Civic Intelligence

Credit Unions Chartered in the State of Michigan Sovita Credit Union

990 • Fiscal year 2014 • EIN 38-0546210

Jan 01, 2014 to Dec 31, 2014 • Filed on Jul 15, 2015

Organization ProfileWWW.FASECU.ORG

View Organization Page

PO Box 320830Flint, MI 48532

(810) 720-8300

Siviq Scores

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

Liabilities / Assets

16th percentile

0.86x

Higher debt load relative to assets than 16% of similar nonprofits.

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

Liabilities / Revenue

99th percentile

34.51x

Higher debt load relative to revenue than 99% of similar nonprofits.

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

Net Margin

69th percentile

19%

Higher net margin than 69% of similar nonprofits.

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

Top Officer Pay

11th percentile

$233,148

Higher top officer pay than 11% of similar nonprofits.

Top officer pay equals 2.5% of source-year revenue.

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

Asset Growth

17th percentile

1.4%

Faster asset growth than 17% of similar nonprofits.

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

Revenue Growth

69th percentile

5.0%

Faster revenue growth than 69% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets16th percentile

Assets

Up

$368,730,886

Up $5,256,370 (+1.4%) from 2013

Net Assets

Up

$52,850,877

Up $1,368,969 (+2.7%) from 2013

Liabilities

Up

$315,880,009

Up $3,887,401 (+1.2%) from 2013

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin69th percentile

Revenue

Up

$9,153,229

Up $439,185 (+5.0%) from 2013

Expenses

Down

$7,454,514

Down $75,619 (-1.0%) from 2013

Net Income

Up

$1,698,715

Up $514,804 (+43%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth17th percentile

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

$600M$400M$200M$0Assets 2010: $321,212,450Liabilities 2010: $274,163,130Net Assets 2010: $47,049,3202010Assets 2011: $327,144,529Liabilities 2011: $278,439,134Net Assets 2011: $48,705,3952011Assets 2012: $336,528,478Liabilities 2012: $287,100,846Net Assets 2012: $49,427,6322012Assets 2013: $363,474,516Liabilities 2013: $311,992,608Net Assets 2013: $51,481,9082013Assets 2014: $368,730,886Liabilities 2014: $315,880,009Net Assets 2014: $52,850,8772014Assets 2015: $381,872,139Liabilities 2015: $326,052,415Net Assets 2015: $55,819,7242015Assets 2016: $395,417,245Liabilities 2016: $337,263,451Net Assets 2016: $58,153,7942016Assets 2017: $404,291,828Liabilities 2017: $345,050,354Net Assets 2017: $59,241,4742017Assets 2018: $409,248,405Liabilities 2018: $348,906,425Net Assets 2018: $60,341,9802018Assets 2019: $436,080,346Liabilities 2019: $367,777,270Net Assets 2019: $68,303,0762019Assets 2020: $504,085,579Liabilities 2020: $429,924,519Net Assets 2020: $74,161,0602020Assets 2021: $540,162,677Liabilities 2021: $469,298,097Net Assets 2021: $70,864,5802021Assets 2022: $520,943,774Liabilities 2022: $468,965,967Net Assets 2022: $51,977,8072022Assets 2023: $508,496,724Liabilities 2023: $444,865,823Net Assets 2023: $63,630,9012023Assets 2024: $529,376,259Liabilities 2024: $455,711,137Net Assets 2024: $73,665,1222024

Highlighted filing

2014

Assets$368,730,886
Liabilities$315,880,009
Net Assets$52,850,877
Open 2014 Filing

