Civic Intelligence

Credit Unions Chartered in the State of Michigan Sovita Credit Union

990 • Fiscal year 2016 • EIN 38-0546210

Jan 01, 2016 to Dec 31, 2016 • Filed on Oct 24, 2017

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

13th percentile

0.85x

Higher debt load relative to assets than 13% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Liabilities / Revenue

99th percentile

31.52x

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

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Net Margin

90th percentile

23%

Higher net margin than 90% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Top Officer Pay

18th percentile

$276,361

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 2.6% of source-year revenue.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Asset Growth

24th percentile

3.5%

Faster asset growth than 24% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Revenue Growth

1st percentile

-14%

Faster revenue growth than 1% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets13th percentile

Assets

Up

$395,417,245

Up $13,545,106 (+3.5%) from 2015

Net Assets

Up

$58,153,794

Up $2,334,070 (+4.2%) from 2015

Liabilities

Up

$337,263,451

Up $11,211,036 (+3.4%) from 2015

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin90th percentile

Revenue

Down

$10,699,944

Down $1,732,915 (-14%) from 2015

Expenses

Down

$8,204,959

Down $1,860,209 (-18%) from 2015

Net Income

Up

$2,494,985

Up $127,294 (+5.4%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth24th 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

2016

Assets$395,417,245
Liabilities$337,263,451
Net Assets$58,153,794
Open 2016 Filing

Operations Trend

Revenue Growth1st 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

2016

Revenue$10,699,944
Expenses$8,204,959
Net Income$2,494,985
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Oct 24, 2017
Return Version
2016v3.0
Gross Receipts
$10,705,266
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 in Publicly Traded Securities$246,466,966$261,460,643▲ $14,993,677
Other Notes and Loans Receivable, Net$77,216,339$85,208,602▲ $7,992,263
Rtn Earn Endowment Incm Other Fnds$55,819,724$58,153,794▲ $2,334,070
Savings and Temporary Cash Investments$19,081,507$20,153,281▲ $1,071,774
Investments Other Securities$13,875,810$16,496,180▲ $2,620,370
Land, Buildings, and Equipment, Net$5,096,057$4,862,616▼ $233,441
Cash and Non-Interest-Bearing Accounts$1,970,857$1,535,869▼ $434,988
Accounts Receivable$253,818$312,085▲ $58,267
Intangible Assets$317,203$277,553▼ $39,650
Prepaid Expenses and Deferred Charges$226,758$172,754▼ $54,004
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$381,872,139$395,417,245▲ $13,545,106
Other Assets Total$17,366,824$4,937,662▼ $12,429,162
Liabilities
Other Liabilities$322,986,221$334,535,860▲ $11,549,639
Accounts Payable and Accrued Expenses$3,066,194$2,727,591▼ $338,603
Total Liabilities$326,052,415$337,263,451▲ $11,211,036
Net Assets / Fund Balance
Total Net Assets Fund Balance$55,819,724$58,153,794▲ $2,334,070
Total Liabilities and Net Assets / Fund Balance$381,872,139$395,417,245▲ $13,545,106

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,783,633$2,949,281$6,732,914
Equipment$141,176$1,462,279$1,603,455
Land$937,807-$937,807
Compensation and Service Providers
Top Officer Pay18th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Patrick J WhiteGEN'L MGR/CEO/BOARD MEMBERFT$184,806$91,555$276,361
Patrick J HagedornCOOFT$152,984$56,125$209,109
Bryanna TapleyVice President OperationsFT$133,302$24,562$157,864

Board Members and Trustees

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

Highest Paid Contractors

ContractorServicesLocationCompensation
Fiserv - GalaxyData Processing75 REMITTANCE DR STE 1649, Chicago, IL 60675$476,289
Fis Global (metavante)Atm & Debit Card ProcessingPO BOX 4535, Carol Stream, IL 60197$160,695
Visa USADebit & Credit Card ProcessingPO BOX 742233, Los Angeles, CA 90074$160,064
Fis (certegy)Credit Card Processing11601 N ROOSEVELT BLVD, St Petersburg, FL 33716$150,508
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$6,079,907
Investment Income
$4,571,175
Other Revenue
$48,862
Change in Net Assets
$2,494,985

