Civic Intelligence

Fedcom Credit Union

990 • Fiscal year 2015 • EIN 38-0592915

Jan 01, 2015 to Dec 31, 2015 • Filed on May 10, 2016

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

47th percentile

0.89x

Higher debt load relative to assets than 47% of similar nonprofits.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2015

Liabilities / Revenue

24th percentile

15.26x

Higher debt load relative to revenue than 24% of similar nonprofits.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2015

Net Margin

49th percentile

8.9%

Higher net margin than 49% of similar nonprofits.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2015

Top Officer Pay

35th percentile

$120,408

Higher top officer pay than 35% of similar nonprofits.

Top officer pay equals 3.5% of source-year revenue.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2015

Asset Growth

73rd percentile

6.9%

Faster asset growth than 73% of similar nonprofits.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Revenue Growth

93rd percentile

13%

Faster revenue growth than 93% of similar nonprofits.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets47th percentile

Assets

Up

$59,120,775

Up $3,804,349 (+6.9%) from 2014

Net Assets

Up

$6,624,977

Up $305,654 (+4.8%) from 2014

Liabilities

Up

$52,495,798

Up $3,498,695 (+7.1%) from 2014

Revenue And Expenses
Liabilities / Revenue24th percentileNet Margin49th percentile

Revenue

Up

$3,440,002

Up $401,503 (+13%) from 2014

Expenses

Up

$3,134,348

Up $392,803 (+14%) from 2014

Net Income

Up

$305,654

Up $8,700 (+2.9%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth73rd 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

2015

Assets$59,120,775
Liabilities$52,495,798
Net Assets$6,624,977
Open 2015 Filing

Operations Trend

Revenue Growth93rd percentile

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

2015

Revenue$3,440,002
Expenses$3,134,348
Net Income$305,654
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
May 10, 2016
Return Version
2015v2.0
Gross Receipts
$3,440,002
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$37,214,874$42,513,978▲ $5,299,104
Investments Other Securities$8,781,109$6,685,112▼ $2,095,997
Rtn Earn Endowment Incm Other Fnds$6,319,323$6,624,977▲ $305,654
Savings and Temporary Cash Investments$5,565,075$6,063,323▲ $498,248
Land, Buildings, and Equipment, Net$1,379,117$1,466,613▲ $87,496
Cash and Non-Interest-Bearing Accounts$1,043,621$983,876▼ $59,745
Prepaid Expenses and Deferred Charges$573,305$614,065▲ $40,760
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$55,316,426$59,120,775▲ $3,804,349
Other Assets Total$759,325$793,808▲ $34,483
Liabilities
Other Liabilities$47,773,714$52,501,046▲ $4,727,332
Accounts Payable and Accrued Expenses$1,223,389$-5,248▼ $1,228,637
Total Liabilities$48,997,103$52,495,798▲ $3,498,695
Net Assets / Fund Balance
Total Net Assets Fund Balance$6,319,323$6,624,977▲ $305,654
Total Liabilities and Net Assets / Fund Balance$55,316,426$59,120,775▲ $3,804,349

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$591,683$497,760$1,089,443
Equipment$232,307$478,378$710,685
Leasehold Improvements$174,186$457,857$632,043
Other Land Buildings$308,437-$308,437
Land$160,000-$160,000
Compensation and Service Providers
Top Officer Pay35th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Anna Marie ZielinskiPresident & CEOFT$120,408$120,408
Clint HolshoeVP FinanceFT$73,853$73,853

Board Members and Trustees

NameTitle
Paul TenbrockChairman
David BrockVice Chairman
Jeanette TaylorDirector
Robert LancasterDirector
Sara EkloveDirector
Richard JacksonSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
CU AnswersData Processing600 28th Street SE, Grand Rapids, MI 48456$201,401
Co-Op NetworkElectr Transact Svcs9692 Haven Ave, Ranch Cucamonga, CA 94730$120,974
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,170,683
Investment Income
$245,040
Other Revenue
$24,279
Change in Net Assets
$305,654
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,830,903
Salaries, Compensation, and Employee Benefits$1,303,445
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$825,999
Interest---$265,734
Advertising---$219,018
Current Officers, Directors, Trustees, and Key Employees---$194,261
Occupancy---$176,358
Other Employee Benefits---$175,417
Depreciation Depletion---$152,931
Office Expenses---$149,144
Information Technology---$136,591
Payroll Taxes---$77,438
Fees for Services Accounting---$43,895
All Other Expenses---$43,826
Other Expenses---$39,859
Travel---$36,793
Pension Plan Contributions---$30,330
Insurance---$26,278
Fees for Services Legal---$12,479
Total Functional Expenses$0$0$0$3,134,348
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$52,501,045
Rounding$1
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