Operations Trend

Revenue Growth69th percentile

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

$30M$20M$10M$0Expenses 2010: $10,334,9112010Expenses 2011: $8,624,4802011Expenses 2012: $8,054,5202012Revenue 2013: $8,714,044Expenses 2013: $7,530,133Net Income 2013: $1,183,9112013Revenue 2014: $9,153,229Expenses 2014: $7,454,514Net Income 2014: $1,698,7152014Revenue 2015: $12,432,859Expenses 2015: $10,065,168Net Income 2015: $2,367,6912015Revenue 2016: $10,699,944Expenses 2016: $8,204,959Net Income 2016: $2,494,9852016Revenue 2017: $11,604,160Expenses 2017: $8,594,277Net Income 2017: $3,009,8832017Revenue 2018: $13,522,370Expenses 2018: $10,721,525Net Income 2018: $2,800,8452018Revenue 2019: $14,803,285Expenses 2019: $11,582,342Net Income 2019: $3,220,9432019Revenue 2020: $12,779,014Expenses 2020: $10,836,202Net Income 2020: $1,942,8122020Revenue 2021: $11,610,983Expenses 2021: $10,103,756Net Income 2021: $1,507,2272021Revenue 2022: $13,885,121Expenses 2022: $10,361,055Net Income 2022: $3,524,0662022Revenue 2023: $18,274,970Expenses 2023: $12,774,373Net Income 2023: $5,500,5972023Revenue 2024: $21,313,191Expenses 2024: $16,718,866Net Income 2024: $4,594,3252024

Highlighted filing

2014

Revenue$9,153,229
Expenses$7,454,514
Net Income$1,698,715
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Jul 15, 2015
Return Version
2014v5.0
Gross Receipts
$153,204,859
Mission and Program Overview

Mission

To become the primary financial services provider for our members through our continual effort to exemplify courteous, reliable, comprehensive and prompt services that are competitive with the market and correspond to the needs of our members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$259,613,820$254,941,321▼ $4,672,499
Other Notes and Loans Receivable, Net$65,533,917$70,774,285▲ $5,240,368
Rtn Earn Endowment Incm Other Fnds$51,481,908$52,850,877▲ $1,368,969
Savings and Temporary Cash Investments$21,423,737$25,523,463▲ $4,099,726
Land, Buildings, and Equipment, Net$5,444,584$5,285,318▼ $159,266
Cash and Non-Interest-Bearing Accounts$2,099,360$2,403,598▲ $304,238
Accounts Receivable$472,779$657,100▲ $184,321
Intangible Assets$396,504$356,854▼ $39,650
Prepaid Expenses and Deferred Charges$195,436$149,269▼ $46,167
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$363,474,516$368,730,886▲ $5,256,370
Other Assets Total$8,294,379$8,639,678▲ $345,299
Liabilities
Other Liabilities$308,247,013$310,172,907▲ $1,925,894
Accounts Payable and Accrued Expenses$3,745,595$5,707,102▲ $1,961,507
Total Liabilities$311,992,608$315,880,009▲ $3,887,401
Net Assets / Fund Balance
Total Net Assets Fund Balance$51,481,908$52,850,877▲ $1,368,969
Total Liabilities and Net Assets / Fund Balance$363,474,516$368,730,886▲ $5,256,370

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,074,960$2,657,955$6,732,915
Equipment$272,551$1,244,778$1,517,329
Land$937,807-$937,807
Leasehold Improvements$0$24,890$24,890
Other Securities$76,539,003--
Compensation and Service Providers
Top Officer Pay11th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Patrick J WhiteGEN'L MGR/CEO/BOARD MEMBERFT$179,592$53,556$233,148
Patrick J HagedornAsst. General Manager/COOFT$149,204$38,261$187,465
Bryanna TapleyVice President OperationsFT$118,259$9,930$128,189

Board Members and Trustees

NameTitle
Patricia R GoochBoard President
Sam ParaschosBoard Vice-president
Joseph a EufingerBoard Member
Michael VanceBoard Member
Kenneth M GreenBoard Member Emeritus
Sidney J DecouBoard Secretary
John N ClothierBoard Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Fiserv - GalaxyData Processing75 REMITTANCE DR STE 1649, Chicago, IL 60675$358,260
Fis Global (metavante)Atm & Debit Card ProcessingPO BOX 4535, Carol Stream, IL 60197$171,844
Fis (certegy)Credit Card Processing11601 N ROOSEVELT BLVD, St Petersburg, FL 33716$120,805
Cuna (members Capital Advisors)Investment AdvisingPO BOX 2964, Milwaukee, WI 53201$105,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$5,126,921
Investment Income
$3,981,904
Other Revenue
$44,404
Change in Net Assets
$1,698,715

