Civic Intelligence

Revity Credit Union

990 • Fiscal year 2015 • EIN 37-0646488

Jan 01, 2015 to Dec 31, 2015 • Filed on Mar 15, 2016

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

31st percentile

0.88x

Higher debt load relative to assets than 31% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Liabilities / Revenue

35th percentile

16.95x

Higher debt load relative to revenue than 35% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Net Margin

18th percentile

7.0%

Higher net margin than 18% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Top Officer Pay

7th percentile

$209,978

Higher top officer pay than 7% of similar nonprofits.

Top officer pay equals 1.3% of source-year revenue.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Asset Growth

7th percentile

1.1%

Faster asset growth than 7% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Revenue Growth

16th percentile

0.1%

Faster revenue growth than 16% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Assets

Up

$312,532,650

Up $3,524,120 (+1.1%) from 2014

Net Assets

Up

$37,358,723

Up $1,113,131 (+3.1%) from 2014

Liabilities

Up

$275,173,927

Up $2,410,989 (+0.9%) from 2014

Revenue

Up

$16,236,362

Up $21,644 (+0.1%) from 2014

Expenses

Down

$15,106,590

Down $412,355 (-2.7%) from 2014

Net Income

Up

$1,129,772

Up $433,999 (+62%) from 2014

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

2015

Assets$312,532,650
Liabilities$275,173,927
Net Assets$37,358,723

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

2015

Revenue$16,236,362
Expenses$15,106,590
Net Income$1,129,772
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Mar 15, 2016
Return Version
2015v2.1
Gross Receipts
$16,618,825
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$252,963,151$258,318,351▲ $5,355,200
Rtn Earn Endowment Incm Other Fnds$36,245,592$37,358,723▲ $1,113,131
Savings and Temporary Cash Investments$9,487,713$11,563,202▲ $2,075,489
Investments in Publicly Traded Securities-$9,873,412-
Investments Other Securities$21,767,744$8,805,900▼ $12,961,844
Land, Buildings, and Equipment, Net$7,486,033$7,230,366▼ $255,667
Cash and Non-Interest-Bearing Accounts$3,607,560$3,079,404▼ $528,156
Accounts Receivable$743,387$690,049▼ $53,338
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$309,008,530$312,532,650▲ $3,524,120
Other Assets Total$12,952,942$12,971,966▲ $19,024
Liabilities
Other Liabilities$271,546,835$273,721,902▲ $2,175,067
Accounts Payable and Accrued Expenses$1,216,103$1,452,025▲ $235,922
Total Liabilities$272,762,938$275,173,927▲ $2,410,989
Net Assets / Fund Balance
Total Net Assets Fund Balance$36,245,592$37,358,723▲ $1,113,131
Total Liabilities and Net Assets / Fund Balance$309,008,530$312,532,650▲ $3,524,120

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,510,100$4,677,431$9,187,531
Equipment$841,047$6,015,446$6,856,493
Land$1,879,219-$1,879,219
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Keith BurtonPresidentFT$176,779$33,199$209,978
Tamara WoffordChief Financial OfficerFT$147,170$30,333$177,503

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$15,253,748
Investment Income
$359,035
Other Revenue
$623,579
Change in Net Assets
$1,129,772

Audited Revenue Reconciliation

Revenue per Audited Statements
$16,236,362
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-266,816
Total Revenue per Audited Statements
$15,969,546
Total Revenue per Form 990
$16,236,362
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$8,099,123
Salaries, Compensation, and Employee Benefits$7,007,467
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$4,641,311
Office Expenses---$2,773,112
Other Employee Benefits---$1,290,755
Other Expenses---$843,016
Depreciation Depletion---$655,271
Advertising---$588,383
Occupancy---$530,452
Payroll Taxes---$439,141
Current Officers, Directors, Trustees, and Key Employees---$323,949
Pension Plan Contributions---$312,311
All Other Expenses---$141,636
Travel---$99,251
Fees for Services Other---$73,050
Fees for Services Accounting---$60,724
Insurance---$29,337
Fees for Services Legal---$4,612
Total Functional Expenses$0$0$0$15,106,590

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$15,106,590
Total Expenses per Audited Statements$15,106,590
Total Expenses per Form 990$15,106,590
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$273,718,963
Dividends Payable$2,939
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
2016-03-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Keith Burton
Formed
1941
Legal Domicile
Il
Voting Board Members
16
Independent Board Members
16
Employees
150
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 XI, LINE 9:

Acquisition of bell credit union 250,175.

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, 2015 and 2014. The credit union's 2012 through 2015 tax years are open for examination by federal and state taxing authorities.

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IRS990/Form990PartVIISectionAGrp/TitleTxt16PRESIDENT
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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.
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IRS990/PrincipalOfficerNm0KEITH BURTON
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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, 2015 AND 2014. THE CREDIT UNION'S 2012 THROUGH 2015 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00

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