Civic Intelligence

Credit Unions Chartered in the State of Michigan

990 • Fiscal year 2014 • EIN 38-0495567

Jan 01, 2014 to Dec 31, 2014 • Filed on Nov 11, 2015

Organization ProfileWWW.DCECU.ORG

View Organization Page

600 E Lyon RdMidland, MI 48640

(989) 835-7794

Siviq Scores

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

Liabilities / Assets

26th percentile

0.88x

Higher debt load relative to assets than 26% of similar nonprofits.

2014 filings • 501(c)14 • $1B+ nonprofits • Source year 2014

Liabilities / Revenue

96th percentile

38.82x

Higher debt load relative to revenue than 96% of similar nonprofits.

2014 filings • 501(c)14 • $1B+ nonprofits • Source year 2014

Net Margin

3rd percentile

5.8%

Higher net margin than 3% of similar nonprofits.

2014 filings • 501(c)14 • $1B+ nonprofits • Source year 2014

Top Officer Pay

5th percentile

$368,008

Higher top officer pay than 5% of similar nonprofits.

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

2014 filings • 501(c)14 • $1B+ nonprofits • Source year 2014

Asset Growth

11th percentile

1.5%

Faster asset growth than 11% of similar nonprofits.

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

Revenue Growth

2nd percentile

-8.5%

Faster revenue growth than 2% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets26th percentile

Assets

Up

$1,423,188,398

Up $21,139,931 (+1.5%) from 2013

Net Assets

Up

$168,691,960

Up $4,340,941 (+2.6%) from 2013

Liabilities

Up

$1,254,496,438

Up $16,798,990 (+1.4%) from 2013

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin3rd percentile

Revenue

Down

$32,313,002

Down $3,015,710 (-8.5%) from 2013

Expenses

Down

$30,440,732

Down $1,322,793 (-4.2%) from 2013

Net Income

Down

$1,872,270

Down $1,692,917 (-47%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth11th percentile

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

$3.0B$2.0B$1.0B$0Assets 2010: $1,351,563,655Liabilities 2010: $1,196,055,813Net Assets 2010: $155,507,8422010Assets 2011: $1,398,438,374Liabilities 2011: $1,232,167,251Net Assets 2011: $166,271,1232011Assets 2012: $1,435,107,960Liabilities 2012: $1,264,261,558Net Assets 2012: $170,846,4022012Assets 2013: $1,402,048,467Liabilities 2013: $1,237,697,448Net Assets 2013: $164,351,0192013Assets 2014: $1,423,188,398Liabilities 2014: $1,254,496,438Net Assets 2014: $168,691,9602014Assets 2015: $1,465,106,905Liabilities 2015: $1,300,872,175Net Assets 2015: $164,234,7302015Assets 2016: $1,528,730,587Liabilities 2016: $1,364,412,308Net Assets 2016: $164,318,2792016Assets 2017: $1,638,260,455Liabilities 2017: $1,467,766,188Net Assets 2017: $170,494,2672017Assets 2018: $1,628,363,918Liabilities 2018: $1,457,927,510Net Assets 2018: $170,436,4082018Assets 2019: $1,766,989,635Liabilities 2019: $1,574,373,552Net Assets 2019: $192,616,0832019Assets 2020: $2,002,899,481Liabilities 2020: $1,782,599,587Net Assets 2020: $220,299,8942020Assets 2021: $2,159,950,542Liabilities 2021: $1,939,653,614Net Assets 2021: $220,296,9282021Assets 2022: $2,121,264,280Liabilities 2022: $1,970,508,155Net Assets 2022: $150,756,1252022Assets 2023: $2,201,196,958Liabilities 2023: $2,025,165,068Net Assets 2023: $176,031,8902023Assets 2024: $2,387,960,968Liabilities 2024: $2,197,364,883Net Assets 2024: $190,596,0852024

Highlighted filing

2014

Assets$1,423,188,398
Liabilities$1,254,496,438
Net Assets$168,691,960
Open 2014 Filing