Audited Revenue Reconciliation

Revenue per Audited Statements
$9,153,229
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$9,153,229
Total Revenue per Form 990
$9,153,229
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,736,421
Other Expenses$3,718,093
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$2,094,967
Occupancy---$628,620
Current Officers, Directors, Trustees, and Key Employees---$548,802
Pension Plan Contributions---$460,203
Other Employee Benefits---$430,069
Office Expenses---$329,132
Depreciation Depletion---$323,681
All Other Expenses---$229,066
Payroll Taxes---$202,380
Fees for Services Other---$161,887
Fees for Services Accounting---$160,000
Advertising---$125,159
Other Expenses---$100,891
Fees for Services Legal---$48,420
Insurance---$44,150
Total Functional Expenses$0$0$0$7,454,514

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,454,514
Total Expenses per Audited Statements$7,454,514
Total Expenses per Form 990$7,454,514
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 Shares$310,172,907
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
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“All account holders are referred to as members.”

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

“When a board member's term is up, we have an election where our membership votes, to either re-elect a director or elect a new director.”

Form 990, Part VI, Section B, Line 11

“Form 990 will be reveiwed by top management prior to filing.”

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

“Top officials and all employees are required to disclose any potential conflicts of interest.”

Form 990, Part VI, Section B, Line 15

“The credit union uses mcul and cuna compensation surveys to determine the compensation of officers and top management and is approved by the board of directors.”

Form 990, Part VI, Section C, Line 19

“The organization makes its financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Credit Unions Chartered in the State of
EIN
38-0546210
Phone
8107208300
Address
PO BOX 320830, FLINT, MI 48532

Signing Officer

Name
Patrick White
Title
General Manager/CEO
Phone
8107208300
Signed
2015-07-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patrick White
Formed
1934
Legal Domicile
Mi
Voting Board Members
7
Independent Board Members
6
Employees
83
Volunteers
7

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 pension plan obligations -712,286. Net change in unrealized losses on postretirement benefit obligations -1,126,301.”

FORM 990, PART XII, LINE 2C:

“We have a committee that assumes responsibility for the oversight of the audit of its financial statements and selection of an independent accountant. Our process has not changed from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“The credit union is exempt, by statute, from federal and state income taxes on income related to the exempt purpose of the credit union. 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 position or results of operations.”

Raw XML AppendixShowing 400 of 479 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.

