AND HAVE BEEN APPROVED BY THE BOARD OF DIRECTORS.

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