Civic Intelligence

Fedcom Credit Union

990 • Fiscal year 2013 • EIN 38-0592915

Jan 01, 2013 to Dec 31, 2013 • Filed on May 10, 2014

Organization Profilewww.fedcomcu.com

View Organization Page

150 Ann Street NWGrand Rapids, MI 49505

(616) 364-7283

Siviq Scores

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

Liabilities / Assets

41st percentile

0.89x

Higher debt load relative to assets than 41% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Liabilities / Revenue

30th percentile

15.90x

Higher debt load relative to revenue than 30% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Net Margin

75th percentile

15%

Higher net margin than 75% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Top Officer Pay

18th percentile

$99,646

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 3.4% of source-year revenue.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Asset Growth

53rd percentile

2.2%

Faster asset growth than 53% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

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

Source year 2013

Balance Sheet
Liabilities / Assets41st percentile

Assets

Up

$52,600,151

Up $1,122,695 (+2.2%) from 2012

Net Assets

Up

$6,023,409

Up $432,289 (+7.7%) from 2012

Liabilities

Up

$46,576,742

Up $690,406 (+1.5%) from 2012

Revenue And Expenses
Liabilities / Revenue30th percentileNet Margin75th percentile

Revenue

$2,928,821

No earlier filing loaded for comparison.

Expenses

Up

$2,493,414

Up $156,563 (+6.7%) from 2012

Net Income

$435,407

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth53rd percentile

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

$80M$60M$40M$20M$0Assets 2010: $46,899,561Liabilities 2010: $41,943,877Net Assets 2010: $4,955,6842010Assets 2011: $48,825,326Liabilities 2011: $43,642,002Net Assets 2011: $5,183,3242011Assets 2012: $51,477,456Liabilities 2012: $45,886,336Net Assets 2012: $5,591,1202012Assets 2013: $52,600,151Liabilities 2013: $46,576,742Net Assets 2013: $6,023,4092013Assets 2014: $55,316,426Liabilities 2014: $48,997,103Net Assets 2014: $6,319,3232014Assets 2015: $59,120,775Liabilities 2015: $52,495,798Net Assets 2015: $6,624,9772015Assets 2016: $62,328,465Liabilities 2016: $55,438,182Net Assets 2016: $6,890,2832016

Highlighted filing

2013

Assets$52,600,151
Liabilities$46,576,742
Net Assets$6,023,409
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$4.0M$3.0M$2.0M$1.0M$0Expenses 2010: $2,687,0982010Expenses 2011: $2,427,6832011Expenses 2012: $2,336,8512012Revenue 2013: $2,928,821Expenses 2013: $2,493,414Net Income 2013: $435,4072013Revenue 2014: $3,038,499Expenses 2014: $2,741,545Net Income 2014: $296,9542014Revenue 2015: $3,440,002Expenses 2015: $3,134,348Net Income 2015: $305,6542015Revenue 2016: $3,582,290Expenses 2016: $3,322,702Net Income 2016: $259,5882016

Highlighted filing

2013

Revenue$2,928,821
Expenses$2,493,414
Net Income$435,407
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
May 10, 2014
Return Version
2013v3.1
Gross Receipts
$2,985,585
Mission and Program Overview

Mission

To provide competitive deposit and loan products to the membership base according to the Michigan Credit Union act.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$28,800,286$33,811,671▲ $5,011,385
Investments Other Securities$10,996,394$9,849,133▼ $1,147,261
Rtn Earn Endowment Incm Other Fnds$5,591,120$6,023,409▲ $432,289
Savings and Temporary Cash Investments$8,198,360$5,035,527▼ $3,162,833
Cash and Non-Interest-Bearing Accounts$1,208,915$1,411,755▲ $202,840
Land, Buildings, and Equipment, Net$1,254,693$1,224,046▼ $30,647
Prepaid Expenses and Deferred Charges-$461,483-
Accounts Receivable-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$51,477,456$52,600,151▲ $1,122,695
Other Assets Total$1,018,808$806,536▼ $212,272
Liabilities
Other Liabilities$45,713,467$46,207,945▲ $494,478
Accounts Payable and Accrued Expenses$172,869$368,797▲ $195,928
Total Liabilities$45,886,336$46,576,742▲ $690,406
Net Assets / Fund Balance
Total Net Assets Fund Balance$5,591,120$6,023,409▲ $432,289
Total Liabilities and Net Assets / Fund Balance$51,477,456$52,600,151▲ $1,122,695