Filer Name
FEDCom Credit Union
EIN
38-0592915
Phone
6163647283
Address
150 Ann Street NW, Grand Rapids, MI 49505

Signing Officer

Name
Anna Marie Zielinski
Title
President & CEO
Signed
2016-05-10
Discuss with paid preparer
Yes

Organization Details

Formed
1925
Legal Domicile
Mi
Voting Board Members
6
Independent Board Members
6
Employees
32
Volunteers
6

Preparer

Firm
Financial Standards Group Inc
Address
3615 NEWBURG RD, LOUISVILLE, KY 40218
Preparer
William Arvo CPA
Phone
8005225820
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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/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt016210
IRS990/OtherRevenueTotalAmt024279
IRS990/OtherSalariesAndWagesGrp/TotalAmt0825999
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt037214874
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt042513978
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/TotalAmt077438
IRS990/PensionPlanContributionsGrp/TotalAmt030330
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliciesReferenceChaptersInd0true
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0573305
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0614065
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/BusinessCd2522100
IRS990/ProgramServiceRevenueGrp/BusinessCd3522100
IRS990/ProgramServiceRevenueGrp/BusinessCd4522100
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/RelatedOrExemptFuncIncomeAmt0232498
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1258347
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt22265282
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt3341167
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt473389
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0232498
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1258347
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt22265282
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt3341167
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt473389
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 12/31/2015 was 6,038.
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0262664
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt01573779
IRS990/PYOtherRevenueAmt025587
IRS990/PYProgramServiceRevenueAmt02750248
IRS990/PYRevenuesLessExpensesAmt0296954
IRS990/PYSalariesCompEmpBnftPaidAmt01167766
IRS990/PYTotalExpensesAmt02741545
IRS990/PYTotalRevenueAmt03038499
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0305654
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0true
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt06319323
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt06624977
IRS990/SavingsAndTempCashInvstGrp/BOYAmt05565075
IRS990/SavingsAndTempCashInvstGrp/EOYAmt06063323
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt0591683
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0497760
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01089443
IRS990ScheduleD/EquipmentGrp/BookValueAmt0232307
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0478378
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0710685
IRS990ScheduleD/LandGrp/BookValueAmt0160000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0160000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0174186
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0457857
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0632043
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0308437
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0308437
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt052501045
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt11
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Member Shares
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Rounding
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01466613
IRS990ScheduleD/TotalBookValueSecuritiesAmt06685112
IRS990ScheduleD/TotalLiabilityAmt052501046
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
IRS990/TotalAssetsBOYAmt055316426
IRS990/TotalAssetsEOYAmt059120775
IRS990/TotalAssetsGrp/BOYAmt055316426
IRS990/TotalAssetsGrp/EOYAmt059120775
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt032
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt03134348
IRS990/TotalGrossUBIAmt016210
IRS990/TotalLiabilitiesBOYAmt048997103
IRS990/TotalLiabilitiesEOYAmt052495798
IRS990/TotalLiabilitiesGrp/BOYAmt048997103
IRS990/TotalLiabilitiesGrp/EOYAmt052495798
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt06319323
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt06624977
IRS990/TotalProgramServiceRevenueAmt03170683
IRS990/TotalReportableCompFromOrgAmt0194261
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt03423792
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03440002
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt016210
IRS990/TotalVolunteersCnt06
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt055316426
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt059120775
IRS990/TransactionWithControlEntInd0false
IRS990/TravelGrp/TotalAmt036793
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0true
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0www.fedcomcu.com
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02016-09-27 15:27:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Anna Marie Zielinski

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$59,120,775
Liabilities
$52,495,798
Net assets
$6,624,977
Revenue
$3,440,002
Expenses
$3,134,348
Net income
$305,654
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