Operations Trend

Revenue Growth2nd percentile

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

$150M$100M$50M$0Expenses 2010: $40,094,7652010Expenses 2011: $36,364,6352011Expenses 2012: $33,680,9322012Revenue 2013: $35,328,712Expenses 2013: $31,763,525Net Income 2013: $3,565,1872013Revenue 2014: $32,313,002Expenses 2014: $30,440,732Net Income 2014: $1,872,2702014Revenue 2015: $32,544,391Expenses 2015: $31,871,472Net Income 2015: $672,9192015Revenue 2016: $34,367,892Expenses 2016: $33,802,029Net Income 2016: $565,8632016Revenue 2017: $38,524,736Expenses 2017: $37,211,070Net Income 2017: $1,313,6662017Revenue 2018: $50,585,364Expenses 2018: $44,534,393Net Income 2018: $6,050,9712018Revenue 2019: $61,566,808Expenses 2019: $52,893,869Net Income 2019: $8,672,9392019Revenue 2020: $59,900,559Expenses 2020: $53,004,907Net Income 2020: $6,895,6522020Revenue 2021: $56,115,396Expenses 2021: $42,689,928Net Income 2021: $13,425,4682021Revenue 2022: $64,943,643Expenses 2022: $52,576,897Net Income 2022: $12,366,7462022Revenue 2023: $89,429,197Expenses 2023: $88,565,249Net Income 2023: $863,9482023Revenue 2024: $117,116,968Expenses 2024: $110,668,603Net Income 2024: $6,448,3652024

Highlighted filing

2014

Revenue$32,313,002
Expenses$30,440,732
Net Income$1,872,270
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 11, 2015
Return Version
2014v5.0
Gross Receipts
$279,742,788
Mission and Program Overview

Mission

Dow chemical employees' credit union is a principles-based financial cooperative committed to exceptional service, convenience, value and security operating in accordance with the michigan credit union act.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$755,627,789$686,551,902▼ $69,075,887
Other Notes and Loans Receivable, Net$550,903,965$623,928,594▲ $73,024,629
Rtn Earn Endowment Incm Other Fnds$164,351,019$168,691,960▲ $4,340,941
Cash and Non-Interest-Bearing Accounts$55,585,151$69,328,025▲ $13,742,874
Land, Buildings, and Equipment, Net$10,066,048$10,510,596▲ $444,548
Prepaid Expenses and Deferred Charges$772,477$646,541▼ $125,936
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,402,048,467$1,423,188,398▲ $21,139,931
Other Assets Total$29,093,037$32,222,740▲ $3,129,703
Liabilities
Other Liabilities$1,181,287,642$1,200,186,418▲ $18,898,776
Mortgage Notes Payable Secured by Investment Property$34,000,000$29,000,000▼ $5,000,000
Accounts Payable and Accrued Expenses$22,409,806$25,310,020▲ $2,900,214
Total Liabilities$1,237,697,448$1,254,496,438▲ $16,798,990
Net Assets / Fund Balance
Total Net Assets Fund Balance$164,351,019$168,691,960▲ $4,340,941
Total Liabilities and Net Assets / Fund Balance$1,402,048,467$1,423,188,398▲ $21,139,931

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,656,084$4,772,515$11,428,599
Equipment$3,540,351$7,596,863$11,137,214
Land$314,161-$314,161
Other Securities$680,149,302--
Compensation and Service Providers
Top Officer Pay5th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dennis HansonPresident/CEOFT$267,764$100,244$368,008
Barbara JungaVice President of FinanceFT$198,985$72,627$271,612
Arthur PetersVice President of Info TecFT$178,620$74,574$253,194
Ken RoznowskiVice President of LendingFT$176,652$67,101$243,753
Sheila WrightDirector of Human ResourceFT$118,327$44,054$162,381
Lisa GrayDirector of Risk Mgt/complFT$115,553$41,283$156,836
Susan ValleyOperations Mgr - EservicesFT$118,821$23,973$142,794
Alison TaylorControllerFT$109,739$32,561$142,300
Barbara Ostroski-enosDirector of MarketingFT$103,663$28,392$132,055