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IRS990/ActivityOrMissionDesc0TO BECOME THE PRIMARY FINANCIAL SERVICES PROVIDER FOR OUR MEMBERS THROUGH OUR CONTINUAL EFFORT TO EXEMPLIFY COURTEOUS, RELIABLE, COMPREHENSIVE AND PROMPT SERVICES THAT ARE COMPETITIVE WITH THE MARKET AND CORRESPOND TO THE NEEDS OF OUR MEMBERS.
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IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt1FIS GLOBAL (METAVANTE)
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt2FIS (CERTEGY)
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IRS990/Desc0DEPOSIT ACCOUNTS - $137,221,948.
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IRS990/Form990PartVIISectionAGrp/PersonNm3SIDNEY J DECOU
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IRS990/Form990PartVIISectionAGrp/PersonNm5KENNETH M GREEN
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IRS990/Form990PartVIISectionAGrp/PersonNm8BRYANNA TAPLEY
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/TitleTxt0BOARD PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1BOARD VICE-PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2BOARD TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3BOARD SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt6GEN'L MGR/CEO/BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8VICE PRESIDENT OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt9ASST. GENERAL MANAGER/COO
IRS990/Form990ProvidedToGvrnBodyInd00
IRS990/Form990TFiledInd01
IRS990/FormationYr01934
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GainOrLossGrp/OtherAmt044932
IRS990/GainOrLossGrp/SecuritiesAmt00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt07
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/OtherAmt0104140
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt0143992422
IRS990/GrossReceiptsAmt0153204859
IRS990/GroupExemptionNum01359
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt06
IRS990/IndivRcvdGreaterThan100KCnt03
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InsuranceGrp/TotalAmt044150
IRS990/IntangibleAssetsGrp/BOYAmt0396504
IRS990/IntangibleAssetsGrp/EOYAmt0356854
IRS990/InvestmentIncomeGrp/ExclusionAmt03936972
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt03936972
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt0259613820
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt0254941321
IRS990/IRPDocumentCnt07325
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt03927623
IRS990/LandBldgEquipBasisNetGrp/BOYAmt05444584
IRS990/LandBldgEquipBasisNetGrp/EOYAmt05285318
IRS990/LandBldgEquipCostOrOtherBssAmt09212941
IRS990/LegalDomicileStateCd0MI
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt059208
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt0143992422
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd01
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO BECOME THE PRIMARY FINANCIAL SERVICES PROVIDER FOR OUR MEMBERS THROUGH OUR CONTINUAL EFFORT TO EXEMPLIFY COURTEOUS, RELIABLE, COMPREHENSIVE AND PROMPT SERVICES THAT ARE COMPETITIVE WITH THE MARKET AND CORRESPOND TO THE NEEDS OF OUR MEMBERS.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt051481908
IRS990/NetAssetsOrFundBalancesEOYAmt052850877
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt044932
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt044932
IRS990/NetUnrelatedBusTxblIncmAmt04322
IRS990/NetUnrlzdGainsLossesInvstAmt01508841
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt0628620
IRS990/OfficeExpensesGrp/TotalAmt0329132
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt08294379
IRS990/OtherAssetsTotalGrp/EOYAmt08639678
IRS990/OtherChangesInNetAssetsAmt0-1838587
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0430069
IRS990/OtherExpensesGrp/Desc0INTEREST/DIVIDEND EXPEN
IRS990/OtherExpensesGrp/Desc1DATA PROCESSING EXPENSE
IRS990/OtherExpensesGrp/Desc2DEBIT/CREDIT CARD EXPEN
IRS990/OtherExpensesGrp/Desc3DRAFT EXPENSES
IRS990/OtherExpensesGrp/TotalAmt0718244
IRS990/OtherExpensesGrp/TotalAmt1438301
IRS990/OtherExpensesGrp/TotalAmt2410542
IRS990/OtherExpensesGrp/TotalAmt3100891
IRS990/OtherLiabilitiesGrp/BOYAmt0308247013
IRS990/OtherLiabilitiesGrp/EOYAmt0310172907
IRS990/OtherRevenueMiscGrp/BusinessCd0525990
IRS990/OtherRevenueMiscGrp/BusinessCd1524298
IRS990/OtherRevenueMiscGrp/Desc0ATM INCOME
IRS990/OtherRevenueMiscGrp/Desc1INSURANCE INCOME
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt033098
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt111306
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt033098
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt111306
IRS990/OtherRevenueTotalAmt044404
IRS990/OtherSalariesAndWagesGrp/TotalAmt02094967
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt065533917
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt070774285
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt0202380
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt0460203
IRS990/PoliciesReferenceChaptersInd01
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0195436
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0149269
IRS990/PrincipalOfficerNm0PATRICK WHITE
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/Desc0LOAN INCOME
IRS990/ProgramServiceRevenueGrp/Desc1FEE INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt03442638
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt11684283
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt03442638
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt11684283
IRS990/ProgSrvcAccomActy2Grp/Desc0SHARE ACCOUNTS - $106,759,770.
IRS990/ProgSrvcAccomActy3Grp/Desc0CERTIFICATES OF DEPOSIT - $66,191,190.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt03765580
IRS990/PYOtherExpensesAmt03981399
IRS990/PYOtherRevenueAmt030170
IRS990/PYProgramServiceRevenueAmt04918294
IRS990/PYRevenuesLessExpensesAmt01183911
IRS990/PYSalariesCompEmpBnftPaidAmt03548734
IRS990/PYTotalExpensesAmt07530133
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt08714044
IRS990/ReconcilationRevenueExpnssAmt01698715
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt051481908
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt052850877
IRS990/SavingsAndTempCashInvstGrp/BOYAmt021423737
IRS990/SavingsAndTempCashInvstGrp/EOYAmt025523463
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt04074960
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02657955
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt06732915
IRS990ScheduleD/EquipmentGrp/BookValueAmt0272551
IRS990ScheduleD/EquipmentGrp/DepreciationAmt01244778
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt01517329
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt07454514
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0937807
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0937807
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt024890
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt024890
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0310172907
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBERS SHARES
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt0178402318
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt176539003
IRS990ScheduleD/OtherSecuritiesGrp/Desc0AVAILABLE FOR SALE
IRS990ScheduleD/OtherSecuritiesGrp/Desc1HELD TO MATURITY
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1C
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt09153229
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. 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 POSITION OR RESULTS OF OPERATIONS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt05285318
IRS990ScheduleD/TotalBookValueSecuritiesAmt0254941321
IRS990ScheduleD/TotalExpensesPerForm990Amt07454514
IRS990ScheduleD/TotalLiabilityAmt0310172907
IRS990ScheduleD/TotalRevenuePerForm990Amt09153229
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt09153229
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt07454514
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompensationSurveyInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0179592
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1149204
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount01500
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount11500
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt01440
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt11320
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt038608
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt123256
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt012008
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt112185
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0PATRICK J WHITE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1PATRICK J HAGEDORN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0GEN'L MGR/CEO/BOARD MEMBER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1ASST. GENERAL MANAGER/COO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0233148
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt1187465
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt10
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SubstantiationRequiredInd01
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990ScheduleJ/TravelForCompanionsInd0X
IRS990ScheduleJ/WrittenPolicyRefTAndEExpnssInd01
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1WHEN A BOARD MEMBER'S TERM IS UP, WE HAVE AN ELECTION WHERE OUR MEMBERSHIP VOTES, TO EITHER RE-ELECT A DIRECTOR OR ELECT A NEW DIRECTOR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FORM 990 WILL BE REVEIWED BY TOP MANAGEMENT PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3TOP OFFICIALS AND ALL EMPLOYEES ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE CREDIT UNION USES MCUL AND CUNA COMPENSATION SURVEYS TO DETERMINE THE COMPENSATION OF OFFICERS AND TOP MANAGEMENT AND IS APPROVED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6NET CHANGE IN UNREALIZED LOSSES ON PENSION PLAN OBLIGATIONS -712,286. NET CHANGE IN UNREALIZED LOSSES ON POSTRETIREMENT BENEFIT OBLIGATIONS -1,126,301.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6