Audited Revenue Reconciliation

Revenue per Audited Statements
$10,699,944
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$10,699,944
Total Revenue per Form 990
$10,699,944
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,306,324
Salaries, Compensation, and Employee Benefits$3,898,635
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$2,255,157
Interest---$689,202
Current Officers, Directors, Trustees, and Key Employees---$643,334
Office Expenses---$639,328
Information Technology---$555,589
Other Employee Benefits---$444,855
Occupancy---$358,300
Pension Plan Contributions---$339,544
Depreciation Depletion---$244,820
Payroll Taxes---$215,745
Advertising---$204,813
Other Expenses---$170,755
Insurance---$111,137
Fees for Services Accounting---$105,982
Fees for Service Investment Mgmnt Fees---$105,574
Fees for Services Other---$63,581
All Other Expenses---$53,663
Fees for Services Legal---$35,456
Travel---$23,331
Payments to Affiliates---$16,115
Total Functional Expenses$0$0$0$8,204,959

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$8,204,959
Total Expenses per Audited Statements$8,204,959
Total Expenses per Form 990$8,204,959
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
Shares$121,342,424
Money Market$105,046,129
Share and Ira Certificates$56,566,373
Share Drafts$51,580,934
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

“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 A, Line 7B

“Members of the credit union have the right to approve the governing body's election and removal of members of the governing body, as well as other matters that are subject to the approval of members of the credit union as they occur.”

Form 990, Part VI, Section B, Line 11B

“Form 990 will be reviewed 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
2017-10-24
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
91
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 325,725.”

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. The credit union's income tax filings are subject to audit by various taxing authorities and open tax periods are 2013 - 2016.”