Board Members and Trustees

NameTitle
Duncan StuartChairman of the Board
Gary McguireVice Chairman of the Board
Bill WeidemanDirector
Lisa MckenneyDirector
Mark FenskeDirector
Perry HolmonDirector
Robert KasprzykDirector
Michael KappSecretary/treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Diebold INCMaintenance & MonitoringPO BOX 643543, Pittsburgh, PA 15264-3543$651,326
Jack Henry & AssociatesSoftware Licenses & MaintenancePO BOX 609, Monett, MO 65708$577,288
Jwaala LLCSoftware Licenses & Maintenance1717 WEST 6TH ST STE 112, Austin, TX 78703$393,886
Weber Marketing GroupMarmarketing Consultation225 TERRY AVE N SUITE 400, Seattle, WA 98109$354,389
Business Data INCMember Statements & NoticesPO BOX 6081, Inglewood, CA 90312-6081$351,412
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$20,012,030
Investment Income
$11,355,693
Other Revenue
$945,279
Change in Net Assets
$1,872,270

Audited Revenue Reconciliation

Revenue per Audited Statements
$32,313,002
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$108,962
Total Revenue per Audited Statements
$32,421,964
Total Revenue per Form 990
$32,313,002
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$20,461,411
Salaries, Compensation, and Employee Benefits$9,979,321
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest---$8,920,086
Other Salaries and Wages---$6,037,019
All Other Expenses---$1,794,335
Current Officers, Directors, Trustees, and Key Employees---$1,441,742
Depreciation Depletion---$1,259,085
Pension Plan Contributions---$1,124,451
Advertising---$924,362
Information Technology---$873,458
Other Employee Benefits---$799,866
Other Expenses---$655,729
Payroll Taxes---$576,243
Occupancy---$516,411
Office Expenses---$286,790
Fees for Services Accounting---$156,710
Fees for Services Legal---$68,798
Insurance---$61,294
Fees for Services Other---$36,225
Total Functional Expenses$0$0$0$30,440,732

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$30,549,694
Expenses per Audited Statements$30,440,732
Total Expenses per Form 990$30,440,732
Expenses Not Reported on Form 990$108,962
Expenses Not Reported on Financial Statements$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
Other Share Accounts$1,012,664,221
Cd$187,244,241
Hsa$277,956
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
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“Any individual that has an account with the credit union is a member.”

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

“The credit union is member owned and each member is able to elect the volunteer board of directors.”

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

“There are certain requirements of the michigan credit union act that require a vote of the membership. Normal course of business does not require member approval.”

Form 990, Part VI, Section B, Line 11

“A copy of the 990 was reviewed by the v.p. Of finance before it was filed.”

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

“On an annual basis, all employees receive training to review the standards of conduct policy and all employees are asked to sign a statement disclosing any potential conflicts of interest. The supervisory committee chairman and an officer review any disclosures and take applicable or appropriate action. The board and committee volunteers are also asked to review the policy on an annual basis and to sign the disclosure statement.”

Form 990, Part VI, Section B, Line 15

“The payroll information was obtained from staff within the human resources dept. And verified for accuracy by the human resources director. Four compensation best practices from form 990, schedule j, part 1, line 3 are employed for officers of dcecu.”

Form 990, Part VI, Section C, Line 19

“We post our monthly financials in the lobby and our annual report is on the website. Bylaws would be available to a member upon request. Board policies are not usually made available. If requested, we would explain the policy vs. Making copies available.”

Filing and Contact Details

Filer

Filer Name
DOW CHEMICAL EMPLOYEES' CREDIT UNION
EIN
38-0495567
Phone
9898357794
Address
600 E LYON RD, MIDLAND, MI 48640

Signing Officer

Name
Dennis Hanson
Title
President/CEO
Phone
9898357794
Signed
2015-11-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dennis Hanson
Formed
1937
Legal Domicile
Mi
Voting Board Members
8
Independent Board Members
8
Employees
171
Volunteers
15

Preparer

Firm
Doeren Mayhew
Address
305 WEST BIG BEAVER ROAD, TROY, MI 48084
Preparer
Robin D Hoag CPA
Phone
2482443000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Net change in unrealized losses on postretirement benefit obligations -1,002,456.”