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$626,545$462,898$1,089,443
Equipment$129,840$500,103$629,943
Leasehold Improvements$229,783$363,300$593,083
Land$160,000-$160,000
Other Land Buildings$77,878-$77,878
Compensation and Service Providers
Top Officer Pay18th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Anna Marie ZielinskiPresident & CEOFT$99,646$99,646
Clint HolshoeVP FinanceFT$60,936$60,936

Board Members and Trustees

NameTitle
Paul TenbrockChairman
David BrockVice Chairman
Edgar HekmanDirector
Jeanette TaylorDirector
Robert LancasterDirector
Richard JacksonSecretary
Albert ProvotTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
CU AnswersData Processing-$181,685
Co-Op NetworkElectr Transact Svcs-$118,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,639,833
Investment Income
$270,434
Other Revenue
$18,554
Change in Net Assets
$435,407
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,463,738
Salaries, Compensation, and Employee Benefits$1,029,676
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$667,160
Interest---$269,544
Office Expenses---$170,111
Current Officers, Directors, Trustees, and Key Employees---$160,582
Occupancy---$142,358
Advertising---$139,518
Depreciation Depletion---$109,899
Other Employee Benefits---$100,652
Information Technology---$99,170
Payroll Taxes---$77,929
All Other Expenses---$41,845
Other Expenses---$36,333
Fees for Services Accounting---$34,602
Pension Plan Contributions---$23,353
Insurance---$17,720
Travel---$17,511
Fees for Services Legal---$2,040
Total Functional Expenses$0$0$0$2,493,414
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
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares$26,439,241
Member Deposits$19,768,704
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, Line 6: Explanation of Classes of Members or Shareholder

“Section 501c(14) Credit Union is composed of members.”

Form 990, Part VI, Line 7A: How Members or Shareholders Elect Governing Body

“Members vote on bylaw and charter changes. Members vote and elect Board members at annual meeting.”

Form 990, Part VI, Line 7B: Describe Decisions of Governing Body Approval by Members or Shareholders

“Mergers are voted on by the entire membership.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Management reviews tax returns and forwards US Form 8879-EO to tax preparer. Board reviews filed tax returns at next scheduled meeting.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Employee loans are Management approved. Management loans are Board approved. Loans to Board members are approved by the Board minus the lendee.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“Executive and employee salaries are Board reviewed and approved. Board of directors are not compensated.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Credit union bylaws and conflict of interest policy are available upon request at the credit union's main office. Quarterly financial statements are displayed in the lobby which is accessible to the general public. Quarterly financial performance (Call) reports are also available at www.ncua.gov for all federally insured credit unions.”

Filing and Contact Details

Filer

EIN
38-0592915
Phone
6163647283

Signing Officer

Name
Anna Marie Zielinski
Title
President & CEO
Signed
2014-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Anna Marie Zielinski
Formed
1925
Legal Domicile
Mi
Voting Board Members
7
Independent Board Members
7
Employees
34
Volunteers
7