Raw XML AppendixShowing 400 of 493 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/BusinessNameLine1Txt2VISA USA
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt3FIS (CERTEGY)
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IRS990/ContractorCompensationGrp/ServicesDesc1ATM & DEBIT CARD PROCESSING
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IRS990/Form990PartVIISectionAGrp/PersonNm6MICHAEL VANCE
IRS990/Form990PartVIISectionAGrp/PersonNm7BRYANNA TAPLEY
IRS990/Form990PartVIISectionAGrp/PersonNm8PATRICK J HAGEDORN
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IRS990/Form990PartVIISectionAGrp/TitleTxt0BOARD PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1BOARD VICE-PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2BOARD TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3BOARD SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5GEN'L MGR/CEO/BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7VICE PRESIDENT OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt8COO
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IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GainOrLossGrp/OtherAmt014678
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt07
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/OtherAmt020000
IRS990/GrossReceiptsAmt010705266
IRS990/GroupExemptionNum01359
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt06
IRS990/IndivRcvdGreaterThan100KCnt03
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InformationTechnologyGrp/TotalAmt0555589
IRS990/InsuranceGrp/TotalAmt0111137
IRS990/IntangibleAssetsGrp/BOYAmt0317203
IRS990/IntangibleAssetsGrp/EOYAmt0277553
IRS990/InterestGrp/TotalAmt0689202
IRS990/InvestmentIncomeGrp/ExclusionAmt04556497
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt04556497
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt013875810
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt016496180
IRS990/InvestmentsPubTradedSecGrp/BOYAmt0246466966
IRS990/InvestmentsPubTradedSecGrp/EOYAmt0261460643
IRS990/IRPDocumentCnt07254
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt04411560
IRS990/LandBldgEquipBasisNetGrp/BOYAmt05096057
IRS990/LandBldgEquipBasisNetGrp/EOYAmt04862616
IRS990/LandBldgEquipCostOrOtherBssAmt09274176
IRS990/LegalDomicileStateCd0MI
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt05322
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
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/NetAssetsOrFundBalancesBOYAmt055819724
IRS990/NetAssetsOrFundBalancesEOYAmt058153794
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt014678
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt014678
IRS990/NetUnrelatedBusTxblIncmAmt0644
IRS990/NetUnrlzdGainsLossesInvstAmt0-486640
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt0358300
IRS990/OfficeExpensesGrp/TotalAmt0639328
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt017366824
IRS990/OtherAssetsTotalGrp/EOYAmt04937662
IRS990/OtherChangesInNetAssetsAmt0325725
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0444855
IRS990/OtherExpensesGrp/Desc0DEBIT/CREDIT EXPENSES
IRS990/OtherExpensesGrp/Desc1ATM EXPENSES
IRS990/OtherExpensesGrp/Desc2MAINTENANCE
IRS990/OtherExpensesGrp/Desc3MISCELLANEOUS EXPENSES
IRS990/OtherExpensesGrp/TotalAmt0452725
IRS990/OtherExpensesGrp/TotalAmt1276322
IRS990/OtherExpensesGrp/TotalAmt2199631
IRS990/OtherExpensesGrp/TotalAmt3170755
IRS990/OtherLiabilitiesGrp/BOYAmt0322986221
IRS990/OtherLiabilitiesGrp/EOYAmt0334535860
IRS990/OtherRevenueMiscGrp/BusinessCd0532000
IRS990/OtherRevenueMiscGrp/BusinessCd1900099
IRS990/OtherRevenueMiscGrp/Desc0UNRELATED BUSINESS INCOME
IRS990/OtherRevenueMiscGrp/Desc1ATM INCOME
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt026236
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt122626
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt026236
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt122626
IRS990/OtherRevenueTotalAmt048862
IRS990/OtherSalariesAndWagesGrp/TotalAmt02255157
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt077216339
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt085208602
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/TotalAmt016115
IRS990/PayrollTaxesGrp/TotalAmt0215745
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt0339544
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0226758
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0172754
IRS990/PrincipalOfficerNm0PATRICK WHITE
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/Desc0LOAN INCOME
IRS990/ProgramServiceRevenueGrp/Desc1FEE INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt03795595
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt12284312
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt03795595
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt12284312
IRS990/ProgSrvcAccomActy2Grp/Desc0SHARE ACCOUNTS - $121,342,424.
IRS990/ProgSrvcAccomActy3Grp/Desc0CERTIFICATES OF DEPOSIT - $56,566,373.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt04439493
IRS990/PYOtherExpensesAmt04256256
IRS990/PYOtherRevenueAmt02074323
IRS990/PYProgramServiceRevenueAmt05919043
IRS990/PYRevenuesLessExpensesAmt02367691
IRS990/PYSalariesCompEmpBnftPaidAmt05808912
IRS990/PYTotalExpensesAmt010065168
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt012432859
IRS990/ReconcilationRevenueExpnssAmt02494985
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt055819724
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt058153794
IRS990/SavingsAndTempCashInvstGrp/BOYAmt019081507
IRS990/SavingsAndTempCashInvstGrp/EOYAmt020153281
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt03783633
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02949281
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt06732914
IRS990ScheduleD/EquipmentGrp/BookValueAmt0141176
IRS990ScheduleD/EquipmentGrp/DepreciationAmt01462279
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt01603455
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt08204959
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0937807
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0937807
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt051580934
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1121342424
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2105046129
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt356566373
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SHARE DRAFTS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1SHARES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2MONEY MARKET
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3SHARE AND IRA CERTIFICATES
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt010699944
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. THE CREDIT UNION'S INCOME TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES AND OPEN TAX PERIODS ARE 2013 - 2016.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt04862616
IRS990ScheduleD/TotalExpensesPerForm990Amt08204959
IRS990ScheduleD/TotalLiabilityAmt0334535860
IRS990ScheduleD/TotalRevenuePerForm990Amt010699944
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt010699944
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt08204959
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompensationCommitteeInd0X
IRS990ScheduleJ/CompensationSurveyInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0184806
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1133302
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt2152984
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount03000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount11500
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount21500
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt019715
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt224161
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt055932
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt112190
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt215462
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt012908
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt110872
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt215002
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0PATRICK J WHITE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1BRYANNA TAPLEY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2PATRICK J HAGEDORN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0GEN'L MGR/CEO/BOARD MEMBER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1VICE PRESIDENT OPERATIONS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2COO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0276361
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt1157864
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt2209109
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt20
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/ExplanationTxt2MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990 WILL BE REVIEWED BY TOP MANAGEMENT PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4TOP OFFICIALS AND ALL EMPLOYEES ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST.

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$395,417,245
Liabilities
$337,263,451
Net assets
$58,153,794
Revenue
$10,699,944
Expenses
$8,204,959
Net income
$2,494,985
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