Form 990, Part XI, Line 2C

“The process that the committee goes through for assuming responsibility for the oversight of the audit of the financial statements has not changed from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“The credit union is exempt, by statute (irc section 501(c)(14)), from federal income taxes and michigan business tax. The credit union is a state-chartered credit union described in internal revenue code (irc) section 501(c)(14). As such, the credit union is exempt from federal taxation of income derived from the performance of activities that are in furtherance of its exempt purposes. However, irc section 511 imposes a tax on the unrelated business income (as defined in section 512) derived by state-chartered credit unions. Many states have similar laws. The specific application of section 512 to the various activities conducted by state-chartered credit unions has been an issue for many years. In 2007, the internal revenue service (irs) issued a series of technical advice memoranda (tam) to a number of state-chartered credit unions located throughout the country. In these tams, the irs ruled certain products and services to be subject to taxation as unrelated business income. In light of the tams, the credit union has assessed its activities and any potential federal or state income tax liability. In the opinion of management, any liability arising from federal or state taxation of activities deemed to be unrelated to its exempt purpose is not expected to have a material effect on the credit union's financial condition or results of operation. The credit union remains subject to examination for income tax returns for years ending after december 31, 2010.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“LOSS ON SALE OF ASSETS”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“LOSS ON SALE OF ASSETS”