Preparer

Preparer
Robin Rivers
Phone
8005225820
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IRS990/OtherRevenueMiscGrp/Desc0GAP Insurance
IRS990/OtherRevenueMiscGrp/Desc1MRC Sales
IRS990/OtherRevenueMiscGrp/Desc2Non Member ATM Fees
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt016530
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt016530
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt11250
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt27148
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt01250
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt17148
IRS990/OtherRevenueTotalAmt024928
IRS990/OtherSalariesAndWagesGrp/TotalAmt0667160
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt028800286
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt033811671
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/TotalAmt077929
IRS990/PensionPlanContributionsGrp/TotalAmt023353
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliciesReferenceChaptersInd0true
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0461483
IRS990/PrincipalOfficerNm0Anna Marie Zielinski
IRS990/ProfessionalFundraisingInd0false
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IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
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IRS990/ProgramServiceRevenueGrp/Desc0Debit Card Income
IRS990/ProgramServiceRevenueGrp/Desc1Draft/ACH/Debit Card NSF
IRS990/ProgramServiceRevenueGrp/Desc2Interest on Loans
IRS990/ProgramServiceRevenueGrp/Desc3Other Fees & Charges
IRS990/ProgramServiceRevenueGrp/Desc4Visa Interchange Income
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0194655
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1206535
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt21966205
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt3204937
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt467501
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0194655
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1206535
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt21966205
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt3204937
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt467501
IRS990/ProgSrvcAccomActy2Grp/Desc0The Credit Union provides a variety of loans to members including real estate, credit card, vehicle and other. The total number of loans outstanding at 12/31/2013 was 7,557.
IRS990/ProhibitedTaxShelterTransInd0false
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IRS990/PYInvestmentIncomeAmt0266083
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt01404225
IRS990/PYOtherRevenueAmt021804
IRS990/PYProgramServiceRevenueAmt02456760
IRS990/PYRevenuesLessExpensesAmt0407796
IRS990/PYSalariesCompEmpBnftPaidAmt0932626
IRS990/PYTotalExpensesAmt02336851
IRS990/PYTotalRevenueAmt02744647
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
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IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/RealAmt0-6374
IRS990/ReportInvestmentsOtherSecInd0true
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt05591120
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt06023409
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt0500103
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0629943
IRS990ScheduleD/LandGrp/BookValueAmt0160000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0160000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0229783
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0363300
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0593083
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt077878
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt126439241
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Member Deposits
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Member Shares
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IRS990ScheduleD/TotalBookValueSecuritiesAmt09849133
IRS990ScheduleD/TotalLiabilityAmt046207945
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Section 501c(14) Credit Union is composed of members.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Members vote on bylaw and charter changes. Members vote and elect Board members at annual meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Mergers are voted on by the entire membership.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Management reviews tax returns and forwards US Form 8879-EO to tax preparer. Board reviews filed tax returns at next scheduled meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Employee loans are Management approved. Management loans are Board approved. Loans to Board members are approved by the Board minus the lendee.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Executive and employee salaries are Board reviewed and approved. Board of directors are not compensated.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Credit union bylaws and conflict of interest policy are available upon request at the credit union's main office. Quarterly financial statements are displayed in the lobby which is accessible to the general public. Quarterly financial performance (Call) reports are also available at www.ncua.gov for all federally insured credit unions.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt052600151
IRS990/TotalAssetsGrp/BOYAmt051477456
IRS990/TotalAssetsGrp/EOYAmt052600151
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt00
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt02493414
IRS990/TotalGrossUBIAmt08398
IRS990/TotalLiabilitiesBOYAmt045886336
IRS990/TotalLiabilitiesEOYAmt046576742
IRS990/TotalLiabilitiesGrp/BOYAmt045886336
IRS990/TotalLiabilitiesGrp/EOYAmt046576742
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IRS990/TotalProgramServiceRevenueAmt02639833
IRS990/TotalReportableCompFromOrgAmt0160582
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt02920423
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02928821
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt08398
IRS990/TotalVolunteersCnt07

Document Assets

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Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$52,600,151
Liabilities
$46,576,742
Net assets
$6,023,409
Revenue
$2,928,821
Expenses
$2,493,414
Net income
$435,407
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2016Detailed filing. Detailed filing data is available for this year.$62.3$55.4$6.89$3.58$3.32$0.26
2015Detailed filing. Detailed filing data is available for this year.$59.1$52.5$6.62$3.44$3.13$0.31
2014Detailed filing. Detailed filing data is available for this year.$55.3$49.0$6.32$3.04$2.74$0.30
2013Detailed filing. Detailed filing data is available for this year.$52.6$46.6$6.02$2.93$2.49$0.44
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$51.5$45.9$5.59$2.34
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$48.8$43.6$5.18$2.43
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$46.9$41.9$4.96$2.69