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
$368,730,886
Liabilities
$315,880,009
Net assets
$52,850,877
Revenue
$9,153,229
Expenses
$7,454,514
Net income
$1,698,715
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$529$456$73.7$21.3$16.7$4.59
2023Detailed filing. Detailed filing data is available for this year.$508$445$63.6$18.3$12.8$5.50
2022Detailed filing. Detailed filing data is available for this year.$521$469$52.0$13.9$10.4$3.52
2021Detailed filing. Detailed filing data is available for this year.$540$469$70.9$11.6$10.1$1.51
2020Detailed filing. Detailed filing data is available for this year.$504$430$74.2$12.8$10.8$1.94
2019Detailed filing. Detailed filing data is available for this year.$436$368$68.3$14.8$11.6$3.22
2018Summary only. Only limited summary data is available for this year.$409$349$60.3$13.5$10.7$2.80
2017Detailed filing. Detailed filing data is available for this year.$404$345$59.2$11.6$8.59$3.01
2016Detailed filing. Detailed filing data is available for this year.$395$337$58.2$10.7$8.20$2.49
2015Detailed filing. Detailed filing data is available for this year.$382$326$55.8$12.4$10.1$2.37
2014Detailed filing. Detailed filing data is available for this year.$369$316$52.9$9.15$7.45$1.70
2013Detailed filing. Detailed filing data is available for this year.$363$312$51.5$8.71$7.53$1.18
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$337$287$49.4$8.05
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$327$278$48.7$8.62
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$321$274$47.0$10.3