Raw XML AppendixShowing 400 of 605 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/AccountsPayableAccrExpnssGrp/BOYAmt022409806
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IRS990/ActivityOrMissionDesc0DOW CHEMICAL EMPLOYEES' CREDIT UNION IS A PRINCIPLES-BASED FINANCIAL COOPERATIVE COMMITTED TO EXCEPTIONAL SERVICE, CONVENIENCE, VALUE AND SECURITY OPERATING IN ACCORDANCE WITH THE MICHIGAN CREDIT UNION ACT.
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IRS990/Form990PartVIISectionAGrp/PersonNm1PERRY HOLMON
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IRS990/Form990PartVIISectionAGrp/PersonNm3MARK FENSKE
IRS990/Form990PartVIISectionAGrp/PersonNm4BILL WEIDEMAN
IRS990/Form990PartVIISectionAGrp/PersonNm5MICHAEL KAPP
IRS990/Form990PartVIISectionAGrp/PersonNm6ROBERT KASPRZYK
IRS990/Form990PartVIISectionAGrp/PersonNm7GARY MCGUIRE
IRS990/Form990PartVIISectionAGrp/PersonNm8DENNIS HANSON
IRS990/Form990PartVIISectionAGrp/PersonNm9BARBARA JUNGA
IRS990/Form990PartVIISectionAGrp/PersonNm10KEN ROZNOWSKI
IRS990/Form990PartVIISectionAGrp/PersonNm11ARTHUR PETERS
IRS990/Form990PartVIISectionAGrp/PersonNm12SHEILA WRIGHT
IRS990/Form990PartVIISectionAGrp/PersonNm13SUSAN VALLEY
IRS990/Form990PartVIISectionAGrp/PersonNm14LISA GRAY
IRS990/Form990PartVIISectionAGrp/PersonNm15ALISON TAYLOR
IRS990/Form990PartVIISectionAGrp/PersonNm16BARBARA OSTROSKI-ENOS
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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2CHAIRMAN OF THE BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5SECRETARY/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7VICE CHAIRMAN OF THE BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt8PRESIDENT/CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt9VICE PRESIDENT OF FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt10VICE PRESIDENT OF LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt11VICE PRESIDENT OF INFO TEC
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR OF HUMAN RESOURCE
IRS990/Form990PartVIISectionAGrp/TitleTxt13OPERATIONS MGR - ESERVICES
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR OF RISK MGT/COMPL
IRS990/Form990PartVIISectionAGrp/TitleTxt15CONTROLLER
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR OF MARKETING
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IRS990/MissionDesc0WE ARE A PRINCIPLES BASED FINANCIAL COOPERATIVE COMMITTED TO EXCEPTIONAL SERVICE, CONVENIENCE, VALUE AND SECURITY OPERATING IN ACCORDANCE WITH THE MICHIGAN CREDIT UNION ACT.
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IRS990/NetUnrlzdGainsLossesInvstAmt03471127
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IRS990/OccupancyGrp/TotalAmt0516411
IRS990/OfficeExpensesGrp/TotalAmt0286790
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
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IRS990/OtherAssetsTotalGrp/EOYAmt032222740
IRS990/OtherChangesInNetAssetsAmt0-1002456
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0799866
IRS990/OtherExpensesGrp/Desc0DEBIT/CREDIT CARD
IRS990/OtherExpensesGrp/Desc1EQUIPMENT RENTAL AND MA
IRS990/OtherExpensesGrp/Desc2LOAN EXPENSE
IRS990/OtherExpensesGrp/Desc3ATM EXPENSE
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IRS990/OtherExpensesGrp/TotalAmt11087224
IRS990/OtherExpensesGrp/TotalAmt2729209
IRS990/OtherExpensesGrp/TotalAmt3655729
IRS990/OtherLiabilitiesGrp/BOYAmt01181287642
IRS990/OtherLiabilitiesGrp/EOYAmt01200186418
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IRS990/OtherRevenueMiscGrp/BusinessCd1525990
IRS990/OtherRevenueMiscGrp/BusinessCd2524298
IRS990/OtherRevenueMiscGrp/Desc0NON-MEMBER ATM FEES
IRS990/OtherRevenueMiscGrp/Desc1INVESTMENT FEES
IRS990/OtherRevenueMiscGrp/Desc2INSURANCE
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0430557
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1287510
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt2227212
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt0430557
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt1287510
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt2227212
IRS990/OtherRevenueTotalAmt0945279
IRS990/OtherSalariesAndWagesGrp/TotalAmt06037019
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0550903965
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0623928594
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt0576243
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt01124451
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0772477
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0646541
IRS990/PrincipalOfficerNm0DENNIS HANSON
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IRS990/ProgramServiceRevenueGrp/Desc0INCOME ON MEMBER LOANS
IRS990/ProgramServiceRevenueGrp/Desc1FEES AND CHARGES
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt16269211
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IRS990/PYProgramServiceRevenueAmt021274294
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IRS990ScheduleD/EquipmentGrp/BookValueAmt03540351
IRS990ScheduleD/EquipmentGrp/DepreciationAmt07596863
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01012664221
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1187244241
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2277956
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0OTHER SHARE ACCOUNTS
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2HSA
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IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt06402600
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt1680149302
IRS990ScheduleD/OtherSecuritiesGrp/Desc0FHLB STOCK
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)(14)), FROM FEDERAL INCOME TAXES AND MICHIGAN BUSINESS TAX. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS HAS BEEN AN ISSUE FOR MANY YEARS. IN 2007, THE INTERNAL REVENUE SERVICE (IRS) ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA (TAM) TO A NUMBER OF STATE-CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. IN THESE TAMS, THE IRS RULED CERTAIN PRODUCTS AND SERVICES TO BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. IN LIGHT OF THE TAMS, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL CONDITION OR RESULTS OF OPERATION. THE CREDIT UNION REMAINS SUBJECT TO EXAMINATION FOR INCOME TAX RETURNS FOR YEARS ENDING AFTER DECEMBER 31, 2010.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1LOSS ON SALE OF ASSETS
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2LOSS ON SALE OF ASSETS
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,423,188,398
Liabilities
$1,254,496,438
Net assets
$168,691,960
Revenue
$32,313,002
Expenses
$30,440,732
Net income
$1,872,270
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2,388$2,197$191$117$111$6.45
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,201$2,025$176$89.4$88.6$0.86
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$2,121$1,971$151$64.9$52.6$12.4
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,160$1,940$220$56.1$42.7$13.4
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,003$1,783$220$59.9$53.0$6.90
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,767$1,574$193$61.6$52.9$8.67
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,628$1,458$170$50.6$44.5$6.05
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,638$1,468$170$38.5$37.2$1.31
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,529$1,364$164$34.4$33.8$0.57
2015Detailed filing. Detailed filing data is available for this year.$1,465$1,301$164$32.5$31.9$0.67
2014Detailed filing. Detailed filing data is available for this year.$1,423$1,254$169$32.3$30.4$1.87
2013Detailed filing. Detailed filing data is available for this year.$1,402$1,238$164$35.3$31.8$3.57
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,435$1,264$171$33.7
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,398$1,232$166$36.4
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,352$1,196$156$40.1
Peer Organizations

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